Saudi Arabia’s central bank agrees Ripple blockchain deal

Blockchain-based company Ripple plans to help banks in the Kingdom improve their payments infrastructure. (Reuters)
Updated 15 February 2018
0

Saudi Arabia’s central bank agrees Ripple blockchain deal

LONDON: The Saudi Arabian Monetary Authority (SAMA) has signed an agreement with blockchain-based company Ripple to help banks in the Kingdom improve their payments infrastructure.
The pilot program is the first of its kind to be launched by a central bank. Participating banks from Saudi Arabia will use Ripple’s ‘xCurrent’ software solution to instantly settle payments sent into and out of the country.
SAMA’s use of xCurrent has the potential to radically shift how banks in Saudi Arabian send money globally.
According to a statement from Ripple, its Saudi Arabian customers will experience “faster, cheaper and more transparent cross-border transactions.”
SAMA’s recent adoption of xCurrent, makes it the second central bank to use blockchain technology to revolutionize payments, following the Bank of England’s successful proof of concept with Ripple in 2017.
Dilip Rao, the global head of infrastructure innovation at Ripple, believes the agreement with SAMA is part of a wave of recognition by financial institutions of the impact blockchain solutions can have on payments.
“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers,” said Rao. “SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”


Bahrain LNG terminal to start commercial operations in May

Updated 25 March 2019
0

Bahrain LNG terminal to start commercial operations in May

  • Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd

DUBAI: Bahrain’s liquefied natural gas (LNG) terminal will start commercial operations in May, with the first LNG shipment to be imported mostly from the UAE’s ADNOC, state media quoted the CEO of Bahrain’s National Oil and Gas Authority (NOGA) as saying.
Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd, Bahrain, Bahrain LNG’s website says.
The terminal also houses an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility, according to the website.
Bahrain’s first LNG floating storage unit is anchored in the United Arab Emirates’ Fujairah port, Refinitiv Eikon data shows.
The storage unit is expected to arrive at the Hidd terminal in May, Bahrain News Agency quoted NOGA chief executive Jassem al Shirawi as saying on Monday.
The report did not specify the overall shipment amount, a small part of which Chevron will deliver later.
The terminal is more than 98 percent ready and the trial period will last only a few weeks, he told the news agency.
“Bahrain has signed agreements with more than 25 companies and gas-producing countries from around the world to import LNG,” al Shirawi was quoted as saying.
The LNG import terminal, with a capacity of 800 million cubic feet per day, will allow Bahrain to import the super-chilled fuel as demand grows for natural gas to feed large industrial projects, generate power and produce oil.