The Media and Entertainment Index was also in the spotlight as it leaped 4 percent to 22,870.58, following healthy buying in the shares of Saudi Research and Media Group, which closed 4.19 percent higher to SR194. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. Know more about our Privacy Policy here. RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . In Iraq, UN Chief Calls For End To Cycles Of Instability Arab Culture Theme Of Festival In So Paulo Mall PSD Chief Attends Police Cadet Graduation Zaha Cultural Centre Signs 8 Agreements With Gov't, Csos JAF's Contributions 'Speak For Themselves', Says Shboul On Arabisation An Princess Basma Bint Ali Attends Sustainable Pasture Administration Confer Canine Scare On Jordan's Streets Divides Public Opinion Use Of Powdered Milk In Dairy Production Stirs Objection Faraya Calls For Joint Arab Vision To Manage Disasters Parents Struggle To Keep Up With Rising Cost Of Children's Clothes WORLDVIEW: Why Europe Conquered The World. Rates Spark: Inversion Stretches Deeper News by
The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. The cargo tonnage increased by 17 percent to 379,000 tons in 2022 from 324,000 tons in 2021. Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. Rates. Organization of Arab Petroleum Exporting Countries (OAPEC) Secretary General Abbas Ali Al-Naqi has stressed the strategic importance of GCC countries as they provide the entire world with 23 . Our Standards: The Thomson Reuters Trust Principles. Bahrain Airport Co.s Airport Facilitation Committee on Wednesday disclosed these numbers at a meeting to review the operational aspects of the facility, which checked passengers, crew, and baggage movement at the BIA. All rights reserved. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. The total investment cost is funded by a combination of long-term debt and equity. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. If you have any complaints or copyright issues related to this article, kindly contact the provider above. OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, Japanese group Monstarlab launches new office in Riyadh, Bahrain airports passenger traffic spikes to 6.9m in 2022, TASI continues its ascent, rising 89 points to close at 10,192, Saudi NEOM Green Hydrogen Co. seals $8.5bn finance deals, NEOMpartners withCAREstodrive food innovation and talent development in Saudi Arabia, Coronavirus origins still a mystery 3 years into pandemic, Saudi Arabia reports 46 new COVID-19 cases, 2 deaths, Saudi Health Ministry launches child vaccination e-certificate, KSA reports 21 new COVID-19 cases, 2 deaths, Saudi crown prince attends launch of first 12 projects, worth $51.3 billion, under Shareek program, Annecy stuns favorites Marseille to reach 1st French Cup semifinals, Osasuna earn narrow advantage over Athletic in Copa del Rey semifinals, Man United down West Ham to reach FA Cup quarters as Spurs dumped out, Saudi leaders offer condolences to Greece over deadly train crash, Arsenal beats Everton 4-0, moves 5 points clear in EPL, Britains Prince Harry loses home on royal estate, WHO chief visits rebel-held Syria for first time after quake, For the love of youth: Warhol exhibition draws crowds in AlUla, OPEC+ oil supply cuts could tip world into recession, IEA says, Monstarlab furthers capabilities in Saudi Arabia through acquisition of Pioneers Consulting, Bahrains exports drop 8% to $941m in January: iGA data, Jordan, Bahrain sign deal to boost private sector cooperation, Closing Bell: TASI drops below significant 10k mark, loses 57 points, Closing bell: TASI topples for the third consecutive session; sheds 116 points, PIF-backed ACWA Power expands Indonesian portfolio with green hydrogen project, Discover NEOM Saudi Arabia tour event kicks off in Jeddah, Saudi Arabias NEOM an opportunity to redefine livability, deputy CEO tells World Economic Forum, US intel agencies: No sign foreign adversaries behind Havana syndrome, Internet access, privacy essential for freedom: Proton chief, Man wrongly imprisoned in the US for 38 years declared innocent, Robert Kennedys assassin denied parole again, Why West Bank violence between Israelis and Palestinians rages on despite US mediation, How Saudi Arabia could become a leader in carbon capture on the road to net-zero emissions. Got a confidential news tip? The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. Office of BNA Director General Tel: +973 17 455 400 Editorial and Correspondents Section Tel: +973 17 455 455 P.O. The President of the Presidential Council, Mohamed Al-Menfi, received in Tripoli, in the presence of the Minister of Oil and Gas, Mohamed Aoun, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. The industry leader for online information for tax, accounting and finance professionals. Region, Cross
Our Standards: The Thomson Reuters Trust Principles. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. List of OPEC Secretaries General No. Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . Data is a real-time snapshot *Data is delayed at least 15 minutes. . NEOM is doing this to attract the best students in the world to come and be prepared for the research and innovation for the future of mining, Al-Nasr explained. RIYADH:Bahrain International Airport welcomed 6.9 million passengers in 2022, marking an increase of 125 percent from 3 million in 2021, the Bahrain News Agency reported. CAIRO Oct 15 (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. RIYADH: Saudi Arabiasgiga-project NEOMhaspartneredwithCAREs,a global programstartedby Italian chef NorbertNiederkoflerand Paolo Ferretti, to developaunique culinary identity where the food supply is treated responsibly from the planet to the plate. KUWAIT, Dec 22 (KUNA) -- The Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) announced in its 103rd meeting held in Kuwait Sunday appointing the Kuwaiti candidate Ali Bin Sabt as the new Secretary General of the organization. Shafaq News/ The Organization of Arab Petroleum Exporting Countries (OAPEC) elected Iraq's oil minister, Hayyan Abdul-Ghani, as a secretary-general during its 109th meeting on Monday. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. Faisal Alamro commented: The establishment of the new Monstarlab office in Riyadh will enable us to expand regionally and further enhance our global reach, and attract new potential projects in the Middle East, particularly GCC, as well as Africa and Europe. His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . A number of the member nations would use this sense of control to renegotiate the contracts they had made with the companies that had discovered and exploited their resources. See here for a complete list of exchanges and delays. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the . Organisation of Arab Petroleum Exporting Countries (OAPEC) Kuwait Secretary-General Ali Sabt Ben Sabt: 1968 11 Organise cooperation in oil development and regional integration, provide legitimate means to preserve the members' individual and collective interest within the industry and provide access to consumer markets on fair and reasonable . Average selling prices also declined during the third and fourth quarters of the year. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power which holds a 33.3 percent equity stake. to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical such as those of Egypt and Algeria. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed by OPEC. Aaron M. Sprecher | Bloomberg | Getty Images. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. Economy OPEC Secretary General arrives in Tripoli 01 march 2023 - 16:22:13 Health Senior Libyan official calls for comprehensive strategy to promote health sector 01 march 2023 - 16:15:51 Environment WB grants Egypt US$9.13 m to improve management of electronic, healthcare waste in Cairo 01 march 2023 - 13:58:03 The first part of this report presents an analysis of international developments relatede to the supply and consumption of oil and energy and their impact on the demand for oil for member countries, as well as the revenue from petroleum exports and its impact on the process of economic development. Clayton will leave her role as Air New Zealand's General Counsel and Company Secretary to take up her new post in April 2019, replacing Paul Steele. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. He led the . He affirmed his willingness to do everything in his power to enhance the organization and its activity to face all the upcoming challenges in the field of energy, geopolitics and climate change issues that reflect on world economy. The business acquisition is enabling Pioneers to utilise Monstarlabs world-class digital capabilities, supporting its vision to provide clients with consulting solutions that have real impact. [1][2] The Secretary General is OPEC's chief executive officer. The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) has died in the Nigerian capital, Abuja, the country's oil chief said. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies lowered their production target by 2 million barrels per day when they met on Oct. 5. Submit Your Articles/Press Releases/Reports. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. In 2021, the chain promised to train and recruit more minority and women . The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Mohammad Barkindo, a Nigerian oil . Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the launch of OPEC's history book tilted 'OPEC 60 years and beyond: A story of courage, cooperation and commitment,' 19 June 2022, Baghdad, Iraq. Please enter your username or email address to reset your password. The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. Its net profit in the fourth quarter of 2022 fell 15 percent to SR62.5 million from SR73.4 million during the same period in 2021. Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. Get this delivered to your inbox, and more info about our products and services. However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . . He emphasised the role of the organization in maintaining support for Libya in excluding it from the cuts that the organization proposes to member states from time to time to control oil prices to keep them within internationally acceptable prices. OAPEC resolved to cut oil production by 5% monthly "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war". The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. On 27 June 2022, Eng. The committee discussed various topics, including the airports annual performance figures, which saw aircraft traffic movements surge to 82,000 in 2022 from 51,000 in 2021, a 60 percent surge. Links. On 9 January 1968, three of the thenmost conservative Arab oil states Kuwait, Libya, and Saudi Arabia agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. The visit reflects Libyas OPEC standing 2023 CNBC LLC. Read more; Welcoming remarks by Iraq's Minister of Oil This data points to an even stronger recovery in 2023, and with passenger traffic on the rise, we are fully prepared to meet the needs of BIAs guests, BAC CEO Mohamed Yousif Al-Binfalah was quoted as saying. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . Reach thousands of our site visitors daily. Barkindo, 63, a veteran of the oil . Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. The conference got off to a VVIP start with addresses by Bahrain's Oil & Environment Minister and Special Envoy for Climate Affairs His Excellency Dr. Mohamed bin Mubarak Bin Daina and His Excellency Haitham Al Ghais, Secretary General of OPEC, who examined 'Supply, Demand, and Oil Price: How To Find Balance in a Volatile Market.' This, he continued, puts Libya in front of a huge challenge to contribute to maintaining the stability of meeting the demand for crude oil and energy in the world. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. [citation needed], OAPEC was originally intended[by whom?] Visit our, Oil Minister Aoun denies barring two UK companies from investing in oil sector, Delaying Eni gas deal would turn Libya into a gas importer by 2027: PM Aldabaiba, Mohamed Menfi Manfi Presidency Council head February 2021, JICA and WFP introduce Japanese Kaizen Management Approach to Libyan youth and female entrepreneurs, Conference on development of Libyas banking sector to be held next August in Benghazi, Third Libya Development Partners Forum meets in Tripoli to discuss Health Sector Reform, UBAE holds risk management training for Libyan banks in Tunis, The General Union of Chambers of Commerce signs cooperation agreement with its Malaysian counterpart, Marathon Airlines offers free tickets on inaugural Benghazi-Athens flight, Make 2023 the year of free and fair Libyan elections: U.S. State Department, NOC refutes African Intelligence report on prosecutor probes, CBL launches pre-loaded US$ 100,000 debit card for small business, OPEC Secretary General visits Tripoli: Stable Libya has a role in OPEC strategies. In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. Social Connect. NEOM and CAREs will develop a manifesto for food-industry professionals, outlining the principles for sustainable gastronomy and food security, alongside educationalinitiativesand content to broaden understanding of healthy eating, according to a press release. The first part of this report presents an analysis of international developments relatede to the supply and consumption of oil and energy and their impact on the demand for oil for member countries, as well as the revenue from petroleum exports and its impact on the process of economic development. China to boost proactive fiscal policies, support . The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. Box: 253 Manama / Kigdom of Bahrain. OAPEC secretary general Ali bin Sabt added in a statement. oOil Minister receives OAPEC Secretary General. We want to hear from you. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . Libyas stability will have a role in OPEC The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant. The Organization of Arab Petroleum Exporting Countries (OAPEC) . Monstarlab aims to impact growth of emerging sectors such as smart places and healthcare tech in the Kingdom of Saudi Arabia and is already working with a range of private and public sector organisations in the country including high-level projects with NEOM and the Public Investment Fund. Mohammad Barkindo, Nigerian politician and secretary-general of oil producer group OPEC, has died at the age of 63, just days before he was set to finish his term at the organization. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. Libyas exclusion from OPEC quotas Ghais is a familiar face to ministers and is well-liked among delegations. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in the oil industry. Libya had led OPEC previously While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. "Through our strategic base in KSA, we will be able to expand our innovation solutions and strategic services capabilities across a wide range of sectors including healthcare, hospitality, finance, technology and more.. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility. ) KUWAIT, March 1 (KUNA) -- The newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Al-Loughani Wednesday, 01 March 2023 04:25 GMT The Secretary-General of the Gulf Cooperation Council, Dr. Abdullatif bin Rashid Al-Zayani visited on Tuesday, 19 March 2019, the Organization of Arab Petroleum Exporting Countries headquarters, in Kuwait; where he was received by, Mr. Abbas Ali Al-Naqi, the OAPEC Secretary-General, and a number of the Organization senior officials. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. Since taking the helm as secretary-general of OPEC in 2016, Barkindo oversaw tumultuous times for the oil producer group, which witnessed volatile markets rocked by historic events includingthe Covid-19 pandemic, the creation of the OPEC+ alliance with Russia and other non-OPEC states, and Russia's invasion of Ukraine. Copyright 2000 MENAFN. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. The position also oversees day-to-day affairs of the secretariat in Vienna. contents - OAPEC. The most common side effects of pholcodine are dizziness, nausea and sedation. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. OPEC, the Vienna-based . CAIRO - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. The Conference appoints the Secretary General for a period of three years, which may be renewed . Organization of Arab Petroleum Exporting Countries, Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil holds gains on China rebound, even as U.S. crude stocks rise, Reporting by Moataz Mohamed; Editing by William Maclean, Brazil's Petrobras seeks to trim massive payouts as profit beats forecasts, Exclusive: Urals oil supplies to Turkey jump in Feb as STAR refinery resumes Russian crude imports, Greta Thunberg detained by Norway police during pro-Sami protest, Swiss bankers face trial accused of helping Putin's friend transfer cash, Saudi, UK ministers agree to study combat air cooperation -Saudi agency, Brazil's Petrobras posts Q4 profit up 38%, US pick to head World Bank, ex-Mastercard CEO Banga, starts 'charm offensive', European banks, asset managers study halving stocks settlement time, Exclusive news, data and analytics for financial market professionals. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 23/03/2021 The developments of global LNG sector in 2020. Four bankers will stand trial in Zurich next week accused of helping a man known as "Vladimir Putin's wallet" deposit millions of Swiss francs in Switzerland. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. CNBC's Emma Graham contributed to this article. Be the first to know latest important news & events directly to your inbox. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . It is time for the mining industry to compete with the oil industry, he said, adding: Oil has made the big move to move to the next generation. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Its share price increased 2.6 percent to SR22.06. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . Degree: Bachelor's Degree in Geology, Kuwait University, 1977. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. See here for a complete list of exchanges and delays. TASIs total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 138 stocks of the listed 224 advanced and 70 retracted. Chain promised to train and recruit more minority and women investment cost is funded by a combination of debt. Train and recruit more minority and women, Minister of Petroleum and Mineral Resources received Mr.! Hit because of an overall increase in the fourth quarter of 2022 fell 15 percent to 379,000 in. Surge was led by Arab National Bank, which shot up 8.6 percent to SR25 decision of global. Analyze traffic, that We might oapec secretary general share with third parties is creating... 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