Cyes, Torresc?mara and Rover Alcisa - constructing firms from Valencia - and Arin engineering consulting firm plan to build a fisheries terminal in the coastal town of Dareem, Saudi Arabia, with an investment of 20 million euros. The construction was assigned to Saudi Aramco. The project initiators intend to end the construction of the port within a year and a half. The terminal will have an 800 meter-long dam and 543 moorings for boats to tie up. In addition, it will have an area for the landing of goods, two buildings to hold all the facilities and several floating docks, Levante reported. According to CART consortium, composed of the firms from Valencia, “the investment capacity of this first customer is a guarantee of future business development in the Arab country.” Meanwhile, Saudi Aramco cut premiums on light and medium crudes to Asia for December, raising only the differential on its Heavy grade. Aramco raised December premiums for all oil to the US and Northwestern Europe and increased differentials on most crude to the Mediterranean. The company reduced the premium for Extra Light sold in the Mediterranean region. To Asia, Aramco cut the premium for its Arab Super Light crude the most, by $1.70 a barrel. The decrease in the premium, to $3.95 a barrel over the Asian benchmark, left it at the same level as that of Arab Extra Light crude for the first time since November 2009, data compiled by Bloomberg show. The cut for December shipments of Arab Extra Light of 70 cents a barrel was deeper than the 25-cent decrease expected by seven refiners and analysts. Customers had foreseen smaller cuts for Aramco's lightest grades because profits for the refiners that process crude into naphtha have dropped amid waning demand for plastics. “Aramco's December OSPs may have a negative impact on the spot market, since buyers may ramp up purchases of cheaper term contract barrels,” researchers led by David Wech at Vienna- based JBC Energy said in their weekly Asian Oil Markets report. “However, given strong Chinese crude buying and lower refinery maintenance in the time to come, strong demand should still support the prompt market.” Aramco bases its exports to Asia on the average of Oman and Dubai grades, the Gulf benchmarks used by traders in Asia.
