OPEC’s 60th Anniversary Celebration Postponed

OPEC’s 60th Anniversary Celebration Postponed
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OPEC’s 60th Anniversary Celebration Postponed

OPEC’s 60th Anniversary Celebration Postponed

The celebrations of OPEC’s 60th Anniversary, which were originally scheduled this month in Baghdad where the Organization was founded, have been postponed.

Mohammad Sanusi Barkindo, OPEC Secretary General, said in statements on Friday that he received a letter from Ihsan Abdul Jabbar Ismaael, Iraq’s Oil Minister stressing that it is “genuinely disappointing not to be able to host the 60th Anniversary” following months of preparations for the historic event.

“The health and safety of all are of utmost importance,” the Minister noted.

Barkindo expressed his sincere gratitude for Iraq’s gracious initiative to host OPEC’s Diamond Anniversary in the Al-Shaab Hall in Bab Al-Muaadham, Baghdad, the site of OPEC’s founding in 1960.

“It is very unfortunate that we are unable to mark OPEC’s Diamond Anniversary in September at the same site where the historic ‘Baghdad Conference’ was held between 10 and 14 September 1960," he said.

"It was a historic meeting in all senses that saw the common vision and wisdom of our Founder Members and led to the creation of a foresighted organization that grew in stature and influence to become a distinguished entity within the global energy community,” Barkindo noted.

OPEC is an intergovernmental organization that was established on 14 September 1960 in Baghdad by its five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its membership has grown since then to 13 oil producing countries.

This month, OPEC is also marking the 55th year since the Organization’s Secretariat moved to the Austrian capital of Vienna.



Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
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Saudi PIF, Italy’s SACE Sign $3 Bn MoU

The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)
The MoU focuses on providing financing support for cooperation between Italian companies in the private sector and PIF and its portfolio companies (PIF)

Saudi Arabia’s Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by Italy’s Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) aimed at strengthening their bilateral partnership.

Under the agreement, PIF and SACE will collaborate on information-sharing and business expertise, with a particular focus on strategic sectors.

The MoU also includes a provision for SACE to consider offering up to an additional $3 billion in financing support for projects led by PIF and its portfolio companies.
The signing builds on an existing relationship between PIF and SACE, which has already facilitated financing exceeding $3 billion for PIF portfolio companies, with participation from several leading financial institutions.

As a key driver of Saudi Arabia’s Vision 2030 and a leading global investor, PIF is focused on diversifying and transforming the Saudi economy by developing new sectors, businesses, and job opportunities.

This latest agreement aligns with PIF’s ongoing strategy to expand financial collaborations, enhance global cooperation, and foster long-term international partnerships.

The MoU is part of PIF’s broader approach to maintaining strong relationships with international financial institutions while diversifying its financing instruments.

Rasees Al Saud, Head of Financial Institutions and Investor Relations, Global Capital Finance at PIF, highlighted the significance of the partnership: “The MoU represents another landmark in PIF’s strategy to enhance its strategic partnerships with leading international financial institutions and export credit agencies.”

“It will unlock opportunities for both Italian and Saudi companies to collaborate and exchange business knowledge, in line with our commitment to driving impactful and transformative investments globally and in Saudi Arabia,” said Al Saud.

CEO of SACE Alessandra Ricci emphasized the benefits for Italian companies: “We are proud to collaborate with a distinguished institution like PIF.”

“This partnership will facilitate Italian exports and strengthen trade and investment ties between our two countries,” noted Ricci.

“The memorandum opens significant opportunities for Italian companies, especially SMEs, enabling them to become key suppliers and participate in projects sponsored by PIF and its portfolio companies, all in alignment with Saudi Vision 2030,” she explained.

PIF currently holds an Aa3 rating from Moody’s (stable outlook) and an A+ rating from Fitch (stable outlook), reinforcing its financial stability and global credibility.