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Bahrain Signs MoU with Eni to Explore Oil, Gas

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
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Bahrain Signs MoU with Eni to Explore Oil, Gas

Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.
Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa and Eni’s Chief Executive Claudio Descalzi sign the MoU in Manama on Sunday. NOGA website.

Bahrain's National Oil and Gas Authority (NOGA) and Italy's Eni have signed a memorandum of understanding (MoU) on pursuing petroleum exploration of Block 1, an offshore area of over 2,800 square kilometers.

Bahrain's Crown Prince Salman bin Hamad Al Khalifa noted that King Hamad bin Isa Al Khalifa has issued directives to intensify oil drilling.

This statement was made during Sunday’s meeting between the Crown Prince and Eni Chief Executive Claudio Descalzi in the presence of Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa to sign the MoU to explore and develop oil and gas production in Block 1 with a depth spanning from 10 meters up to 70 meters.

The Bahraini minister stated: “With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced time-frame”.

He affirmed that NOGA attaches great importance in strengthening relations and enhancing cooperation with all international oil companies and providing all means of support and assistance, in order to secure the kingdom's energy needs to ensure the sustainability of growth and realize the vision of the Kingdom of Bahrain 2030.

This can happen through the exploration of oil and gas in the land and sea areas and increase the portfolio of NOGA holding company by establishing more firms specializing in the oil industry and implementing many related projects, said the minister.

Descalzi hailed the MoU and the opportunity to explore the potential of Block 1 which will allow Eni to start cooperating and investing in Bahrain.

"Entering in Bahrain will enable our company to expand its presence in a key region of the Middle East, in line with our strategy aimed at diversifying our exploration portfolio across basins with liquid hydrocarbon potential while keeping high-quality stakes throughout the exploration phase,” he said.

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Business

Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
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Morocco’s Royal Air Maroc Scales Back Flights Due to Fuel Costs

People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)
People board a Royal Air Maroc flight on July 15, 2020 at Bordeaux airport. (AFP)

Morocco's state-owned carrier Royal Air Maroc (RAM) said on Saturday it would temporarily suspend several routes to African and European destinations due to ‌rising jet ‌fuel prices, ‌elevated ⁠operating costs and ⁠weak demand.

Tensions in the Middle East have driven a surge in global jet fuel ⁠prices, putting ‌pressure ‌on carriers and ‌prompting temporary route suspensions.

RAM ‌will pause flights linking Moroccan airports with several African cities ‌of Bangui, Brazzaville, Kinshasa, Douala, Yaounde and ⁠Libreville, ⁠the airline said in a statement.

It will also halt flights to the European destinations of Malaga, Barcelona, Lyon, Bordeaux, Marseille and Brussels.

Business

Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)
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Official: Iraq Has Not Yet Applied for an IMF Loan

A floating oil export platform in Basra port, Iraq (Reuters)
A floating oil export platform in Basra port, Iraq (Reuters)

Financial Advisor to the Iraqi Prime Minister Mazhar Mohammed Saleh revealed on Saturday that Iraq has not yet submitted a formal request for a loan from the International Monetary Fund (IMF).

The Iraqi News Agency quoted Saleh as saying that “Iraq enjoys close relations with the IMF, and since 2003, it has concluded more than five agreements, three of which were Stand-by Arrangements, while the other agreements related to emergency support.”

Iran's war has caused significant disruptions in supply chains, especially in the energy sector, which was severely affected by a near-complete closure of the Strait of Hormuz, through which about 20 percent of global oil supplies pass.

Saleh stated that “the Fund has played a significant role in supporting the Iraqi economy over the past 23 years, especially since Iraq is now considered one of the biggest victims of the ongoing war in the region, considering that 85 percent of its oil exports pass through the Strait of Hormuz. This has caused significant harm and international concern, given that Iraq is an important and active member in the stability of the region and world markets.”

He pointed out that there is an Iraqi government team in contact with the IMF, meeting with Fund officials for consultations twice a year.

He clarified that “Iraq signed an agreement with the IMF on July 7, 2016, for a Stand-by Arrangement by providing a significant loan, which played a major role in supporting the general budget,” noting that “signing an agreement with the Fund is a matter decided by the Iraqi government, and this does not prevent consultations between the two parties, as Iraq is a member of this institution responsible for global stability.”

Saleh mentioned that “Iraq will borrow from the International Monetary Fund if the need arises, but there is no formal request from the government yet, and the current need is for the war in the region to stop, and for its geopolitical impacts on oil exports to cease.”

He added that “technical assistance from the IMF is available now, unlike the issue of financing, which requires the approval of a program by the Iraqi government.”

He explained that “the loan itself represents a reform program to support the budget or to achieve social goals, such as supporting the health and education sectors, because it is a human investment that must be subject to conditions defining expenditure directions and commitment to a reform program agreed upon by the Iraqi state and the IMF.”

Business

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port
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Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

Mawani Adds CMA CGM’s Ocean Rise Express Service to Jeddah Port

The Saudi Ports Authority (Mawani) has added CMA CGM's Ocean Rise Express (OCR) shipping service to Jeddah Islamic Port, aiming to strengthen maritime connectivity between Saudi Arabia and global markets, support the smooth flow of supply chains, and increase the efficiency of port operations.

The OCR service will connect Jeddah to key international ports, including Kobe, Nagoya, and Yokohama in Japan; Xiamen, Yantian, and Nansha in China; Rotterdam in the Netherlands; Hamburg in Germany; and Southampton in the United Kingdom.

The route will utilize vessels with a capacity of up to 10,000 TEUs, according to SPA.

This addition aligns with Mawani’s efforts to enhance Jeddah Islamic Port’s global competitiveness and support international trade.

By enabling access to new markets, the initiative reinforces the Kingdom's position as a global logistics hub in line with the National Transport and Logistics Strategy and Saudi Vision 2030.