Author: Steven Sahiounie

RIYADH: In a bid to enhance regional connectivity, the Gulf Electricity Interconnection expansion project has secured a $570 million loan from the Kuwait Fund for Arab Economic Development, according to an official release. The initiative is a part of the Gulf Cooperation Council Interconnection Authority’s efforts to address energy challenges faced by its member nations and Iraq. The project aims to secure technical and economic benefits by increasing the capacity, efficiency, and reliability of the electrical networks in GCC countries. Kuwait, as one of the primary beneficiaries of the development, will receive an additional supporting capacity of 2,500 megawatts, further…

In a meeting held in Muscat on Wednesday between Iran’s Minister of Industry, Mine and Trade Abbas Aliabadi and Omani Minister of Energy and Minerals Salim bin Nasser bin Said Al Aufi, the two sides emphasized strengthening cooperation in the fields of industry and mining. Deputy Minister of Industry, Mine and Trade for Equipment and Machinery Industries Seyed Mohammad Mousavi, Deputy Ministry of Industry for Mines and Mining Affairs Reza Mohtashamipour and also Head of Trade Promotion Organization of Iran (TPOI) Mehdi Zeyghami accompanied the industry minister in his visit to Oman. The volume of trade exchanges between Iran and Oman in 2022…

Mohsen Khojastehmehr said Iran’s rank in the Organization of Petroleum Exporting Countries has returned to the pre-sanctions level in the field of crude production. He added that Iran’s oil output volume stood at 2.250 million barrels per day (bpd) before the current administration took office in August 2021 and has currently reached 3.3 million barrels per day, registering a considerable hike. Iran’s daily output volume is to reach 3.4 million barrels in the upcoming days, the NIOC chief stated. The deputy oil minister also said that Iran’s oil output will hit 5.7 million bpd in the next eight years. In addition, gas production…

Mohammad Reza Movaseghinia pointed to IMIDRO’s vision in investment and attraction of investors in the mining sector and added that continuation of investment in mining and mineral industries is among the main goals of the organization. In addition, IMIDRO has succeeded in attracting pivate sector investment, valued at more than $9.5 billion, with the generation of employment for more than 23,000 people, he said, adding that about $3.9 billion worth of mining projects have so far been completed. The CEO of IMIDRO further said that giant steps have been taken in the mining sector in the current Iranian calendar year (started March 21,…

During a visit by the newly-appointed Ambassador of Saudi Arabia to Iran Abdullah bin Saud al-Anzi to the 17th edition of the International IRAN PLAST Exhibition in Tehran, Deputy Oil Minister Morteza Shahmirzaei said that Iran’s petrochemical industry enjoys suitable investment opportunities, and that the NPC is ready to cooperate with the leading petrochemical companies of Saudi Arabia like SABIC. Iran and Saudi Arabia, as two major regional powers, are home to giant oil and gas resources and can enhance their cooperation in this field, he stated. Iran’s petrochemical industry has made valuable achievements, he said, adding that it is on the development track and…

Mohammad Rajabnejad made the comments on Wednesday, adding that licenses have also been issued for the establishment of trade centers in Kyrgyzstan, Malaysia and Indonesia. He drew a comparison between a commercial attache and a trade center and said that unlike the commercial envoy, a trade center is able to carry out marketing and consultation affairs and even can conclude contracts. For instance, Iran’s trade center is active in Armenia, Russia and Qatar which can help producers and economic activists greatly, he added. Rajabnejad further pointed out that the number of Iran’s trade centers in Africa is growing, adding that the country has…

Crude flows remained above 3.25 million barrels a day for four weeks straight, tanker-tracking data shows Russian seaborne oil exports soared to a three-month high last week despite Western sanctions and Moscow’s decision to extend supply curbs to the end of the year, Bloomberg reported on Tuesday, citing tanker-tracking data. According to the report, Russia’s average nationwide shipments in the four weeks to September 17 jumped to 3.34 million barrels per day (bpd), roughly 465,000 barrels more than in the four weeks to August 20. Shipments were reportedly back at the levels last recorded in February of this year, but…

The figure is 50% higher than a decade ago, according to a leading trade body The global debt pile soared by $10 trillion to a record high of $307 trillion in the first half of 2023, the Institute of International Finance (IIF) reported on Tuesday. It added that the US, UK, and Japan are among the markets driving the rise. The high interest rate environment seen across most economies has sent the figure surging, making the current debt stock $100 trillion higher than it was a decade ago, according to the IIF. “After witnessing declines of seven consecutive quarters, the…

According to Dmitry Peskov, it is impossible to talk about the establishment of another world order in the current situation, where international law has been trampled on There is no alternative to the UN and therefore it is too soon to talk about establishment of a new world order, Kremlin Spokesman Dmitry Peskov said in an interview for RT. “No, in my opinion, it is too soon to talk about it [establishment of a new world order]. Still, the United Nations remains the main body, we do not have any other one,” the spokesman said. “To say that will be…

GCC ministers of social development affairs attended the ninth ministerial meeting to discuss a unified development strategy to safeguard the authentic values, family cohesion and unity of GCC societies. Saudi Arabia’s Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi attended the meeting, reported SPA in Oman. The meeting highlighted the need to develop a unified policy that would strengthen the cohesion and stability of Gulf societies while working on enhancing concepts of citizenship and Arab and Islamic identity. During the meeting ministers discussed unified guiding laws to empower people with disabilities in GCC countries, and laws to…