Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman agree to jointly develop shared oilfield: Fars news
In 2005, both countries signed a memorandum of understanding to jointly develop the Hengam oil field but the agreement did not materialize and Iran decided to develop the field independently in 2012. (Shutterstock)
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Updated 23 May 2022

Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman agree to jointly develop shared oilfield: Fars news

Iran and Oman have agreed to form a committee to jointly develop the Hengam oilfield, which straddles both countries’ sea border, Iran’s semi-official Fars news agency reported its oil minister Javad Owji as saying on Monday.

In 2005, both countries signed a memorandum of understanding to jointly develop the Hengam oil field but the agreement did not materialize and Iran decided to develop the field independently in 2012.

“As the first basis of my talks with Omani Oil Minister Mohammed bin Hamad Al-Rumhi, it was agreed to form a joint technical committee to develop the next phases of the Hengam oil field in a seamless manner between Iran and Oman,” Owji said.

“Joint exploitation, in contrast to competitive exploitation, will be mutually beneficial to both countries as this method leads to less damage to the reservoir and allows for more extraction,” the oil minister added.

Last week, Iran’s state news agency IRNA reported that Owji had agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman. 


Careem acquires money transfer technology platform Denarii

Careem acquires money transfer technology platform Denarii
Updated 24 sec ago

Careem acquires money transfer technology platform Denarii

Careem acquires money transfer technology platform Denarii

RIYADH: Careem, the ride-hailing and e-commerce platform, has acquired Denarii, a Dubai-based money transfer platform, in its second acquisition this month.

While the company has not disclosed the value of the deal, this acquisition will allow Careem to integrate Denarii’s technologies and assets into its platform.

Some key members of the Denarii team will also join Careem as part of the acquisition, MAGNiTT reported. 

Careem will use Denarii’s technology for its Careem Pay feature, to connect customers and Captains with remittance services provided by licensed providers. 

“Denarii’s innovative API will accelerate our journey to offering simple and affordable international remittance services, adding to the wide variety of services already available through Careem Pay,” Mudassir Sheikha, CEO and co-founder of Careem said. 


JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts
Updated 2 min 35 sec ago

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

RIYADH: Amid ongoing geopolitical tensions and skyrocketing energy rates, global oil prices may hit $380 a barrel if the US and European curbs compel Russia to inflict retaliatory crude output cuts, Bloomberg reported citing analysts at JPMorgan Chase & Co.

It was after Russia’s invasion of Ukraine that the Western allies led by the US imposed several sanctions, and worked out a complicated mechanism to cap the price fetched by Russian oil.

According to JPMorgan analysts including Natasha Kaneva, currently Russia enjoys a strong financial position and it can afford to slash daily crude production by 5 million barrels.

The analysts noted that Russia’s crude production cuts could be disastrous for the world, as a cut of 3 million barrels will elevate London crude prices to $190. In the worst-case scenario, if the output is cut by 5 million barrels, the price could reach as high as $380 a barrel.

“The most obvious and likely risk with a price cap is that Russia might choose retaliate by reducing exports as a way to inflict pain on the West,” wrote the analysts.


SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking
Updated 15 min 5 sec ago

SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking

RIYADH: The Saudi British Bank has appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking from this month.

The appointment of Al-Barrak will take effect on July 1, the bank said in a press statement.

Al-Barrak joined SABB in 2012 and has held many leadership positions, most recently being the general manager of global corporate and institutional banking, the statement said.

“The appointment of Yasser is a testament to the success of career growth plans at SABB, which is a major player in managing our most valuable assets, our people,” said SABB Managing Director & CEO Tony Cripps.

Established in 1978, SABB is an associate of the HSBC Group and a Saudi joint-stock company. It was named Saudi’s best bank for 2022, the statement added.

The bank provides retail, corporate, investment, private, and treasury services and has a paid-up capital of SR20.5 billion ($5.46 billion).


Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations
Updated 03 July 2022

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

RIYADH: Bitcoin, the leading cryptocurrency worldwide, traded lower on Sunday, falling by 0.93 percent to $19,033.92 at 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,057.11, rising by 1.15 percent, according to data from CoinDesk.

Voyager Digital suspends withdrawals and deposits 

To preserve its platform’s value, Voyager Digital on Friday announced it had suspended withdrawals, trading, and deposits, according to Reuters. 

A default notice was issued to embattled hedge fund Three Arrows Capital just days earlier for the fund’s failure to make required payments.

According to Voyager CEO Stephen Ehrlich, the move gives the company more time to consider strategic alternatives with various interested parties while preserving its value.

The company announced that it had hired financial advisers Moelis & Co., Consello Group, and legal advisers Kirkland & Ellis LLP “to support its exploration of strategic alternatives.”

Voyager’s crypto assets are worth $685 million, compared to the more than $1.12 billion it has lent in crypto assets. The company said it lent $350 million and 15,250 bitcoins to 3AC. 

Voyager’s move comes less than a month after Celsius Network suspended withdrawals due to extreme market conditions. Customers of Celsius have not yet been able to withdraw money again.

(With inputs from Reuters)


Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 
Updated 03 July 2022

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

RIYADH: Saudi Arabia’s Abdullah Al-Othaim Markets Co. has canceled plans to sell shares of its mall business to the public, the company said in a bourse filing.

The group halted initial public offering plans for Abdullah Al Othaim Investment Co. due to concerns over valuation and market volatility.

Arab News earlier reported that the group had selected GIB Capital to manage an IPO of a 30-percent stake in the Kingdom’s stock market. 

Known as Al Othaim Malls, the firm specializes in the construction, management and operation of shopping malls, entertainment centers, restaurants and cinemas.