OPEC+ officials ‘leave politics outside the door’ when they meet, Dubai summit told

OPEC+ officials ‘leave politics outside the door’ when they meet, Dubai summit told
Senior Middle East energy officials participated in the session titled “Is the world ready for a future beyond oil?” on Tuesday at the World Government Summit in Dubai. (AFP)
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Updated 30 March 2022

OPEC+ officials ‘leave politics outside the door’ when they meet, Dubai summit told

OPEC+ officials ‘leave politics outside the door’ when they meet, Dubai summit told
  • Saudi Energy Minister Prince Abdulaziz bin Salman said oil market volatility would be worse without the alliance
  • UAE Energy Minister Suhail Al-Mazrouei called for trust from the West, rather than being told to ‘do this or do that’

DUBAI: Members of the oil producers’ alliance led by Saudi Arabia and Russia “leave their politics outside the door” when they meet to discuss global markets, the Kingdom’s energy minister said on Tuesday.
Volatility in oil markets sparked by Russia’s invasion of Ukraine would be worse without the OPEC+ alliance, Prince Abdulaziz bin Salman told the World Government Summit in Dubai. Oil shot up to nearly $140 a barrel after Russia sent troops into its neighbor on Feb. 24, and crude is still trading at well over $100.
“If it wasn’t for OPEC+, what would have happened to energy security, stability and prosperity in the past two weeks?” Prince Abdulaziz said. “I certainly believe that if it wasn’t for OPEC+ existing, we would not be celebrating a sustainable energy market.
“When we get into the OPEC meeting room or building, everybody leaves his politics outside the door.”
OPEC+ plans to increase oil output by 400,000 barrels a day in April, as in past months, despite calls for it to accelerate production by even more. UAE Energy Minister Suhail Al-Mazrouei called for trust from the West, rather than being told to “do this or do that.”
“We need their understanding that what we are doing is to the benefit of consumers,” Al-Mazrouei told the summit. “When we say this is the right way to do it, we know it from experience, so trust us.”
In a World Government Summit panel discussion on Monday entitled “Meeting the 2022 challenge: Will energy security derail the energy transition?,” experts discussed ways in which countries can shift their energy priorities to meet the challenges.

Claudio Descalzi, CEO of Emirates National Investment, said African energy producers could offer European nations the energy security solutions they need as the continent weans itself off Russian oil and gas.
“We don’t have our own energy so we never thought about a strategy on energy security,” said Descalzi. “When you don’t have something like that to think about, (how) can you cope with the future? Africa is a good opportunity because they need development, we need gas, and that is a good combination.”

For his part, Majid Jafar, CEO of Crescent Petroleum, argued that energy security and energy transition do not need to be as mutually exclusive as they are so often depicted.
In fact, there can be no energy transition without energy security and affordability, he told the panel.

In that context, he said, the focus has been too much on starving supply and investment in oil and gas in an attempt to solve the climate crisis, while demand keeps soaring.


ADNOC, TAQA close $3.8bn deal for clean energy, decarbonization

ADNOC, TAQA close $3.8bn deal for clean energy,  decarbonization
Updated 8 min 26 sec ago

ADNOC, TAQA close $3.8bn deal for clean energy, decarbonization

ADNOC, TAQA close $3.8bn deal for clean energy,  decarbonization

RIYADH: Abu Dhabi National Oil Co., and Abu Dhabi National Energy Co., known as TAQA, have finalized a deal for the construction of a $3.8-billion strategic project to power and decarbonize ADNOC’s offshore production operations.

According to a statement, a consortium comprising Korea Electric Power,  Kyushu Electric Power Co., and Électricité de France will build, own, operate and transfer its high-voltage direct current sub-sea transmission network in the Middle East and North Africa region.

The statement noted that the KEPCO-led consortium holds a 40 percent stake in the project under a build, own, operate and transfer basis, while ADNOC and TAQA own stakes amounting to 30 percent each. 

According to the statement, the full project will be returned to ADNOC after 35 years of operation. 

The transmission system will have a total installed capacity of 3.2 GW and will comprise two independent subsea HVDC links and converter stations, the statement added. 

The construction of this project is expected to start this year, and commercial operation is expected to commence in 2025. 

“ADNOC has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonize our operations,” said Sultan Al-Jaber, UAE minister of industry and advanced technology and managing director and group CEO of ADNOC. 

He added: “As the responsible provider of reliable and low-carbon energy, ADNOC will continue to work with our partners to advance practical and commercially viable solutions as the energy transition partner of choice.” 

According to the statement, the development is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30 percent. 

The project will replace ADNOC’s existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power network, operated by TAQA’s wholly owned subsidiary, Abu Dhabi Transmission and Despatch Co. 

Mohamed Alsuwaidi, chairman of Taqa, said: “Reaching financial close is an important milestone for this distinctive project, which will see TAQA providing ADNOC offshore facilities with low-carbon energy securely and efficiently through TRANSCO’s power network system.” 

“TAQA continues to showcase how its expertise can be utilized to decarbonize industry through strategic partnerships and bringing value to its stakeholders,” he added. 


Ukraine’s Odessa again attacked by Iranian drones

Ukraine’s Odessa again attacked by Iranian drones
Updated 40 min 1 sec ago

Ukraine’s Odessa again attacked by Iranian drones

Ukraine’s Odessa again attacked by Iranian drones
  • The strikes come two days after two civilians were killed in Odessa in a Russian attack with an Iranian-made drone

KYIV: Ukraine said Sunday that the southern port city of Odessa was attacked by Iranian-made drones overnight, two days after a Russian attack with such a weapon killed two civilians.
“Odessa was attacked again by enemy kamikaze drones,” said the Ukrainian army’s Operational Command South.
“The enemy hit the administrative building in the city center three times,” it said in a Facebook message.
“One drone was shot down by (Ukrainian) air defense forces. No casualties (were) recorded,” it said.
“These were Iranian drones,” a Ukrainian South Command spokeswoman, Natalya Gumenyuk, later told AFP.
The strikes come two days after two civilians were killed in Odessa Friday in a Russian attack with an Iranian-made drone.
Four Iranian-made drones were shot down in the south of the country Friday, according to Ukraine’s armed forces.
Kyiv said later it decided to reduce Iran’s diplomatic presence in Ukraine over its supply of drones to Russia.
“In response to such an unfriendly act, the Ukrainian side decided to deprive the ambassador of Iran in Ukraine of accreditation, as well as to significantly reduce the number of diplomatic personnel of the Iranian embassy in Kyiv,” said Ukraine’s foreign ministry.
A foreign ministry official told AFP that the move amounted to expulsion as the ambassador was not in Ukraine and therefore could not be expelled.
“The use of Iranian-made weapons by Russian troops... are steps taken by Iran against the sovereignty and territorial integrity of our state, as well as against the life and health of Ukrainian citizens,” a spokesman for Ukraine President Volodymyr Zelensky, Sergii Nykyforov, said on Friday.


Germany seeks to deepen energy ties with Saudi Arabia

Germany seeks to deepen energy ties with Saudi Arabia
Updated 28 min 25 sec ago

Germany seeks to deepen energy ties with Saudi Arabia

Germany seeks to deepen energy ties with Saudi Arabia

JEDDAH: German Chancellor Olaf Scholz said on Saturday after a meeting with Saudi Arabia’s Crown Prince Mohammed bin Salman that he wants to deepen the energy partnership between the two countries.

Speaking to reporters, Scholz said that the partnership should go beyond fossil fuels to include hydrogen and renewable energies.

Germany, until recently heavily dependent on Russia for gas, has been seeking to diversify its energy supply since Russia invaded Ukraine in February.

Scholz, on a two-day trip to the Gulf, said he also addressed issues involving human and civil rights in talks with the prince.

 


Palestinian Dutch model Bella Hadid goes minimalist for Jil Sander in Milan

Palestinian Dutch model Bella Hadid goes minimalist for Jil Sander in Milan
Updated 25 September 2022

Palestinian Dutch model Bella Hadid goes minimalist for Jil Sander in Milan

Palestinian Dutch model Bella Hadid goes minimalist for Jil Sander in Milan

DUBAI: After a hectic week walking the runways at New York Fashion Week, Palestinian-Dutch model Bella Hadid is taking Milan Fashion Week by storm. On Saturday, the 25-year-old supermodel closed for German minimalist fashion label Jil Sander wearing their Spring-Summer 2023 ready-to-wear collection.

The collection, sporting both men’s and women’s looks, and designed by Luke and Lucie Meier for the label, featured loose, monochrome fits, embellished by beads, fringes and metallic fabrics, giving them a shiny, glam sheen. “We looked at clashing glamour into very simple workwear, our fundamental very simple pattern cutting and then doing things that are more eccentric,” Luke said backstage to Vogue about the new collection.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Bella (@bellahadid)

Hadid walked the runway wearing an oversized sleeveless black blazer and fringed cream skirt, paired with white sneakers, holding an umbrella as rain poured down on the outdoor site. “A dream of mine &an honor ... Lucie and Luke … you are so wonderful, thank you,” posted Hadid on Instagram. 

Adding a pop of color to the ensemble, Hadid held a bright red bag and finished the look with silver earrings and a matching bracelet.

At Milan Fashion Week, Hadid also walked for Italian luxury label Versace, alongside other Arab models including Gigi Hadid, Imaan Hammam, Nora Attal and Loli Bahia.

“I have always loved a rebel,” Versace said in show notes. “A woman who is confident, smart and a little bit of a diva.”

While Bella was an unblushing bride in a deep purple lace corset and crinkled satin skirt, her sister Gigi wore a dark hoodie dress with a high slink factor.

Hammam, who has Dutch, Moroccan and Egyptian ancestry, wore a shiny black mini dress that featured a hood and plunging neckline. She also wore a furry coat.

British-Moroccan Attal stepped out in a form-fitting purple dress with fringe details at the hips, while Bahia, who has French and Algerian roots, graced the runway in a hot-pink dress with a short bridal veil.

Hadid also makes her TV debut next week as she stars in season three of the Emmy-nominated series, “Ramy,” premiering in the Middle East on Oct. 1 on streaming platform OSN+.

In an interview with GQ Magazine, Hadid, who stars as a “weirdo girlfriend,” recalled moments on set that made her heart full. On the first day, the crew surprised her with a shirt that stated “Free Palestine.”

 

 

 


Cement producer Qassim signs MoU to acquire Hail Cement

Cement producer Qassim signs MoU to acquire Hail Cement
Updated 25 September 2022

Cement producer Qassim signs MoU to acquire Hail Cement

Cement producer Qassim signs MoU to acquire Hail Cement

RIYADH: Qassim Cement Co. has signed a non-binding memorandum of understanding with Hail Cement Co. regarding a securities exchange transaction, in which the former will acquire all of Hail’s issued shares.

Both parties will therefore proceed with due diligence in connection with the proposed transaction, according to a bourse filing.

Upon completion of the relevant financial evaluation and after consideration of the due diligence, Qassim and Hail will begin discussions on a non-binding exchange ratio.

Hail’s shareholders will receive 0.1933 newly issued shares in Qassim for each share they own in Hail.