Page 12 - MEOG Week 41

MEOG
neWs in brieF
MEOG
PoLiCy
UAE and Belize sign
bilateral economic
cooperation agreement
The UAE and Belize recently signed an economic cooperation agreement to develop, enhance, and expand their cooperation on areas of mutual interests.
The agreement was inked by Sultan bin Saeed Al Mansouri, Minister of Economy, and Erwin Contreras, Belize’s Minister
of Economic Development, Petroleum, Investment, Trade, and Commerce.
The agreement covers various major sectors, including trade of commodities and services, investment, transport, agriculture and food products, energy and renewable energy, industry and mining, infrastructure, construction and real estate, and tourism, among others. The agreement also provides for the establishment of a joint economic committee between the two countries to take their partnership to new levels.
Al Mansouri said that the agreement would pave the way for a more fruitful and sustainable partnership between the UAE and Belize. As a result of this latest development, their respective government and private sectors can now collaborate to maximise opportunities and address challenges. The agreement will also enable UAE companies to explore the promising trade and investment opportunities in the Belizean markets.
Moreover, both parties agreed to exchange expertise and information, formulate new regulations and laws, identify obstacles, explore business opportunities, create a favourable environment for investment, and provide logistics facilities.
Wam
ComPanies
Kuwait’s KPC to focus on
boosting oil exports, gas
production
Kuwait Petroleum Corporation (KPC)
is focusing on enhancing oil exports and ramping up gas production as part of its 2040 growth strategy, the chief executive of the state-run company said on Sunday.
“We are deploying new technologies for our maturing fields for smart and efficient operations. We are moving towards an integrated value chain from our reservoirs
to our petrochemicals complexes,” hashem hashem told an energy industry conference in Kuwait City.
he said that KPC was also focusing on offshore oil exploration and is developing its petrochemicals industry.
reUters
o i L
Saudi oil output seen
above pre-attack levels in
October, November
Saudi Arabia’s oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, energy minister Prince Abdulaziz bin Salman said on Monday.
Production by the world’s largest oil exporter will reach 9.86 million barrels per day (bpd) in October and November, the minister said at a Russian-Saudi investment event in Riyadh.
Output fell by 660,000 bpd from August to
9.13 million bpd in the wake of the Sept. 14 attacks.
The attacks knocked out half of the kingdom’s oil production, or 5% of global output, sending oil prices soaring. But a quick recovery in production, coupled with concerns about slowing global economic growth, have reversed all those gains.
Prince Abdulaziz said Saudi Arabia’s production capacity would reach 12 million bpd by the end of November. Current exports stand at around 6.9 million bpd.
Saudi Arabia will continue with voluntary output cuts – part of a global deal by producers aimed at propping up prices – of around 400,000 bpd, he added
Compliance by OPEC and non-OPEC producers with the deal is seen at above 200% in September, sources familiar with the matter said on Monday.
The Saudi minister called for a focus on stability of the oil market, rather than prices.
OPEC members and allies, a grouping known as OPEC+, meet next in December to decide on output policy for 2020.
“We hope that Nigeria, Gabon, South Sudan and Iraq will be fully compliant with OPEC+ deal in October,” Prince Abdulaziz told reporters, referring to countries that have missed targets.
Speaking at the same event, Russian Energy Minister Alexander Novak said there were no talks underway to change the global output deal.
Moscow is fully committed to the deal, he added.
At an oil event in Kuwait City, Kuwaiti oil minister Khaled al-Fadhel said the prospect of talks about a deeper cut in production were “up in the air”.
An OPEC+ committee, known as the JMMC, will continue to monitor the oil market to see whether there is a need for a deeper cut or to continue at current levels, he said.
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Week 41 15•October•2019