The Saudi Ports Authority (Mawani) has signed a land lease contract with the National Petroleum & Petrochemical Tanks & Pipeline Co. (Petrotank) to establish an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu.
The strategic project will span an area of 110,700 square metres, with a total investment of SAR 500 million ($133 million), and will operate under a 20-year lease, reported Mawani.
The contract was signed by the General Executive Manager of King Fahad Industrial Port, Captain Maher bin Abdulrazzaq Al-Hamdi, and the Chairman of Petrotank, Fares Zuhair Al-Bakri, in the presence of Khalid bin Mohammed Al-Salem, President of the Royal Commission for Jubail and Yanbu, along with other senior officials.
According to Mawani, the addition of fuel and oil storage infrastructure represents a key enhancement to the port’s logistics services, helping to increase vessel traffic and elevate the Kingdom’s ports regionally and globally.
H.E. Eng. Suliman bin Khalid Almazroua, President of the Saudi Ports Authority, stated that this collaboration between Mawani and Petrotank reflects Mawani’s commitment to enhancing the attractiveness and competitiveness of Saudi ports by expanding service offerings for shipping lines.
He added that the new hub represents a significant step toward advancing fuel storage and bunkering services, contributing to the attraction of more vessels, improving operational efficiency, and supporting the growth of trade activity, in alignment with Saudi Vision 2030 and its goal of empowering the logistics sector.
Last month, the Mawani launched construction on a SAR 689 million ($183.7 million) logistics corridor linking Jeddah Islamic Port to the Al Khomra Logistics Zone.