December 14, 2017 5:57 AM ET

Oil, Gas and Consumable Fuels

Company Overview of PetroSaudi International Ltd.

Company Overview

PetroSaudi International Ltd. engages in the exploration and production of oil and gas in Saudi Arabia and internationally. It also engages in the sale and purchase of natural gas, liquefied petroleum gas, jet fuel, chemical feedstocks, and gasoline. The company was founded in 2005 and is based in Al Khobar, Saudi Arabia with additional offices in Saudi Arabia, England, and Switzerland.

Dhahran Road

PO Box: 1648

Al Khobar,  31952

Saudi Arabia

Founded in 2005

Phone:

966 13 899 5555

Fax:

966 13 899 5270

Key Executives for PetroSaudi International Ltd.

Founder and Chief Executive Officer
Compensation as of Fiscal Year 2017.

PetroSaudi International Ltd. Key Developments

The Court of Appeal Rules in Favour of PetroSaudi International

The Court of Appeal has ruled in favour of PetroSaudi International ordering full payment of sums owing to them under a standby letter of credit. The judgment by the Court of Appeal overruled the High Court's previous decision that the signatory was fraudulent in their representation of law. In 2009, PetroSaudi entered into a drilling contract with Petroleos de Venezuela, S.A. In light of what the judgment describes as "Venezuela's dilatory payment history," an autonomous standby letter of credit was procured to provide security for payments from PDVSA. The commercial purpose of a standby letter of credit is to ensure the beneficiary - in this case, PetroSaudi - can obtain payment of sums due under a principal contract from a creditworthy bank, regardless of whether those sums are disputed or whether the counterparty is unable to pay. In countries with strong payment risk such as Venezuela, procurement of a letter of credit is standard business practice. PetroSaudi subsequently conducted drilling services for PDVSA totaling $129 million. The agreed credit period elapsed without payment of any of the invoices and the dispute over payment was then referred to arbitration.

Similar Private Companies By Industry

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PetroSaudi International Ltd. Middle East/Africa
Saudi Arabian Oil Company Middle East/Africa
Saudi Makamin Oil & Gas Services Middle East/Africa

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