#Saudi Arabia #Jeddah #Vision 2030 #Minerva Bunkering #Marine Fuels

Enhancing Maritime Logistics in Saudi Arabia

Minerva Saudi has made a significant stride towards advancing the marine services sector in Saudi Arabia with the recent deployment of a substantial Floating Storage Unit (FSU) at Jeddah Islamic Port. This initiative not only marks a pivotal moment for the company but also aligns perfectly with the Kingdom's ambitious Vision 2030 project aimed at transforming the nation’s economy and infrastructure.

The newly installed FSU boasts a remarkable capacity of 113,000 cubic meters, thus revolutionizing the logistics of marine fuels within the Red Sea area. The operational efficiency provided by the FSU encompasses the entire processing chain of marine fuels—from bulk sourcing and blending to the final delivery of fuel for ocean-going vessels. This comprehensive logistics overhaul is expected to streamline operations significantly, ensuring the availability of essential marine fuels across various ports in the region, including Jeddah Islamic Port, Yanbu Commercial Port, and King Abdullah Port.

Strategic Benefits and Innovations

One of the standout features of this investment is the establishment of a bonded customs zone surrounding the FSU. This area allows for the unhindered movement of imports and exports, facilitating seamless customs clearance. The FSU is equipped to store all primary grades of marine fuels: Very Low Sulfur Fuel Oil (VLSFO), High Sulfur Fuel Oil (HSFO), and Marine Gas Oil (MGO). By ensuring that these high-demand fuel types are readily available, Minerva aims to meet the diverse requirements of its extensive client base, which includes modern bunker tankers servicing vessels traversing critical shipping lanes.

Notably, this venture is the culmination of collaborative efforts between Minerva Saudi and several key authorities within Saudi Arabia. Working closely with the Ministry of Energy and the Saudi Ports Authority, among others, has led to innovations in the bunkering sector that are anticipating future needs while maintaining stringent compliance with customs regulations. The registration of vessels as bonded customs warehouses represents a novel approach to streamlining operations and providing heightened oversight of goods as they move into and out of Saudi Arabia.

Moreover, Minerva has unveiled a cutting-edge digital bunkering service powered by ADP technology. This digital transformation brings a new level of operational efficiency, ensuring not only the accuracy of fuel quantities but also enhancing transparency regarding fuel quality. Comprehensive real-time reporting capabilities allow for immediate updates to customs authorities, including the Zakat Tax and Customs Authority (ZATCA), thereby reinforcing regulatory compliance and oversight.

About Minerva Bunkering

As a subsidiary of Mercuria Energy Group, one of the largest privately-held energy companies globally, Minerva Bunkering stands as a leader in marine fuel supply. With operations that span over 150 ports worldwide, Minerva procures fuel through various channels and services more than 750 active customers across multiple sectors, including bulk carriers, cruise ships, and tankers. The FSU's implementation marks another step for Minerva in solidifying its position as a foremost provider of reliable marine fueling solutions in the ever-evolving maritime industry.

This ambitious project aligns with Saudi Arabia's Vision 2030, which envisages a diversified economy bolstered by enhanced maritime infrastructure and services. It not only reflects Minerva’s commitment to the Kingdom but also signifies a transformative phase for the regional logistics market. As such, industry stakeholders keen on the developments within the marine fuel supply sectors should closely monitor the ongoing progress and further implications of this strategic deployment.