Trudeau announces Pacific trade deal without US

nternational diplomats attend a meeting to push for sanctions and criminal charges against the perpetrators of chemical attacks in Syria, at the Foreign Affairs ministry in Paris on January 23, 2018. (AFP)
Updated 24 January 2018
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Trudeau announces Pacific trade deal without US

Canadian Prime Minister Justin Trudeau says Canada and 10 other countries of the Trans-Pacific Partnership have agreed to a revised trade agreement.
The deal comes exactly one year after US President Donald Trump withdrew his country from the agreement.
The agreement follows two days of high-level talks in Tokyo and was confirmed by Canadian International Trade Minister Francois-Philippe Champagne. The partners are now expected to work toward signing the agreement by early March.
Trudeau told a crowd at the World Economic Forum in Davos, Switzerland, that the pact meets Canada's objectives of creating and sustaining growth, prosperity and well-paying middle-class jobs today and for generations to come.
The agreement comes amid worries that Trump will pull the US out of the North American Free Trade deal. Seventy-five percent of Canada's trade goes to the US.


Aramco committed to meeting future oil demand, says Saudi energy minister

Updated 17 August 2018
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Aramco committed to meeting future oil demand, says Saudi energy minister

  • Aramco has discovered two new oil fields, Sakab and Zumul, and a gas reservoir in the Sahba field
  • World’s top oil exporter is also boosting its output of the natural gas needed to meet rapidly rising domestic power demand

DUBAI: Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom’s Energy Minister Khalid Al Falih said in a company report on Friday.
Aramco, which is slated for a public share sale, “continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement,” Al Falih, who is also chairman of Saudi Aramco, said.
Despite an improved market picture, the oil industry’s preparedness for the future remained in question as the sector had lost an estimate $1 trillion in planned investments since the start of the market downturn, Al Falih wrote.
“Significant new investments are required in additional capacity and expended and upgraded infrastructure, as well as the development of pioneering technology to make petroleum energy more sustainable and accessible,” he said.
The company discovered two new oil fields, Sakab and Zumul, and a gas reservoir in the Sahba field, Aramco said in the report.
Aramco said “it will maintain its position as the world’s leading crude oil producer by production volume by tempering production from mature fields, accelerating younger fields and secondary reservoirs, and developing fresh reserves from new increments.”
The world’s top oil exporter is boosting its output of the natural gas needed to meet rapidly rising domestic power demand and supply raw materials to its strategically important petrochemical industry.
In gas, Aramco “commenced projects to expand production and processing capacity, and brought online the first unconventional gas in Saudi Arabia,” Aramco’s Chief Executive Amin Nasser said in the report.
Aramco was preparing the Midyan non-associated gas field last year to produce 75 million standard cubic feet per day (scfd) of non-associated gas and 4,500 barrels of condensate per day, it said in the report.
Midyan is one of the new gas fields in northwest Saudi Arabia to produce gas for power plants and potentially supply other industries in a region rich in iron ore deposits. It was discovered in the 1980s and has significant reserves.