Abu Dhabi to invest nearly $100m in projects in Turkmenistan

Abu Dhabi to invest nearly $100m in projects in Turkmenistan
Earlier this year, the ADFD signed agreements with the government of Turkmenistan for projects including including an investment company. (Shutterstock)
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Updated 13 June 2021

Abu Dhabi to invest nearly $100m in projects in Turkmenistan

Abu Dhabi to invest nearly $100m in projects in Turkmenistan
  • The deal allocates 275 million dirhams ($74.9 million) for the construction of an airport in Jebel in the Balkan region
  • About 92 million dirhams will be used to build a 10-megawatts hybrid power plant

DUBAI: The Abu Dhabi Fund for Development (ADFD) has signed deals worth $99.91 million to build an airport and a power plant in Turkmenistan.
The deal allocates 275 million dirhams ($74.9 million) for the construction of an airport in Jebel in the Balkan region of the country.
It aims to improve airport infrastructure in the area and enhance air connectivity in central Asia.
The project includes building Jebel airport terminal with a capacity of 100 passengers per hour.
About 92 million dirhams will be used to build a 10-megawatts hybrid power plant that will provide clean energy for the people in Altyn Asyr.
Earlier this year, the ADFD signed agreements with the government of Turkmenistan for projects including including an investment company.


Aramco chief calls for a realistic approach to energy transition

Aramco chief calls for a realistic approach to energy transition
Updated 22 sec ago

Aramco chief calls for a realistic approach to energy transition

Aramco chief calls for a realistic approach to energy transition
  • US oil CEOs also stress need for fossil fuels despite push for cleaner energy

RIYADH: Saudi Aramco CEO Amin Nassir on Monday rejected what he called a “deeply assumption” that the entire world can run on alternatives and the vast global energy system can be totally transformed, virtually overnight.

He was speaking at a global energy conference devoted to future technologies and low-carbon strategies in Houston.

The Aramco chief said several highly unrealistic scenarios about the future of energy are clouding the picture such as investments worth “roughly $115 trillion will be made in less than 30 years.”

“Energy security, economic development, and affordability imperatives are clearly not receiving enough attention,” he said.

“There are still no truly viable alternatives to conventional fuels in aviation, shipping, and even trucking.”

His global counterparts at the World Petroleum Conference also affirmed the need for more oil for decades to come. 

“We in fact are going into a period of scarcity. And I think that for the first time, in a long time, we will see a buyer looking for a barrel of oil, as opposed to a barrel of oil looking for a buyer,” said Jeff Miller, CEO of energy services firm Halliburton.

World fossil fuel demand has rebounded sharply in 2021, with natural gas already at pre-pandemic levels and oil nearing levels reached in 2019. That comes even as large global majors, especially those based in Europe, are limiting exploration and production in an attempt to shift to renewable power development and as governments promote efforts to reduce cut carbon emissions to deal with rising worldwide temperatures.

The Aramco chief said due to the mounting pressure to stop all investments in oil and gas, the upstream capex has fallen by more than 50 percent between 2014 and last year, from $700 billion to $300 billion.

“Consequently, supplies have started to lag. This is also hurting spare oil production capacity, which is declining sharply. Yet this is happening against the backdrop of healthy demand growth.,” Nasser said.

Oil rose 3 percent a barrel to about $72 on Monday on hopes the omicron variant would be less damaging to oil demand.


IMF delegation arrives in Lebanon, to meet PM Mikati on Tuesday

IMF delegation arrives in Lebanon, to meet PM Mikati on Tuesday
Updated 7 min 52 sec ago

IMF delegation arrives in Lebanon, to meet PM Mikati on Tuesday

IMF delegation arrives in Lebanon, to meet PM Mikati on Tuesday

BEIRUT: A delegation from the International Monetary Fund arrived in Lebanon on Monday and will meet Prime Minister Najib Mikati on Tuesday, the prime minister’s office said on Twitter.
The delegation, led by Ernesto Ramirez, will stay for few days during which they will meet with Lebanese officials and the ministerial committee negotiating with the IMF.
They will discuss strategies to be built on early next year, when an expanded mission will come to negotiate the details of an expected economic and financial recovery program for Lebanon. 


Egypt reveals plans for electric cars, 3,000 charging stations 

Egypt reveals plans for electric cars, 3,000 charging stations 
Updated 06 December 2021

Egypt reveals plans for electric cars, 3,000 charging stations 

Egypt reveals plans for electric cars, 3,000 charging stations 

CAIRO: Egypt is poised to sign a deal that will see the production of electric vehicles in the country, Minister of the Public Business Sector Hisham Tawfik has said.

Three companies are currently competing for the right to produce the cars, but the names of these firms were not disclosed by the minister. 

Tawfik stressed that the state-owned El Nasr Governmental Vehicles Company will produce only one model of electric car.

He also revealed 3,000 electricity charging stations will be created across three governorates, with a new company set to be established to manage these facilities in partnership with a sovereign company with a 90 percent share.

The Egyptian government has finished providing all incentives for electric cars, including preparation and special support for the buyer, in addition to subsidizing the price of electricity.

Last month, the Egyptian Ministry of Public Business Sector announced that negotiations with the Chinese Dongfeng company had stopped as a result of a failure to reach an agreement to reduce the price of the imported component sufficiently  enough to enable the Nasr Automotive Company to produce and launch the car at a competitive price.

The Ministry stated at the time that it would, in cooperation with the Metallurgical Industries Holding co and the Nasr Automobile Company, open new channels of communication with one of the specialised global consulting offices to identify an alternative partner, and it is expected that positive results will be reached before the end of November.

Egypt had signed the framework agreement with the Chinese company, Dongfeng, to produce the E70 car in January 2021, after a series of negotiations that took more time than expected due to the emergence of the coronavirus at the beginning of 2020.


Oman launches its second largest oil, gas project

Oman launches its second largest oil, gas project
Updated 06 December 2021

Oman launches its second largest oil, gas project

Oman launches its second largest oil, gas project

RIYADH: The Petroleum Development Oman on Monday launched Yibal Khuff oil and gas project worth SR9.7 million ($2.6 million).

The launching ceremony of PDO’s second largest project was held under the auspices of Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al-Said. 

Spanning an area of 1.68 square kilometers, the project at its peak will have a capacity to produce 20,000 barrels of crude and 5 million cubic meters of gas a day, said PDO top official Abdul-Amir bin Abdul-Huddein Al-Ajmi.

Al-Ajmi said Yibal Khuff is the first project that includes a completely qualified Omani staff who worked on the project in its various phases, starting from design until the end of operations, including 1,200 individuals in the construction works, and 200 qualified welders.

Yibal Khuff allocated a scope of work for small and medium enterprises since its inception, as services were provided by Omani companies. 

This project has achieved several significant firsts, including the first to deliver the tallest column ever fabricated for PDO in Oman. This “Made in Oman’ acid gas recovery unit absorber stands at 48 meters high, four meters in diameter, and weighs 291 tons,” reported Times of Oman. 

It has also delivered one of PDO’s first steam turbine generators, taking the heat from some of the facilities’ processes and using it to generate steam. The plant will be able to generate 13 MW of electrical power, supplementing the 45 MW of the Yibal Khuff Power plant, the report added.

PDO CEO and Managing Director Steve Phimister said they are operating the most technical project. 

Yibal Khuff is essential to help us to empower the country, to generate revenue for the nation and fund research and development in the renewables sector, he added.   

 


UAE’s foreign trade reaches $9.4tr over five decades

UAE’s foreign trade reaches $9.4tr over five decades
Updated 06 December 2021

UAE’s foreign trade reaches $9.4tr over five decades

UAE’s foreign trade reaches $9.4tr over five decades

JEDDAH: The total volume of the UAE’s foreign trade during five decades amounted to about 34.23 trillion dirhams ($9.4 trillion), according to the database of the UN Conference on Trade and Development.

During the period between 1971 and 2020, the state’s trade balance achieved a surplus of about 4.76 trillion dirhams.

UNCTAD data showed that the UAE’s foreign trade volume doubled 473 times, rising from 4.2 billion dirhams in 1971 to 2 trillion dirhams at the end of last year, according to a local newspaper.

The cumulative balance of foreign direct investment inflows in the country increased from 28 million dirhams in 1971 to about 73.46 billion dirhams by the end of 2020.

Over the past five decades, foreign trade was distributed among exports by 57 percent with a value of 19.5 trillion dirhams, and imports by 43 percent with a value of 14.7 trillion dirhams.

UAE exports multiplied 380 times, rising from 3.1 billion dirhams in 1971 to 1.17 trillion dirhams at the end of last year, and imports multiplied 730 times, rising from 1.13 billion dirhams to 828 billion dirhams by the end of 2020.

According to the data, foreign trade at the end of the first decade of the union’s founding doubled 28 times to 117.5 billion dirhams, 33 times at the end of 1991 to 140 billion dirhams, and 74 times at the beginning of the current millennium to 315 billion dirhams, and by the end of the fourth decade 462 times to 1.9 trillion dirhams.

And the year 2019 topped the list of the highest years in the volume of foreign trade, with a value of 2.4 trillion dirhams.