The Organization of the Petroleum Exporting Countries (OPEC) has denied the latest report by the International Energy Agency (IEA), which has sparked controversy in the electricity sector.
Last week, the IEA said in its report “The Oil and Gas Industry in Net-Zero Transitions” that oil and fuel are facing a “moment of truth. “
The industry has been asked to “choose between fuelling the climate crisis or embracing the shift to white energy”, as opposed to the prescriptive net-zero emissions scenario proposed by the IEA.
OPEC noted that the IEA recently came up with “an incredibly narrow definition of the demanding situations we face and would have arguably downplayed issues such as energy security, energy access and affordability. “
It also unfairly vilifies it as the cause of the climate crisis.
OPEC Secretary-General Haitham al-Ghais said it is ironic that the IEA, a company that has continually replaced its rhetoric and forecasts in recent years, is now turning to the oil and fuel industry and signaling that it is a “moment of truth. “
Ghais noted that, regrettably, the IEA has used its “social media platforms in recent days to criticize and instruct the oil and fuel industry is undiplomatic, to say the least. “
“OPEC itself is not an organization that would prescribe to others what they do. “
OPEC also believes that the IEA’s “Framework for Assessing the Alignment of Corporate Objectives with the NZE Scenario” aims to limit the sovereign movements and potential options of emerging oil and fuel generating countries by putting pressure on their domestic oil companies.
This framework also contradicts the “bottom-up” technique of the Paris Agreement, in which each country makes a decision on how to contribute to the global relief of greenhouse fuel emissions based on its national capabilities and circumstances.
Most likely, this would lead to investment relief and jeopardize security of supply, which is one of the IEA’s key mandates.
OPEC said it is unfortunate that the IEA report now also considers technologies such as carbon capture, use and storage (CCUS) as an “illusion,” even though assessment reports from the Intergovernmental Panel on Climate Change endorse those technologies as a component of the solution to combat climate change.
“What is meant is undeniable and transparent to those who want to see it. It’s that the power demanded of us by the situations ahead of us are huge and complex and limited to a single binary issue,” Ghais said.
“Energy security, access to energy and its affordability for all will have to go hand in hand with reducing emissions. This requires primary investments in all energies, all technologies, as well as an understanding of the desires of all people. “
“At OPEC, we reiterate that we, the world, deserve to focus on reducing emissions, not on choice of energy sources,” he added.
OPEC stresses that in a world where “more debate is needed, we reiterate that handpointing is not a constructive approach. “
He affirmed the importance of working collaboratively and acting decisively to ensure that emissions are reduced and that other people have access to the energy products needed to live comfortable lives.
“These two demanding situations cannot be mutually exclusive,” Ghais said.
Ghais added: “We see a ‘moment of truth’ ahead. We want to perceive that all countries have their own orderly path of transition of power. We want to ensure that all voices are heard, not just a few, and we want to make sure that energy transitions enable economic growth, social mobility, access to energy, and at the same time reduce emissions.
At the same time, Kuwait announced that it was committed to respecting all OPEC decisions, especially those regarding market shares and oil production.
The comments were made in a meeting between Japan’s ambassador to Kuwait, Morino Yasunari, and the Gulf country’s OPEC governor, Mohammad al-Shatti, the Oil Ministry said in a post on the social media platform on Monday. x.
OPEC is contemplating deepening oil production cuts despite postponing its political assembly to Thursday due to a war of words over quotas among some producers.
OPEC and its allies led by Russia, known as OPEC, will start online meetings at 13:00 GMT on Thursday to determine oil production levels.
Several analysts said they expect OPEC to make bigger or even deeper price cuts next year.
On Monday, oil costs fell, with Brent crude falling below $80 a barrel, as investors awaited this week’s OPEC meeting and expected a cut in sources until 2024.
Brent crude futures fell 60 cents to $79. 98 a barrel.
U. S. West Texas Intermediate (WTI) crude futures fell cents, or 0. 9 percent, to $74. 86.
The Saudi Arabian Stock Exchange (Tadawul) on Monday introduced Single Stock Option (SSO) contracts, the newest in its derivatives market.
The new offerings come with American-style features that are physically installed for some of the Kingdom’s leading companies: Saudi Aramco, Al Rajhi Bank, stc and SABIC.
Speaking to Asharq Al-Awsat, the currency analysts described the release of SSO contracts as a step towards advancing the Saudi money market, diversifying its investment teams and channels, and attracting capital, giant investment companies, and foreign investors to the Saudi market. .
Mohammed Al-Suwayed, chief executive of Razeen Capital, said feature contracts are very important for attracting additional capital to the Saudi stock exchange, helping long-term investors protect their investments, and developing the risk strategies of financial markets.
Financial analyst Abdullah Al-Jabali noted that SSO contracts would contribute to the progress of the Saudi money market and its investment tools, and broaden the channel base for investors.
He added that the Capital Market Authority’s selection of four of the largest and most weighted companies in the market for SSO contracts confirms the Authority’s interest in the importance of this investment tool and the need for its use by of industry and investment professionals in the financial sector. and stock markets.
In a statement, Tadawul announced that SSO contracts will be available for trading starting Monday, where investors will be able to trade SSO on four index stocks as underlying assets.
He added that SSO contracts are the third-party contracts that are indexed on the Saudi stock exchange and will be settled through the securities clearing intermediary “Muqassa”.
The first tranche of SSO will be in the following indexed companies: Aramco, Al Rajhi Bank, Saudi Telecom Co. and SABIC.
The General Assembly of the Bureau International des Expositions (BIE) will meet on Tuesday in Paris to vote on the winning city to host Expo 2030.
The assembly’s member states will vote on one of three issues: Saudi Arabia (Riyadh), South Korea (Busan) and Italy (Rome).
Each of the applicants will make a final proposal for their project, after which the eligible members and suppliers of the meeting will vote by secret ballot by electronic vote, with the country having only one vote.
The festival between the three contenders remained intense until the last moments.
Saudi Arabia’s bid for Riyadh will take center stage, promising an “unprecedented edition” of the World Exposition.
South Korean President Yoon Suk-yeol concluded his visit to France on Sunday and took part in the new crusade to promote Busan as the host city.
He called for help for Busan’s bid, stressing that it would serve as a platform to address demanding global situations and an opportunity for South Korea to reciprocate the help it has obtained from the foreign network for its economic development.
At the same time, Italy will host the occasion in its capital, Rome, in a bid to breathe life into its economy, reminiscent of the economic recovery experienced when Milan hosted Expo 2015.
Saudi Arabia, as expressed by several senior officials who oversaw Riyadh’s bid campaign, has also affirmed its commitment to Expo 2030.
The Kingdom seeks the world’s ability to reshape the planet into a greater future by transforming the foreign event into a platform for cooperation and the exchange of wisdom.
To this end, Riyadh has allocated a budget of $7. 2 billion to host the exhibition, as a component of Saudi Arabia’s comprehensive national transformation plan, Vision 2030.
Ibrahim bin Muhammad Al-Sultan, executive director of the Royal Commission of the city of Riyadh, highlighted the Kingdom’s commitment to completing the hosting of Expo 2030 well ahead of the specified deadlines.
By 2028, all preparations to host Expo 2030 will be ready, Al-Sultan said.
The profits of real estate companies in Saudi Arabia increased by 153 percent in the first nine months of 2023, compared to the same period last year, due to the expansion of the real estate sector and major growth projects implemented by the Saudi government and the private sector.
Companies in the real estate sector achieved an increase in profitability in the third quarter of 2023, which amounted to SAR 1. 35 billion ($367. 5 million) compared to the same period last year, after achieving consolidated profits amounting to SAR 2. 23 billion ($602. 1 million). compared to earnings that amounted to SAR 883. 16 million ($238. 4 million) for the same period in 2022.
The combined net profits of indexed real estate companies in Saudi Arabia’s main market of Tadawul increased to 84. 39 per cent in the third quarter of 2023 on an annual basis, while thirteen indexed companies in the sector made combined profits amounting to SAR971. 04 million, in comparison. to earnings of SAR 526. 64 million in the third quarter of 2022.
Real estate companies continued to post profits on a quarterly basis. Its earnings increased by 44. 58% in the third quarter of 2023 over the second quarter of the same year, reaching 671. 61 million SAR.
In terms of sales volume and revenue, companies in the real estate sector recorded an increase of 13. 99 percent, reaching SAR 3. 29 billion, up to SAR 2. 89 billion in the same quarter last year. Revenue for the first nine months of 2023 also increased, up to 9. 99%. The companies achieved sales and revenue worth more than SAR 9. 94 billion in the first nine months of 2023, up from SAR 9. 04 billion in the same period last year.
Saudi Arabia’s ACWA Power on Sunday announced the start of advertising operation for the 2,400-megawatt Hassyan Power Complex.
In an issuance on the Saudi Arabian Stock Exchange (Tadawul), the company obtained the advertising operation certificate from the Dubai Electricity and Water Authority (DEWA).
The last 600 MW power unit followed three other 600 MW arrays that were already in operation.
The Hassyan Power Complex assignment in Dubai is one of the region’s power plants.
The order includes 4 GE/Alstom power sets of six hundred MW consisting of ultra-supercritical boilers, steam turbines and generators.
The plant was initially designed to run on coal, but subsequently, by decision of DEWA, the buyer, with the blessing of the Chairman of the Dubai Supreme Energy Board on February 2, 2022, was switched to run on charcoal. gas.
This will result in around 30 million tonnes of CO2 emissions by 2030.
The project specifications require the plant to be built in carbon capture condition, which means that the installation of carbon capture apparatus in the long term will not require any modifications to the plant or hinder the availability of the factory.
ACWA Power owns 26. 95% of the Hassyan Power complex.
The company said the financial effect of operating the task at full operational capacity is expected to be transparent from the last quarter of this year.
The General Assembly of the Bureau International des Expositions (BIE) will decide the country that will host Expo 2030, as representatives of the 182 member states of the (BIE) will vote on Tuesday whether Riyadh, Busan or Rome will host it. the foreign event.
Saudi Arabia’s mammoth projects have demonstrated the country’s ability to mount a remarkable exhibition, making Riyadh one of the top 10 most sensible cities in the world by 2030.
The Kingdom has seen an unprecedented increase in the number of tourists, according to the World Tourism Organization (UNWTO), a global moment due to the increase in the number of foreign tourists in the first quarter of 2023, and the highest quarterly performance with an expansion rate of 64 percent, which gained around 7. 8 million tourists.
The new edition of Media Oasis is being organized through the Saudi Ministry of Information in Paris from November 26 to 28, coinciding with Saudi Arabia’s participation in the 173rd assembly of the General Assembly.
Most of the participants agreed that the discussions on the main Saudi projects presented on the occasion highlight the city’s ability to organize “an exceptional and unprecedented edition that helps anticipate the future”, as Prince Mohammed bin Salman announced in the past. Crown Prince and Prime Minister.
These projects include King Salman Park and Sports Court, the world’s largest longitudinal park, New Square, as well as one of the world’s largest urban reforestation projects, known as Riyadh Green.
In addition to its long-term plans, the Saudi capital also presents a style city with history, with development transformations and a global renaissance.
The Diriyah Gate Development Authority presents the city as Saudi Arabia’s first ancient capital, where culture, beauty, nature, and art make it a remarkable global destination for history and culture enthusiasts.
The 2023 Northern Borders Investment Forum looked at promising investment opportunities within the Northern Borders region.
The Forum highlighted the efforts of Saudi Arabia’s Ministry of Environment, Water and Agriculture to uncover conceivable regulations and investment systems and provide investment opportunities within the framework of Vision 2030.
He also discussed the role of the competent government in setting investments in environment, water and agriculture for quality of life and its complementary consultative role.
The Forum witnessed a consultation entitled “Promising Investment Prospects in the Northern Border Region”, with the participation of the Chairman of the Arab Tourism Organization, Bandar al-Fuhaid, the Deputy Minister of Economic Affairs and Privatization of the Ministry of Environment, Water and Agriculture, Abdurahman al-Zoghaibi, Khalid al-Humoud, Executive Vice President of the National Center for Industrial Development of Shared Services and Deputy Undersecretary of the Shared Services Industrial Development Agency. Investment Development of the Ministry of Investment, Ammar al-Taf.
During the session, participants highlighted the central role of the tourism sector in stimulating economic growth, selling investment prospects, selling social and sustainable progress and promoting projects for the tourism industry in the northern border region.
Fuhaid highlighted that the Kingdom’s GDP from tourism will reach 4% in 2022, indicating that the country plans to increase it to 10% until 2030.
He added that the Kingdom is one of the richest countries in the world in terms of civilizational and cultural heritage.
During a discussion session, the Forum discussed “Efforts of Business Councils to Boost Investment in the Northern Border Region,” the efforts of business councils to boost investment in the region.
They discussed Saudi Arabia’s qualitative progress in the Trade Index and efforts to facilitate industry between countries.
The consultation discussed the role of business councils operating under the umbrella of the Federation of Saudi Chambers in stimulating investments and supporting investors.
Participants in the discussion consultation praised the role of the councils in strategic achievements and projects, strengthening relations, expanding the volume of the industry and promoting bilateral investments.
They stress the importance of such meetings for cooperation within the framework of strong will and qualitative replacement in the industry to achieve Vision 2030 and its goals of diversifying revenues and expanding industry and partnerships in various sectors.
Participants called on all investors to exchange data and reports by actively participating in future projects, activating mechanisms that contribute to the progress of industrial and investment exchanges and mechanisms for joint operation.
They also reiterated their desire to join efforts to create a fertile and stimulating investment environment, create appropriate investment conditions and organize registration on investment occasions to seek and explore promising investment opportunities.
Regional leaders and the Federation of Saudi Chambers hosted the 2023 Northern Borders Investment Forum. It showcased more than 157 investment opportunities in the northern border region, worth an estimated $5. 8 billion in specific sectors.
The total volume of investment in oil and fuel exploration, production and progression in the first part of 2023 reached 5. 84 billion U. S. dollars, the director general of oil and fuel exploration and production, Saleh al-Abbouri, announced at the Ministry of Energy.
Abbouri said capital expenditures, adding geological surveys, drilling and installations, accounted for 62% of total investment, while 38% was spent on operating expenses.
According to the Oman News Agency, the official said that in the year 2023, oil corporations operating in Oman drilled many exploration wells in various oil and fuel concession areas.
Operations have been directed at other fields and at other depths, indicating that the first effects of some wells are “promising” and will be demonstrated by long-term tests that can span several months or more, Abbouri said.
Some wells require further studies and testing, with the primary objective of maintaining solid production and reserve levels.
Unexploited concession spaces are spaces open to investment, Al Abbouri said, noting that the ministry submitted a series of tenders earlier this year for blocks 15, 54 and 36, which attracted significant interest from a number of local and foreign companies.
The ministry is lately with the offers and the zones will be allocated shortly.
Abbouri said Western Oman recently announced operations in the Block 65 oil field, noting that the well is not exploratory yet connected to fields discovered in the past.
Initial production from the well reaches 6,000 barrels of oil equivalent per day, which is higher in volume than previously explored wells in the region.
However, he said production naturally declines.
Abbouri explained that the company is currently carrying out a water injection task at the same production levels of this well and the wells that will be drilled in the same field.
He said Oman is committed to its agreement with OPEC countries for its crude oil production.
Oman announced voluntary relief of 40,000 barrels per day of crude oil in May 2023, Abbouri said, adding that the country has pledged to do so by December 2024.
Turkey and Russia have signed a new cooperation protocol that outlines a roadmap for their economy in the coming years.
The two countries aim to develop the industry to 100 billion USD and deepen cooperation in energy, agriculture, industry, tourism, shipping and customs.
Over the past two days, Ankara welcomed cooperation between Turkey and Russia in the fields of energy, tourism and investment.
They also participated in the XVIII Assembly of the Russian-Turkish Joint Intergovernmental Commission for Trade and Economic Cooperation.
Russian Deputy Prime Minister Alexander Novak led the Russian delegation, while Trade Minister Omer Bolat led the Turkish delegation. They attended the signing of the industrial cooperation protocol.
– Promote exchanges
Bolat underlined the preference of the two countries to move towards a higher point through the implementation of the provisions of the protocol, the result of joint work that includes numerous areas such as trade, customs, energy, agriculture, industry, standardization, maritime transport and tourism. Formation
The Turkish minister explained that the protocol can be described as a roadmap to define economic relations between the two countries.
They also agreed to increase the use of the two countries’ national currencies in trade.
Bolat revealed that the volume of industry between the two countries in the energy sector has declined due to recent foreign events, adding that the volume of the industry reached an all-time high of $68 billion in 2022.
He expects that until the end of this year, Turkey’s exports will reach around $11 billion and Russia’s will reach $46 billion.
At the meeting of the Joint Economic Committee, which was held under the chairmanship of Turkish Vice President Cevdet Yilmaz and Novak, both sides expressed their preference for increasing the industry to $100 billion.
During the meeting, the two sides discussed energy, investment and tourism and the importance of diversifying mutual investments, especially in port infrastructure and diversifying exported industrial goods.
– Natural Gas Center
Novak showed that the discussions between the two sides were transparent and constructive, that long-term cooperation problems were known, and he witnessed a convergence of the positions of both sides in some spaces of bilateral cooperation.
He highlighted the progress in all areas of cooperation between Russia and Turkey.
The deputy prime minister said the two countries reached an agreement on the status quo of an herbal fuel hub in Turkey, based on a previous agreement between Presidents Recep Tayyip Erdogan and Vladimir Putin.
Russia’s Gazprom and Turkey’s pipeline company Botash are cooperating strongly and discussing the project’s roadmap, Novak said, expressing confidence that the two will reach an agreement on the implementation of the project.
Last year, Putin proposed to his Turkish counterpart to build an herbal fuel hub in Turkey, which Turkey welcomed.
Talks between Moscow and Ankara on the task have not led to significant breakthroughs, both sides have shown their intention to move forward.
flynas, the Saudi national airline, has registered with the United Nations World Tourism Organization (UNWTO) as an associate member, becoming the first Saudi airline in the Middle East to register with the organization.
This reinforces LCC’s leading role in contributing to sustainable global tourism, which aligns with Flynas’ sustainability strategy, as well as the Kingdom’s vision and commitment to shaping the long-term of the global industry.
Affiliate members are an integral component of UNWTO membership, bringing together more than 500 businesses, educational and learning establishments and NGOs to engage in dialogue, share data and take action to contribute to sustainable global tourism in which They take advantage of wisdom and innovation. advertise guilty and competitive tourism, in accordance with the Global Code of Ethics for Tourism and the principles and objectives of the United Nations.
The Flynas club at UNWTO further reinforces the airline’s position as one of the five cheapest airlines in the world, adding value in terms of visibility, networking, participation, knowledge and cooperation with top-tier organizations in the tourism sector.
Bander Almohanna, CEO and CEO of Flynas, said: “The Flynas club in the organization as the leading Saudi airline and the leading cheap airline in the Middle East will position it as the fourth most productive cheap airline in the world. “
He stressed that the members’ goals coincide with Flynas’ sustainable progress plan, which focuses on adopting projects with a lasting impact on the environment, society and the economy, as well as “their effective role in shaping the future of the global economy. “Travel and its pioneering role in building a sustainable tourism sector.
“Flynas places sustainability at the heart of its operations, in line with the Kingdom’s goals of achieving net-zero greenhouse fuel emissions by 2060,” added Almohanna.
The Flynas club at UNWTO comes as Saudi Arabia has decided to host the 26th UNWTO General Assembly in 2025, the first time the Kingdom will host the General Assembly of a United Nations organization, underscoring the country’s growing importance in global tourism.
Last August, Flynas joined the United Nations Global Compact, becoming the first airline in Saudi Arabia and the first cheap airline in the Middle East to subscribe to the world’s largest sustainability initiative.
Flynas’ remarkable achievements have been identified and won foreign awards, including the Skytrax International Award for Best Low-Cost Airline in the Middle East in 2023, for the sixth time in a row and the fourth most productive LCC in the world. The highest global award in the aviation industry since its launch in 1999.
In addition, flynas won the Middle East’s Best Low-Cost Airline award at the 2023 World Travel Awards, for the ninth time in a row since 2015.