UAE holds talks with Israel on expanding energy sector cooperation

UAE holds talks with Israel on expanding energy sector cooperation
A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal city of Caesarea on December 19, 2019. (File/AFP)
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Updated 11 December 2020

UAE holds talks with Israel on expanding energy sector cooperation

UAE holds talks with Israel on expanding energy sector cooperation
  • Both sides discussed their best achievements in the energy industry during the past decade
  • The UAE Ministry of Energy and Infrastructure and the Israeli Ministry of Energy discussed ways to develop bilateral relations between both countries

DUBAI: The UAE and Israel held talks to expand their cooperation in the fields of natural gas and petroleum, state news agency WAM reported on Thursday.
The UAE Ministry of Energy and Infrastructure and the Israeli Ministry of Energy discussed ways to develop bilateral relations between both countries and the future of joint cooperation in energy, petroleum and natural gas.
Both sides further discussed their best achievements in the energy industry during the past decade and the present petroleum and natural gas statistics for each country.
They further reviewed the most significant petroleum projects and gas fields they are currently working on, and the volume of stocks and their rate of production and digital fields.
The UAE and Israel have welcomed the idea of advancing the development of natural gas and petroleum in both countries following the signing of the Abrahamic Accords in Washington earlier this year.


Agreement in principle reached over Suez Canal ship — Stann Marine

Agreement in principle reached over Suez Canal ship — Stann Marine
Updated 41 sec ago

Agreement in principle reached over Suez Canal ship — Stann Marine

Agreement in principle reached over Suez Canal ship — Stann Marine

CAIRO: A representative for the owners and insurers of a giant cargo ship that blocked the Suez Canal in March said on Wednesday that an agreement in principle had been reached in a compensation dispute with the canal authority.
Work was underway to finalize a signed settlement agreement as soon as possible and arrangements for the release of the Ever Given vessel would be made after formalities had been dealt with, Faz Peermohamed of Stann Marine said in a statement.


PIF-backed Lucid to boost manufacturing as demand rises

PIF-backed Lucid to boost manufacturing as demand rises
Updated 5 min 47 sec ago

PIF-backed Lucid to boost manufacturing as demand rises

PIF-backed Lucid to boost manufacturing as demand rises
  • Lucid Motors is looking to launch its SUV, Lucid Gravity, by the second half of 2023

DUBAI: Lucid Motors, which is backed by Saudi Arabia’s Public Investment Fund, said it will accelerate around $350 million of planned investment to boost manufacturing.

The move comes as the US-based company recorded strong demand for its upcoming Lucid Air, which has already passed 10,000 paid reservations since its launch.

The investment will provide an additional 2.7 million square feet of manufacturing space by 2023, increasing Lucid Air production up to 53,000 vehicles per year.

It will also allow the next two phases of its Arizona facility expansion to be cut into a single phase, the company said in a statement.

“The updates from Lucid Motors today reinforce the strong interest and demand from consumers for electric vehicles that deliver new industry standards for efficiency and range,” Lucid Motors chief Peter Rawlinson said.

Lucid Motors is looking to launch its SUV, Lucid Gravity, by the second half of 2023.

“The company is choosing to accelerate plant capacity expansions and to build a dedicated Lucid Gravity general assembly line,” Rawlinson said.


IMF secures pledges worth $1.42bn for Sudan debt relief

IMF secures pledges worth $1.42bn for Sudan debt relief
Updated 25 min 28 sec ago

IMF secures pledges worth $1.42bn for Sudan debt relief

IMF secures pledges worth $1.42bn for Sudan debt relief
  • The pledges will clear Sudan's debts with the IMF
  • Sudan received debt relief from the Paris Club group of creditors in May

WASHINGTON: The International Monetary Fund (IMF) has secured sufficient pledges to clear Sudan’s debt with the lender after 101 member countries promised 992 million Special Drawing Rights (SDR), equivalent to $1.42 billion.

“Today’s financing milestone marks a historic opportunity for Sudan to move toward comprehensive debt relief from the IMF and the international community,” Managing Director Kristalina Georgieva said in a statement on Tuesday. “The Fund will continue to support Sudan in its recovery from a long period of instability and economic hardship.”

Sudan’s total external debt amounted to $50 billion at the end of 2019, according to the IMF. The country is still working with its creditors to reconcile its debt up to the end of last year, and officials say the final total could be as high as $60 billion, Reuters reported last month.

Sudan owes the Paris Club creditors group about $19 billion, mainly to France, Austria and the US.

In May, several countries agreed to write off Sudan’s debts during the Paris Conference to support Sudan, including $5 billion from France, which also approved a loan of $1.5 billion.


Oil hits more than two-year high on US inventories

Oil hits more than two-year high on US inventories
Updated 31 min 34 sec ago

Oil hits more than two-year high on US inventories

Oil hits more than two-year high on US inventories
  • “The uptrend is regaining momentum,” said Stephen Brennock at oil broker PVM

LONDON: Oil rose above $75 a barrel on Wednesday, reaching its highest since late 2018, after an industry report on US crude inventories reinforced views of a tightening market as travel picks up in Europe and North America.
The American Petroleum Institute reported that crude stocks fell by a bigger than expected 7.2 million barrels, two market sources said. Official inventory figures from the Energy Information Administration are due at 1430 GMT.
Brent crude rose 81 cents, or 1.1 percent, to $75.62 by 0824, having touched its highest since October 2018 at $75.64. US West Texas Intermediate added 49 cents, or 0.7 percent, to $73.34 and is close to its highest since October 2018.
“The uptrend is regaining momentum,” said Stephen Brennock at oil broker PVM. “Overnight, the API set a bullish backdrop.”
Brent has gained more than 45 percent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and as easing coronavirus restrictions boost demand. Some oil industry executives are even talking of crude returning to $100.
“Underlying demand in the physical market means that any corrections lower will remain shallow and short,” said Jeffrey Halley, analyst at brokerage OANDA.
OPEC and allies, collectively known as OPEC+, meet on July 1. They have been discussing a further unwinding of last year’s record output cuts from August but no decision has been made on exact volumes, two OPEC+ sources said on Tuesday.
Global demand is set to rise further in the second half of the year, though OPEC+ also faces the prospect of rising Iranian supply.
A retreat in the US dollar has also helped to prop up oil, making crude less expensive for holders of other currencies.


Dubai’s Meydan to hold talks on $2.6bn debt restructure plan

Dubai’s Meydan to hold talks on $2.6bn debt restructure plan
Updated 23 June 2021

Dubai’s Meydan to hold talks on $2.6bn debt restructure plan

Dubai’s Meydan to hold talks on $2.6bn debt restructure plan
  • PwC has been appointed to work on a proposal
  • Meydan's total debts amount to about $4 billion

RIYADH: Dubai developer Meydan will meet its creditors next week to discuss a $2.6 billion debt restructuring plan, Bloomberg reported citing people familiar with the matter.

PricewaterhouseCoopers (PwC) has been working with the company to put together a proposal, the people said, asking not to be identified for information confidentiality.

Meydan’s total debt amounts to about $4 billion, of which $2.6 billion needs to be restructured, the people said.

Under the plan, the company will ask creditors to extend repayments on that amount for an expected period of 8 to 10 years, they said.

The company also intends to sell assets to raise fresh funds, they added.

Spokespeople for PwC and Meydan declined to comment.