Page 8 - DMEA Week 45 2021

DMEA POLICY & SECURITY DMEA

Iran sets out new guidelines

for its entry into JCPOA

MIDDLE EAST IRAN’S Foreign Ministry spokesman has future.” Speaking in his weekly press conference,
announced new rules for Iran’s participation he said that the composition of Iran’s negotiating
in the future nuclear talks with world powers team in the talks to remove sanctions against the
including the US. Iranian nation was the same as before in terms
Talks are set to return over Iran’s disputed of legal titles although new people have been
nuclear industry later this month, but pre-talks appointed to the posts.
have taken several months to restart following The spokesman added Iran was happy that
the rise of President Ebrahim Raisi in August. the Americans repeatedly reaffirmed their inten-
The previous Rouhani administration urged tion to re-join talks. He added “that’s because
to EU and other signatories of the deal to push they [US] didn’t want to forget that they [Biden
ahead but he was stopped by the Supreme administration] wanted to remove illegal sanc-
Leader Ayatollah Khamenei’s office until the new tions imposed by the previous US administra-
administration was in place. tion and continued - and even added on - by the
Spokesman Said Khatibzadeh was quoted current administration.
by IRNA as saying that the three conditions for Deputy Foreign Minister Ali Baqeri would
the US were to “admit culpability for current lead Iran’s negotiating team that also includes
situation,” “remove all sanctions imposed after representatives from entities relevant to the issue
withdrawal from nuclear deal” and to “Give of sanctions taking over from Abbas Aragchi
guarantee no future administration will quit in who was dropped from negotiations.™

FINANCE & INVESTMENT

Amad Chemicals gets funding from Aramco

MIDDLE EAST SAUDI-BASED Amad Chemicals Co. this week Amad specialises in manufacturing chemi-
received a $1.3mn loan from Saudi Aramco’s cals with a low environmental impact, including
investment arm Wa’ed to finance the company’s cleaners and coatings for the maritime industry.
expansion in the Kingdom. Saudi demand for these products is currently
The funds have been earmarked for the met entirely by imports and the domestic mar-
development of a new chemicals and coatings ket is estimated to have been worth SAR4.9bn
production facility at Aramco’s King Salman ($1.3bn).
Global Maritime Industries Complex, which is Amad chairman Hazza Al-Qahtani said: “We
being constructed at Ras Al Khair north of Jubail pride ourselves for being among the first Sau-
in Eastern Province. di-based companies to address this untapped
Amad said the new facility will comply with market and thank Wa’ed immensely for their
environmental standards set by the United substantial backing.”
Nations’ International Marine Organization Aramco is developing a wide variety of off-
(IMO), promoting “the reduction of industrial shore-related services facilities at Ras Al Khair,
waste and pollution, particularly in the maritime including forging and casting, though the
and offshore sectors”. most important of the complex’s units are the
The loan aligns with Wa’ed’s objective of onshore-focused Arabian Rig Manufacturing
supporting the localisation efforts of compa- (ARM) joint venture between Aramco and
nies focused on sustainability while also fitting US-based NOV and the International Maritime
within Aramco’s local content in-Kingdom total Industries (IMI) shipyard backed by Aramco,
value-add (iktva) initiative and commitments to its shipping affiliate Bahri, UAE-based Lamprell
Saudi Vision 2030. and Hyundai Heavy Industries of South Korea.
“The loan will also help generate local jobs for IMI this week announced that it had signed
Saudi professionals,” Wa’ed said. It added: “The a JV agreement the local Zamil Offshore to
facility’s business line will promote the reduction develop offshore support vessel (OSV) building
of industrial waste and pollution, particularly in and maintenance, repair and overhaul services
the maritime and offshore sectors.” (MRO) at the King Salman complex.™

P8 www. NEWSBASE .com Week 45 11•November•2021