Abdullah Al Othaim welcomes new CEO

Updated 10 July 2013
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Abdullah Al Othaim welcomes new CEO

Abdullah Al Othaim Markets Company announced that its board of directors accepted the appointment of Youssef Mohamed Al-Gafari as the CEO effective yesterday (Tuesday), according to Tadawul website.
Al-Gafari, one of the prominent and successful leaders in the country, has long experience in the company's industrial area, where he held the position of CEO from 2006 until mid-2009 and maintained his membership in the board of directors up-to-date.
He also held the chairmanship of the company's audit committee, in addition to his previous experience in the banking industry, government and the private sector exceeding 20 years, where he also held several leadership positions in the field of administrative, financial, operational, commercial and industrial activities in addition to his expertise in the retail sector.
The chairman and board of directors wished the CEO all the success in his position and role and responsibilities in the development and growth of the company's performance.


Norway oil firms lower 2019 investment forecast

Updated 21 February 2019
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Norway oil firms lower 2019 investment forecast

  • Investment forecasts for 2019 lowered to $20.06 billion
  • Several plans for development and operation (PDOs) expected to be submitted

OSLO: Oil and gas companies operating in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.06 billion) from 175.3 billion crowns seen in November, a survey by the country’s statistics agency (SSB) showed on Thursday.
In 2020, investments are expected to fall to 158.5 billion crowns according to initial forecasts, but the forecasts could be revised upwards in the months to come, it added.
“Several plans for development and operation (PDOs) are expected to be submitted to the government in both 2019 and 2020,” the agency said in a statement.
“If the schedules for these plans are realized, the accumulated investment costs in 2020 from these projects will increase the investment in field development compared to the present estimate.”
Norway’s oil and gas investments have rebounded from a sharp fall as rising crude prices and cost cuts lift industry activity. It was SSB’s fourth release of companies’ forecasts for 2019 and the first for 2020.
Equinor is Norway’s largest oil firm.