Deputy oil minister named as Iran’s acting OPEC governor

Deputy oil minister named as Iran’s acting OPEC governor
Above, Iranian laborers standing next to a sign displaying safety instructions at the oil facility in the Khark Island. (AFP file photo)
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Updated 23 May 2020

Deputy oil minister named as Iran’s acting OPEC governor

Deputy oil minister named as Iran’s acting OPEC governor
  • He replaces Hossein Kazempour Ardebili who died earlier this month

Deputy Oil Minister Amir Hossein Zamaninia has been named as Iran’s caretaker OPEC Governor, replacing Hossein Kazempour Ardebili who died earlier this month, a state-affiliated news website said on Saturday.
A search for a permanent governor is underway, the YJC site said.
Ardebili, who served as Iran’s representative to the Organization of the Petroleum Exporting Countries, died on May 16 of a brain haemorrhage two weeks after falling into a coma.


9 things to watch on Tadawul today

9 things to watch on Tadawul today
Updated 1 min 27 sec ago

9 things to watch on Tadawul today

9 things to watch on Tadawul today
  • stc reported net profit after Zakat and tax of SAR 11.085 billion for FY2020, rising 4% year-on-year (YoY)
  • SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.29 billion for the fiscal year 2020, a 12% decline YoY

Here are a few things you need to know as Saudi stocks start trading on Sunday.

1) Saudi Kayan Petrochemical Co.’s (Saudi Kayan) net loss after Zakat and tax widened to SAR 784.7 million for the fiscal year 2020.

2) stc reported net profit after Zakat and tax of SAR 11.085 billion for FY2020, rising 4% year-on-year (YoY).

3) Saudia Dairy & Foodstuff Company (SADAFCO) reported a net profit after Zakat and tax of SAR 205 million for the first nine-month period ended Dec. 31, 2020, a rise of 7% YoY.

4) Saudi Basic Industries Corp. (SABIC) and Plastic Energy Ltd. announced plans to commence construction on the first commercial unit to produce its flagship certified circular polymers.

5) The National Shipping Company of Saudi Arabia’s (Bahri) subsidiary, National Chemical Carriers Co., inked a SAR 1.23 billion Murabaha financing agreement with Samba Financial Group.

6) SABIC Agri-Nutrients Co. reported a net profit after Zakat and tax of SAR 1.29 billion for the fiscal year 2020, a 12% decline YoY.

7) Herfy Food Services Co. reported an estimated net profit after Zakat and tax of SAR 53.6 million for the fiscal year 2020, a slump of 73% YoY.

8) Basic Chemical Industries Co. accepted the resignation of chief executive officer Osama Farouk Abdulhamid, effective Jan. 20, 2021.

9) Brent crude on Friday declined 69 cents to reach $55.41 per barrel. WTI crude also decreased 86 cents to reach $52.27/bbl.