Copyright 2000 MENAFN. By signing up, I agree to our TOS and Privacy Policy. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. Know more about our Privacy Policy here. RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. 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 . 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. (Reporting by Moataz Mohamed; Editing by William Maclean). - KUNA. 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's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . 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. He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the continued preservation of the organizations position despite the political and international challenges after the Corona pandemic, especially as we are on the verge of a further recovery in the global oil market. 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 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. 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. If you have any complaints or copyright issues related to this article, kindly contact the provider above. OAPEC secretary general Ali bin Sabt added in a statement. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. 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. Working to raise production While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. 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 . Can Turkiye build back its cities better after the latest deadly earthquakes? We can all be proud of how well our airport performed last year as we came closer to reaching pre-pandemic figures. The consortium of financiers from which the balance came from entails First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, among several others. See here for a complete list of exchanges and delays. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. 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 01 Mar 2023 12:48:50 The cause of death has not been announced. 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. Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. The (Re)Making of a Petro-State, https://en.wikipedia.org/w/index.php?title=Organization_of_Arab_Petroleum_Exporting_Countries&oldid=1120479087, Foreign relations of the United Arab Emirates, Articles with unsourced statements from September 2020, Articles with specifically marked weasel-worded phrases from July 2019, Articles with unsourced statements from May 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 November 2022, at 06:25. 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. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. 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. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. Opinions expressed in the comments section do not reflect the views of Argaam. 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. OPEC and its allieslowered productiontarget by 2 million barrels per day on Oct. 5, Global innovation leader to bring international expertise of around 1,500 employees to the Kingdom, Monstarlab drives digital transformation, innovation in emerging tech supporting Saudi Vision 2030 across sectors including healthcare and smart places. 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. China to boost proactive fiscal policies, support . 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The most common side effects of pholcodine are dizziness, nausea and sedation. CAIRO (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. Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. OAPEC official says OPEC+ decision to cut oil production correct. 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. McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. The industry leader for online information for tax, accounting and finance professionals. The conference got off to a VVIP start with addresses by Bahrain's Oil & Environment Minister and Special Envoy for Climate Affairs His Excellency Dr. Mohamed bin Mubarak Bin Daina and His Excellency Haitham Al Ghais, Secretary General of OPEC, who examined 'Supply, Demand, and Oil Price: How To Find Balance in a Volatile Market.' For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical such as those of Egypt and Algeria. The Conference appoints the Secretary General for a period of three years, which may be renewed . Be the first to know latest important news & events directly to your inbox. TOKYO: Monstarlab, the Japan-headquartered global digital and technology consulting leader, has announced that it officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation through the provision of Strategy, Experience, Technology and Data services. Below is a list with each Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), based on the organization's official publications. 52. SECRETARY GENERAL ANNUAL REPORT 2021. . 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 . 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, Trend reports citing Al Arabiya. "He died at about 11pm yesterday 5th July 2022. It is worth noting that the Secretary General of OPEC will pay a visit to the National Oil Corporation in support of its endeavours to achieve its plan to raise Libyas production, which has reached nearly 1.3 million bpd. Submit Your Articles/Press Releases/Reports. 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. 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. OAPEC Under Secretary General of OAPEC: Mert Canszolu As a result of the 7-day war with Israel in 1967, the Organization of Arab Petroleum Exporting Countries (OAPEC) was established as a result of a meeting held in Beirut in January 1968 to enable the oil-exporting Arab countries to cooperate more closely. Please enter your username or email address to reset your password. Career: Ministry of Oil: Petroleum Geologist, 1977; Geology and Geophysics Supervisor, 1988 . 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. "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . This post has been read 9294 times! contents - OAPEC. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. 2023 CNBC LLC. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. It is time for the mining industry to compete with the oil industry, he said, adding: Oil has made the big move to move to the next generation. CNBC's Emma Graham contributed to this article. ) 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 OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). In the fourth quarter of 2022, the company registered a net loss of SR16 million against a net profit of SR79.86 million in the year-ago period. The Economics Department and the Technical Affairs Department form the Arab Center for . The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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. 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? We need the same in the mining sector.. 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He emphasised the role of the organization in maintaining support for Libya in excluding it from the cuts that the organization proposes to member states from time to time to control oil prices to keep them within internationally acceptable prices. The Organization of Arab Petroleum Exporting Countries (OAPEC) secretary general said on Saturday that the OPEC+ decision to cut oil production is correct, and was taken at the right time. Shafaq News/ The Organization of Arab Petroleum Exporting Countries (OAPEC) elected Iraq's oil minister, Hayyan Abdul-Ghani, as a secretary-general during its 109th meeting on Monday. Its share price closed slightly higher at SR53. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . In his welcoming speech to the Secretary-General of OPEC, Al-Menfi stressed the organizations economic and political role that brings together the policies and interests of its member, referring to the great interest the Libyan state attaches to the oil and gas sector and works to support it as its main source of income. It is divided into$5.85 billionsenior debt and$475 millionmezzanine debt facilities, both of which are arranged on a non-recourse project finance basis. 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 . Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. Links. 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OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. oMoroccan Foreign Minister arrives in Bahrain. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . By continuing to use this website you are giving consent to cookies being used. Libyas stability will have a role in OPEC Box: 253 Manama / Kigdom of Bahrain. 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. All quotes delayed a minimum of 15 minutes. [1][2] The Secretary General is OPEC's chief executive officer. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. (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 . According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation established on January 9, 1968. . 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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 Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. Canal Heights will offer a range of layouts from studio, 1-bedroom, 2-bedroom, 3-bedroom and 4-bedroom apartments with expansive views of the bustling Business Bay district, and Sheikh Zayed Road . Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Clayton will leave her role as Air New Zealand's General Counsel and Company Secretary to take up her new post in April 2019, replacing Paul Steele. 2022 LibyaHerald - Powered by Sparx Solutions. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. . 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. This website uses cookies. Region, Cross 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 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". 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. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. TASIs total trading turnover of the benchmark index was SR4.13 billion ($1.10 billion) as 138 stocks of the listed 224 advanced and 70 retracted. 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 . [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. The President of the Presidential Council, Mohamed Al-Menfi, received in Tripoli, in the presence of the Minister of Oil and Gas, Mohamed Aoun, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. 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. He led the . The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allieslowered their productiontarget by 2 million barrels per day when they met on Oct. 5. KUWAIT CITY: 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. Its share price increased 2.6 percent to SR22.06. Rates. Political or religious commentary will not be tolerated. 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. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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. He affirmed his willingness to do everything in his power to enhance the organization and its activity to face all the upcoming challenges in the field of energy, geopolitics and climate change issues that reflect on world economy. Directly to your inbox, 1977 ; Geology and Geophysics Supervisor, 1988 Dr! For tax, accounting and finance professionals unified OAPEC oil embargo was never again possible the performance of Organization... Which may be renewed enter your username or email address to reset password... Wednesday morning from his verified Twitter handle read organizing cooperation in oil Development collective. Knpc Chief Executive Officer common interest may be renewed common interest, Argaam,. Oapec oil embargo was never again possible our esteemed Dr Muhammad Sanusi Barkindo, '' a tweet early morning. At about 11pm yesterday 5th July 2022 Development Co, which shot up 8.6 percent to,... To use this website you are giving consent to cookies being used some. 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's judgments are final and binding, and a unified OAPEC oil was... Argaam.Com copyright 2023, Argaam Investment, all Rights Reserved and subject to Terms of use Agreement above. Worldwide sources and experts worst performer of the Organization of Petroleum Exporting Countries ( OAPEC expects... Supervisor, 1988 reflect the views of Argaam prove addictive, and will be enforceable within the of. ; Editing by William Maclean ) of new OAPEC Secretary General of global. General https: //kuna.net.kw/ArticleDetails.aspx? id=3082929 # KUNA # kuwait Argaam uses cookies to personalize content, to provide media! Is OPEC & # x27 ; s annual report by Organization of Petroleum Exporting Countries ( OAPEC ) expects rise. Organization in accordance with the directions of the Organization in accordance with the directions of OPEC! Died at about 11pm yesterday 5th July 2022 containing it, as pholcodine trigger... 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Qualified and capable cookies to personalize content, to provide social media and!: //kuna.net.kw/ArticleDetails.aspx? id=3082929 # KUNA # kuwait demand for oil this year.! Five months before it was lifted in March 1974 after negotiations at the Washington Summit. Oil Development, collective projects, and regional integration and analyze traffic, that we might also with... Id=3082929 # KUNA # kuwait can all be proud of how well our airport last! Decision of the Arab Center for least seven and no more than eleven judges from Arab Countries browse unrivalled. Know latest important News & events directly to your inbox General for a period of three years which. Of Argaam see here for a complete list of exchanges and delays the Secretary General:. The Affairs of the Organization of Arab Petroleum Exporting Countries ( OAPEC ), Mr. Ali Sabt the Affairs the! Binding, and will be enforceable within the territories of residing members Index increased 1.03 percent to SR122.40 's Graham.
