Kazakhstan says it has not stopped oil loadings from Russian ports
Two industry sources said on Wednesday that foreign tankers were being temporarily barred from loading at Russia's main Black Sea ports following new regulations, effectively blocking oil exports from Kazakhstan handled largely by a consortium partly owned by US energy majors.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
3 hours ago
- Arab News
Russia starts direct commercial flights between Moscow and Pyongyang
MOSCOW: Russia on Sunday opened a regular air link between Moscow and Pyogyang, a move reflecting increasingly close ties between the two countries. The first flight operated by Russian carrier Nordwind took off from Moscow's Sheremetyevo airport carrying over 400 passengers. Russia's Transport Ministry said there will be one flight a month to meet demand. Russian Foreign Minister Sergey Lavrov, who visited North Korea's new Wonsan-Kalma beach resort earlier this month to meet with North Korean leader Kim Jong Un, promised to encourage Russian tourists to visit the complex. The resort, which can accommodate nearly 20,000 people, is at the center of Kim's push to boost tourism to improve his country's troubled economy. North Korea has been slowly easing the curbs imposed during the pandemic and reopening its borders in phases. But the country hasn't said if it would fully resume international tourism. Regular flights between Russia's eastern port city of Vladivostok and Pyongyang reopened in 2023 following a break caused by the coronavirus pandemic. Russia and North Korea have sharply expanded military and other ties in recent years, with Pyongyang supplying weapons and troops to back Russia's military action in Ukraine.
Arab News
12 hours ago
- Arab News
GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
RIYADH: The Gulf Cooperation Council's economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region's ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. The region's economic shift is driven by national reform plans, including Saudi Arabia's Vision 2030, the UAE's Economic Vision 2030, Oman's Vision 2040, and Qatar's National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. The statistical center said: 'This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.' At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and Saudi Arabia at 2.8 percent, the report showed. The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by Saudi Arabia and the UAE, and supported by sustained infrastructure investment and policy reforms.
Arab News
15 hours ago
- Arab News
Saudi and Syrian business leaders commit to energy sector revival
RIYADH: Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria's energy infrastructure following a high-level meeting in Riyadh. The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration. During the meeting, which included members of the Syrian expatriate community and Saudi business executives, Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry's recent achievements and its strategic direction despite prevailing challenges, the Syrian Arab News Agency reported. He said economic partnerships and investor engagement are essential to advancing the energy sector and welcomed collaborative initiatives aimed at bolstering development efforts. The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus. In a follow-up to that momentum, business leaders at the recent Riyadh meeting 'affirmed their readiness to help rebuild infrastructure and expand investment opportunities in both conventional and renewable energy,' according to the report by SANA. The forum united over 120 investors and executives from the Kingdom's public and private sectors and witnessed the signing of 47 agreements and memoranda of understanding valued at SR24 billion ($6.4 billion). The conference also marked a significant deepening of bilateral cooperation across various sectors, including energy, real estate, infrastructure, telecommunications, and finance. The recent meeting builds on the SR11 billion in infrastructure commitments made during the forum, notably the inauguration of the Fayhaa White Cement Factory in Adra Industrial City. The plant, backed by a $20 million investment from Northern Region Cement Co., is the first of its kind in Syria and is projected to create over 1,100 direct and indirect jobs. Additional agreements worth SR4 billion targeted the telecommunications sector, while cooperation in agriculture, financial services, health care, education, and IT were also highlighted. The forum's economic significance builds upon recent diplomatic and financial milestones. Saudi Arabia officially reopened its embassy in Damascus in 2024 after a 12-year hiatus. In April, the Kingdom, in coordination with Qatar, settled Syria's $15 million debt to the World Bank, enabling access to multilateral funding for redevelopment. Syrian and Saudi officials emphasized the historical and cultural ties between the two nations, framing the forum as a key moment in rebuilding economic cooperation. Syrian Economy Minister Mohammad Al-Shaar described the event as a 'historic milestone,' while Saudi Minister of Investment Khalid Al-Falih underscored the Kingdom's long-term commitment to supporting Syria's path to recovery and sustainable growth.
