ADNOC Gas inks $680m LNG supply deal with Japan’s JERA Global Markets 

ADNOC Gas inks $680m LNG supply deal with Japan’s JERA Global Markets 
The deal strengthens ADNOC Gas’s position as a global partner for the export of LNG. Shutterstock.
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Updated 18 October 2023
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ADNOC Gas inks $680m LNG supply deal with Japan’s JERA Global Markets 

ADNOC Gas inks $680m LNG supply deal with Japan’s JERA Global Markets 

RIYADH: ADNOC Gas has signed an agreement to supply liquefied natural gas worth up to 2.5 billion dirhams ($680 million) to a subsidiary of Japan’s power generation company, JERA Co. Inc.   

According to a press statement, the multiyear agreement with JERA Global Markets consolidates long-term bilateral relations since Japan is a vital energy partner to the UAE. 

It also further strengthens ADNOC Gas’ position as a global partner for the export of LNG and reinforces ADNOC’s record in bolstering strategic partnerships with Japanese energy firms. 

“This LNG supply agreement marks a significant milestone in ADNOC Gas’ long-standing strategic partnership with JERA Co. Inc., demonstrating our continuous and shared commitment to advancing sustainability in the energy sector,” said ADNOC Gas CEO Ahmed Alebri in a statement. 

JERA Global Markets Chairman Kazunori Kasai said: “We are pleased to continue our LNG partnership with ADNOC Gas as the JERA Group continuously looks toward strengthening our global LNG portfolio with stable, flexible and competitive LNG supply, which is essential in the energy transition.”  

The new agreement follows several significant international LNG sales agreements by ADNOC Gas with various companies, including India Oil Corp., Japan Petroleum Exploration Co. and TotalEnergies Gas and Power. 

Last month, the large-scale integrated gas processing company signed a similar agreement, valued between $450 million and $550 million, to supply LNG to PetroChina International Co to ensure reliable supply to its customers. 

“We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world’s fastest-growing gas markets,” Alebri said in a press release released at the time. 

In addition to playing a pivotal role as a transitional fuel due to its low carbon emissions compared to other fossil fuels, natural gas is also an essential source of raw materials for industrial value chains. 

ADNOC Gas is one of the most significant players in the energy industry globally. The company supplies approximately 60 percent of the UAE’s gas sales needs and end customers in over 20 countries.    

It is the subsidiary of Abu Dhabi National Oil Co., one of the world’s largest integrated energy companies. 


RSG partners with Amazon Payment Services to introduce online transactions

RSG partners with Amazon Payment Services to introduce online transactions
Updated 14 sec ago
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RSG partners with Amazon Payment Services to introduce online transactions

RSG partners with Amazon Payment Services to introduce online transactions

RIYADH: Saudi tourist destinations, The Red Sea and AMAALA, will soon offer online transaction options through a recent partnership with Amazon Payment Services. 

Initiated by its developer Red Sea Global, the deal aims to provide a comprehensive suite of payment solutions tailored to meet the needs of RSG’s customers, according to a statement. 

This aligns with RSG’s vision of providing exceptional experiences for its travelers, as stated by Ahmed Ali Al-Sohaily, group head of technology at RSG. 

He said: “By collaborating with Amazon Payment Services, its best-in-class technology ensures convenient, secure, and efficient payment processes for our guests.”  

RSG said it seeks to collaborate with partners who share similar values in making a positive impact on both people and the planet. Currently, more than 90 percent of Amazon Payment Services’ electricity comes from renewables, with a goal to reach 100 percent by 2025, the release added. 

“We are excited to support Red Sea Global and its customers through this new partnership that allows us to enhance the payment experience for luxury travelers through our innovative and tailor-made payment solutions,” said Peter George, managing director at Amazon Payments Services.


Australia’s University of Wollongong joins top global institutes in Riyadh expansion 

Australia’s University of Wollongong joins top global institutes in Riyadh expansion 
Updated 42 min 46 sec ago
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Australia’s University of Wollongong joins top global institutes in Riyadh expansion 

Australia’s University of Wollongong joins top global institutes in Riyadh expansion 

RIYADH: Saudi students will gain increased access to high-quality higher education as reputable institutes, including Australia’s University of Wollongong, secure licenses for branches within the Kingdom. 

The Saudi Ministry of Education and its investment counterpart announced the issuance of an approval to the Australian public research university during the recently concluded Human Capability Initiative Conference in Riyadh, the Saudi Press Agency reported.  

This move is a part of the preparations to establish its branch in the Kingdom, in collaboration with the Digital Knowledge Co., to provide innovative, globally recognized education for international and local students across various higher schooling levels. 

The collaboration with Digital Knowledge Co., known for its high-quality expertise in schooling and training, aligns with Saudi Vision 2030, aiming to attract foreign university branches and increase private sector involvement in higher education by 2030. 

The University of Wollongong holds the 14th position among the best modern universities worldwide, ranking in the top 1 percent of institutes according to the 2024 QS World Index. 

The SPA report added that, during the same event, the two ministries also signed a memorandum of understanding with Arizona State University and Cintana Education to establish a new institute and an affiliated school in Riyadh. 


 


WTO’s Abu Dhabi Declaration to empower least developed nations  

WTO’s Abu Dhabi Declaration to empower least developed nations  
Updated 20 min 45 sec ago
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WTO’s Abu Dhabi Declaration to empower least developed nations  

WTO’s Abu Dhabi Declaration to empower least developed nations  

RIYADH: The least developed countries are set to benefit from the Abu Dhabi Declaration at the 13th WTO Ministerial Conference, improving global supply chain access. 

Trade deals, aimed at fostering new agreements, will extend international trading system benefits to more nations, following intensive negotiations, as reported by the UAE’s official news agency, WAM. 

Members have agreed to implement Special and Preferential Treatment for Sanitary and Phytosanitary Measures and Technical Barriers to Trade. This effort supports producers in the least developed countries, facilitating their global supply chain access, the WAM report stated. 

The report added that the current measures of SPS constitute a staggering 90 percent of non-tariff trade barriers, posing a significant obstacle for smaller nations and being viewed as discriminatory. 

In a significant development for developing countries, ministers approved a decision responding to a 23-year-old mandate. The aim is to revamp special and differential treatment provisions for improved precision, effectiveness, and operational functionality. 

The UAE Minister of State for Foreign Trade and MC13 Chair, Thani Al-Zeyoudi, described the declaration as a significant milestone for the UAE and global trade. 

“It has been a momentous week for Abu Dhabi, for the UAE, and for global trade. I would like to thank the delegations from every member for their diligence and dedication to the negotiation and for their ceaseless efforts in making the global trading system more robust, more efficient and, most importantly, more accessible,” he said. 

The minister added that even in areas where final agreements have not been reached, issues that previously seemed unsolvable can now be unlocked — clearing the way for further progress in the coming months.  

Substantial progress has also been achieved in dispute resolution, as there is now an agreement to fulfill the MC12 mandate by establishing a comprehensive and efficient Dispute Settlement system by the end of 2024. This entails the adoption of various reform pathways by the participating members. 

Regarding e-commerce, members have agreed to extend the moratorium on customs duties for electronic transmissions for an additional two years. This decision implies that trade involving purely digital products and services will remain tariff-free until MC14 in Cameroon. 

Ministers also adopted a ministerial decision to extend the moratorium on non-violation and situation complaints related to the agreement on Trade-related Aspects of Intellectual Property Rights until MC14. 

“Delivering the Abu Dhabi Declaration of outcomes is a true testament to the value that members continue to attach to the WTO and its pivotal role in ensuring an orderly global system of trade rules,” said Al-Zeyoudi. 

“With the adopted Abu Dhabi Declaration, we have demonstrated that we can deliver to ensure the global trading system remains a vital engine of growth and development for nations around the world. We must build on these significant achievements and remain united for global trade,” he added.  

The WAM report quoted Ngozi Okonjo-Iweala, director-general of the World Trade Organization, stating that the global body serves as a foundation of stability and resilience in an economic and geopolitical landscape filled with uncertainties and exogenous shocks. 

“Trade remains a vital force for improving people’s lives, and for helping businesses and countries cope with the impact of these shocks. Let us get some rest, then regroup and resume,” she said. 

MC13, hosted by the UAE’s Ministry of Economy and the Abu Dhabi Department of Economic Development, took place at the Abu Dhabi National Exhibition Center from Feb. 26 to March 2. 


Larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal account, IMF says 

Larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal account, IMF says 
Updated 03 March 2024
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Larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal account, IMF says 

Larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal account, IMF says 

CAIRO: The International Monetary Fund said on Sunday that larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal and external accounts. 

“Iraq needs to increase non-oil exports and government revenue, and reduce the economy’s vulnerability to oil price shocks,” they said in a concluding statement. 


Saudi ‘Sah’ savings product second round opens, offering 5.63% return 

Saudi ‘Sah’ savings product second round opens, offering 5.63% return 
Updated 03 March 2024
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Saudi ‘Sah’ savings product second round opens, offering 5.63% return 

Saudi ‘Sah’ savings product second round opens, offering 5.63% return 

RIYADH: Saudi residents can once again boost their savings rates with the commencement of the second round of subscriptions for the savings product “Sah” on March 3. 

The Shariah-compliant, government-backed sukuk offers a return of 5.63 percent, and redemption amounts are scheduled to be paid within a year, as disclosed by the National Debt Management Center in a release on X. 

These sukuk are issued by the Ministry of Finance and organized by the NDMC. 

The second-round subscription started on March 3 at 10 a.m. and runs until March 5 at 3 a.m. 

Hani Al-Madini, CEO of the NDMC, explained that the sukuk serves as a catalyst for private sector cooperation and participation in developing and launching various savings products tailored to diverse demographics. These initiatives could involve partnerships with banks, fund managers, financial technology companies, and more. 

Sah, the first savings product designed for individuals, adheres to Islamic Shariah principles. It takes the form of bonds under the Kingdom’s local bonds program, denominated in Saudi riyals. 

It supports the Financial Sector Development Program, part of Saudi Vision 2030, aimed at raising the savings rate among residents from as low as 6 percent to the international standard of 10 percent by 2030. 

The minimum subscription amount is set at SR1,000 ($266), equivalent to the value of one bond, while the maximum is SR200,000 for total issuances per user during the program period. 

The product is allocated for individuals, with returns provided on a monthly basis in accordance with the issuance calendar. 

The saving period is one year with a fixed return, and accrued yields are disbursed at the end of the sukuk’s term. Future returns will be determined based on month-to-month market conditions. 

The product is open to Saudi nationals aged 18 and above. To participate, individuals must open an account with either SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al Rajhi Capital.