Trade in petroleum products to be regulated - Saudi Gazette

Trade in petroleum products to be regulated

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Custodian of the Two Holy Mosques King Salman chairs the weekly session of the Cabinet at Al-Yamamah Palace in Riyadh on Tuesday. — SPA



Saudi Gazette report

RIYADH
— The Council of Ministers on Tuesday approved the law for trading in petroleum products.

Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet at Al-Yamamah Palace in Riyadh.

Minister of Culture and Information Awwad Al-Awwad said in a statement to Saudi Press Agency following the session that the new law aims at regulating all commercial activities related with trade in petroleum products including its use, sale, transport, storage, distribution, import and export.

Petroleum products, which are priced by the State, will be used only for the designated fuel purposes.

The value of petroleum products will be in conformity with global prices.

The General Customs Department will collect the amount equal to the difference between the price set by the State for the product for export and its price in international market. The amount will be transferred to the State treasury.

At the outset of the session the King briefed the Cabinet on the outcome of his phone conversation with US President Donald Trump. The King reaffirmed the Kingdom’s support and welcomed the firm strategy announced by the US president toward Iran.

The King also briefed the Cabinet on the results of his meeting with Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, emir of Kuwait, during which they reviewed bilateral relations and discussed overall developments in the region.

The King also spoke about his phone calls with President Mahmoud Abbas of Palestine and Iraqi Prime Minister Dr. Haider Al-Abadi.

During the phone talks with Abadi, the King stressed the Kingdom’s support for Iraq’s unity, security and stability, and the adherence of all parties to the Iraqi constitution to serve the interests of Iraq and its people.

The Cabinet authorized the minister of economy and planning or his deputy to discuss and sign a memorandum of understanding with the government of South Korea for cooperation between the two countries in implementing the Saudi Vision 2030.

It also authorized the minister of energy, industry and mineral resources or his deputy to discuss and sign a framework agreement with the government of Morocco for cooperation in the peaceful use of nuclear energy.

The Cabinet approved the creation of the board of directors of Saudi Railways Organization for a period of one year under the chairmanship of the minister of transport with seven board members.

It also approved the appointment of seven new members to the board of directors of Saudi Commission for Tourism and National Heritage for a period of three years.


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