RIYADH, 18 September 2006 — Riyadh Governor Prince Salman will inaugurate the First International Conference on the Clean Development Mechanism (CDM) tomorrow. It is be held at the King Faisal Conference Center. “The three-day conference, to be held under the auspices of the Ministry of Petroleum and Mineral Resources, aims to educate Saudi and Gulf corporations and institutions on the benefits of the CDM and the advisability of using it to effect local and regional greenhouse emissions reductions,” said Dr. Mohammad Al-Sabban, senior economic adviser to Minister of Petroleum and Mineral Resources Ali Al-Naimi.
Wataniya Wins
Palestinian License
Haitham Haddadin
Reuters
KUWAIT — National Mobile Telecom Co. (Wataniya Telecom) has won the second Palestinian mobile phone license, the Kuwaiti bourse said on its website yesterday. The Kuwaiti firm will own 40 percent of the operation that owns the license, while the Palestinian Investment Fund will have a 30 percent stake. The remaining 30 percent will be offered to the public in an IPO, the bourse said. Shares in Wataniya were down 1.89 percent at 2.080 dinars in early morning dealings on the Kuwait Stock Exchange.
Al-Kifah to Offer
Shares Next Year
Arab News
RIYADH — Al-Kifah Building Materials Co. Ltd. to offer its shares for public next year and has appointed Saudi Hollandi Bank (SHB) as its financial adviser and arranger. The initial public offering (IPO) is expected to take place in the first months of 2007 contingent upon the approval of the Capital Market Authority (CMA) and the Ministry of Commerce and Industry. “Our decision to apply for public listing is driven by our strategy to broaden and strengthen the company’s shareholder base and access the capital market to fund our expansion strategy,” said Al-Kifah General Manager Salman Hassan Al-Afaleq. “A successful IPO will reflect well on the company’s structure and competitive position. We intend to leverage our industry relationship to achieve superior returns for our shareholders.”
Kuwait Postpones
Refinery Deadline
Reuters
KUWAIT — State refiner Kuwait National Petroleum Co. (KNPC) has postponed until the end of next month the deadline for international firms to submit offers for a new $6 billion refinery, a top energy official said yesterday. “It has been extended because the companies that are making the offers have asked for some extension,” Hani Hussain, the CEO of KNPC’s parent Kuwait Petroleum Corp., told reporters. “I think they have extended it until the end of October.”
China’s Oil Imports
Up 15.3 Percent
Reuters
BEIJING — China imported 95.8 million tons of crude oil in the first eight months of the year, up 15.3 percent from the same period last year as its booming economy boosted demand, state press said yesterday. Imports of refined oil products rose by 25.7 year-on-year during the period to 25.75 million tons, Xinhua news agency reported, citing customs statistics. With 4.15 million tons of crude exports in the first eight months of the year, China’s net crude imports during the period stood at 91.65 million tons. China’s exports of crude oil were down by 15.9 percent year-on-year during the period, the report said.