Page 18 - DMEA Week 34 2021

DMEA NEWS IN BRIEF DMEA

length of the road project, reported The Oman The monsoon season in India and hot Limited, to create a clear career path for their
Observer. weather in the Middle East have weighed on Nigerian staff through promotion, upgrade,
The successful bidder will also construct demand in the past few months. Demand conversion and advancement in their chosen
drainage structures and embankment from Asia has been thin because of Covid fields.
protection systems, besides installing street- lockdowns, floods and monsoons. Aregbesola made the remarks when he
lights. A three-year timeframe has been Exports from Iran to Afghanistan also paid a working visit to the industrial complex
stipulated for the completion of the project, it grounded to a halt from 9 July following in Port Harcourt, Rivers State capital.
added. political turmoil at the borders between both The Minister was guided round the
Auguring well for stronger trade and countries. complex, seeing the control room, the bagging
investment ties between Saudi Arabia and These reasons have continued through and loading sections and the product display
Oman is a new 800-km carriageway that links August with a further drop in Iranian export room.
the two countries via The Empty Quarter, said volumes expected for this month. Speaking at the end of the tour, the
the report. Prices on a fob Bandar Abbas basis moved Minister noted that he was impressed with
When operational, sometime later this within a narrow band of $270-285/t in July, the level of investment and expansion of the
year or early 2022, the desert road will enable compared with a month earlier. Prices inched company, commending the management for
speedier flows of goods, tourists and business up in July supported by higher VB feed prices their contribution to the development of the
travellers, it added. and compared with $260-290/t in June. Nigerian economy. He however stated that
GD ONLINE Overall bitumen this year have risen on higher Indorama needed to do more in employing
crude oil futures and prices of high-sulphur more Nigerians to work at the facility.
Kuwait crude oil jumps to fuel oil since the start of 2021. Investment, perhaps, I would have applauded
“If I was the Minister of Trade and
Iran’s export volumes in July dipped and
$70.78 pb were underpinned by high inventory at Indian you and left this place, as the level of
investment is quite commendable, but my role
ports and limited consumption. Exports
Kuwait crude oil went up USD 2.65 during declined on the year and stood at about 2.9mn as Minister of Interior requires me to speak
Tuesday’s trading sessions to reach USD 70.78 t in January-July 2021, down by 9pc from the on the area that concerns me and which is
pb compared to USD 68.13 pb the day before, 3.2mn t sold during the same period in 2020. paramount.
Kuwait Petroleum Corporation (KPC) said Iranian export volumes to Asia also fell “You need to improve on the number of
Wednesday. during July while freight and transportation Nigerians in your employment. Of course, this
Brent future contracts also closed with an charges have continued to firm given is beyond the two-understudy required for
increase of USD 2.30 to USD 71.05 pb, while increasing delays and a shortage of containers each expatriate quota allocation.
future contracts of West Texas Intermediate over July. Buying interest rebounded from “Beyond that, a clear path of progression
gained USD 1.90 to reach USD 67.54 pb. Africa on a shortage of cargoes in Kenya and must be created for staff who are already
KUNA Tanzania. employed. If that is done and all laid down
ARGUS procedures are followed, the Ministry
of Interior will continue to deliver on its
FUELS mandate of ensuring businesses and other
PETROCHEMICALS interested corporate organizations get all
Iran’s July bitumen exports Aregbesola urges Indorama required documentations,” Ogbeni Aregbesola
stated.
slump on weak demand company, Mr. Manish Mundra, who led top
Earlier, the Managing Director of the
Iran’s bitumen exports in July fell by 27pc to do more for Nigerian management of the company to receive the
from June because of weak buying interest employees Minister stated that the aim of the firm is to
from India and other Middle East countries. make Nigeria the largest petrochemical hub
Exports declined to about 326,000t in July, The Minister of Interior, Ogbeni Rauf in Africa.
down from 446,000t in June, according to data Aregbesola, has charged the management of “We have over 700 companies in Nigeria
from the Iran Mercantile Exchange. the Indorama Petrochemicals and Fertilizer sourcing their raw materials from our

P18 www. NEWSBASE .com Week 34 26•August•2021