About 45 Tunisian Hotels Affected by Collapse of Thomas Cook

Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
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About 45 Tunisian Hotels Affected by Collapse of Thomas Cook

Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)
Shopkeepers wait for customers in front of a souvenir shop following Thomas Cook's collapse, in Hammamet, Tunisia, September 24, 2019. (Reuters)

About 45 hotels have been affected in Tunisia after the collapse of Thomas Cook, and the government will help the hotels with soft loans, Tunisia's tourism minister said on Tuesday.

Tourism is a vital sector of Tunisia’s economy and a key source of foreign exchange earnings. It accounts for around 8 percent of economic output and employs 400,000 people.

The collapse of Thomas Cook, one of Britain's oldest companies, has stranded more than half a million tourists around the world. It ran hotels, resorts and airlines for 19 million people a year in 16 countries.

Thomas Cook owes Tunisian hotels 60 million euros ($66 million) for stays in July and August, Tourism Minister Rene Trabelsi told Reuters earlier on Monday.

On Tuesday, Trabelsi held a crisis meeting with the British ambassador in Tunisia and hotel owners over Thomas Cook´s debt.

He said that the British government has pledged to pay Thomas Cook's debt but had not set a fixed term.

About 45 Tunisian hotels deal exclusively with Thomas cook.

"We have a proposal to open a line of financing of the affected hotels...we will call for ministerial council to study how we can help them," Trabelsi said.

The British government repatriated about 1,200 tourists via planes sent to Tunisa’s Enfidha airport, and another 4,000 still in Tunisia will return after their holidays.

Tunisia had expected to receive a record 9 million tourists by the end of 2019, up from 8 million last year.



Saudi Energy Minister: Two Billion People Worldwide Suffer from Energy Shortages

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
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Saudi Energy Minister: Two Billion People Worldwide Suffer from Energy Shortages

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 

Saudi Energy Minister Prince Abdulaziz bin Salman has warned that the global energy transition must not come at the expense of economic growth and the cost of living. He highlighted that nearly two billion people around the world are currently facing energy shortages.

Speaking at the opening session of the 9th OPEC International Seminar in Vienna, the minister stressed that the path toward energy transition must be realistic and practical. He emphasized that this shift should not be viewed as a threat to oil producers, but rather as an opportunity for technological innovation.

Despite the growing use of renewable, nuclear, and hydrogen energy sources, Prince Abdulaziz maintained that oil and gas will remain essential and irreplaceable components of the global energy mix. He welcomed the fact that an increasing number of countries are adopting a more pragmatic view of the transition.

Also speaking at the seminar, UAE Energy Minister Suhail Al Mazrouei said on Wednesday that oil markets have been able to absorb OPEC+ production increases without a rise in inventories, indicating that global demand still requires more crude.

Al Mazrouei explained that the group is not concerned about oversupply and has seen no significant stockpile build-up, even after recent production hikes.

OPEC+, which supplies around half of the world’s oil, has been cutting production for several years to support market stability. However, the group recently began easing these cuts in response to rising global demand, particularly during the summer.

OPEC+ began unwinding its 2.17 million barrel-per-day production cut in April, increasing output by 138,000 barrels per day. That was followed by monthly hikes of 411,000 barrels per day in May, June, and July. On Saturday, the group approved a further increase of 548,000 barrels per day for August.

Al Mazrouei pointed out that the absence of a significant buildup in inventories despite these steady increases suggests that the market needed those barrels.

He added that stability - not just price - should be the focus, stressing that short-term thinking based solely on price is insufficient. He noted that oil prices must remain attractive enough to draw in new investments, warning that countries with large oil reserves still are not investing at the necessary levels.