Crypto Moves — Bitcoin and Ethereum fall; Credit cards not for crypto transactions; Huobi approved for Dubai operation

Crypto Moves — Bitcoin and Ethereum fall; Credit cards not for crypto transactions; Huobi approved for Dubai operation
Taiwan’s financial watchdog warns against using credit cards for crypto transaction. (Shutterstock)
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Updated 25 July 2022

Crypto Moves — Bitcoin and Ethereum fall; Credit cards not for crypto transactions; Huobi approved for Dubai operation

Crypto Moves — Bitcoin and Ethereum fall; Credit cards not for crypto transactions; Huobi approved for Dubai operation

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 2.26 percent to $21,890.45 as of 8:00 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,522.03 falling by 2.49 percent, according to data from Coindesk.

Taiwan’s financial watchdog warns against using credit cards for crypto transaction

The Taiwanese Financial Supervisory Commission has told banks and credit card issuers to prohibit the use of credit cards to pay for cryptocurrencies, according to a report published on UDN’s website, Bitcoin.com reported.

In addition, the financial regulator describes virtual assets as highly speculative, extremely volatile, and a source of money laundering risks, due to the latest crypto market downturn.

The FSC issued the call in a letter to the Bankers Association of Taiwan earlier in July, according to industry sources.

The authority initially did not deny the news nor comment on it, the article added. The company confirmed to Forkast that it had asked credit card agencies not to include crypto service providers on their merchant lists.

The commission mandated card acquirers comply with the new rules within three months and insisted credit cards should be used for consumption rather than investment and speculation.

In addition, the FSC reminded people about a prior requirement that bans the use of credit cards when paying for stock, futures, and option transactions.

Despite the adoption of updated anti-money laundering rules for service providers last summer, Taiwan’s crypto sector remains largely unregulated. A central bank digital currency project has yet to be finalized in the country, Bitcoin.com concluded.

Huobi receives provisional approval from VARA

Asian cryptocurrency-exchange Huobi has announced that it received provisional approval to operate in Dubai from the Dubai Virtual Assets Regulatory Authority. As a result of this approval, Huobi’s UAE-based entity can now offer a full range of virtual asset exchange products and services, according to a statement.

Meanwhile, a crypto exchange stated it will target what it calls professional investors. Spot and over-the-counter trading services will be available to “a limited subset of pre-qualified investors and financial service providers.”

Huobi also suggested that getting the provisional license would pave the way for establishing the exchange’s regional headquarters in Dubai.

Dubai Police launches second NFT collection during GITEX 2022

Almost 23 million people have registered interest in getting Dubai Police's first collection of non-fungible tokens, or NFT, which was issued by the Dubai Police General Command during the second quarter of this year.

The Dubai Police received more than 7,000 direct messages from participants through its social media platforms, Khalid Al-Razooqi, director of the General Department of Artificial Intelligence at Dubai Police said. 

“All participants were contacted to confirm digital wallet addresses, and those who met the requirements were shortlisted in a raffle draw, of which 150 individuals won and received Dubai Police digital assets for free,” Al-Razooqi added.

Al-Razooqi revealed the second edition of Dubai Police digital assets will be launched during GITEX 2022. 

The collection includes 150 free digital assets that symbolise the Force’s innovation, security and communication values, he said.


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

ADNOC, TAQA close $3.8bn deal for clean energy,  decarbonization
Updated 16 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. 


Germany seeks to deepen energy ties with Saudi Arabia

Germany seeks to deepen energy ties with Saudi Arabia
Updated 20 min 15 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.

 


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.


TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 
Updated 54 min 22 sec ago

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

TotalEnergies signs $1.5bn deal with QatarEnergy to increase LNG production 

RIYADH: France’s TotalEnergies on Saturday signed a new $1.5 billion deal with QatarEnergy to help expand the country’s natural gas production as Europe scrambles to find new energy sources to replace Russian supplies. 

The partnership deal was signed by QatarEnergy CEO and the country’s Minister of Energy Saad Al-Kaabi and Patrick Pouyanné, CEO of TotalEnergies. 

Al-Kabbi said that TotalEnergies would have a 9.375 percent stake out of a 25 percent stake in the North Field South project dedicated to international partners. 

QatarEnergy will hold 75 percent of NFS.

“We are not overexposed to Qatar. We are happy to invest in new licenses here. Because we cannot invest in Russia, there is logic to continue investing in Qatar,” said Pouyanné. 

He added: “If Qatar had offered more investment, then we would have invested more in Qatar.” 

The new deal comes at a time when European nations are diversifying their energy imports away from Russia after the invasion of Ukraine. 

The North Field expansion projects comprise two parts; the North Field East or NFE project and the North Field South project. 

The NFE project is expected to increase Qatar’s liquified natural gas production capacity from 77 to 110 million tons per annum, while the NFS project will elevate the country’s LNG production capacity from 110 to 126 million tons per annum. 

Earlier, in June and July, QatarEnergy and TotalEnergies signed five separate partnership agreements in the NFE project worth around $29 billion. 

Britain’s Shell, Italy’s ENI and US giants ConocoPhillips and ExxonMobil have already signed up to be part of the North Field East project.

“We are in active discussions with the majority of buyers around the world and some are advancing more than others,” added Al-Kabbi. 

Qatar is one of the world’s top LNG exporters, alongside the US and Australia, and the country is aiming to increase its gas production by more than 60 percent by 2027. 

QatarEnergy estimates that the North Field holds about 10 percent of the world’s known natural gas reserves. LNG from the North Field is expected to start coming online in 2026. 

(With input from Reuters and AFP) 


Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy
Updated 26 min 48 sec ago

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

Saudi Arabia launches 5 renewable projects to produce 3,300 MW energy

RIYADH: Saudi Power Procurement Co. has launched five projects to produce electricity using renewable energy, with a total capacity of 3,300 megawatts, according to the Saudi Press Agency. 

The launch includes three wind energy projects and two solar projects. The wind energy projects, located in Yanbu, Al-Ghat and Waad Al Shamal have a total production capacity of 1800 MW, with 700 MW, 600MW and 500 MW distributed respectively.

The total capacity of production from the two solar energy projects amounts to 1500 MW. The projects are based in Al Hinakiyah and Tabarjal and have capacities of 1100 MW and 400 MW respectively.

The launch of the projects is part of the fourth phase of the Ministry of Energy’s National Renewable Energy Program. 

In line with Saudi Vision 2030, the program is part of the Kingdom’s aims to reach the optimal energy mix for electricity production from renewable energy sources.

In August, Saudi Arabia’s Ministries of Finance and Energy fully nationalized the Saudi Power Procurement Co. after buying up shares in one of the firm's subsidiaries.

The ministries announced the government had acquired the Saudi Electricity Company meaning Saudi Power Procurement Co. is wholly owned by the state.

This acquisition is part of the Kingdom’s plans to restructure the electricity sector and introduce financial and organizational reforms, the Ministry of Energy said in a statement. 

The Saudi Power Procurement Co. is responsible for planning and putting forward projects to generate the country’s required electric power.

It is also responsible for concluding electric power purchase and wholesale agreements, developing energy trading markets and purchasing fuel for the company, the statement added. 

Also, in August, Saudi Arabia’s Energy Ministry signed a power purchase agreement for the 80 MW solar photovoltaic independent power producer project, according to MEED.