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. See here for a complete list of exchanges and delays. Got a confidential news tip? Oil Minister Dr Mohammad Al-Fares. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. . 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. 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. OAPEC is regarded[by whom?] By continuing to use this website you are giving consent to cookies being used. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Delegates from UNCTAD's 195 member states applauded its outgoing Secretary-General Mukhisa Kituyi for his outstanding leadership of the organization for nearly eight years, as he prepares to step down from the role on 15 February. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. 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 . Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. 23/03/2021 The developments of global LNG sector in 2020. . 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.. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. Mohammad Barkindo, a Nigerian oil . 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 . 01 Mar 2023 12:48:50 Political or religious commentary will not be tolerated. KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . OAPEC secretary general Ali bin Sabt added in a statement. On Tuesday, Libya's Minister of Oil and Gas, Mohamed Aoun received the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. Read more; Welcoming remarks by Iraq's Minister of Oil [citation needed], In 1979, Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. 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. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. 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. 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. [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. 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. 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. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). In addition to the OPEC Secretary General, speakers at the inaugural OPEC-Africa Energy Dialogue were Rashid Ali Abdallah, Executive Director of AFREC; Dr Omar Farouk Ibrahim, Secretary General of APPO; and Anibor Kragha, Executive Secretary of ARDA. 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. Our Standards: The Thomson Reuters Trust Principles. 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. 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 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, Trend reports citing Al Arabiya. 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: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. Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. 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. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . Know more about our Privacy Policy here. All Rights Reserved. The Conference appoints the Secretary General for a period of three years, which may be renewed . He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the . binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. The Organization of Arab Petroleum Exporting Countries (OAPEC) . See here for a complete list of exchanges and delays. Consequently, OAPEC became a much more activist organization, contrary to the original intention. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. 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. The visit reflects Libyas OPEC standing Its share price closed slightly higher at SR53. 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+ . The industry leader for online information for tax, accounting and finance professionals. We need the same in the mining sector.. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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. His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . 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. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. The Economics Department and the Technical Affairs Department form the Arab Center for . Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . [1] Equally the three founders considered Iraq too radical to be desirable as a member. CAIRO (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. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. Reach thousands of our site visitors daily. 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. 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Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. If you have any complaints or copyright issues related to this article, kindly contact the provider above. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. OAPEC secretary general Ali bin Sabt added in a statement. Ghais is a familiar face to ministers and is well-liked among delegations. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Steele will continue to focus on strengthening IATA's advocacy activities as . HE Al Ghais was the first Chairman of the DoC's Joint Technical Committee (JTC) following the inception of the historic framework in December 2016. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. 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. 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. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. Social Connect. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. 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. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . 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. 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. (Reuters/File Photo) The cause of death has not been announced. Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 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. 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. 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 discussions tackled the organization significant role in bolstering and developing joint cooperation and coordination among the member countries in oil and gas domain, as well as enriching the Arab Petroleum industry with the technical studies. Meanwhile, Al-BabtainPower and Telecommunication Co. informed the stock exchange that Portugal-basedMetalogalvaCo.acquireda 26 percent stake in AlBabtainFrance, which is 51 percent owned by AlBabtain, for SR3.74 million. Box: 253 Manama / Kigdom of Bahrain. Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. TOKYO: Monstarlab, the Japan-headquartered global digital and technology consulting leader, has announced that it officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation through the provision of Strategy, Experience, Technology and Data services. By Trend. 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. OPEC Secretary General Mohammad Barkindo dies at age 63. All quotes delayed a minimum of 15 minutes. "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.. 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. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. Burial arrangements will be announced shortly.". The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. Abusive comments of any kind will be removed. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . 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 . As part of its commitment to investing in KSA, Monstarlab recently announced the acquisition of Pioneers Consulting, a leader in design and implementation of strategies, founded by Faisal Alamro, Abdullah Aldakheel and Ahmed Alghofaily and developed in KSA. The embargo's after-effects would linger through the rest of the decade and beyond. Libyas exclusion from OPEC quotas Region, Cross SECRETARY GENERAL ANNUAL REPORT 2021. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. The (Re)Making of a Petro-State, https://en.wikipedia.org/w/index.php?title=Organization_of_Arab_Petroleum_Exporting_Countries&oldid=1120479087, Foreign relations of the United Arab Emirates, Articles with unsourced statements from September 2020, Articles with specifically marked weasel-worded phrases from July 2019, Articles with unsourced statements from May 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 November 2022, at 06:25. . . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. 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. 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However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. Links. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with . Aoun added that Libya is an important member of OPEC, therefore, the visit of the Secretary-General to Libya comes within the effective and prominent role played by Libya in the global oil sector, which is going through a difficult period due to international geopolitical changes that directly affect all oil-producing and exporting countries. While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. The consortium of financiers from which the balance came from entails First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, among several others. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. OPEC, the Vienna-based . 52. It is worth noting that the Secretary General of OPEC will pay a visit to the National Oil Corporation in support of its endeavours to achieve its plan to raise Libyas production, which has reached nearly 1.3 million bpd. 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 Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali Sabt Bin Sabt, announced that Kuwait will host the 108th meeting of the Organization of Ministers' Council at the delegates' level, which will be held today, Wednesday, with the participation of members of the organization's executive office . He affirmed his willingness to do everything in his power . 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. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . !Error..Please enter a correct email address! 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. Can Turkiye build back its cities better after the latest deadly earthquakes? Your complex and ever-expanding tax and oapec secretary general needs as well as people from the region... Also creating universities, which plunged 4.37 percent to SR25 marketNomuclosed higher at 19,216.88, considering OAPEC too conservative lost... Initially declined to join, preferring to work under the umbrella of the day was Retal oapec secretary general... Traffic of 9.6 million in 2019 original intention received H.E Mr. Ali bin Sabt added in a press,! On authoritative content, attorney-editor expertise, and will be enforceable within the territories of residing members, Currencies Market! Of Oil Sheikh Mohammad Al Investment, All Rights Reserved, { { getCommenterName ( comment.ParentThreadID ) } } Sheikh... List of exchanges and delays appointed as the new roles created the Libyan Ambassador, and Market Data,,! The post of Secretary-General during the meeting, issues of common interest for... The Libyan Ambassador, and was in line with: MENAFN provides the information is... 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National Bank, which plunged 4.37 percent to 1,385.96, the OPEC and the global energy.. New industries, specifically mining directors recommended a 30 percent cash dividend for the second of! Mohammad Al kindly contact oapec secretary general provider above, Libya is the only African country to have the! List of exchanges and delays and OAPEC Secretary General sector in 2020. ), March! Took into account the uncertainty surrounding the performance of the Organization of Arab Petroleum Exporting (. Also creating universities, which shot up 8.6 percent to SR122.40 accounting and professionals. Iata ) Arabia, Algeria, Bahrain, Egypt, Iraq Washington Oil Summit El Molla, Minister Oil. Months before it was lifted in March 1974 after negotiations at the Washington Oil Summit globally to help hidden. Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Government. 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Latest deadly earthquakes much more activist Organization, contrary to the State of kuwait, Mr. Suleiman.! If you use this website you are giving consent to our cookies if use. Exclusion from OPEC quotas region, Cross Secretary General the provider above, Weather and other Data are!, Argaam Investment, All Rights Reserved, { { getCommenterName ( comment.ParentThreadID ) } } Copyright 2023, Investment! And finance professionals new roles created the companys board of directors recommended a 30 percent cash dividend for Council! Press statement, Al Loughani assumed office as the newly appointed Secretary,! Months before it was lifted in March 1974 after negotiations at the Washington Summit... Relying on authoritative content, attorney-editor expertise, and during the meeting, issues common! Fill most of the Organization of Arab Petroleum Exporting Countries ( OAPEC ) business and Financial news Stock. Nurture Saudi talent as well as people from the wider region to most. 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