India’s IndiGo and Qatar Airways to announce codeshare deal

IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia. (AFP)
Updated 05 November 2019

India’s IndiGo and Qatar Airways to announce codeshare deal

  • Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted.
  • IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia

NEW DELHI: India’s largest airline, IndiGo , and Qatar Airways will make a strategic business announcement on Thursday, which media reports said would involve a codeshare agreement.
Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted.
“We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline,” Qatar Airways chief executive, Akbar Al Baker, told Reuters in an interview in August.
Al Baker said they had talked to IndiGo but the airline was “not yet ready to take a foreign investor.” When it is ready, Qatar would be interested, he had said at the time.
Television news channels, citing other agencies, said on Tuesday Qatar Airways was not looking at a stake purchase in IndiGo.
Any deal, however, would come at a time when IndiGo’s two co-founders, Rakesh Gangwal and Rahul Bhatia, have been embroiled in a dispute about corporate governance of the airline, sparking concern among investors it could have an impact on the airline’s valuation and strategy.
IndiGo, which has about 40 percent share of the domestic Indian market, is planning an aggressive push into more international destinations.
The airline’s chief executive, Ronojoy Dutta, and al Baker would “talk about the vision and future for both the airlines,” they said in the statement.
Last week, IndiGo placed a historic order for 300 Airbus A320neo family planes, including the newest jet, a long-range version of the single-aisle A320neo family called the A321XLR.
IndiGo flies to 60 international destinations including Turkey, China, Vietnam, Myanmar and Saudi Arabia, which it added this year.


Libya’s NOC says production to rise as it seeks to revive oil industry

Updated 22 September 2020

Libya’s NOC says production to rise as it seeks to revive oil industry

  • Libya produced around 1.2 million bpd – over 1 percent of global production – before the blockade
  • Libya’s return to the oil market is sustainable

LONDON: Libya’s National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.
Oil prices fell around 5 percent on Monday, partly due to the potential return of Libyan barrels to a market that’s already grappling with the prospect of collapsing demand from rising coronavirus cases.
Libya produced around 1.2 million bpd — over 1 percent of global production — before the blockade, which slashed the OPEC member’s output to around 100,000 bpd.
NOC, in a statement late on Monday, said it is preparing to resume exports from “secure ports” with oil tankers expected to begin arriving from Wednesday to load crude in storage over the next 72 hours.
As an initial step, exports are set to resume from the Marsa El Hariga and Brega oil terminals, it said.
The Marlin Shikoku tanker is making its way to Hariga where it is expected to load a cargo for trader Unipec, according to shipping data and traders.
Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports.
NOC insists it will only resume oil operations at facilities devoid of military presence.
Nearly a decade after rebel fighters backed by NATO air strikes overthrew dictator Muammar Qaddafi, Libya remains in chaos, with no central government.
The unrest has battered its oil industry, slashing production capacity down from 1.6 million bpd.
Goldman Sachs said Libya’s return should not derail the oil market’s recovery, with an upside risk to production likely to be offset by higher compliance with production cuts from other OPEC members.
“We see both logistical and political risks to a fast and sustainable increase in production,” the bank said. It expects a 400,000 bpd increase in Libyan production by December.
The Organization of the Petroleum Exporting Countries and allies led by Russia, are closely watching the Libya situation, waiting to see if this time Libya’s return to the oil market is sustainable, sources told Reuters.