Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . oOil Minister receives OAPEC Secretary General. Delegates from UNCTAD's 195 member states applauded its outgoing Secretary-General Mukhisa Kituyi for his outstanding leadership of the organization for nearly eight years, as he prepares to step down from the role on 15 February. Copyright 2000 MENAFN. Last year, during the Future Minerals Forum in Riyadh, NEOMs CEO Nadhmi Al-Nasr announced the first phase of its green hydrogen facilities are set to come online in 2025. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. Its share price increased 2.6 percent to SR22.06. WataniIron Steel Co. also announced a 5 percent increase in the net profit to SR49.6 million for 2022 to SR47.1 million a year earlier. On the announcements front, Methanol Chemicals Co., also known as Chemanol, reported a 15 percent decline in its annual net profit to SR206.4 million from SR244 million in 2021. Bahrain Airport Co.s Airport Facilitation Committee on Wednesday disclosed these numbers at a meeting to review the operational aspects of the facility, which checked passengers, crew, and baggage movement at the BIA. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . On this Wikipedia the language links are at the top of the page across from the article title. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). contents - OAPEC. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. Be the first to know latest important news & events directly to your inbox. While the organization lost two members, Qatar and Ecuador, during that time,Barkindo is nonetheless credited with guiding unity among the group's members in an effort to stabilize global oil markets. !Error..Please enter a correct email address! Its net profit in the fourth quarter of 2022 fell 15 percent to SR62.5 million from SR73.4 million during the same period in 2021. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. Read more; Welcoming remarks by Iraq's Minister of Oil Incumbent Secretary-General Ali Sabt Bin Sabt stated that the Organization's Council of Ministers held its 109th meeting in Kuwait today, December 12, 2022 AD . Our Standards: The Thomson Reuters Trust Principles. OAPEC is regarded[by whom?] KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . Please enter your username or email address to reset your password. With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. 01 Mar 2023 12:48:50 The visit reflects Libyas OPEC standing Kuwait Ministry of Oil said in a joint statement, on Monday, that Dr. Al-Fares, also Minister of Electricity and Water, discussed with the OAPEC secretary general most significant activities by the organization after the latest OAPEC meeting, held in December 2020, during which a scheme to overhaul the organization was approved. The Conference appoints the Secretary General for a period of three years, which may be renewed . Data is a real-time snapshot *Data is delayed at least 15 minutes. Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. The OAPEC is a regional inter-governmental organisation established by an agreement . Dr. Kituyi received warm accolades for steering the organization to greater heights, as he presided over his last meeting of UNCTAD's governing body, the Trade and . The reason for his death was not immediately known. Box: 253 Manama / Kigdom of Bahrain. . The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. 31/10/2021 HE ENG. Working to raise production This data points to an even stronger recovery in 2023, and with passenger traffic on the rise, we are fully prepared to meet the needs of BIAs guests, BAC CEO Mohamed Yousif Al-Binfalah was quoted as saying. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. It also booked an increase in its share of results of equity-accounted investments and gains from investments at fair value and other income, which led to a rise in the net profit margin of 22.2 percent in 2022 from 17.8 percent in the previous year. . In the fourth quarter of 2022, the company registered a net loss of SR16 million against a net profit of SR79.86 million in the year-ago period. Sign up for free newsletters and get more CNBC delivered to your inbox. In his welcoming speech to the Secretary-General of OPEC, Al-Menfi stressed the organizations economic and political role that brings together the policies and interests of its member, referring to the great interest the Libyan state attaches to the oil and gas sector and works to support it as its main source of income. Speaking to Libya Herald, Minister of Oil and Gas Mohamed Aoun said that the oil sector is very important to the Libyan economy, and everyone is working to support it and maintain the stability of its production. By Trend. By signing up, I agree to our TOS and Privacy Policy. CAIRO - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. They are working to raise the production capacities of local oil companies in cooperation with foreign partners, noting the steps taken by the Ministry of Oil to support the sector through developing general policies and drawing up short and long-term plans that are in line with internal conditions and international changes. The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. English Deutsch Franais Espaol Portugus Italiano Romn Nederlands Latina Dansk Svenska Norsk Magyar Bahasa Indonesia Trke Suomi Latvian Lithuanian esk . In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the . [1][2] The Secretary General is OPEC's chief executive officer. On 27 June 2022, Eng. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Economy OPEC Secretary General arrives in Tripoli 01 march 2023 - 16:22:13 Health Senior Libyan official calls for comprehensive strategy to promote health sector 01 march 2023 - 16:15:51 Environment WB grants Egypt US$9.13 m to improve management of electronic, healthcare waste in Cairo 01 march 2023 - 13:58:03 Mohammad Barkindo, a Nigerian oil . Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the continued preservation of the organizations position despite the political and international challenges after the Corona pandemic, especially as we are on the verge of a further recovery in the global oil market. It is divided into$5.85 billionsenior debt and$475 millionmezzanine debt facilities, both of which are arranged on a non-recourse project finance basis. Faisal Alamro commented: The establishment of the new Monstarlab office in Riyadh will enable us to expand regionally and further enhance our global reach, and attract new potential projects in the Middle East, particularly GCC, as well as Africa and Europe. The total investment cost is funded by a combination of long-term debt and equity. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time, Trend reports citing Al Arabiya. The consortium of financiers from which the balance came from entails First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, among several others. CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and . Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. Got a confidential news tip? All quotes delayed a minimum of 15 minutes. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . Our Standards: The Thomson Reuters Trust Principles. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 23/03/2021 The developments of global LNG sector in 2020. It is time for the mining industry to compete with the oil industry, he said, adding: Oil has made the big move to move to the next generation. Japan Premium Food features various high quality Japanese food items in Dubai, Yellow Fever: Fans overjoyed as Ronaldo welcomed to Al-Nassr, Grandmaster of Tenshin Ryu Hyoho shares his inspiration for the Japanese art, Riyadhs Anime Town showcases compelling Japanese pop culture, UAEs Rashid Rover completes one month in space, Only 10% of Japanese plan to ditch masks when risk factor is lowered, Singapore-based football team wins first place at UAEs Japanese Gulf Cup, The Kingdom vs Captagon: Arab News investigates war on drug in latest Deep Dive, What is a bisht? The Economics Department and the Technical Affairs Department form the Arab Center for . Since taking the helm as secretary-general of OPEC in 2016, Barkindo oversaw tumultuous times for the oil producer group, which witnessed volatile markets rocked by historic events includingthe Covid-19 pandemic, the creation of the OPEC+ alliance with Russia and other non-OPEC states, and Russia's invasion of Ukraine. CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Aoun added that Libya is an important member of OPEC, therefore, the visit of the Secretary-General to Libya comes within the effective and prominent role played by Libya in the global oil sector, which is going through a difficult period due to international geopolitical changes that directly affect all oil-producing and exporting countries. 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