AtomExpo Discusses Nuclear Cooperation with Arab Countries

Global experts and Arab delegations gathered in the Russian city of Sochi for the ongoing 11th AtomExpo.
Global experts and Arab delegations gathered in the Russian city of Sochi for the ongoing 11th AtomExpo.
TT

AtomExpo Discusses Nuclear Cooperation with Arab Countries

Global experts and Arab delegations gathered in the Russian city of Sochi for the ongoing 11th AtomExpo.
Global experts and Arab delegations gathered in the Russian city of Sochi for the ongoing 11th AtomExpo.

Global experts and Arab delegations gathered in the Russian southern city of Sochi for the ongoing 11th AtomExpo. Gatherers held talks with officials of Russia's Rosatom, focusing on the prospects of bilateral cooperation in the field of peaceful usage of nuclear energy.

About 3,600 delegates from 74 countries across the world are attending the two-day forum.

Director General of Rosatom Alexey Likhachev told reporters on the sidelines of the forum that the company was in talks with Saudi Arabia about building nuclear power plants.

Likhachev explained that Rosatom will partake in the Saudi government's tender procedures for building high-capacity reactors. He revealed that discussions are underway on potential cooperation on small-capacity reactors and non-energy nuclear technologies.

In October 2017, Rosatom and the King Abdullah City for Atomic and Renewable Energy signed the Program for Cooperation in the Peaceful Uses of Nuclear Energy.

They expressed their intention to cooperate in the fields of implementing small and medium-sized reactors (SMR) and developing nuclear infrastructure.

They also discussed the prospects of establishing a nuclear science and technology center in Saudi Arabia based on a similar Russian research center.

Rosatom is also in talks with other Arab countries, including the United Arab Emirates, Jordan and Qatar, on the possibility of using nuclear energy technology.

Meanwhile, the Expo witnessed progress in cooperation between Russia and Egypt in the nuclear field.

"TVEL Fuel Company of Rosatom and the Egyptian Atomic Energy Authority signed the contract for supply of uranium-made components of reduced-enrichment nuclear fuel for ETRR-2 research reactor in Egypt," the Russian company said in a press release obtained by Asharq Al-Awsat.

According to TVEL, the fuel components will be produced by its subsidiary, Novosibirsk Chemical Concentrates Plant and will be used for manufacturing nuclear fuel for the ETRR-2 reactor at Egypt's Nuclear Research Center in Inshas.

The reactor is involved in research in particle physics, materials engineering and production of stable isotopes.

The cooperation between Russia and Egypt in the nuclear field is progressing rapidly, and el-Dabaa nuclear power station in Egypt is the only project implemented by Rosatom in the Arab world so far.

Senior Vice President for Commerce and International Business at TVEL Oleg Grigoriev noted that the prospects of developing the commercial business of TVEL in the Egyptian market are related to providing el-Dabaa with nuclear fuel.

In addition, Grigoriev pointed out that the Central Institute for Engineering Design, also part of TVEL, will contribute to a project to establish a dry container to store the nuclear fuel consumed at el-Dabaa as a subcontractor.

In 2017, Egyptian President Abdel Fattah al-Sisi and Russian President Vladimir Putin announced, during the latter’s visit to Egypt, the signing of the agreement to build el-Dabaa plant. Under the agreement, Russia's Rosatom is building the nuclear plant which includes four units, each with a capacity of 1,200 MW.

The project is being implemented within seven years, with the first phase being delivered between the end of 2019 and the beginning of 2020.



Gold Inches Lower as Firmer Dollar, Higher Yields Weigh

A woman passes in front of a gold shop in Hong Kong (AFP)
A woman passes in front of a gold shop in Hong Kong (AFP)
TT

Gold Inches Lower as Firmer Dollar, Higher Yields Weigh

A woman passes in front of a gold shop in Hong Kong (AFP)
A woman passes in front of a gold shop in Hong Kong (AFP)

Gold eased on Tuesday, pressured by a firmer US dollar and rising Treasury yields, though losses were limited by easing expectations of a Federal Reserve interest rate hike this month.

Spot gold slipped 0.3% to $4,128.69 per ounce by 0155 GMT. US gold futures were little changed at $4,156.00.

The dollar held firm, making greenback-denominated commodities more expensive for holders of other ‌currencies, Reuters said.

The 10- ‌and 30-year Treasury yields hit 24-year ‌highs ⁠on Monday as persistent ⁠bond market weakness weighed on sentiment.

"Fundamentals remain supportive of gold in the long term. The next big catalyst is likely to stem from geopolitical risk in the Middle East," said Kyle Rodda, senior financial market analyst at Capital.com.

"Alternatively, a significant change in US rate expectations could provide an ⁠impetus for the next break-out, so every ‌piece of price data will ‌be important."

Expectations of a US rate hike in October eased ‌after data on Friday showed US job growth slowed ‌more than expected in September and nonfarm payrolls for the prior two months were revised lower.

Traders are still pricing an 87% probability of an increase in December, according to CME's FedWatch Tool.

Higher ‌interest rates increase the opportunity cost of holding non-yielding gold.

Data showed US services sector activity ⁠slowed ⁠in September, while strong domestic demand stretched supply chains and pushed a measure of prices paid by businesses for inputs to its highest level in more than four years, suggesting inflation could remain elevated into 2027.

Elsewhere, Yemeni government forces staged a lightning advance to retake the coast around the Bab el-Mandeb Strait up to the city of Mocha, the government said, pushing the Iran-backed Houthis out of most of the areas they seized last month.

Among other metals, spot silver fell 0.6% to $60.67, platinum lost 0.7% to $1,710.08 and palladium eased 0.2% to $1,170.15.


Oil Stocks in US Strategic Petroleum Reserve Fall to Lowest Level since 1982

Crude oil, gasoline, and diesel storage tanks at Kinder Morgan's facility in Los Angeles (Reuters)
Crude oil, gasoline, and diesel storage tanks at Kinder Morgan's facility in Los Angeles (Reuters)
TT

Oil Stocks in US Strategic Petroleum Reserve Fall to Lowest Level since 1982

Crude oil, gasoline, and diesel storage tanks at Kinder Morgan's facility in Los Angeles (Reuters)
Crude oil, gasoline, and diesel storage tanks at Kinder Morgan's facility in Los Angeles (Reuters)

Stocks of crude oil in the US Strategic Petroleum Reserve fell to 283 million barrels last week, the lowest level since October 1982, according to data from the Department of Energy, Reuters reported.

The drawdowns are part of a US agreement to release 172 million barrels from the facility.

Additionally, the Trump administration last week said it is offering to loan energy companies 40 million barrels of oil from the Strategic Petroleum Reserve.


Saudi Market Resumes Decline Under Pressure from Banking Sector

A man monitors trading screens in the Saudi market (Saudi Exchange)
A man monitors trading screens in the Saudi market (Saudi Exchange)
TT

Saudi Market Resumes Decline Under Pressure from Banking Sector

A man monitors trading screens in the Saudi market (Saudi Exchange)
A man monitors trading screens in the Saudi market (Saudi Exchange)

The Saudi Exchange's main index, TASI, resumed its decline at the close of Monday's trading, falling 0.25 percent to 10,479 points.

The decline was driven by losses in a number of stocks. On Sunday, the index had ended a losing streak, rising about 1 percent.

Riyadh Development Company (Ridan) led the decliners, falling 4.43 percent to SAR18.13, followed by SNB, which dropped 2.77 percent to SAR38.60, and BSF, which fell 2.75 percent to SAR19.80.

On the other hand, Saudi Fisheries Company led the gainers, rising 9.96 percent to SAR51.90, followed by East Pipes Integrated Company, which gained 7.70 percent to SAR184.70, and Leden, which rose 6.98 percent to SAR1.84.