EMEA News
Mawani and Petrotank to Develop Bunkering Hub at Saudi Arabia's Yanbu
Saudi Arabia's General Ports Authority (Mawani) has signed a 20-year lease agreement with National Petroleum & Petrochemical Tanks & Pipelines (Petrotank) to develop a bunkering hub at King Fahd Industrial Port in Yanbu.
The SAR 500 million ($133 million) project will span 110,700 m2 and aims to strengthen the port's marine fuel infrastructure and logistics offerings, Mawani said in a press release on Tuesday.
The lease was signed by Captain Maher Al-Hamdi of Mawani and Petrotank Chairman Faris Al-Bakri, in the presence of senior officials.
Petrotank already operates a terminal at the port, featuring eight tanks and a storage capacity of 114,000 m3. The new development is set to boost operational efficiency, attract more vessels, and support the Kingdom's Vision 2030 goal of becoming a global logistics hub.
King Fahd Industrial Port is a major hub on the Red Sea for refined products and petrochemicals, featuring 34 berths and 10 terminals spanning 6.8 sq km, with an annual capacity of up to 210 million mt.
Although vessel diversions through the Red Sea continue due to ongoing security concerns, particularly from Houthi attacks, the frequency of such incidents has declined in recent weeks, offering a cautiously optimistic outlook for regional ports like Yanbu.
