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SABIC, Aramco to Expand Scope of Converting Crude Oil to Chemicals Project

SABIC announced plans to expand the scope of converting crude oil to chemicals project with Saudi Aramco to include existing development programs of advancing crude to chemicals technologies as well as through integrating existing facilities, according to official statements on Tadawul. The two o

Abu Dhabi to Host Oil, Gas Industry’s Largest Online Exhibition

Abu Dhabi will host the oil and gas industry’s largest online exhibition and conference, as the ADIPEC Virtual Conference brings together over 5,000 government ministers, global energy leaders and professionals to assess the collective measures the sector is putting in place to fast-track re

WEEKLY ENERGY RECAP: Market awaits major OPEC+ meet

Oil prices were relatively stable despite increasing pessimism and skepticism about the slow pace of the oil demand recovery. By the end of the week, prices had settled near the levels of a week earlier. Brent crude edged higher to $42.93 per barrel while WTI crude also ticked up to $40.88 per bar

American Airlines plans to return Boeing 737 Max to service at year-end

American Airlines plans to return Boeing 737 Max jets to service for passenger flights by the end of this year depending on certification of the aircraft from the Federal Aviation Administration (FAA), it said on Sunday.The airline said it will operate a daily 737 Max flight between Miami and New

UAE, Israel Agree Deal to Boost Investment in Each Other's Economies

The United Arab Emirates (UAE) and Israel have reached a bilateral agreement that will give incentives and protection to investors who make investments in each other's countries, both finance ministries said on Sunday. The agreement is one of the first between the UAE and Israel after they

World Bank Should Keep Pumping Out Aid, Review Capital Adequacy

The World Bank should push ahead with its efforts to deliver $160 billion in coronavirus aid by June 2021 and explore additional emergency financing and debt relief for developing countries, the bank’s steering committee said on Friday. In a communique, the joint World Bank and Internationa

US retail sales rise at fastest pace in three months

US retail sales rose in September at the fastest pace in three months, topping forecasts and capping a third-quarter rebound for consumer spending that faces increasing headwinds. The value of overall sales increased 1.9 per cent from the prior month after a 0.6 per cent gain in August, Commerce

Sales of first big COVID-19 drug, remdesivir, may disappoint

Investors betting on big profits from COVID-19 treatments may get an unwelcome surprise when Gilead Sciences Inc. reports quarterly results this month. Its remdesivir,the first important coronavirus treatment, has not been used as much as first expected and faces complex insurance reimbursement is

Budget airline AirAsia X out of money, needs $120 million for restart

Long-haul, low-cost carrier AirAsia X has run out of money and needs to raise up to $120.6 million to restart the airline, deputy chairman Lim Kian Onn said in a newspaper interview published on Saturday.The Malaysian airline, the long-haul arm of AirAsia Group Bhd, said this month it wanted to re

Tunisia Sees Economic Recovery in 2021 with Growth at 4%

Tunisia expects the coronavirus crisis to drive its budget deficit to 14% of gross domestic product in 2020, double the original target and the highest in nearly four decades, a government official told Reuters on Friday. The country aims to reduce the shortfall to 7.3% in 2021, the official told

OPEC+ says it will ensure oil prices do not plunge again

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary general said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partners

Sudan Signs MoU With GE to Boost Power Supply

The Sudanese government signed a memorandum of understanding with General Electric (GE) on Thursday aimed at increasing power generation by up to 470 megawatts (MW) as Sudan struggles to emerge from an economic crisis and long economic isolation. GE said in a statement it planned to deliver elect

Egypt Registers Primary Surplus of 100M EGP

Egypt registered a primary budget surplus of 100 million Egyptian pounds ($6.39 million) in the first quarter of its 2020-2021 financial year, the cabinet said in a statement on Wednesday citing the finance minister. It also lengthened the maturity of its debt to 3.2 years as of June from 1.3 yea

IEA Says Oil Stocks Being Steadily Reduced

Global oil stocks which rose during the height of the pandemic are being steadily reduced, the International Energy Agency (IEA) said on Wednesday, but a second wave is slowing demand and will complicate efforts by producers to balance the market. OPEC+ producers - OPEC members and others includi

Ryanair Cuts Winter Capacity by Third on New COVID-19 Restrictions

Ryanair is to cut its planned winter capacity by a third due to a wave of travel restrictions imposed by European governments, the airline said on Thursday. The Irish airline, Europe’s largest low-cost carrier, this winter expects to fly 40% of the capacity it flew last year, down from an e

Qatari Second-Quarter GDP Drops to Lowest Since 2012

Qatar’s economy performed its worst since at least 2012 during the second quarter amid lockdown measures to combat the coronavirus, Bloomberg reported. The country’s gross domestic product fell 6.1% in the April-to-June period on an annual basis, according to estimates by the Planning

Lebanon: New Withdrawal Limits on Local Currency Stir Confusion

News circulated on Wednesday about limits set by banks for cash withdrawals on Lebanese pounds of up to LBP2 million per month, which is equivalent to around USD250 in the parallel market. For extra spending, depositors will be allowed to use their electronic cards, which also have limits that va

South Korea’s central bank holds policy rate as housing prices rise

South Korea’s central bank (CB) kept its policy rate steady on Wednesday, noting housing prices continued to rise, but reiterated an accommodative monetary stance as it kept a downbeat outlook for the coronavirus-hit economy.The Bank of Korea (BOK) held the base rate at a historic low of 0.5

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