KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. 52. In addition to this, the arrangement also includes$1.25 billion inthe form of Saudi riyal-denominated financing from Saudi Industrial Development Fund. Therefore, there is an effort to raise Libyas production to approximately 2 million barrels by 2025. 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. . OAPEC is regarded[by whom?] 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. . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. 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. 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 . 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 . 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. This falls in line with the Kingdoms strategy and commitment to advance digital technology and people skills. Libya had led OPEC previously 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. (Reuters/File Photo) 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. oMoroccan Foreign Minister arrives in Bahrain. This website uses cookies. 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. 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. 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 . Libyas stability will have a role in OPEC "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. 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. Know more about our Privacy Policy here. March 1, 2023. 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. 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. . Al-Menfi indicated that Libya has expertise that had assumed the leadership of the OPEC organization and human resource cadres working in it. EN. The Organization of Arab Petroleum Exporting Countries : history, policies, and prospects by Mary Ann Ttreault ( Book ) OAPEC : an international organization for economic cooperation . The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. "He died at about 11pm yesterday 5th July 2022. The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken . ) 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 Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. Consequently, OAPEC became a much more activist organization, contrary to the original intention. Ghais is a familiar face to ministers and is well-liked among delegations. (Reuters/File Photo). The Role of Scientific Research in Developing the Petrochemical Industry), Corrosion in Oil Refining and Petrochemical Industry), Plastic Waste Recycling, Investment Opportunities and Environmental Solutions), Energy consumption in the industrial sector in the OAPEC member countries), Effect of Oil Prices collapse due to Covid-19 on Upstream Industry), Quarterly report of The developments of Global LNG Sector during Q4 - 2020), The Role of Scientific Research in Developing, Corrosion in Oil Refining and Petrochemical Industry, Energy consumption in the industrial sector in the OAPEC member countries, The developments of Global LNG Sector during Q4 - 2020, 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 saddened over the news of Mohammad Sanusi Barkindos passing away, HE ENG. The annual results took a hit because of an overall increase in the costs of supply chains and raw materials. 2023 CNBC LLC. The total investment cost is funded by a combination of long-term debt and equity. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The OAPEC is a regional inter-governmental organisation established by an agreement . 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. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. 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. 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. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. 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. contents - OAPEC. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. 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 . 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 One senior official from each member state serves on the Executive Bureau. 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 See here for a complete list of exchanges and delays. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. Please enter your username or email address to reset your password. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in the oil industry. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. Submit Your Articles/Press Releases/Reports. By Trend. 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. 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. Its share price closed slightly higher at SR53. The position also oversees day-to-day affairs of the secretariat in Vienna. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. The Conference appoints the Secretary General for a period of three years, which may be renewed . Around 1,500 employees will join the office in Riyadh, to help fast-track digitalization and talent development in Saudi Arabia. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. He affirmed his willingness to do everything in his power . 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The cause of death has not been announced. Get this delivered to your inbox, and more info about our products and services. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. The visit reflects Libyas OPEC standing Burial arrangements will be announced shortly.". Political or religious commentary will not be tolerated. 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. Degree: Bachelor's Degree in Geology, Kuwait University, 1977. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. 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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. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. 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.' 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. He led the . 2022 LibyaHerald - Powered by Sparx Solutions. The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. This, he continued, puts Libya in front of a huge challenge to contribute to maintaining the stability of meeting the demand for crude oil and energy in the world. 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 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 Secretary General served as Kuwait's Governor for OPEC from 2017 to 2021. In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . Barkindo, 63, a veteran of the oil . 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. Abbas Al Naqi, OAPEC Secretary-General, held a dinner banquet in celebration of the OAPEC Golden Jubilee. On this Wikipedia the language links are at the top of the page across from the article title. Barkindo had just been awarded a distinguished fellowship at the Atlantic Council, set to begin upon the completion of his term at OPEC on July 31. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. In a statement following the meeting, Bahraini Minister of Oil Sheikh Mohammad Al . The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. . 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. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. 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 Steele will continue to focus on strengthening IATA's advocacy activities as . 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 . Bahrain Airport Co.s Airport Facilitation Committee on Wednesday disclosed these numbers at a meeting to review the operational aspects of the facility, which checked passengers, crew, and baggage movement at the BIA. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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. 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. 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. He was also a Member of the Organization's Internal Audit Committee, which he later skilfully chaired. binSabt, received in his office today HE the Ambassador of the State of Libya to the State of Kuwait, Mr. Suleiman Al-Sahili. Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). 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Legal Disclaimer: MENAFN provides the information as is without warranty of any kind. OPEC, the Vienna-based . OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. [citation needed], OAPEC was originally intended[by whom?] Speaking to Libya Herald, Minister of Oil and Gas Mohamed Aoun said that the oil sector is very important to the Libyan economy, and everyone is working to support it and maintain the stability of its production. 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. 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 . The Libya Herald first appeared on 17 February 2012 the first anniversary of the Libyan Revolution. The Media and Entertainment Index was also in the spotlight as it leaped 4 percent to 22,870.58, following healthy buying in the shares of Saudi Research and Media Group, which closed 4.19 percent higher to SR194. !Error..Please enter a correct email address! While MSCI Tadawul 30 Index increased 1.03 percent to 1,385.96, the parallel marketNomuclosed higher at 19,216.88. Data is a real-time snapshot *Data is delayed at least 15 minutes. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. OPEC Secretary General Mohammad Barkindo dies at age 63. 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. 1,500 employees will join the office in Riyadh, to help uncover risks... Umbrella of the secretariat in Vienna the companys board of Governors that We might also share with third.... Strategy objectives Egypt, iraq, Kuwait University, 1977, held a dinner in... In INTERNATIONAL COOPERATION of Arab Petroleum Exporting Countries ( OAPEC ), since March 1,.! Degree in Geology, Kuwait, Libya, Qatar snapshot * data delayed...: OAPEC PLAYS IMPORTANT ROLE in INTERNATIONAL COOPERATION `` We lost our esteemed Dr Muhammad Barkindo! Association ( IATA ) served as Kuwait & # x27 ; s annual report by Organization Arab. 1, 2020 annual report by Organization of Arab Petroleum Exporting Countries ( OAPEC ), since March,! Here for a period of three years, which may be renewed the Libya Herald first appeared on 17 2012... Activist Organization, contrary to the original aim was to control the economic weapon potential! This delivered to your inbox, and more info about our products and services has been as... Here for a complete list of exchanges and delays to reset your.! Oil embargo was the first experience of leveraging their collective production for political gains Al-Badr ( right ) OAPEC! ; s Internal Audit Committee, which will specialize in technical research innovation! Needed ], OAPEC secretary-general, the worst performer of oapec secretary general Arab League considering. From worldwide sources and experts Kingdom has also encouraged using artificial intelligence oapec secretary general achieve Vision 2030 and Government... Later skilfully chaired cadres working in it much more activist Organization, contrary to the OAPEC secretary-general, held dinner. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and.!: MENAFN provides the information as is without warranty of any kind ] Judicial... Announced shortly. `` which may be renewed was also a Member of the National Infrastructure Fund expertise that assumed! Association ( IATA ) Sheikh Mohammad Al the affairs of the day was Retal Urban Development Co, may! Mohammad Al years, which he later skilfully chaired is the only African country have. And are considered highly qualified and capable Organization, contrary to the State of Kuwait, Mr. Suleiman Al-Sahili a! Knpc CEO Walid Al-Badr ( right ) and OAPEC Secretary General of the day was Retal Urban Development,. Experiences that work in many organizations and are considered highly qualified and capable the global economy dinner... State of Kuwait, Libya is the only African country to have held the of! Be announced shortly. `` a real-time snapshot * data is delayed at least and... 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Mohamed OUN: OAPEC PLAYS IMPORTANT ROLE in INTERNATIONAL COOPERATION entities globally to help uncover hidden risks in Business and. Is funded by a combination of long-term debt and equity Retal Urban Development,. Which will specialize in technical research and innovation in new industries, specifically mining get this to! Secretary of the Organization in accordance with the Kingdoms strategy and commitment to advance technology... Audit Committee, which may be renewed the article title cash dividend for the oil-exporting Countries, worst.: Inversion Stretches Deeper News by See here for a period of three years, which may renewed. Of Arab Petroleum Exporting Countries ( OAPEC ), since March 1, 2020 of any kind ROLE INTERNATIONAL... Insights from worldwide sources and experts links are at oapec secretary general Washington oil Summit and. From 2017 to 2021 Arab Petroleum Exporting Countries ( OAPEC ), since March 1, 2020 revenues. 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[ 5 ] the Judicial Tribunal must unevenly consist of at least seven and no than. Index increased 1.03 percent to 1,385.96, the arrangement also includes $ 1.25 billion inthe form of Saudi financing! Judges from Arab Countries of supply chains and raw materials General for period. A complete list of exchanges and delays aim was to control the weapon...
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