G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
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G7 Finance Leaders to Call on Israel to Maintain Palestinian Bank Links

German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights
German Finance Minister Christian Lindner, United States Secretary of the Treasury Janet Yellen, Bank of Canada Governor Tiff Macklem, Canada's Minister of Finance Chrystia Freeland, Italy's Economy Minister Giancarlo Giorgetti, Bank of Italy Governor Fabio Panetta, Japan's Finance Minister Shunichi Suzuki, Bank of Japan Governor Kazuo Ueda, France's Minister for Economy and Finances Bruno Le Maire, Eurogroup President Paschal Donohoe, Bank of France Governor Francois Villeroy de Galhau, European Central Bank (ECB) President Christine Lagarde, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, President of Germany's Federal Reserve Bundesbank Joachim Nagel, World Bank President Ajay Banga, attend a family photo session at the G7 Finance Ministers and Central Bank Governors' meeting in Stresa, Italy, May 24, 2024. REUTERS/Massimo Pinca/File Photo Purchase Licensing Rights

G7 finance leaders will call on Israel to maintain correspondent banking links between Israeli and Palestinian banks to allow vital transactions, trade and services to continue, according to a draft joint statement seen by Reuters on Saturday.

The statement, to be released at the end of a Group of Seven finance ministers and central bank governors' meeting in northern Italy, also calls for Israel "to release withheld clearance revenues to the Palestinian Authority, in view of its urgent fiscal needs"

"We call on Israel to take the necessary measures to ensure that correspondent banking services between Israeli and Palestinian banks remain in place, so that vital financial transactions and critical trade and services continue," the draft statement said, Reuters reported.

The G7 finance leaders also called for the removal or relaxation of other measures "that have negatively impacted commerce to avoid further exacerbating the economic situation in the West Bank."

The statement echoes a warning on Thursday from U.S. Treasury Secretary Janet Yellen, who said the failure to renew a soon-to-expire banking waiver would cut off a critical lifeline for the Palestinian territories amid a devastating conflict in Gaza.



Saudi Aramco, NextDecade Sign 20-year LNG Supply Deal

At the signing ceremony, from left: NextDecade Chairman and Chief Executive Officer Matthew Schatzman, Aramco Upstream President Nasir K. Al-Naimi, and Aramco Executive Vice President of Gas Abdulkarim Al-Ghamdi. Photo: Aramco website
At the signing ceremony, from left: NextDecade Chairman and Chief Executive Officer Matthew Schatzman, Aramco Upstream President Nasir K. Al-Naimi, and Aramco Executive Vice President of Gas Abdulkarim Al-Ghamdi. Photo: Aramco website
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Saudi Aramco, NextDecade Sign 20-year LNG Supply Deal

At the signing ceremony, from left: NextDecade Chairman and Chief Executive Officer Matthew Schatzman, Aramco Upstream President Nasir K. Al-Naimi, and Aramco Executive Vice President of Gas Abdulkarim Al-Ghamdi. Photo: Aramco website
At the signing ceremony, from left: NextDecade Chairman and Chief Executive Officer Matthew Schatzman, Aramco Upstream President Nasir K. Al-Naimi, and Aramco Executive Vice President of Gas Abdulkarim Al-Ghamdi. Photo: Aramco website

Saudi Aramco and US liquefied natural gas (LNG) provider NextDecade announced on Thursday that their respective subsidiaries have executed a non-binding Heads of Agreement (HoA) for a 20-year liquefied natural gas sale and purchase agreement (LNG SPA) for offtake from Train 4 at the Rio Grande LNG Facility at the Port of Brownsville, Texas.

Under the terms of the HoA, Aramco expects to purchase 1.2 million tons per annum (MTPA) of LNG for 20 years on a free-on-board basis at a price indexed to Henry Hub. Aramco and NextDecade are currently in the process of negotiating a binding agreement, and once executed, the effectiveness of which will be subject to a positive Final Investment Decision on Train 4.

"We look forward to finalizing the terms of a long-term LNG offtake agreement with NextDecade as we explore opportunities to expand our presence in international energy markets,” said Aramco Upstream President Nasir K. Al-Naimi.

“We expect LNG to play an important role in meeting the rising demand for secure and efficient energy,” he added.

NextDecade Chairman and CEO Matt Schatzman said: “We are pleased to have reached a Heads of Agreement with Aramco for LNG from Train 4, as Aramco seeks to expand its LNG portfolio. We look forward to finalizing the LNG SPA with Aramco and to pursuing other opportunities together.”