Saudi Aramco to resume development of massive Jafurah gas field with $110bn investment, CNBC says

Saudi Aramco to resume development of massive Jafurah gas field with $110bn investment, CNBC says
Development of Jafurah would make Saudi Arabia the world's third-largest natural gas producer by 2030. (Reuters)
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Updated 02 September 2021

Saudi Aramco to resume development of massive Jafurah gas field with $110bn investment, CNBC says

Saudi Aramco to resume development of massive Jafurah gas field with $110bn investment, CNBC says
  • The largest natural gas field in the Kingdom is estimated to contain 200 trillion cubic feet of rich raw gas

RIYADH: Saudi Aramco is preparing to restart development of the giant Jafurah gas field in the eastern region of the country with plans to invest about $110 billion in the project, according to CNBC Arabiya.

The largest natural gas field in the Kingdom, stretching 170 km by 100 km, is estimated at 200 trillion cubic feet of rich raw gas.

Aramco has resubmitted several tenders for field development, including for the construction of the field’s dedicated power plant early next December, unnamed sources in the oil and gas industry told CNBC.

The Jafurah field will place Saudi Arabia third in the world in natural gas production by 2030, the Ministry of Energy has said.

Aramco expects the production from the Jafurah field to commence in early 2024 and reach about 2.2 billion cubic feet of gas per day by 2036. The field will also be able to produce about 425 million cubic feet of ethane per day, and about 550 thousand barrels per day of gas liquids and condensates.

The companies White & Case and SMBC will provide funding and legal advice for the project, the CNBC source said.


NEOM’s green hydrogen plant to operate in 2026: Air Product’s CEO

NEOM’s green hydrogen plant to operate in 2026: Air Product’s CEO
Updated 15 sec ago

NEOM’s green hydrogen plant to operate in 2026: Air Product’s CEO

NEOM’s green hydrogen plant to operate in 2026: Air Product’s CEO
  • Seifi Ghasemi noted that the project is the biggest in the world and that it is the first time for the company to handle a project with this scale, echoing a similar comment from ACWA Power CEO to Arab News. 

NEOM’s green hydrogen plant will start operations in 2026, the chief executive officer of Air Products & Chemicals revealed in an interview with Alarabiya.

The project will export hydrogen in the form of liquid ammonia to the world market for use as a biofuel that feeds transportation systems.

Seifi Ghasemi noted that the project is the biggest in the world and that it is the first time for the company to handle a project with this scale, echoing a similar comment from ACWA Power CEO to Arab News. 

This comes amid the Kingdom’s directions towards green energy. 

 


US jobless claims fall; Turkey’s central bank slashes interest rate again: Economic wrap

US jobless claims fall; Turkey’s central bank slashes interest rate again: Economic wrap
Updated 8 min 37 sec ago

US jobless claims fall; Turkey’s central bank slashes interest rate again: Economic wrap

US jobless claims fall; Turkey’s central bank slashes interest rate again: Economic wrap

Americans applying for jobless benefits declined to 290,000 in the week ending 16 October, compared to the previous seven day's 296,00 claims, official data showed. 

This is the lowest level since March 2020 as job hirers hold on to their employees as a result of worker shortages.

Turkish interest rate falls once more

The Turkish Central Bank decided to cut its interest rate again from 18 percent to 16 percent, despite rising inflation and a depreciating currency. 

This decision came after the president renewed calls to alleviate borrowing costs to promote economic growth. Economists considered this confirmation of the bank's loss of independence as the president sacked the last three central bank governors.

South Korea's exports

Based on data released by its customs agency, South Korea's exports jumped in the first 20 days of October by 36.1 percent compared to a year earlier, while imports soared by 48 percent, causing a provisional trade deficit of $2.49 billion.

Exports rose the most for petroleum products and vessels as they leapt by 128.7 percent and 93.5 percent respectively.

The data showed that exports to China, the United States and the European Union increased during this period by 30.9, 37.1 and 42.1 percent respectively.

Sub-Saharan Africa’s recovery at risk 

The IMF said that the weak vaccination rollouts in sub-Saharan Africa could setback the region’s economic recovery in the coming period.

While higher commodity prices and favorable harvests were beneficial for some countries, the overall outlook is pessimistic as the region is likely to considerably lag behind developed countries.

The international organization expects sub-Saharan economic growth to be 3.7 percent in 2021 and 3.8 percent in 2022. 

Russia’s producer prices

Russian producer prices went up by a 26.3 percent annual rate in September, official data revealed. This is the lowest level since March and was mainly driven by a 41.4 percent surge in costs of raw materials extraction and a 25.4 percent jump in manufacturing costs.

China’s investments abroad

China's non-financial outbound direct investment (ODI) grew by 2.4 percent in the first nine months of 2021 compared to the same period last year to reach $80.78 billion, the commerce ministry said.

Ukraine’s interest rate 

The Central Bank of Ukraine kept the interest rate on hold at 8.5 percent. However, the bank said there was a possible chance to increase the rate in December if needed to manage rising inflationary pressures.


TASI closes 0.3 percent higher at 11,940 points: Market Wrap

TASI closes 0.3 percent higher at 11,940 points: Market Wrap
Updated 17 min 12 sec ago

TASI closes 0.3 percent higher at 11,940 points: Market Wrap

TASI closes 0.3 percent higher at 11,940 points: Market Wrap

RIYADH: The Tadawul All-Share Index was up 35 points on Thursday, or 0.3 percent, closing at 11,939,58 points.

Some 202.4 million of shares changed hands in 305,000 deals.

Al Rajhi Bank, SABIC and Saudi Aramco rose by 1 percent.

Baazeem was the top gainer, rising 5.6 percent, to SR124.80, with about 2.2 million shares traded.

Sulaiman Al Habib jumped 5.2 percent, to SR178.20.

Alinma Bank, Arab Sea, Sipchem and Saudi National Bank recorded their highest closings since the listing.

The parallel market index “Nomu” decreased by 719.49 points, or 2.94 percent, and closed at 23730.47 points. The liquidity amounted to about SR15.6 million.

Makkah Construction declined 1.9 percent to SR77.10. In Q3 2021, the company recorded a net profit of SR12 million.

NADEC and National Gypsum closed at SR34.95 and SR46.80, respectively.


Cryptocurrencies benefit from Bitcoin's gains: Crypto wrap

Cryptocurrencies benefit from Bitcoin's gains: Crypto wrap
Updated 23 min 26 sec ago

Cryptocurrencies benefit from Bitcoin's gains: Crypto wrap

Cryptocurrencies benefit from Bitcoin's gains: Crypto wrap

RIYADH: Leading cryptocurrencies have mirrored Bitcoin’s gains with strong performances in the past 24 hours.

Ethereum and Solana are up more than 10 percent, after Bitcoin surged above $66,000 on Wednesday.

Edan Yago, the lead contributor to the Bitcoin DeFi protocol Sovryn, said: “As big as Bitcoin is now, it’s a mere fraction of what it will be.

“An entire borderless economy will be powered by sound money. An economy far larger than our current global economy. Why? Bitcoin finally brings property rights and economic access to billions of people.”

 Ruud Feltkamp, CEO of cloud-based automated crypto trading bot Cryptohopper predicted that Bitcoin’s value will continue to grow.

“As expected, Bitcoin reached its all time high. It’s expected that the long volatile route to the top starts now, where I expect Bitcoin’s peak around Christmas. We often see that when Bitcoin makes a move, the altcoins follow in the two weeks after, which could explain the latest surge in Ethereum and Solana,” he said.

Trading
 

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Thursday, falling by 0.55 percent to $65,286 at 4:49 pm Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,251 up 6.74 percent, according to data from Coindesk.


'stc' profits hit $2.3 billion in 9 months, an increase of 3.5%

'stc' profits hit $2.3 billion in 9 months, an increase of 3.5%
Updated 20 min 41 sec ago

'stc' profits hit $2.3 billion in 9 months, an increase of 3.5%

'stc' profits hit $2.3 billion in 9 months, an increase of 3.5%
  • stc attributed the increase during the third quarter of 2021 to the rise in revenues by and a decrease in operating expenses. 

Saudi telecom giant 'stc’ reported a 3.5-percent increase in its net profit for the first 9 months of 2021, compared to the same period last year, reaching SR8.7 billion ($2.32 billion). 

The company’s net profit in the third quarter alone of 2021 increased by 5.71 percent, reaching SR2.9 billion. 

stc attributed the increase during the third quarter of 2021 to the rise in revenues by and a decrease in operating expenses.