Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
TT

Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)

Oman LNG on Tuesday announced the successful loading of its first liquefied natural gas (LNG) cargo to Shell under its new long-term agreements, marking a significant milestone in the company’s strategy to expand its global market reach and reinforce Oman’s position as a leading LNG supplier.
According to Oman News Agency, the ceremonial event took place at Oman LNG’s state-of-the-art facility in Sur, under the auspices of Salim al Aufi, Minister of Energy and Minerals, alongside senior officials from Oman LNG and Shell.
Aufi, in his remarks, emphasized the importance of this milestone, saying, “Today’s shipment is not merely a delivery but a testament to Oman’s commitment to energy security, global collaboration, and sustainable economic growth. It also reflects the strong partnership between Oman LNG and Shell, built on mutual trust and a shared vision.”

Shell, as the largest offtaker under these new agreements, plays a pivotal role in Oman LNG’s strategic plans for sustained growth and market expansion.

Oman LNG’s CEO, Hamad al Naamany, highlighted the significance of this shipment, saying, “We are embarking on a 10-year concession extension with market leaders in LNG and energy. Our growth is aligned with Oman’s vision and adapted to the evolving global energy market demands. Our partnership with Shell continues to thrive, contributing to Oman’s economic diversification goals.”



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT

Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.