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Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)
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Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)

The head of the Energy and Petroleum Regulatory Authority (EPRA) said Tuesday that Kenya extended to December 2024 an oil supply deal with three Gulf-based companies.

"There was an extension up to December 2024, so this is basically arising out of negotiations that have been happening to drive down the freight and the premium (costs)," said Daniel Kiptoo, the head of EPRA.

The deal had helped lower the cost of transporting oil to Kenya and the premium it pays to suppliers, he added.

In mid-March, Saudi Aramco, Emirates National Oil Company (ENOC), and Abu Dhabi National Oil Company (ADNOC) won bids to supply petroleum products to Kenya, a move designed to curb demand for dollars and secure oil imports.

Bloomberg cited Kenya Energy Minster Davis Chirchir as saying that Aramco will supply the African country with diesel for six months, ADNOC will supply Kenya with diesel and jet fuel, and ENOC will supply it with gasoline.

The Trade Development Bank (TDB) provides consultation to Kenya regarding acquiring a credit facility to pay for the fuels.

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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.