Rosatom, DP World to join efforts on Arctic container shipments

Rosatom, DP World to join efforts on Arctic container shipments
Nuclear-powered icebreaker Arktika is drawn by tugboats as it starts sea trials in St. Petersburg, Russia, December 2019. (Reuters)
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Updated 24 July 2021

Rosatom, DP World to join efforts on Arctic container shipments

Rosatom, DP World to join efforts on Arctic container shipments
  • Companies to pilot container shipping between Northwest Europe and East Asia through the Arctic
  • Russia plans to build its first batch of icebreakers powered by LNG

DUBAI: Russian state nuclear energy firm Rosatom and Dubai logistics firm DP World agreed on Friday to join efforts in developing pilot container shipping between Northwest Europe and East Asia through the Arctic, the companies said.

Rosatom is a designated sole infrastructure operator of the Northern Sea Route which it plans to develop into a fully-fledged transport corridor.

“The Northern Transit Corridor holds out the prospect of shorter transit times between East and West,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World was quoted as saying in the statement.

Russia plans to build its first batch of icebreakers that are powered by liquified natural gas, a top official said on Friday.

Russia has the world’s only fleet of nuclear-powered icebreakers. It is building up that fleet, hoping to develop the Northern Sea Route across its northern flank into an international shipping lane as climate change melts the ice.

“We are now returning to this topic (building LNG-powered icebreakers). I think that by the end of the year we will decide on the possible construction of two to four medium-sized icebreakers,” Rosatom chief Alexei Likhachev told reporters.

Gas producer Novatek signed an agreement of understanding with Rosatom to develop LNG-powered icebreakers in 2018. But those plans went quiet. Novatek has several LNG projects in the Arctic.

LNG-powered icebreakers cost half the 60 billion roubles ($814 million) needed to build nuclear-powered icebreakers.

Likhachev’s deputy Kirill Komarov said Rosatom had also ordered another two nuclear-powered icebreakers known by their project name 22220.

Arktika, Russia’s newest icebreaker that was built last year, was the first of that project series. Another four are currently in development.

The Kremlin wants to increase the amount of cargo transported through the NSR to 80 million tons from 33 million tons last year by shipping hydrocarbons and other resources produced in the Arctic.


Al-Falih invites Greek investors to explore opportunities in Saudi Arabia

Al-Falih invites Greek investors to explore opportunities in Saudi Arabia
Updated 4 sec ago

Al-Falih invites Greek investors to explore opportunities in Saudi Arabia

Al-Falih invites Greek investors to explore opportunities in Saudi Arabia
  • An agreement was signed to establish the Saudi-Greek Business Council

RIYADH: Saudi Investment Minister Khalid Al-Falih on Wednesday said the Kingdom seeks to benefit from Greece’s vast experience in the logistics, tourism and hospitality sectors.

Al-Falih, who is visiting Greece, held a meeting with Prime Minister Kyriakos Mitsotakis at Maximos Mansion in Athens.

During the meeting, they discussed bilateral ties and explored ways of expanding growing cooperation between the two countries in various areas.

“The Kingdom’s economy is opening up to the world at an unprecedented pace and volume, and it offers promising investment opportunities for investors from all over the world,” Al-Falih said in a statement.

He invited Greek investors and companies to explore the opportunities in the Kingdom and further strengthen bilateral ties.

“This visit is to confirm that together we can take our current relationship to even greater heights, and I look forward to welcoming more Greek investors to the Kingdom,” he said.

An agreement was signed to establish the Saudi-Greek Business Council, which will work to facilitate bilateral trade and exchange information on investment opportunities.

 


PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
Updated 22 September 2021

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
  • The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia

RIYADH: Saudi Arabia’s Public Investment Fund will be the first sovereign wealth fund to issue green bonds, PIF Gov. Yasir Al-Rumayyan said at an event organized by the Future Investment Initiative Institute on Tuesday.

The issuance is part of the fund’s plan of shifting toward green investments.

“The Kingdom aims to deploy 50 percent of its investments in renewable and sustainable power sources,” Al-Rumayyan said.

The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia through its portfolio companies, the organization’s chief said.

Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.

Saudi Arabia has seen a surge of interest in initiatives related to environmental, social, and governance amid growing awareness among global investors about ESG risks.

Al-Rumayyan said PIF was working with BlackRock on the ESG framework.

“We’re working with many partners from all over the world, domestically and internationally, to have better ESG compliance (in) all the things that we do,” Al-Rumayyan said.

One of the companies PIF owns, the Red Sea Development Co. which is building a new beach resort in the kingdom, secured a $3.8 billion green loan earlier this year for new hotels powered by renewable energy.

Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative,” which includes planting 50 billion trees, Al-Rumayyan said.

“We have long-term views. We don’t want to exploit all of our resources overnight,” he said.

The PIF governor said Saudi oil has the lowest emission in the world. “Our oil is the best when it comes to emission,” Al-Rumayyan added.

Saudi Arabia is now more interested to invest in lower impacting energies toward the environment.

“We are one of the most efficient when it comes to sustainability and renewable energy. So today, as I said, our solar power production is costing us only 1.2 cents per kWh versus some other pretty restrictions, it’s over $0.15,” Al-Rumayyan said.


Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters
Updated 22 September 2021

Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters

U.S. and European stocks churned higher on Wednesday as market jitters around property developer China Evergrande eased, while the dollar index edged lower ahead of a U.S. Federal Reserve meeting, Reuters has reported.

MSCI's gauge of stocks across the globe gained 0.62 percent, bouncing back for a second day after it logged its biggest one-day percentage drop in two months on Monday.

Wall Street's main indexes moved higher in early Wednesday trade following solid gains for markets in Europe.

China Evergrande agreed to settle interest payments on a domestic bond, while the Chinese central bank injected cash into the banking system, soothing investors' fears of imminent contagion from the debt-laden property developer that had pressured equities and other riskier assets at the start of the week.

"Right or wrong, people I think are starting to show signs that they think maybe this pullback has reached its worst point," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. "It wasn't entirely the Evergrande situation, but it seems like that was one of the biggest pieces of it."

On Wall Street, the Dow Jones Industrial Average rose 361.36 points, or 1.07 percent, to 34,281.2, the S&P 500 gained 37.02 points, or 0.85 percent, to 4,391.21 and the Nasdaq Composite added 88.66 points, or 0.6 percent, to 14,835.06.

The pan-European STOXX 600 index rose 0.93 percent, with bank stocks surging.

With a number of central banks around the world meeting this week, the Bank of Japan (BOJ) offered a bleaker view on exports and output as Asian factory shutdowns caused supply bottlenecks, but maintained its optimism that robust global growth would keep the economic recovery on track. BOJ Governor Haruhiko Kuroda also brushed aside fears that the debt problems of Evergrande could disrupt the global financial system.

Investors were closely watching the Fed, with the U.S. central bank expected to clear the way on Wednesday for reductions to its monthly asset purchases later this year.

The dollar index fell 0.102 percent, with the euro up 0.16 percent to $1.1742. The Japanese yen weakened 0.32 percent versus the greenback at 109.56 per dollar.

Benchmark U.S. 10-year notes last rose 1/32 in price to yield 1.3209 percent, from 1.324 percent late on Tuesday.

Oil prices climbed after industry data showed U.S. crude stocks fell more than expected last week after two hurricanes, highlighting tight supply as demand improves.

U.S. crude rose 1.93 percent to $71.85 per barrel and Brent was at $75.77, up 1.9 perncet on the day.

Spot gold dropped 0.1 percent to $1,773.31 an ounce, after three sessions of gains.

 


Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1
Updated 22 September 2021

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr board of directors have signed off on SR8 million ($2.1 million) in cash dividends for the first half of 2021, according to a filing.

The pay-out — worth SR 3.2 per share - come as the restaurant chain’s profits increased by 16 percent to SR6.49 million ($1.73 million) during the first half of this year.

Burgerizzr, run by Shatirah House Restaurant Company, saw its net profits rise thanks to the opening of 13 new branches in the period to the end of June 2021.

Financing costs and losses on the disposal of property and equipment also decreased, according to Tadawul.

The total income of the company amounted to SR24.4 million in the first half of this year, up 28 percent compared to SR19 million during the same period in 2020.

The operating profit amounted to SR7 million, up 5 percent, compared to SR6.8 million for H1 last year.

Earnings per share during the period amounted to SR2.6, compared to SR2.25 during the first six months of last year.


Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 
The Mina Al-Ahmadi oil refinery
Updated 22 September 2021

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

RIYADH: The Kuwait National Petroleum Company (KNPC) has reached a “historic milestone” in clean fuel production, its CEO told KUNA on Tuesday.

Waleed Al-Bader claims KNPC’s Clean Fuels Project will cut carbon emissions and pollution through the use of products that meet strict environment standards.

The project works to reduce emissions and environmental pollutants by producing high-quality oil derivatives that comply with international environmental requirements, he said.

Measures undertaken include cutting nitrogen oxides, sulfur oxides and other pollutants, and increasing the capacity KNPC's two refineries to 454,000 barrels per day and 346,000 barrels per day respectively of eco-friendly oil by-products.

“This is a historic milestone," Al-Bader said, adding that the ambitious project is a source of pride not only for the KNPC but also for the whole Kuwaiti oil sector.