Page 13 - MEOG Week 10 2023
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MEOG                                       NEWS IN BRIEF                                              MEOG

       POLICY                              Saudi Arabia also fully opened its airspace   meeting.
                                           to Israeli aircraft last July, after it had given   ARAB TIMES
       Oman and considering                them limited access to fly to Bahrain and the   KPC sees global oil market
                                           United Arab Emirates following the two states’
       normalising relations with          normalization with Israel.           in balance
                                           ARAB CENTRE
       Israel                                                                   Kuwait Petroleum Corp. sees the global oil

       As the mechanisms of normalization between   COMPANIES                   market in balance through at least the first
       Israel and the United Arab Emirates, Bahrain,                            half of this year, its CEO said this week.
       Morocco, and Sudan continue to take shape,   KPC sees fierce competition   Demand from China is seeing a sustainable
       other Arab states are pondering whether they                             increase, Nawaf Al-Sabah told reporters at the
       too should follow the same route.   for Kuwait oil contracts             CERAWeek energy conference in Houston.
         For a while, Oman appeared to be a                                       The CEO of the national oil company
       natural candidate for this strategic choice,   The Kuwait Petroleum Corporation is at the   added that Kuwait has not lost any market
       which would inevitably shift its currently   center of fierce competition from international  share in China from discounted Russian oil
       neutral foreign policy in a direction that could   companies which are competing to obtain oil   barrels.
       threaten its regional relations and interests   agreements to ensure access to oil derivatives   KPC’s customers have not asked for
       and curb its ability to act as a facilitator of   from the Al-Zour refinery, which is expected   reductions or increases in oil supply from the
       contacts with the Islamic Republic of Iran.   to enter service in its three phases by May or   company, Al-Sabah said. He added that the
       But messages from the sultanate over the last   June of this year, reports Al-Rai daily.  company is staying mindful of the effect a
       few years indicate that in Muscat there is a   High-level oil sources told the daily that   potential recession could have on the global
       combination of readiness to join the so-called   Kuwait is on the road to restoring its natural   economy and oil market.
       Abraham Accords and trepidation about the   position in the global markets in a greater   During a conference discussion, Al-Sabah
       radical change that such a decision might   way and with a strategic weight, as part of the   referenced an announcement from earlier on
       bring to the country’s foreign policy. Indeed,   tremendous efforts undertaken by the global   Tuesday that second phase units for Kuwait’s
       what Oman appears to have so far decided is   marketing sector, the KPC, pointing out that   Al Zour refinery are now operating. State
       to maintain whatever informal ties it has with   KPC revealed during the annual reception of   news agency KUNA previously reported the
       Israel without undertaking official recognition   its customers in a “IE WEEK” in the British   news, citing KIPIC CEO Waleed Al-Badr.
       and the opening of embassies, as the UAE and   capital, London, during which it announced   The much delayed 615,000 barrel-per-day
       Bahrain both did in 2021.           its preparation to distribute the output shares   (bpd) refinery is one of several new complexes
         The latest signal of Oman’s readiness to   of Al-Zour refinery, amounting to 615,000   coming online this year across the world to
       fully normalize relations with Israel came just   barrels of oil per day, other than intermediate   churn out more oil products and cool refining
       recently, when its Civil Aviation Authority   products, after completing the internal needs.  margins from record levels last year following
       gave Israeli civilian aircraft permission to   The sources pointed out that the global   the disruption of supplies from top exporter
       cross the country’s airspace. While Oman   market is interested in the products of Al-  Russia.
       has been a signatory to the Convention on   Zour Refinery, especially as it conforms to   Kuwait is set to ramp up refined oil product
       International Civil Aviation since 1973,   European and international standards, noting   exports from the Al Zour refinery in the
       allowing Israeli airlines to traverse Omani   that Kuwait will always remain a safe supplier   second half of 2023 to plug Russian shortfalls
       airspace is a clear message that the sultanate   to global energy markets. The Director of the   in Europe and meet growing demand in Asia
       is at least amenable to accepting Israel as   KPC European Regional Office in London,   and Africa, Reuters previously reported in
       a state that should be accorded normal   Nagham Al-Omar, had made all arrangements  February, citing industry sources and analysts.
       treatment. Incidentally, and in similar fashion   for delegations and a reception for Kuwait’s   The Kuwait Integrated Petroleum
       and under arguably similar circumstances,   international customers during the annual   Industries Company shipped its first shipment

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