Author: Steven Sahiounie

Meanwhile, the dollar exchange rate was down by 0.15% at 97.76 rubles, the euro was up by 0.05% at 104.96 rubles MOSCOW, September 6. /TASS/. Russia’s stock market has moved to the negative territory, according to trading data. As of 10:25 a.m. Moscow time, the MOEX Index was down by 0.25% at 3,256.26 points, while the dollar-denominated RTS Index was down by 0.19% at 1,049.04 points. As Wednesday trading opened on Moscow Exchange, the MOEX Index rose by 0.2% to 3,270.84 points, while the RTS Index added 0.38% to 1,054.94 points, according to trading data. Meanwhile, the dollar exchange rate was…

A 200-km long gas pipeline will connect the gas treatment unit with the 550 MW Novolenskaya Thermal Power Plant to be build in Yakutia by Inter RAO Group MOSCOW, September 6. /TASS/. Alrosa-Gas, an affiliate of the Russian diamond miner Alrosa, will construct a gas treatment unit at the Srednebotuobinskoe oil and gas condensate field to supply gas for the Novolenskaya Thermal Power Plant (TPP), the company said. Investments in the project total over 18 bln rubles ($184.1 mln), Alrosa said. “The designed gas treatment unit will be located 5.5 km eastward of Tas-Yuryakh settlement in the Mirninsky District of…

According to Liberal Democrat group leader Roger Harmer, “every one of Birmingham’s citizens will feel the pain of this decision as we move into unchartered waters.” Europe’s largest local council, the Birmingham’s city council, has issued a Section 114 notice prohibiting all but required spending to safeguard core services. The constraints are related to a £760 million obligation to resolve equal pay claims. The Labour Authority’s head and deputy leader Sharon Thompson said in a joint statement with Council leader John Cotton that the decision was a “necessary step as we seek to get our city back on a sound financial footing.”…

RIYADH: Saudi Arabia will extend its voluntary oil production cut of 1 million barrels per day until the end of the year, the Saudi Press Agency reported on Tuesday quoting an official source in the Energy Ministry. The cut which first took effect in July will continue “for another three months until the end of December 2023,” the report said. With the new decision, Saudi Arabia’s oil output for October, November, and December will be approximately 9 million barrels per day. The SPA report quoted the source as saying that the decision will be reviewed monthly to consider “deepening the…

LONDON: Oil prices jumped about 2 percent on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day reduction for another three months through December. Brent crude futures for November were up $1.44, or about 1.6 percent, to $90.44 a barrel by 1334 GMT, eclipsing the $90 level for the first time since last November. Meanwhile, US West Texas Intermediate crude October futures rose $1.85, or about 2 percent, to $87.4. Riyadh’s decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider…

RIYADH: Saudi Arabia’s Public Investment Fund has finalzied the sale of its 10.92 percent stake in the National Gas and Industrialization Co. for SR491 million ($131 million) to Jadwa Investment Co. Eyas Al-Dossari, head of investment advisory in the MENA Investments Division at PIF, said: “This transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy. “The transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market.”Jadwa Investment Co. acted in its capacity…

LONDON: Saudi Arabia’s stc Group has agreed to buy a 9.9 percent stake in Spanish business Telefonica for €2.1 billion ($2.25 billion), through an acquisition of shares and financial instruments. “Telefonica and stc Group share many similarities, with a vision to use technology to connect people and a strategy to drive growth,” said Mohammed Al-Faisal, the chairperson of stc. “This long-term, significant investment by stc is a continuation of our growth strategy, as we invest in vital technology and digital infrastructure sectors across promising markets, globally.” Olayan Alwetaid, stc Group’s CEO, said: “Our investment in Telefonica demonstrates our confidence in its…

The Brent crude price jumped to $90 a barrel after Moscow announced it would reduce global supplies for the rest of the year Russia will extend its voluntary cut in oil exports by 300,000 barrels per day (bpd) until the end of the year, Deputy Prime Minister Aleksandr Novak announced on Tuesday. “The additional voluntary reduction in oil supplies for export is aimed at strengthening the precautionary measures taken by the OPEC+ countries in order to maintain stability and balance on the oil markets,” the official stated. Russia will review its voluntary cuts monthly, in order “to consider the possibility of…

Ankara wants to create a financial center dedicated to investments in the sector, with Moscow’s help Moscow and Ankara are working on several initiatives related to natural gas exports, and plan to continue to build relations in the energy sphere, Turkish President Recep Tayyip Erdogan announced on Tuesday. During a press briefing following his return from talks with Russian President Vladimir Putin in Sochi, Erdogan said the two countries were developing projects aimed at supplying Russian energy to global markets through Türkiye. “In our talks with Putin, we discussed the energy sector from various perspectives. We will be implementing a number…

This was announced by a diplomatic source in the republic, commenting on the statement by Ukrainian Foreign Minister Dmitry Kuleba that Kyiv does not intend to change its position on the grain deal ISTANBUL, September 5. /TASS/. Turkey will inform Ukraine about the negotiations in Sochi concerning the Black Sea grain initiative, a diplomatic source in the republic reported, commenting on Ukrainian MFA head Dmitry Kuleba’s statement that Kiev does not intend to change its position on the grain deal. Speaking on the air of a national telethon on September 4, Kuleba also said that Ukraine expects to receive the…