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Oilfield services firms fined $1 3m for collusion

Greek engineering expertise is bringing Saudi Arabia closer to its Vision 2030 goals, cementing historic ties  Greek construction giants Salfo & Associates SA and SETE Saudia are just two players contributing to the Kingdom’s development Updated 25 March 2021 March 25, 2021 00:00 RIYADH: In recent decades, investors from Greece and Saudi Arabia have collaborated on a number of joint ventures, mirroring the positive trajectory of their engagement on political and diplomatic levels. Exports from Greece to Saudi Arabia and vice versa have played a prominent role in the flowering of their commercial relationship. Viewed through the prism of history, the multidimensional ties that bind Greece and Saudi Arabia today are a continuation of Greek-Arab relations that date back centuries. For proof, one need look only at the artifacts preserved in the Riyadh Museum for History and Archeology, including Greek coins, or drachmas, dating back more than 2,000 years.

Saudi regulator fines three oilfield services companies SR5 million each

Abu Dhabi Abu Dhabi: Saudi Arabia’s general authority for competition (GAC) has fined three oilfield services companies SR5 million each, for practicing collusion in public security competitions, the authority said on its Twitter account. The authority added it had received a complaint from the Ministry of Interior’s Public Security Department stating that a number of oilfield services companies had violated the competition rules by conspiring to work together to gain an unfair market advantage against public security. The authority explained that after gathering evidence and information and after conducting the necessary investigations, it became clear that the companies violated the competition laws, by colluding to work together to gain an unfair market advantage against the public security department.

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