[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]. 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 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 . 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 Conference appoints the Secretary General for a period of three years, which may be renewed . In this capacity, he administers the affairs of the Organization in accordance with the directions of the Board of Governors. KUWAIT: KNPC CEO Walid Al-Badr (right) and OAPEC Secretary General Ali bin Sabt sign the deal. 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 . 2023 CNBC LLC. 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. This post has been read 9294 times! EN. Al-Nasr added that the company is also creating universities, which will specialize in technical research and innovation in new industries, specifically mining. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Social Connect. In apressstatement, AlLoughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . [1][2] The Secretary General is OPEC's chief executive officer. 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. 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 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. - KUNA. The head of Nigeria's National Petroleum Corp., Mele Kyari, announced the news in a tweet Wednesday, which was later confirmed 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. Know more about our Privacy Policy here. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. 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. The business acquisition is enabling Pioneers to utilise Monstarlabs world-class digital capabilities, supporting its vision to provide clients with consulting solutions that have real impact. ! 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. Read more; Welcoming remarks by Iraq's Minister of Oil The companys board of directors recommended a 30 percent cash dividend for the second half of 2022 at SR3 per share. Submit Your Articles/Press Releases/Reports. 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 The Secretary-General of the Organization of Petroleum Exporting Countries (OAPEC) expects a rise in global demand for oil this year 09-01-2022. . Degree: Bachelor's Degree in Geology, Kuwait University, 1977. 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. OAPEC secretary general Ali bin Sabt added in a statement. 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. 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 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. "We lost our esteemed Dr Muhammad Sanusi Barkindo," a tweet early Wednesday morning from his verified Twitter handle read. 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 . Ghais is a familiar face to ministers and is well-liked among delegations. OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. Opinions expressed in the comments section do not reflect the views of Argaam. Apart from Nigeria, Libya is the only African country to have held the post of secretary-general during the last 30 years. Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the . By continuing to use this website you are giving consent to cookies being used. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. CNBC's Emma Graham contributed to this article. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. However, the number of passengers received during 2022 is still 29 percent less than the pre-pandemic traffic of 9.6 million in 2019. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. Please enter your username or email address to reset your password. MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION, The developments of global LNG sector in 2020, His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. The Organization of Arab Petroleum Exporting Countries (OAPEC) . OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. contents - OAPEC. 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. 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 March 1, 2023. Mohammad Barkindo, Nigerian politician and secretary-general of oil producer group OPEC, has died at the age of 63, just days before he was set to finish his term at the organization. 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. The banking sector surge was led by Arab National Bank, which shot up 8.6 percent to SR25. 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 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. 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. 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 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. They are working to raise the production capacities of local oil companies in cooperation with foreign partners, noting the steps taken by the Ministry of Oil to support the sector through developing general policies and drawing up short and long-term plans that are in line with internal conditions and international changes. The secretary general of oil producers group OPEC, Mohammad Barkindo, has died, the boss of Nigerian National Petroleum Corp (NNPC) announced on Wednesday. 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. Barkindo, 63, a veteran of the oil . "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. 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. All quotes delayed a minimum of 15 minutes. 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. 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 . 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. 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. In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. Its share price increased 2.6 percent to SR22.06. !Error..Please enter a correct email address! Data is a real-time snapshot *Data is delayed at least 15 minutes. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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 . 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. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. McDonald's is trying to diversify the ranks of its restaurant owners across the US, where it has about 13,500 locations. 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. 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. Links. Monstarlab aims to impact growth of emerging sectors such as smart places and healthcare tech in the Kingdom of Saudi Arabia and is already working with a range of private and public sector organisations in the country including high-level projects with NEOM and the Public Investment Fund. 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 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. He affirmed his willingness to do everything in his power . 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. 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.". 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. 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. Copyright 2000 MENAFN. Box: 253 Manama / Kigdom of Bahrain. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. The most common side effects of pholcodine are dizziness, nausea and sedation. 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. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . Mohammad Barkindo, a Nigerian oil . 23/03/2021 The developments of global LNG sector in 2020. 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