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Saudi Arabia, Hong Kong Sign MoU on Enhancing Direct Investments

Saudi Arabia and the Hong Kong have signed a memorandum of understanding (MoU) that aims at encouraging direct investments. SPA
Saudi Arabia and the Hong Kong have signed a memorandum of understanding (MoU) that aims at encouraging direct investments. SPA
TT
TT

Saudi Arabia, Hong Kong Sign MoU on Enhancing Direct Investments

Saudi Arabia and the Hong Kong have signed a memorandum of understanding (MoU) that aims at encouraging direct investments. SPA
Saudi Arabia and the Hong Kong have signed a memorandum of understanding (MoU) that aims at encouraging direct investments. SPA

Saudi Arabia and the Hong Kong Special Administrative Region of the People's Republic of China have signed a memorandum of understanding (MoU) that aims at encouraging direct investments.

The memorandum was signed in the presence of Saudi Minister of Investment Eng. Khalid Al-Falih.

The MoU aims to enhance joint direct investments by exchanging rules and regulations related to the investment environment and cooperation in organizing exhibitions and business sessions and exchanging visits and expertise.

The memo was signed during a Saudi delegation’s visit to Hong Kong and elsewhere in China, headed by the minister of investment.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.