Oil Tanker Approved for Entry into Libya's Zueitina Port

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
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Oil Tanker Approved for Entry into Libya's Zueitina Port

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad

Oil tanker Kriti Samaria has been approved for entry into Libya's Zueitina port on Thursday evening or Friday to load 600,000 barrels of crude oil and will head to Italy, engineers told Reuters.

The tanker will be permitted to load oil from storage, the engineers said, without providing further detail.

Libya's two legislative chambers said on Tuesday they had agreed a mechanism for resolving the dispute over control of the central bank.
Libyan crude exports have been largely shut for more than a week amid a political showdown over control of the central bank, which is the sole legal depository for Libyan oil revenue and pays state salaries across the country.
Another tanker, the Front Jaguar, was loading crude from storage at Libya's Brega port, engineers told Reuters on Wednesday.

The crisis was triggered when western factions moved on Aug. 18 to oust veteran central bank governor Sadiq al-Kabir, who has since fled the country. Eastern factions responded by declaring a shutdown to all oil output on Aug. 26.
The National Oil Corporation, which oversees the country's oil resources, said on Aug. 28 that total oil output had dropped by more than half from typical levels to just over 590,000 bpd. It was not immediately clear where current production stood.
A member of the Organization of the Petroleum Exporting Countries (OPEC), Libya produced about 1.18 million barrels per day of crude in July, according to OPEC, citing secondary sources.



New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
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New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)

The full scale of Saudi Arabia’s potential as a global hub for financial technology came to the fore on day two of the first-ever 24 Fintech in Riyadh with the announcement of a SAR800 million (US$213 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
24 Fintech is an annual summit and exhibition hosted by the Financial Sector Development Program, Saudi Central Bank, the Capital Market Authority, and Insurance Authority, and co-organized by Fintech Saudi and Tahaluf.
It is set to become the flagship event for the Kingdom, cementing its status as a global fintech hub and shaping the future of the financial ecosystem.
At a panel discussion on the growth plan for Saudi Arabia’s fintech sector, Faisal Sharif, General Director of the Financial Sector Development Program, noted that Saudi Arabia is a major regional economy.
He outlined the Kingdom’s efforts to improve its financial system and boost both local and international investment in the sector.
Sharif revealed that key initiatives are in place to reach 525 tech companies by 2030. He noted that digital transactions, which previously accounted for 18%, surged to 70% last year, attributing this success to regulatory advancements.
Yazeed Al-Nafjan, deputy governor for Financial Innovation at the Saudi Central Bank, also known as SAMA, highlighted that the significant push toward fintech modernization in Saudi Arabia has been driven by strategic investments in financial infrastructure over the past decade.
These investments have enabled the Kingdom to adopt a more progressive stance on emerging financial technologies to enhance sector efficiency and modernization.
“We have invested in building a financial infrastructure that allows us to be more progressive and proactive,” said Al-Nafjan.
The official also revealed that more digital banks are expected to launch soon.
His comments emphasized the importance of partnering with innovators to harness the opportunities presented by fintech technologies, which are crucial in improving sectoral efficiency.