Bahrain Targets Three Giant Projects in Transportation System

Bahrain Targets Three Giant Projects in Transportation System
TT

Bahrain Targets Three Giant Projects in Transportation System

Bahrain Targets Three Giant Projects in Transportation System

Bahrain's transportation and telecommunications minister Kamal bin Ahmad said that his country is working on three giant projects; King Hamad Causeway, the train project, and Bahrain International Airport.

He affirmed that the first phase of King Hamad Causeway, connecting Bahrain to Saudi Arabia, is going as planned and is expected to be completed in September 2019.

Bin Ahmad told Asharq Al-Awsat newspaper that a bid was issued to appoint the main advisor of the project to develop the bridge and the railway between Saudi Arabia and Bahrain. He added that with the completion of King Hamad Causeway and the railway there will be a transitional leap in the transportation sector.

The project will reinforce individuals’ movement and will provide several destinations for transportation – subsequently, this would positively reflect on the national economy and would develop new patterns of transportation as well as create job opportunities.

He continued that the project to upgrade the airport grants Bahrain a wider airport that is capable of assimilating a greater number of passengers – the airport will also be equipped with facilities that give travelers unique and world-class services and experiences.

Commenting on Bahrain International Air Show, the minister said that the space of the exhibition was 100% doubled this year. This year’s edition has witnessed a record raise on several levels in which the rate of participating firms reached 47 percent.

This year’s edition of Bahrain International Air Show 2018 witness the attendance of 187 companies – the event will provide a hall for exhibitions offering around 120 platforms for companies to be able to showcase their latest products and commodities in the aviation field.



Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
TT

Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

OPEC+ MEETING

Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.