Greece wants to work with Saudi Arabia to deliver energy to Europe: Greek PM

Greece wants to work with Saudi Arabia to deliver energy to Europe: Greek PM
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Updated 26 October 2021

Greece wants to work with Saudi Arabia to deliver energy to Europe: Greek PM

Greece wants to work with Saudi Arabia to deliver energy to Europe: Greek PM

Greece is keen to work with Saudi Arabia to help deliver energy harvested by the Middle East country to Europe, the Greek Prime Minister has said

Speaking at the Future Investment Initiative Forum in Riyadh, Kyriakos Mitsotakis said the current energy situation in his continent has made him look towards the Gulf for more supply options.

Mitsotakis said Greece is “forming a very strategic partnership with Saudi Arabia”, as he talked up areas of mutual interest, such as hospitality.

However, it was energy provision that was top of his mind, with Misotakis confirming Greece would be shutting down all its coal plants by 2028 at the latest.

He said: “We've signed an agreement with Egypt, but l'm sure there's also going to be a lot of interest in terms of extending these types of agreements. 

“Also, with Saudi Arabia, if this area has the capacity to produce very cheap electricity from renewables, and I'm probably referring to the sun, wouldn't it be of mutual interest to bring this electricity into the European market?”

He went on to claim natural gas could be supplied to Europe via a pipeline that goes through Cyprus, Egypt and Israel.

Mitsotakis argued that Greece and Saudi Arabia “live in the same broad neighborhood” and “share the same challenges”.

After his appearance on the forum's stage, he left with Saudi Arabia's Crown Prince Mohammed bin Salman.

 


OPEC+ sees worsening oil surplus Q1, 2022 - document

OPEC+ sees worsening oil surplus Q1, 2022 - document
Updated 9 sec ago

OPEC+ sees worsening oil surplus Q1, 2022 - document

OPEC+ sees worsening oil surplus Q1, 2022 - document

LONDON: OPEC+ sees the oil surplus worsening to 2 million barrels per day in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed.

"Generally, the impact of Omicron seems to be jet-fuel related for now, particularly in Africa and Europe," the report said.


NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt
Updated 24 min 6 sec ago

NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt

CAIRO: Galaxy Digital, a New York-based crypto investment company, intends to raise $500 million in the debt market, the Financial Times reported on Wednesday.

The firm seeks to utilize the funds to expand the business.

“Galaxy is seeking to become the Goldman Sachs of crypto,” Financial Times reported on behalf of Novogratz, a former Fortress Investment Group executive.

“The company is growing quickly, with net income rising in the third quarter to $517 million, from $41.5 million in the same three months last year,” he added.

Galaxy detailed that the deal will only serve persons who qualify as professional investors.

The convertible note deal is expected to close this year, subject to Toronto Stock Exchange approval, where Galaxy’s shares are listed.

 


OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears
Image: Shutterstock
Updated 34 min 19 sec ago

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

OPEC+ starts two days of talks amid oil price gyrations, Omicron fears
  • But some analysts have suggested OPEC+ might put its plans to add 400,000 bpd to supply in January on hold

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand.


Oil prices fell to near $70 a barrel on Tuesday, after hitting a three-year high above $86 in October, posting their biggest monthly decline in November since the start of the pandemic, as the new variant raised fears of a glut.


In November, Brent fell by 16.4 percent, while US crude fell 20.8 percent, the biggest monthly fall since March 2020.

Both contracts rebounded sharply on Wednesday, gaining about 5 percent.


Iraqi oil minister Ihsan Abdul Jabbar said he expected the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to extend existing output policy in the short term, the state news agency reported.


OPEC+ ministers, including those from the group’s biggest producers Russia and Saudi Arabia, have said there was no need for a knee-jerk reaction to amend policy.


Since August, the group has been adding an additional 400,000 barrels per day of output to global supply, as it gradually winds down record cuts agreed in 2020, when demand cratered because of the pandemic.


Algerian energy minister Mohamed Arkab said on Tuesday that OPEC+ would supply the global market with enough oil but urged caution about the impact of the Omicron variant, Algerian state news agency APS reported.


“The threat to oil demand is genuine,” said Louise Dickson, senior oil markets analyst at Rystad Energy. “Another wave of lockdowns could result in up to 3 million bpd of oil demand lost in the first quarter of 2022.”


But Goldman Sachs said the oil price slide in recent days had been excessive, with the market now pricing in a 7 million bpd hit to demand.


Adding pressure to prices, Federal Reserve Chair Jerome Powell said the US central bank was likely to discuss speeding up its reduction of bond purchases amid a strong economy and expectations that a surge in inflation would persist.


OPEC meets on Wednesday at 1300 GMT. That meeting will be followed on Thursday by a gathering of the wider OPEC+ group.


A delegate from the OPEC+ alliance said Wednesday’s OPEC meeting “should be straightforward.” 


But some analysts have suggested OPEC+ might put its plans to add 400,000 bpd to supply in January on hold.


Even before concerns about Omicron emerged, the group had been weighing the effects of last week’s announcement by the United States and other countries to release emergency crude reserves to temper energy prices.


OPEC+ has been gradually scaling back last year’s record output cuts of 10 million bpd, equivalent to about 10 percent of global supply. About 3.8 million bpd of cuts are still in place.


But OPEC’s November oil output has again undershot the level planned, as some OPEC producers have struggled to hike output, a Reuters survey found, after years of low investment and amid global pressures to reduce fossil fuel use.


Nasdaq Inc. to shift to Amazon cloud in 2022

Nasdaq Inc. to shift to Amazon cloud in 2022
Updated 40 min 50 sec ago

Nasdaq Inc. to shift to Amazon cloud in 2022

Nasdaq Inc. to shift to Amazon cloud in 2022

RIYADH: Nasdaq Inc., the multinational financial services corporation that owns and operates three stock exchanges in the US, plans to switch over to Amazon Web Services cloud to reduce costs, Bloomberg reported.

The initiative will involve moving massive amounts of the exchange’s data to the third-party cloud-based service, outsourcing storage and processing capabilities from AWS Outposts.

The migration will take place in phases. The exchange is expected to kickoff cloud trading next year, beginning with Nasdaq MRX, with a long-term plan to host over 25 markets by 2030.

 “The roll-out will happen over a multi-step testing period to ensure existing Nasdaq customers are comfortable with the transition,” Tal Cohen, executive vice president and head of North American markets at NYSE, stated.

 Earlier this month, CME Group Inc. and Alphabet Inc.’s Google struck a deal to move and start trading derivatives data on Google Cloud. 


Qatar Air opts for Boeing freighter amid Airbus paint dispute 

Qatar Air opts for Boeing freighter amid Airbus paint dispute 
Updated 33 min 22 sec ago

Qatar Air opts for Boeing freighter amid Airbus paint dispute 

Qatar Air opts for Boeing freighter amid Airbus paint dispute 

RIYADH: Qatar Airways has placed an order with Boeing for nearly 50 freighter planes amid its dispute with Airbus, Bloomberg reported citing the chief executive officer of the Gulf carrier. 

Akbar Al-Baker is concerned with paint and surface flaws on Airbus’s A350 cargo jets, as the aircraft suggested using copper foil as a lightning-conductor on the fuselage which could require it seeking new regulatory approvals. 

“When we even change the armrests of our seats it has to be recertified,” Bloomberg reported citing Al-Baker. 

The problems of Airbus’s A350 cargo jets surface finish come as the aerospace company seeks to gather buyers for the freighter version. 

Earlier this week, Airbus spokesman said that the company is working on the paint issue with the European Union Aviation Safety Agency. 

Qatar Airlines is ranked as the biggest cargo carrier among passenger airlines.