RIYADH: Saudi Arabia, the world’s largest oil exporter, has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal.
“The Kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies,” the Saudi energy ministry said in a statement late Tuesday.
The Kingdom’s assurance came just hours after US President Donald Trump announced the US was withdrawing from the landmark nuclear deal between world powers and Iran.
Trump also reinstated US sanctions which could curtail Iran’s ability to export oil, its mainstay for public revenues.
Before international sanctions were lifted following the nuclear deal in late 2015, Iran’s crude exports stood at just one million barrels per day, mostly to Asia and European countries.
That figure has since soared to 2.5 million bpd.
Saudi Arabia currently pumps around 10 million bpd, but has capacity of around 12 million bpd — a surplus of two million bpd.
“The Kingdom of Saudi Arabia is committed to support the stability of the global oil markets to serve the interests of both producers and consumers and also the sustainability of global economic growth,” the ministry statement said.
Major oil producers from OPEC and non-OPEC members including Russia, the world’s top producer, are linked to a deal until the end of the year to cut output by 1.8 million bpd to support prices.
Oil prices made key gains after Trump’s announcement with Brent crude rising 2.4 percent to over $76.5 a barrel and US crude trading above $70 early Wednesday.
Saudi Arabia ready to raise oil supply after US pullout from Iran deal
Saudi Arabia ready to raise oil supply after US pullout from Iran deal
Saudi-French cooperation to localize veterinary vaccine manufacturing
RIYADH: In the presence of sector leaders, the National Livestock and Fisheries Development Program signed a memorandum of understanding with French company Ceva under the patronage of Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli, who also chairs the program’s board.
The agreement aims to localize vaccine manufacturing, transfer technology and technical expertise, and expand the industrial and commercial production of veterinary vaccines across the Kingdom.
According to the MoU, the two parties will work to achieve high efficiency in mass production scale-up and establish a clear path for sustainable commercial operation that meets the needs of the local and national market, as well as strengthen the biosecurity and food security system.
The MoU also includes the development and modernization of messenger RNA vaccine technologies, along with joint research and development of a Middle East Respiratory Syndrome vaccine for camels. This involves designing, evaluating, and developing vaccines specifically tailored to combat the virus.
The agreement also covers the development of a rabies vaccine and related solutions, as well as supporting national efforts to control the disease through vaccine provision, capacity building, and the implementation of integrated prevention strategies.
The collaboration between the program and Ceva aims to meet the needs of the poultry vaccine market in the Kingdom, currently estimated at around SR750 million ($199 million).
The company will work to cover approximately 30 percent of this market with an initial investment of around SR250 million.
With continued government support for poultry projects and increased production in the sector, the market is expected to grow at a rate exceeding 10 percent annually, reaching approximately SR1.25 billion by 2030.
The addition of the world’s leading poultry vaccine manufacturer to Biotech Park highlights the program’s key role in developing new industries within the livestock and fisheries sector.
It also highlights the program’s commitment to building international partnerships with global companies, organizations, research centers, and universities to support advanced biotechnology industries and attract high-quality investments. It also seeks to create new economic sectors based on biotechnology, enhance veterinary health security, and support the sustainable economic development of the livestock sector, as well as empower national and emerging companies and provide advanced research and industrial infrastructure.
This will solidify the Kingdom’s position as a global hub for biotechnology industries and the development of national capabilities.
Ceva is the first international partner to join Biotech Park, the future veterinary biotechnology city launched by the program in Dhurma Governorate. The city is the world’s first specialized and fully integrated hub for veterinary biotechnology, serving as a benchmark for sector development and a platform supporting markets across the Kingdom, the Gulf, the Middle East, Africa and beyond.
The signing of Ceva is a significant step, given its position as the world’s leading manufacturer of poultry vaccines and medicines, and one of the most prominent international companies in the field of biotechnology.
The MoU aims to localize the veterinary vaccine industry, ensuring its compatibility with the strains of poultry diseases prevalent in Saudi Arabia. This includes the transfer of technology and technical expertise from Ceva, along with the implementation of specialized training programs to guarantee that manufacturing facilities comply with international Good Manufacturing Practice standards.
