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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)

Saudi Aramco, the world’s top oil exporter, will hold its first general assembly Monday after its partial initial public offering (IPO) in the Saudi market.

Aramco's board of directors issued a statement inviting its shareholders to attend its first ordinary general assembly through the Tadawulaty system.

The statement said the meeting will be held online following the directives of the Capital Market Authority (CMA), which called for the suspension of physical attendance of general assembly meetings until further notice, and urged all companies to hold such meetings remotely.

This also comes in line with the precautionary measures issued by health authorities to limit the spread of COVID-19.

In order to be able to attend the meeting and vote, Aramco encouraged all its shareholders to register via the Tadawulaty system.

The eligibility to participate in the general assembly meeting and vote electronically on its agenda will be for shareholders that are registered in Saudi Aramco’s shareholders register at the Securities Depository Center (Edaa) as of the end of the trading session on the general assembly meeting day, and as per the relevant rules and regulations, according to the statement.

The company explained that the ordinary general assembly meeting shall be valid only if it is attended by one or more shareholders representing at least one quarter of the ordinary shares, provided that the state is represented.

However, if the quorum is not satisfied, a second meeting shall be held one hour after the designated period for the first meeting has ended. The second meeting shall be valid regardless of the number of ordinary shares represented, provided that the State is represented.

The statement announced that the attendees will vote on the report for the FY 2019. It will also appoint an external auditor and determine their fees to review and audit the company’s: financial statements for Q2 and Q3 for FY 2020, annual financial statements of FY 2020, and financial statements for Q1 of FY 2021.

Electronic voting started last Thursday and will continue until the general assembly meeting is concluded.

Meanwhile, Aramco’s shares closed trading Sunday at $8.3, while Saudi shares closed at a 0.8 percent gain, a 54-point increase.

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UAE Banks Pledge $200 bln in Green Finance at COP28 Climate Talks

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)
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UAE Banks Pledge $200 bln in Green Finance at COP28 Climate Talks

A general view of Abu Dhabi, UAE. (WAM)
A general view of Abu Dhabi, UAE. (WAM)

Banks in the United Arab Emirates on Monday pledged to mobilize 1 trillion dirhams, or around $200 billion, in green finance, the chair of the country's banking federation told the COP28 climate talks.

Announced on the day dedicated to finance at the event in Dubai, it joins a growing list of pledges on everything from building renewable energy to helping farmers improve soil quality, Reuters reported.

"At this pivotal moment it is my great honor to announce a landmark commitment that, fulfilling the UAE ambition, our UBF banking, national banks, have collectively pledged to mobilize over 1 trillion dirham," Abdul Aziz Al Ghurai said.

Business

COP28 Focuses on Protecting Health from Climate Risks

Participants walk next to COP28 flags in Expo City in Dubai (AFP)
Participants walk next to COP28 flags in Expo City in Dubai (AFP)
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COP28 Focuses on Protecting Health from Climate Risks

Participants walk next to COP28 flags in Expo City in Dubai (AFP)
Participants walk next to COP28 flags in Expo City in Dubai (AFP)

UN Climate Conference (COP28) focused on climate-related health issues, while discussions behind closed doors addressed vital other problems, such as the future of energy.

The UAE and several charities at the climate summit on Sunday offered $777 million in funding to eradicate neglected tropical diseases that are expected to worsen as temperatures rise.

COP28 President Sultan Ahmed al-Jaber said in a statement that climate-related factors "have become one of the greatest threats to human health in the 21st century."

The pledges made during the summit on Sunday, which focused on climate-related health risks, included $100 million from the UAE and another $100 million from the Bill & Melinda Gates Foundation.

Others to announce funds for climate-related health issues included Belgium, Germany, and the US Agency for International Development (USAID).

The World Bank launched a program to explore possible support measures for public health in developing countries where climate-related health risks are incredibly high.

The burden of tropical diseases will worsen as the world warms, along with other climate-driven health threats, including malnutrition, malaria, diarrhea, and heat stress.

More than 120 countries have signed a COP28 declaration acknowledging their responsibility to keep people safe amid global warming.

Climate change also increases the frequency of dangerous storms and more erratic rainfall.

In September, Storm Daniel killed more than 11,000 people in Libya, and last year's massive flooding in Pakistan fueled a 400 percent increase in malaria cases across the country, according to the World Health Organization (WHO).

Earlier on Sunday, Microsoft co-founder Bill Gates said scientists were working on new treatments for and prevention of mosquito-spread malaria as the rise in temperatures creates more hospitable habitat for the insects to breed.

"We have new tools at the lab level that decimate mosquito populations," said Gates, whose foundation supports public health research and projects for the developing world.

"These innovations give us a chance, at a reasonable cost, to make progress."

Former US Secretary of State Hillary Clinton spoke on Sunday, urging reform of the global insurance system as another key demand to keep people safe.

"Right now, insurance companies are pulling out of so many places; they're not insuring homes, they're not insuring businesses," Clinton said, addressing a panel on women and climate resiliency.

She continued, "People everywhere will be left out with no backup, no insurance for their business or home."

Meanwhile, Emirates News Agency (WAM) quoted a senior World Bank official saying that the bank had offered to host the Lost and Damage Fund.

Speaking to WAM, World Bank's Senior Managing Director (SMD) Axel van Trotsenburg said the agency will "work very closely with the United Nations Framework Convention on Climate Change (UNFCC) to create that fund."

Van Trotsenburg mentioned that countries face different challenges related to climate change.

"COP28 started with great announcements on the Loss and Damage Fund. It has been an extremely important decision and now needs to be set up."

He pointed out that small island countries with rising sea levels face different challenges than coastal regions. Therefore, solutions must be tailored to each country, but there is a global challenge.

"We need to be global. We need all countries to participate in this global challenge," van Trotsenburg noted, adding, "We need to ensure that we can keep the 1.5 degrees. So that means consequences for all of us."

Business

Gold Prices Sprint to All-time Peak on Fed Rate-cut Bets

(FILES) Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)
(FILES) Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)
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Gold Prices Sprint to All-time Peak on Fed Rate-cut Bets

(FILES) Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)
(FILES) Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)

Gold prices hit all-time highs above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell's remarks elevated traders' confidence that the US central bank could cut interest rates early next year.

Spot gold was up 0.6% at $2,083.81 per ounce by 0627 GMT, after surging to an all-time high of $2,111.39 earlier.

US gold futures rose 0.7% to $2,103.30.

"After his (Powell) speech, traders were more convinced that we're currently at the peak of the US interest rates and therefore, the path forward from here is more likely to be down rather than up," said KCM Trade chief market analyst Tim Waterer.

Powell on Friday said "the risks of under- and over-tightening are becoming more balanced", but the Fed is not thinking about lowering rates right now.
Lower rates reduce the opportunity cost of holding a non-interest-bearing bullion.

Traders are now pricing in a 70% chance for a Fed rate cut by next March, CME's FedWatch Tool showed, according to Reuters.

Backing market sentiment, data last week pointed out to cooling inflationary pressures, a gradually easing labor market, with Fed Governor Christopher Waller flagging a possible rate cut if inflation continues to decline.

"Technically, momentum is still looking strong after prices broke the resistance of $2,050/oz. Investors have been adding fresh long to position both against rising geopolitical tensions and rising prospects of Fed rate cuts," ANZ commodity strategist Soni Kumari said.

"Long positions have reached the highest since May 2022, still positionings are not crowded. This suggest there will be further move up this week, if news flows remain supportive."

Business

COP28: Saudi Green Initiative Discusses Climate Initiatives

Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
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COP28: Saudi Green Initiative Discusses Climate Initiatives

Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)

The third edition of the Saudi Green Initiative Forum 2023 activities kicked off on Monday in Dubai, coinciding with the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

The third edition of the Saudi Green Initiative is held under the slogan "From Ambition to Action."

It will address several topics, including financing climate action activities, innovating clean energy solutions, and activating the role of various society groups in climate action, as well as protecting land and marine areas in the Kingdom.

A group of the most prominent global policymakers, opinion leaders, and climate experts participate in the Forum to exchange ideas and vision, in addition to having deep discussions regarding the best available ways to efficiently address climate challenges and reach a more sustainable future locally and globally.

The Saudi Green Initiative Forum 2023 will also discuss topics related to sustainability, activating the role of financing to enable climate action, in addition to tree planting and environmental rehabilitation.

The Forum's activities allow visitors to listen to an elite group of climate experts from Saudi Arabia and the world, in addition to interacting with them about the most critical trends in the field of sustainability.

The Saudi Green Initiative will feature a series of panel discussions that will explore the key themes under four event pillars: "Industrial Plays,The Financial Architecture of Tomorrow,Innovative Transitions," and "Coherence for Impact."

The sessions will examine critical topics, including clean energy scaling, desertification mitigation, climate technology innovation, safeguarding the Red Sea, sustainable urban planning, CCUS, and hydrogen technology, and ESG investments.

Participants in the sessions will discuss investments in enhancing environmental and social practices, corporate governance, and ongoing reforms in the global financial system.

In the year of global assessment to determine the progress in achieving the goals of the Paris Climate Agreement, the Saudi Green Initiative forum will provide an important platform that contributes to accelerating global efforts to confront climate challenges.

Speakers confirmed at the Forum include CEO of Standard Chartered William Thomas Winters, Secretary General and CEO of World Energy Council Dr. Angela Wilkinson, CEO of Schlumberger Olivier Le Peuch, and CEO of Air Liquide François Jackow, and several Saudi government officials.

Saudi Crown Prince Mohammed bin Salman launched the Saudi Green Initiative, an ambitious initiative to combat climate change, improve the quality of life, and protect the planet for future generations.

The initiative seeks to mobilize the efforts to achieve three main goals: reducing emissions, afforestation, and protecting land and nature.

Business

Saudi Minister of Energy: Global Demand for Petrochemicals to Continue to Grow

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
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Saudi Minister of Energy: Global Demand for Petrochemicals to Continue to Grow

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at a former conference (File photo: Reuters)

Saudi Energy Minister Prince Abdulaziz bin Salman expected global demand for petrochemicals to grow rapidly, bolstering demand for hydrocarbons as raw materials.

Addressing the 17th Annual GPCA Forum, the Saudi Minister stated that those discussing "the energy transition must accept the reality of today and the future.

Prince Abdulaziz explained that the rapid growth of the petrochemical sector will necessarily be reflected in the volume of demand for hydrocarbons as raw materials.

In his speech, Prince Abdulaziz referred to market and analyst reports, which expect the global petrochemical sector to grow by more than 50 percent to about 1.2 trillion tons annually by 2040.

"Petrochemicals are here to stay, and the hydrocarbon sector will continue to generate income and generate money for investors. So I would like to ask our friends talking about transformation to live with the data in their hands and the facts before them today and for decades to come," the minister said.

He pointed out that petrochemicals and their derivatives constitute about 50 percent of the components of our cars, including electric ones.

The Gulf Petrochemicals and Chemicals Association (GPCA) themed "Mobilizing Chemistry for Impactful Transformation" is held in Doha and hosted by QatarEnergy.

The activities of the Forum kicked off on Sunday, and we will discuss the chemical industry's role in sustainability and the transition to clean energy.

Minister of State for Energy Affairs in Qatar and President and CEO of Qatar Energy Company Saad bin Sherida al-Kaabi inaugurated the Forum.

Business

Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA
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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA

The Saudi Minister of Environment, Water and Agriculture, Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli, has signed a memorandum of understanding (MoU) with Turkish Minister of Agriculture and Forestry İbrahim Yumaklı to strengthen cooperation and enhance production capabilities in agriculture, livestock, and water management.

During Sunday's signing ceremony of the MoU in Riyadh, the two parties expressed their commitment to preparing the agricultural sector in both countries for climate change.

They also pledged to introduce technologies in agriculture and crop production, develop the livestock sector, and strengthen plant and animal health, including their protection and safeguarding.

As per the MoU, the two parties will collaborate on the advancement of biotechnology, organic agriculture, fisheries, aquaculture, and the formulation of quality policies in the agricultural sector. Additionally, the agreement covers cooperation in agricultural water management, monitoring water pollution from agricultural activities, and optimizing water usage in agriculture.

Business

Kuwait's al-Zour Refinery Now Fully Operational, KIPIC Says

Kuwait's al-Zour Refinery Now Fully Operational, KIPIC Says
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Kuwait's al-Zour Refinery Now Fully Operational, KIPIC Says

Kuwait's al-Zour Refinery Now Fully Operational, KIPIC Says

Kuwait Integrated Petroleum Industries Company (KIPIC) said in a statement on Sunday that the third and final units at the al-Zour refinery are now operational.

The plant is now fully operational and refining capacity will increase to 615,000 barrels per day (bpd) from 410,000 bpd, the statement said.

Business

50 Big Oil Companies Pledge Significant Emission Reductions

US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
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50 Big Oil Companies Pledge Significant Emission Reductions

US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)
US Vice President Kamala Harris addresses the audience after delivering a speech on Saturday at the COP28 summit in Dubai (AP)

COP28 President Sultan Al-Jaber announced on Saturday that 50 major global oil companies have committed to reducing methane emissions, one of the most hazardous greenhouse gasses, to nearly zero by 2030 and cease routine natural gas flaring.

The 50 companies, members of the Oil and Gas Decarbonization Charter, collectively account for about 40% of the world's oil production.

Al-Jaber emphasized that the inclusion of oil and industry companies in COP28 would be a crucial element this year.

The announcement holds significant importance in significantly reducing global greenhouse gas emissions by almost half in about seven years to mitigate the impact of global warming to 1.5 degrees Celsius.

The commitment includes major national oil companies such as Saudi Aramco, Abu Dhabi National Oil Company (ADNOC), Brazil’s Petrobras, Angola’s Sonangol, and multinational corporations like Shell and Total.

“The world does not work without energy,” said al-Jaber at an energy session on Saturday.

“Yet the world will break down if we do not fix energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives,” he added.

Methane can be released at several points along the operation of an oil and gas company, from fracking to when natural gas is produced, transported or stored. Over a shorter period, it’s more than 80 times more powerful than carbon dioxide, the greenhouse gas most responsible for climate change.

Al-Jaber urged oil and gas companies to exert more effort in finding solutions for indirect greenhouse gas emissions, otherwise known as Scope 3 emissions.

The Oil and Gas Decarbonization Charter has the support of heavyweight OPEC nations, Saudi Arabia and the UAE.

In a separate commitment, approximately 117 governments pledged to triple the world’s capacity for renewable energy by 2030 during the COP28 summit on Saturday.

Business

Suez Canal, Scatec Sign $1.1 Bln Green Methanol MoU

An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh/File Photo
An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh/File Photo
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Suez Canal, Scatec Sign $1.1 Bln Green Methanol MoU

An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh/File Photo
An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's Suez Canal economic zone and Scatec ASA have signed a memorandum of understanding (MoU) worth $1.1 billion to supply ships with green fuel, a Suez Canal statement said on Sunday.

The MoU agreed on the sidelines of the COP28 conference held in Dubai envisages production of 100,000 tons of green methanol per year by 2027, the statement said.

Business

COP28: 'Realism' Pushes Major Countries Towards 'Carbon Capture and Storage'

DubaiExpo, which hosts COP28 (AFP)
DubaiExpo, which hosts COP28 (AFP)
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COP28: 'Realism' Pushes Major Countries Towards 'Carbon Capture and Storage'

DubaiExpo, which hosts COP28 (AFP)
DubaiExpo, which hosts COP28 (AFP)

Several major countries said at the UN Climate Change Summit (COP28) in Dubai that they were moving to use carbon "capture" or "storage" technologies, which were considered realistic solutions to confront climate change.

Japanese Prime Minister Fumio Kishida pledged it would stop building new coal power plants that do not have emission reduction measures in place.

"In line with its pathway to net-zero, Japan will end new construction of domestic unabated coal power plants while securing a stable energy supply," Kishida said.

- Emission reduction

Japan, which relies heavily on importing coal and other traditional fuels, seeks to achieve carbon neutrality by 2050.

Kishida stated that Japan has already reduced emissions by 20 percent and is progressing towards lowering the target of 46 percent by 2030 compared to 2013.

To reduce emissions, Japan seeks to use hydrogen and ammonia to produce energy alongside gas and coal in existing power plants, but experts have a different view.

Japan relies heavily on imported traditional fuels, especially natural gas, which represents about 40 percent of its electricity generation, and coal, which represents about 30 percent.

- ExxonMobil rejects IEA's criticism

ExxonMobil CEO Darren Woods rejected the International Energy Agency's (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion," saying the same could be said about electric vehicles and solar energy.

Woods told Reuters on the sidelines of the COP28 climate summit that there is "no solution set out there today that is at the scale to solve the problem."

"So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. I think that criticism is legitimate for anything we're trying to do, to start with," he said.

Woods' appearance marked the first time a CEO of fossil fuel giant Exxon has attended one of the annual UN-sponsored climate summits and reflected a growing effort among oil and gas companies worldwide to recast themselves as part of the solution to global warming, as opposed to a cause.

Exxon has announced $17 billion of investment in its low-carbon business, which includes carbon capture, and has argued that greenhouse gas emissions are the problem causing climate change, not the fossil fuels themselves.

Woods said he believed oil and gas would play an "important role" in the world through 2050 but declined to estimate demand levels.

As part of Exxon's low carbon strategy, it announced in July a $4.9 billion acquisition of Denbury and its 2,100-kilometer carbon dioxide pipeline network, which will be linked to offshore blocks in the Gulf of Mexico where Exxon plans to bury carbon.

So far, Exxon has convinced the largest ammonia maker in the United States, an industrial gas company, and a large steel company to sign long-term contracts for carbon reduction services covering around five million tons of carbon dioxide annually.

Energy and industry produce about 37 billion tons of CO2 globally per year.

Woods declined to provide details of the contracts but said US subsidies in last year's Inflation Reduction Act of up to $85 a ton for carbon capture and sequestration would make the investments profitable.

"We're essentially helping customers decarbonize and taking advantage of that tax credit," Woods said.

He added that making money from the deals was "probably a few years out."

- US plans to reduce emissions

The US administration revealed final rules to take action against emissions from the US oil and gas industry as part of a global plan to curb emissions contributing to climate change.

US officials announced the rules at the COP28 in Dubai.

The US and other countries participating in the summit are expected to provide details on achieving the pledge made two years ago to reduce methane emissions by 30 percent from 2020 to 2030.

New EPA policies would ban routine natural gas flaring from newly drilled oil wells, require stringent leak monitoring of oil and gas wells and compressors, and establish a third-party verification that they are cracking down on leaks or improper flaring.

The EPA estimates it will stop about 58 million tons of methane from escaping into the atmosphere during that period – the equivalent of taking more than 300 million gas-powered cars off the road for a year.