. 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. CNBC's Emma Graham contributed to this article. Speaking to Libya Herald, Minister of Oil and Gas Mohamed Aoun said that the oil sector is very important to the Libyan economy, and everyone is working to support it and maintain the stability of its production. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits. 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. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. Aaron M. Sprecher | Bloomberg | Getty Images. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. We want to hear from you. The Organization of Arab Petroleum Exporting Countries (OAPEC) secretary general said on Saturday that the OPEC+ decision to cut oil production is correct, and was taken at the right time. The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. Its share price closed slightly higher at SR53. 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. . The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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 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. 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. WataniIron Steel Co. also announced a 5 percent increase in the net profit to SR49.6 million for 2022 to SR47.1 million a year earlier. Its administration is assumed by a Secretary General. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. 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. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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. The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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. (Reuters/File Photo). OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). Our Standards: The Thomson Reuters Trust Principles. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. This website uses cookies. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. I look forward to contributing to the organization's work on a plethora of energy-related issues, at a time when the world's eyes are focused on both short- and long-term energy market outlooks.". Social Connect. It is divided into$5.85 billionsenior debt and$475 millionmezzanine debt facilities, both of which are arranged on a non-recourse project finance basis. It also booked an increase in its share of results of equity-accounted investments and gains from investments at fair value and other income, which led to a rise in the net profit margin of 22.2 percent in 2022 from 17.8 percent in the previous year. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. 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. By Trend. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. In the fourth quarter of 2022, the company registered a net loss of SR16 million against a net profit of SR79.86 million in the year-ago period. Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . 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. 2022 LibyaHerald - Powered by Sparx Solutions. [1][2] The Secretary General is OPEC's chief executive officer. 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. ! Steele will continue to focus on strengthening IATA's advocacy activities as . Brief remarks by OPEC Secretary General. 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . KUWAIT CITY, March 15, (KUNA): The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed on Sunday a Memorandum of Understanding (MoU) for cooperation in In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . The Role of Scientific Research in Developing the Petrochemical Industry), Corrosion in Oil Refining and Petrochemical Industry), Plastic Waste Recycling, Investment Opportunities and Environmental Solutions), Energy consumption in the industrial sector in the OAPEC member countries), Effect of Oil Prices collapse due to Covid-19 on Upstream Industry), Quarterly report of The developments of Global LNG Sector during Q4 - 2020), The Role of Scientific Research in Developing, Corrosion in Oil Refining and Petrochemical Industry, Energy consumption in the industrial sector in the OAPEC member countries, The developments of Global LNG Sector during Q4 - 2020, Sign up for our newsletter and be the first to hear about our activities, Organization of Arab Petroleum Exporting Countries, Monthly Report on Petroleum Developments In The World Markets, ROLE OF HYDROGEN IN THE ENERGY TRANSITION, 24rd Forum on Fundamentals of Oil & Gas Industry, Performance Improvement of Petroleum Downstream Industries, OAPEC saddened over the news of Mohammad Sanusi Barkindos passing away, HE ENG. 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. 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. RIYADH: Saudi Arabias Tadawul All Share Index on Wednesday gained 89.56 points or 0.89 percent to close at 10,051.78, extending Tuesdays 101.52 points rise registered after seven sessions of losses. Reach thousands of our site visitors daily. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. Messis World Cup cloak sparks questions online, Explainer: Why Japan is boosting its arms capability, budget, Murakami hopes to exhibit artwork in Saudi Arabias AlUla, Disabled people seek redress against forced sterilization law, Newly appointed Japan Ambassador to Iraq introduces himself in Iraqi dialect, COVID-19 vaccinations for children under 5 start in Japan, Shin Ultraman movie releases in the Middle East, OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, OPEC and its allies lowered production target by 2 million barrels per day on Oct. 5. [2] However, by early 1972, the criterion for admission had changed to oil being a significant source of revenue (rather than the principal source) of a prospective member nation; and Algeria, Iraq, Syria and Egypt had been admitted. This post has been read 9294 times! For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. The KSA ICT Strategy 2023 aims to increase the ICT sectors contribution to GDP, grow levels of Saudization in the sector, increase womens participation in the sector and boost IT and emerging technology adoption. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . The visit reflects Libyas OPEC standing Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. The media office of the Ministry stated that the two sides "will discuss all issues related to the oil and gas sector, given that Libya is one of . The days highlight was the healthy resurgence of the banking and insurance sectors, which grew over 2 percent to 10,542.78 points and 5,973.98 points. 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. The Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. 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. The most common side effects of pholcodine are dizziness, nausea and sedation. - KUNA. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The 2007-2016 civil . Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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". 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. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. 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. 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 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. We are excited to accelerate digitalization of key sectors in KSA by working with customers and partners on innovative projects that support the long-term goals of the country.. 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. OAPEC official says OPEC+ decision to cut oil production correct. He affirmed his willingness to do everything in his power . The total investment cost is funded by a combination of long-term debt and equity. 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. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. 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. . Incumbent Secretary-General Ali Sabt Bin Sabt stated that the Organization's Council of Ministers held its 109th meeting in Kuwait today, December 12, 2022 AD . 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Copyright 2000 MENAFN. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . Region, Cross 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.' Last year, the airport was awarded the coveted ACI Airport Customer Experience Accreditation Level 2, underscoring BACs efforts to deliver a smooth and seamless experience to travelers and visitors. Average selling prices also declined during the third and fourth quarters of the year. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. 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