“Presidential Leadership Council” awards $620m oil supply contract to president’s son

ADEN, Aug. 12 (YPA) – The Saudi-backed “Presidential Leadership Council” has awarded a $620 million contract for the supply of petroleum products to “Black Oil”, a fuel company owned by Abdulhafidh Rashad Al-Alimi, the son of the council’s chairman, economic sources with knowledge of the matter said.

Under the terms of the two-year agreement, the price per metric ton has been set at $700. The deal represents the largest contract granted by the Leadership Council to an entity linked to the Al-Alimi family since the body was established in Riyadh in 2022.

According to the sources, “Black Oil” has reached an agreement with an Oman-based Russian trader to fulfill the shipments over the duration of the contract. The sources gave no indication that a public or competitive bidding process was conducted prior to awarding the contract.

YPA