Author: Steven Sahiounie

RIYADH: The UAE’s gas sector is set to receive a boost as the state-owned ADNOC Gas awarded a $3.6 billion project to a joint venture firm to expand its gas processing infrastructure. The contract will see the joint venture between state-owned National Petroleum Construction Co. and Spain’s Tecnicas Reunidas expand the infrastructure while optimizing supply to the Ruwais Industrial Complex which is 240 km west of Abu Dhabi. The company’s Maximizing Ethane Recovery and Monetization project will aim to unlock further value from existing feedstock and deliver it to Ruwais via a 120 km natural gas liquids pipeline. Additionally, the project will aim to increase ethane extraction…

RIYADH: In a bid to ensure reliable supply to its customers, UAE’s Abu Dhabi National Oil Co. Gas has signed an agreement, valued between $450 million and $550 million, to supply liquefied natural gas to PetroChina International Co. According to a press release, the deal will help ADNOC Gas to grow its global presence, particularly in the East and Southeast Asian markets.   “We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world’s fastest-growing gas markets,” said Ahmed Mohamed Alebri, CEO of ADNOC Gas. He added: “China continues to be a…

RIYADH: Saudi Arabia played a crucial role in advancing economic unity among Gulf Cooperation Council member states during ministerial-level meeting of the GCC Economic and Development Affairs Authority, according to the Saudi Press Agency. The Kingdom’s representation at the Standing Preparatory Committee on Wednesday in Salalah, Oman was led by Minister of Economy and Planning Faisal bin Fadhil Al-Ibrahim. Ministers convened to discuss various matters of mutual interest, including the agenda for the second session of the GCC EDAA, the governance of joint economic and development efforts within the Gulf, and the roadmap for initiatives and projects aimed at achieving economic unity…

RIYADH: The Tadawul All Share Index in Saudi Arabia declined by 82.60 points, or 0.73 percent, to close at 11,215.56 on Thursday. The total trading turnover for the benchmark index amounted to SR6.42 billion ($1.71 billion). Among the listed stocks, 70 advanced while 146 retreated. The parallel market, Nomu, also slipped by 130.03 points, or 0.56 percent, closing at 23,198.25. In Nomu, 27 listed stocks advanced while 26 retreated. Meanwhile, the MSCI Tadawul Index dropped by 10.72 points, or 0.73 percent, ending the day at 1,448.34. Etihad Atheeb Telecommunication Co. was the top-performing stock of the day, with its share price surging…

RIYADH: Saudi Aramco Base Oil Co., also known as Luberef, has appointed Samir Abdulaziz Al-Hokail as its president and CEO. In a statement issued to Tadawul, the company said Al-Hokail will replace Tareq A. Al-Nuaim “due to a change in his secondment post.” The company’s board of directors unanimously approved the decision on Thursday in accordance with a Sept. 5 resolution. Luberef and the board extended their appreciation to Al-Nuaim for his valuable contributions to the company’s advancement. They also welcomed the new CEO and wished him success in his new role. Since his arrival at Saudi Arabian Oil Co., also…

RIYADH: Saudi Arabia’s real gross domestic product recorded a 1.2 percent year-on-year growth in the second quarter of 2023, thanks to a 6.1 percent surge in the non-oil sector, official data showed. According to the latest report from the General Authority for Statistics, the Kingdom’s non-oil sector witnessed a 1.6 percent increase compared to the first three months of the year, reflecting the ongoing diversification efforts in the nation’s economy. Strengthening the non-oil private sector is a key agenda of Saudi Arabia’s Vision 2030, as the Kingdom’s economy is steadily reducing its dependence on oil. The report, however, added that…

Dmitry Peskov says economic results are much better than predicted The economic climate in Russia is much better than expected, Kremlin spokesman Dmitry Peskov stated during a press conference on Thursday. “Everything is going much better than it could have gone,” he told reporters amid the recent weakening of the ruble along with diesel and gasoline shortages recorded in dozens of regions across the country over recent months. At the same time, recent official reports indicate positive economic results overall. The Russian Finance Ministry and the central bank expect the country’s economy to grow by 2.5% or more in 2023, while…

The Russian Foreign Ministry pointed out that the parties discussed Moscow’s interaction with the CTBTO Preparatory Commission Moscow is committed to the Comprehensive Nuclear-Test-Ban Treaty (CTBT) and strengthening the nuclear non-proliferation regime, Russian Deputy Foreign Minister Sergey Ryabkov said. “Sergey Ryabkov emphasized Russia’s commitment to the [CTBT] treaty and to strengthening the nuclear non-proliferation regime,” the Russian Foreign Ministry said in a statement on its website following the senior diplomat’s meeting with Robert Floyd, Executive Secretary of the Preparatory Commission for the Comprehensive Nuclear-Test-Ban Treaty Organization. The Russian Foreign Ministry pointed out that the parties discussed Moscow’s interaction with the…

“As for the attempts to Ukrainianize anything and everything, which are being made by our Western colleagues, these attempts are increasingly tiring for countries that want to engage in concrete affairs rather than support propaganda in favor of the Kiev regime,” Sergey Lavrov stressed Western countries sought to undermine constructive work at the East Asia Summit by using every excuse to bring up the issue of Ukraine, Russian Foreign Minister Sergey Lavrov said following talks with Bangladeshi Foreign Minister Abul Kalam Abdul Momen. “The ‘Western collective’ with the participation of some of their partners from the Asian part of this…

Algerian FM warns of the destructive aftermath of military intervention citing the unfortunate outcomes of military interventions in the region. During a press conference in Ankara with the Turkish Foreign Minister Hakan Fidan, Algeria’s Foreign Minister Ahmed Attaf called for a peaceful resolution to the ongoing crisis in Niger, Sputnik reported. Minister Attaf stressed the need for a peaceful approach to resolving the crisis, cautioning against the potential consequences of military intervention. “Intervening countries withdraw and leave behind grief and ruin. We believe that the crisis in Niger must be resolved peacefully,” Attaf said, citing the unfortunate outcomes of military interventions in…