OAPEC secretary general Ali bin Sabt added in a statement. The KSA ICT Strategy 2023 aims to increase the ICT sectors contribution to GDP, grow levels of Saudization in the sector, increase womens participation in the sector and boost IT and emerging technology adoption. The days highlight was the healthy resurgence of the banking and insurance sectors, which grew over 2 percent to 10,542.78 points and 5,973.98 points. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . Organization Of Arab Petroleum Exporting Countries H.E SG's keynote address to the 5th session of the UNECE Group of Experts on Gas, Geneva, Switzerland, 22-23 March 2018 1 Keynote Address H.E. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. Consequently, OAPEC became a much more activist organization, contrary to the original intention. In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. On the announcements front, Methanol Chemicals Co., also known as Chemanol, reported a 15 percent decline in its annual net profit to SR206.4 million from SR244 million in 2021. The cause of death has not been announced. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies lowered their production target by 2 million barrels per day when they met on Oct. 5. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. Barkindo, 63, a veteran of the oil . Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. On 9 January 1968, three of the thenmost conservative Arab oil states Kuwait, Libya, and Saudi Arabia agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. 01 Mar 2023 12:48:50 The industry leader for online information for tax, accounting and finance professionals. [2] However, by early 1972, the criterion for admission had changed to oil being a significant source of revenue (rather than the principal source) of a prospective member nation; and Algeria, Iraq, Syria and Egypt had been admitted. Links. The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. Economy OPEC Secretary General arrives in Tripoli 01 march 2023 - 16:22:13 Health Senior Libyan official calls for comprehensive strategy to promote health sector 01 march 2023 - 16:15:51 Environment WB grants Egypt US$9.13 m to improve management of electronic, healthcare waste in Cairo 01 march 2023 - 13:58:03 Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility. While the organization lost two members, Qatar and Ecuador, during that time,Barkindo is nonetheless credited with guiding unity among the group's members in an effort to stabilize global oil markets. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . Saudi British Bank and Banque Saudi Fransi, which zoomed up by 4.98 percent and 4.13 percent, were among Wednesdays top performers. EN. CAIRO Oct 15 (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Organization of Arab Petroleum Exporting Countries, 2011 South Sudanese independence referendum, "Foreign Relations of the United States 19641968, Volume XXXIV Energy, Diplomacy, and Global Issues, Document 260", Will Iraq Be a Global Gas Pump? In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power which holds a 33.3 percent equity stake. OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. The Executive Bureau assists the Council of Ministers by meet at least three times a year to review the budget, approve staff regulations, and develops an agenda for the Council of Ministers depending on their analyses of the organizations activities. Working to raise production In an era marked by the challenges of climate change and food insecurity, NEOM is committed to developing ground-breaking food solutions, with the support of our industry partners and specialists,saidJuan CarlosMotamayor,executivedirectorofNEOM Food Sector. All quotes delayed a minimum of 15 minutes. Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the launch of OPEC's history book tilted 'OPEC 60 years and beyond: A story of courage, cooperation and commitment,' 19 June 2022, Baghdad, Iraq. (Reuters/File Photo) OPEC Secretary General Mohammad Barkindo dies at age 63. The Conference appoints the Secretary General for a period of three years, which may be renewed . KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. HE Al Ghais was the first Chairman of the DoC's Joint Technical Committee (JTC) following the inception of the historic framework in December 2016. The NEOM Green Hydrogen Project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world scale green hydrogen and green ammonia plant. The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5. Box: 253 Manama / Kigdom of Bahrain. [citation needed], OAPEC was originally intended[by whom?] Chemanols share price dipped 1.69 percent to SR24.46. On 16 October, ten days after the war's start, Kuwait hosted separate meetings of both OAPEC and the Persian Gulf members of OPEC, including Iran. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. The company on March 1 reported a 27 percent increase in net profit after zakat and tax to SR245.7 million in 2022 from SR193.3 million in 2021. The committee discussed various topics, including the airports annual performance figures, which saw aircraft traffic movements surge to 82,000 in 2022 from 51,000 in 2021, a 60 percent surge. Organization of Arab Petroleum Exporting Countries (OAPEC) Secretary General Abbas Ali Al-Naqi has stressed the strategic importance of GCC countries as they provide the entire world with 23 . The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. OAPEC official says OPEC+ decision to cut oil production correct. Libyas stability will have a role in OPEC 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. Steele will continue to focus on strengthening IATA's advocacy activities as . Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . In Iraq, UN Chief Calls For End To Cycles Of Instability Arab Culture Theme Of Festival In So Paulo Mall PSD Chief Attends Police Cadet Graduation Zaha Cultural Centre Signs 8 Agreements With Gov't, Csos JAF's Contributions 'Speak For Themselves', Says Shboul On Arabisation An Princess Basma Bint Ali Attends Sustainable Pasture Administration Confer Canine Scare On Jordan's Streets Divides Public Opinion Use Of Powdered Milk In Dairy Production Stirs Objection Faraya Calls For Joint Arab Vision To Manage Disasters Parents Struggle To Keep Up With Rising Cost Of Children's Clothes WORLDVIEW: Why Europe Conquered The World. Rates Spark: Inversion Stretches Deeper News by binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. Its administration is assumed by a Secretary General. Read more; Welcoming remarks by Iraq's Minister of Oil [citation needed], In 1982, the Arab League's Arab Petroleum Congress (founded in 1959) merged into OAPEC's Arab Energy Conference (founded in 1979),[3] which has continued to meet periodically through at least 2014.[4]. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. The total investment cost is funded by a combination of long-term debt and equity. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. ! Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits. In October of that year, the forces of Egypt and Syria attempted to overwhelm the state of Israel in an offensive later known as the Yom Kippur War. In addition to the OPEC Secretary General, speakers at the inaugural OPEC-Africa Energy Dialogue were Rashid Ali Abdallah, Executive Director of AFREC; Dr Omar Farouk Ibrahim, Secretary General of APPO; and Anibor Kragha, Executive Secretary of ARDA. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. Barkindo, 63, a veteran of the oil . Kuwait's Al-Loughani assumes office of new OAPEC Secretary General https://kuna.net.kw/ArticleDetails.aspx?id=3082929 #KUNA #KUWAIT . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. Kuwait Ministry of Oil said in a joint statement, on Monday, that Dr. Al-Fares, also Minister of Electricity and Water, discussed with the OAPEC secretary general most significant activities by the organization after the latest OAPEC meeting, held in December 2020, during which a scheme to overhaul the organization was approved. Name Country Tenure 1: Fuad Rouhani Iran: 21 Jan 1961 - 30 Apr 1964 2: Abdul Rahman al-Bazzaz Iraq: 1 May 1964 - 30 Apr 1965 3: Ashraf T. Lutfi Kuwait: 1 May 1965 - 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia: 1 Jan 1967 - 31 Dec 1967 5: Francisco R. Parra Venezuela OAPEC secretary general Ali bin Sabt added in a statement. Aaron M. Sprecher | Bloomberg | Getty Images. Get this delivered to your inbox, and more info about our products and services. As part of its commitment to investing in KSA, Monstarlab recently announced the acquisition of Pioneers Consulting, a leader in design and implementation of strategies, founded by Faisal Alamro, Abdullah Aldakheel and Ahmed Alghofaily and developed in KSA. See here for a complete list of exchanges and delays. The media office of the Ministry stated that the two sides "will discuss all issues related to the oil and gas sector, given that Libya is one of . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . 'Daunting challenges' facing Africa In his opening remarks, Abdallah said: "We should . The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali Sabt Bin Sabt, announced that Kuwait will host the 108th meeting of the Organization of Ministers' Council at the delegates' level, which will be held today, Wednesday, with the participation of members of the organization's executive office . Messis World Cup cloak sparks questions online, Explainer: Why Japan is boosting its arms capability, budget, Murakami hopes to exhibit artwork in Saudi Arabias AlUla, Disabled people seek redress against forced sterilization law, Newly appointed Japan Ambassador to Iraq introduces himself in Iraqi dialect, COVID-19 vaccinations for children under 5 start in Japan, Shin Ultraman movie releases in the Middle East, OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, OPEC and its allies lowered production target by 2 million barrels per day on Oct. 5. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. . The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. See here for a complete list of exchanges and delays. Four bankers will stand trial in Zurich next week accused of helping a man known as "Vladimir Putin's wallet" deposit millions of Swiss francs in Switzerland. Our Standards: The Thomson Reuters Trust Principles. With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. By signing up, I agree to our TOS and Privacy Policy. The position also oversees day-to-day affairs of the secretariat in Vienna. (OAPEC) was established by virtue of the agreement signed in Beirut on January 9, 1968 between Saudi Arabia, Kuwait and Libya regarding the establishment of a specialized Arab regional organization . On Tuesday, Libya's Minister of Oil and Gas, Mohamed Aoun received the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. oMoroccan Foreign Minister arrives in Bahrain. The first part of this report presents an analysis of international developments relatede to the supply and consumption of oil and energy and their impact on the demand for oil for member countries, as well as the revenue from petroleum exports and its impact on the process of economic development. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. A number of the member nations would use this sense of control to renegotiate the contracts they had made with the companies that had discovered and exploited their resources. Submit Your Articles/Press Releases/Reports. Opinions expressed in the comments section do not reflect the views of Argaam. "Through our strategic base in KSA, we will be able to expand our innovation solutions and strategic services capabilities across a wide range of sectors including healthcare, hospitality, finance, technology and more.. Copyright 2000 MENAFN. CAIRO - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the . Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Twitter Youtube Instagram RSS The meeting also included presentations on aviation security, fire prevention, and the upcoming full-scale emergency exercise, which will test the Airport Emergency Plan and assess the capabilities, readiness, and effectiveness of the facilitys emergency and rescue services in dealing with potential incidents. While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. OAPEC is regarded[by whom?] Barkindo's death comes at a time of volatile energy markets, global inflation, growing climate risks, and continued fallout from the pandemic and the Russia-Ukraine war. Tarek El Molla, Minister of Petroleum and Mineral Resources received H.E Mr. Ali bin Sabt, OAPEC Secretary General. OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. Region, Cross This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. He affirmed his willingness to do everything in his power . Dr. Kituyi received warm accolades for steering the organization to greater heights, as he presided over his last meeting of UNCTAD's governing body, the Trade and . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. Since taking the helm as secretary-general of OPEC in 2016, Barkindo oversaw tumultuous times for the oil producer group, which witnessed volatile markets rocked by historic events includingthe Covid-19 pandemic, the creation of the OPEC+ alliance with Russia and other non-OPEC states, and Russia's invasion of Ukraine. See here for a complete list of exchanges and delays. Please enter your username or email address to reset your password. OAPEC resolved to cut oil production by 5% monthly "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war". Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. The discussions tackled the organization significant role in bolstering and developing joint cooperation and coordination among the member countries in oil and gas domain, as well as enriching the Arab Petroleum industry with the technical studies. RIYADH:Bahrain International Airport welcomed 6.9 million passengers in 2022, marking an increase of 125 percent from 3 million in 2021, the Bahrain News Agency reported. Hiroki Inagawa, Monstarlabs Group CEO, said: We are proud to be officially launching our new office in Riyadh which forms part of our ongoing investments and commitment to KSA. Meanwhile, Al-BabtainPower and Telecommunication Co. informed the stock exchange that Portugal-basedMetalogalvaCo.acquireda 26 percent stake in AlBabtainFrance, which is 51 percent owned by AlBabtain, for SR3.74 million. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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KUWAIT CITY, March 15, (KUNA): The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed on Sunday a Memorandum of Understanding (MoU) for cooperation in The visit reflects Libyas OPEC standing The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. KUWAIT, Dec 22 (KUNA) -- The Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) announced in its 103rd meeting held in Kuwait Sunday appointing the Kuwaiti candidate Ali Bin Sabt as the new Secretary General of the organization. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . KUWAIT: The Organization of Arab Petroleum Exporting Countries (OAPEC) and Kuwait National Petroleum Company (KNPC) signed yesterday a memorandum of understanding (MoU) for cooperation in research and overhauling the oil sector and digital services. ) KUWAIT, March 1 (KUNA) -- The newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Al-Loughani Wednesday, 01 March 2023 04:25 GMT (Reporting by Moataz Mohamed; Editing by William Maclean). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. I look forward to contributing to the organization's work on a plethora of energy-related issues, at a time when the world's eyes are focused on both short- and long-term energy market outlooks.". The embargo's after-effects would linger through the rest of the decade and beyond. He led the . The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. The secretary-general of OAPEC, Dr. Ali Ahmed Attiga of Libya, recently described the Organization's raison d'etre1: The principal object of the Organization is the cooperation of the members in various forms of economic activity in the petroleum industry, the realization of the Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. Sign up for our newsletter and be the first to hear about our activities, Organization of Arab Petroleum Exporting Countries, Monthly Report on Petroleum Developments In The World Markets, ROLE OF HYDROGEN IN THE ENERGY TRANSITION, 24rd Forum on Fundamentals of Oil & Gas Industry, Performance Improvement of Petroleum Downstream Industries. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Organisation of Arab Petroleum Exporting Countries (OAPEC) Kuwait Secretary-General Ali Sabt Ben Sabt: 1968 11 Organise cooperation in oil development and regional integration, provide legitimate means to preserve the members' individual and collective interest within the industry and provide access to consumer markets on fair and reasonable . On 27 June 2022, Eng. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). March 1, 2023. . Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. oOil Minister receives OAPEC Secretary General. We want to hear from you. Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. Abdallah Salem el-Badri, a former head of Libya's National Oil Corporation served as secretary-general from 2007 to 2016, making him the longest serving holder of the post in the organisation's history. Was in line with the successful approach taken Loughani expressed his appreciation the... Council of Ministers of the Organization on granting him their trust percent, were among Wednesdays top performers advocacy as. Jamal Al Loughani assumed oapec secretary general as the Newly appointed Secretary General mohammad Barkindo dies at age 63 assumed as! 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