FII Institute hosting conference to inspire the development of a global green recovery plan

The Future Investment Initiative Institute (FII-I), a not-for-profit global foundation and the power behind the annual FII conference in Saudi Arabia, has announced the second of its planned FII Institute series of virtual events to take place on June 25. (Supplied)
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Updated 25 June 2020

FII Institute hosting conference to inspire the development of a global green recovery plan

  • Virtual event is second in a series hosted by the Future Investment Initiative Institute
  • Panel will discuss the role of sustainability in recovery from global socio-economic and healthcare crises

RIYADH: The Future Investment Initiative Institute (FII-I), a not-for-profit global foundation and the power behind the annual FII conference in Saudi Arabia, has announced the second of its planned FII Institute series of virtual events to take place on June 25.

“Don’t Forget Our Planet!” will bring together an influential group of decision makers, financial leaders and innovators to outline key elements of a global green recovery plan.

“The way out of this current recession lies in rethinking and reconnecting with the planet as individuals, as companies, and as investors. An environmentally sound and sustainable recovery plan will create jobs, upgrade infrastructure and deliver financial returns,” said Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund and chairman of the FII Institute.

The virtual conference will convene environmental and finance experts from around the world who will explore nature-based solutions, investment opportunities, and recovery plans in line with the Paris Agreement and the UN’s Sustainable Development Goals (SDGs). 

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Keynote Speakers
- Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, Kingdom of Saudi Arabi
- Yasir Al-Rumayyan, Governor of the Public Investment Fund and Chairman of the FII Institute
- Brune Poirson, Secretary of State, attached to the Minister of Ecological and Solidary Transition, France
- Jacques Attali, President of Positive Planet, France
- Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, India
- Anousheh Ansari, CEO of the XPRIZE Foundation, US
- Barbara Belvisi, Founder and CEO of Interstellar Lab, France
- Jay Collins, Vice Chairman, Banking, Capital Markets and Advisory, of Citi, US
- Dr. Jane Goodall, Founder of the Jane Goodall Institute, UN Messenger of Peace, UK
- Marianne Haahr, Executive Director of the Green Digital Finance Alliance, Denmark
- Dr. Mario Molina, 1995 Nobel Laureate in Chemistry and President of the Mario Molina Centre, Mexico
- Dr. Bertrand Piccard, Chairman of the Solar Impulse Foundation, Switzerland 

- Patrick Pouyanne, Chairman and Chief Executive of Total SA, France
- Lord Adair Turner, Chairman of the Energy Transitions Commission and Senior Fellow at the Institute for New Economic Thinking, UK

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Richard Attias, Chief Executive Officer of FII Institute said: “The current socio-economic and healthcare crises have shown us that our strength lies in cooperation and shared knowledge. This is why we have brought together some of the world’s brightest minds to develop thought-
provoking, actionable propositions on how to deliver positive change on a global level.”

Organizers of the event say it will highlight the view that current crises are presenting humanity with a historic opportunity for change. 

In October 2018, at least 25 deals worth more than $50 billion were signed at the FII forum, with large-scale infrastructure projects forming a key part of Saudi Arabia’s Vision 2030 blueprint for economic and social diversifcation.


Iranian oil in perfect storm of storage shortage, low demand, sanctions

Updated 39 min 27 sec ago

Iranian oil in perfect storm of storage shortage, low demand, sanctions

  • Coronavirus, US economic action sees inventories reach bursting point

LONDON: Iranian oil production has reached its lowest point in almost four decades, according to industry experts, with the country’s storage facilities fast approaching full capacity.

The news comes amid a dip in Iran’s oil exports due to a crash in global demand, and in a period when its refineries have been hampered as a result of the coronavirus outbreak.

With over 11,000 confirmed fatalities, Iran has suffered the worst coronavirus outbreak in the Middle East, affecting all areas of industry. 

This has created a perfect storm for the country’s vital oil sector, with what little selling ability it has further disrupted by sanctions imposed by the US in 2018 following Washington’s withdrawal from the Iran nuclear deal.

Iran’s total liquid production dropped from 3.1 million barrels per day (bpd) in March this year to 3 million bpd in June, according to FGE Energy, which predicts that the figure will drop by an additional 100,000 bpd in July.

Crude production was as low as 1.9 million bpd in June, the lowest since the beginning of the Iran-Iraq war in 1981.

Exports also fell, with estimates varying depending on source — 100,000 bpd in May according to market intelligence firm Kpler, and around 210,000 bpd according to FGE — well under 10 percent of the 2.5 million bpd Iran exported in April 2018.

Iran’s onshore crude stocks, meanwhile, hit 63 million barrels in June, having been just 15 million barrels in January, according to FGE.

Kpler said Iran averaged 66 million barrels in storage throughout June, meaning that around 85 percent of the country’s total onshore storage capacity was full.

“However, it will technically not be possible to fill tanks to 100 percent, given technical constraints at storage tanks and potential infrastructure bottlenecks,” Homayoun Falakshahi, a senior analyst at Kpler, told Reuters.

Offshore the story is much the same, with options running out fast. Iran has 54 crude oil tankers, according to valuations specialist VesselsValue, and is thought to be using around 30 ships, mainly supertankers with a maximum capacity of 2 million barrels of oil each, to store over 50 million barrels of crude and condensate.

“The exact number of Iranian vessels on floating storage is a bit of a black box as they have all turned off their AIS (tracking transponder) signals,” said a spokesman for shipping group NORDEN.

“Storage is expected to continue as we do not see these vessels being able to trade anytime soon.”

The Iranian-American Harvard analyst Dr. Majid Rafizadeh told Arab News: “Thanks to the re-imposition of sanctions against Tehran by the Trump administration, the regime seems to have suffered a significant loss of revenue.
“Iran’s oil revenues and exports have been steadily declining since President Trump pulled out of the Joint Comprehensive Plan of Action and adopted a policy of ‘maximum pressure.’

“Consequently, the flow of funds to the Iranian regime has been cut off, thwarting the Iranian leaders’ efforts to fund and sponsor Bashar Assad’s regime in Syria and various terror groups.”