UAE’s Etihad Rail awards $436 mln contract to Hitachi Rail

The second phase of the UAE’s rail project will extend 605 kilometers from Ghuweifat on the border with Saudi Arabia to Fujairah on the east coast. (WAM)
Updated 09 October 2019

UAE’s Etihad Rail awards $436 mln contract to Hitachi Rail

ABU DHABI: The United Arab Emirates’ Etihad Rail on Wednesday said it awarded a 1.6 billion dirhams ($436 million) systems and integration contract to Hitachi Rail STS for stage two of the national railway network.
Hitachi Rail will be responsible for the design and build of railway systems related to its subsystems, in coordination with other Stage Two works and contracts, as well as managing uptime and operation tests, a statement from Etihad Rail said.
Stage Two links the United Arab Emirates and Saudi Arabia from Fujairah to Al Ghuweifat through Mussafah, Khalifa Port and Jebel Ali Port.


Oil retreats in face of renewed coronavirus uncertainty

Updated 22 February 2020

Oil retreats in face of renewed coronavirus uncertainty

  • G20 finance leaders to meet in Saudi Arabia at the weekend to discuss risks to the global economy
  • OPEC+ has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs

LONDON: Oil prices fell on Friday as weak Asian data and a rise in new coronavirus cases fuelled uncertainty about the economic outlook while leading crude producers appeared to be in no rush to curb output.

Brent crude was down $1.56, or 2.6 percent, at $57.75 in afternoon trade, while U.S. crude dropped $1.25, or 2.3 percent, to $52.63.

"With Brent failing to breach the $60 level on Thursday despite better than expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday," said UBS analyst Giovanni Staunovo.

"Market participants who benefited from the price rise in recent days might prefer not to go into the weekend with a long position."

 

China reports rise in coronavirus cases.

Japan factory activity shrinks at fastest pace since 2012.

Russia says early OPEC+ meeting no longer makes sense.

Finance leaders from the Group of 20 major economies meet in Saudi Arabia at the weekend to discuss risks to the global economy after new Asian economic and health data kept investors on guard.

Beijing reported an uptick in coronavirus cases on Friday and South Korea reported 100 new cases, doubling its infections. In Japan, meanwhile, more than 80 people have tested positive for the virus.

Factory activity in Japan registered its steepest contraction in seven years in February, hurt by fallout from the outbreak. 

"We still believe that the market is likely to trade lower from current levels, given the scale of the surplus over the first half of this year, and the need for the market to send a signal to OPEC+ that they must take further action at their meeting in early March," said ING analyst Warren Patterson.

Russian Energy Minister Alexander Novak said on Thursday that global oil producers understood it would no longer make sense for the Organization of the Petroleum Exporting Countries and its allies to meet before the planned gathering.

The group, known as OPEC+, has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs.