Qatar orders six vessels from South Korea as LNG demand grows

Qatar orders six vessels from South Korea as LNG demand grows
Short Url
Updated 08 November 2021

Qatar orders six vessels from South Korea as LNG demand grows

Qatar orders six vessels from South Korea as LNG demand grows

RIYADH: In view of the rising demand for liquefied natural gas, Qatar has ordered six vessels from South Korea, Bloomberg reported.
The gas-rich country is buying four ships from Daewoo Shipbuilding and Marine Engineering and two from Samsung Heavy Industries. The vessels procurement is part of a $19 billion signed between Qatar and the two Korean firms last year, state producer Qatar Energy said on Sunday.
Qatar is spending around $30 billion to increase its LNG output by 50 percent by 2027, and Daewoo, Hyundai Heavy Industries Co. and Samsung have been selected to build more than 100 LNG vessels for the natural gas exporter. 
The Gulf state also ordered four LNG tankers worth more than $760 million from China in October to expand its fleet, according to Bloomberg.
Qatar Energy expects global LNG demand to continue to grow until 2050, underscoring its investment. 
The International Energy Agency expects global gas demand to peak in the mid-2020s as consumers shift away from fossil fuels.


Japan’s economy shrinks by 3.6% in the third quarter of 2021: Economic wrap

Japan’s economy shrinks by 3.6% in the third quarter of 2021: Economic wrap
Updated 12 sec ago

Japan’s economy shrinks by 3.6% in the third quarter of 2021: Economic wrap

Japan’s economy shrinks by 3.6% in the third quarter of 2021: Economic wrap

Japan’s gross domestic product narrowed by an annual rate of 3.6 percent in this year’s third quarter, lower than the government’s preliminary estimate of 3 percent.

Weak consumer spending was mainly responsible for the decline in activity, as well as exporters suffering from supply chain disruptions, according to Bloomberg.

French economy

Economic activity in France is set to rise again in December, even as the country grapples with another wave of Covid-19, the Bank of France said. It also added that economic activity surpassed pre-pandemic levels in November.

This is according to the central bank’s survey of 8,500 companies.

Economic activity was 0.5 percent above pre-crisis levels in November. It is also set to surpass this level by 0.75 percent this month. Consequently, production will grow by around 0.75 percent in the fourth quarter, Bloomberg reported.

China’s rate

China trimmed its relending facilities by 0.25 percent to boost activity in the rural sector. Small firms were particularly hit by higher production costs and this step aims to support them.

The three-month relending rate is now 1.7 percent. The six-month rate is 1.9 percent while the one-year rate is 2 percent.

India’s monetary policy

The Reserve Bank of India decided to keep its policy repo rate unchanged, at 4 percent, during its meeting on Wednesday. 

The new decision is in line with the bank’s target of a 4 percent inflation rate while boosting economic expansion.

It added that consumer prices are set to rise by 5.3 percent for the 2021-22 fiscal year.


International events help boost Dubai hotels’ profits

International events help boost Dubai hotels’ profits
Updated 11 min 6 sec ago

International events help boost Dubai hotels’ profits

International events help boost Dubai hotels’ profits

RIYADH: Hotels in Dubai are raking in huge profits due to high-profile international events taking place in the emirate.

Expo 2020 and T20 Cricket World Cup boost Dubai hotels’ gross operating profit per available room to SR668 ($178) while the total revenue per available room of hotels amounted to $316 in October, according to an industry report cited by Khaleej Times.

“The average occupancy rate across the UAE in October registered at 78.8 percent, the highest level recorded since October 2015. As of October 2021, Dubai recorded the highest occupancy rate of 80.7 percent.” the report said.


TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 
Updated 22 min 54 sec ago

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia 

RIYADH: The Dhahran-based Industrialization and Energy Services Company also known as TAQA has signed a non-binding memorandum of understanding with US-based Newpark Fluids Systems to establish a joint venture in Saudi Arabia. 

The joint venture is to provide oilfield chemicals and other related products and services including drilling and reservoir completion fluids and industrial minerals in Saudi Arabia. 

“Establishing this joint venture with a world-class drilling and completion fluids technology provider such as Newpark is a milestone in TAQA’s journey to build capabilities and offer competitive, technically sound integrated Lump sum turnkey drilling to Saudi Aramco’s growing market,” TAQA CEO Khalid M. Nouh said.

Newpark will supply the joint venture with technical support, with a mandate to increase manufacturing capabilities in the Kingdom as well as specialty chemicals research and development. 


Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia
Updated 31 min 50 sec ago

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

Consortium to buy Aramco’s gas pipeline seeks $14.7bn loan: CNBC Arabia

JEDDAH: The consortium for Saudi Aramco’s largest energy infrastructure deal, is looking to obtain a $14.7 billion loan. 

The source revealed to CNBC Arabia that the consortium sought to take advantage of current low financing rates. The loan will last for seven years.

Saudi Aramco signed on Dec. 6 a $15.5 billion leaseback deal involving its gas pipeline network with a consortium led by investment giant BlackRock and Hassana Investment Co.

Hassana sits within the General Organization for Social Insurance and is the Saudi government’s new fund established to invest in stock markets regionally, globally as well as leading real estate ventures, commercial and service projects.

Aramco will hold a 51 percent majority stake in the new subsidiary for the project, Aramco Gas Pipeline Company, with the remaining 49 percent stake held by investors led by BlackRock and Hassana.


Bahrain to increase VAT to10 percent 

Bahrain to increase VAT to10 percent 
Updated 35 min 23 sec ago

Bahrain to increase VAT to10 percent 

Bahrain to increase VAT to10 percent 

RIYADH: Bahrain’s parliament on Wednesday approved plans to increase value-added tax to 10 percent from the current 5 percent, according to Reuters.

The Cabinet referred last September a draft law to the parliament, to decide on increasing VAT starting Jan. 1, 2022.

The  legislators discussed earlier this year the options of reducing wages or social welfare given to the nationals to bolster the economy.

According to IMF estimates, Bahrain’s budget deficit will contract by half this year due to lower oil prices and the coronavirus disease pandemic boosted it to a record 18 percent of the economic output in 2020.