Saudi-British Cooperation in Climate Protection, Space Economy

Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
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Saudi-British Cooperation in Climate Protection, Space Economy

Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat
Saudi Arabia and the United Kingdom discuss cooperation in space economy. Asharq Al-Awsat

Talks between Saudi and British officials over opportunities for international cooperation and partnership in the fields of climate protection, space economies and human cadres’ development have concluded in London.

The Chairman of the Board of Directors of the Saudi Space Authority, Eng. Abdullah Amer Al-Swaha, met on Friday with Kwasi Kwarteng, the Secretary of State at the Department of Business, Energy and Industrial Strategy, as part of a visit to the United Kingdom to enhance cooperation between the two countries in the field of space economy.

During the meeting, which was attended by the President-designate of the Saudi Space Authority, Dr. Muhammad Al-Tamimi, Saudi and UK officials emphasized the importance of encouraging the participation of the private sector in the field of space economy, promoting investment and developing human capabilities.

The visit comes within the framework of the Saudi Space Authority’s endeavor to build effective international partnerships in order to promote its role and support its efforts to achieve its strategic objectives for the Saudi space sector, which represents a national priority, and to contribute to the Kingdom’s transformation towards an economy based on innovation.

The Kingdom wants the space economy to become a major contributor to the achievement of Vision 2030.

In a qualitative step, Saudi Arabia announced in July the launch of the first Saudi program for external scholarship, which provides quality educational opportunities for Saudi students to enroll in specializations related to space sciences in the most prominent 30 universities around the world, as part of the comprehensive development plans for the space sector in the Kingdom.



Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.  REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.  REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil slipped on Tuesday pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.
Equinor has resumed partial production from the oilfield, Western Europe's largest, following a power outage. An outage at the North Sea field helped prices to climb by over 3% on Monday, Reuters reported.
Brent crude futures were down 45 cents, or 0.6%, to $72.85 a barrel by 0915 GMT, while US West Texas Intermediate crude futures slipped by 46 cents, or 0.7%, to $68.70.
"I guess the partial restart of the Sverdrup field is the driver of the setback, as well as a slightly stronger US dollar," said Giovanni Staunovo, analyst at UBS.
The US dollar edged up on Tuesday to within striking distance of its one-year high. A strong dollar makes commodities like oil more expensive for other currency holders and tends to weigh on prices.
Another continuing outage provided support. Kazakhstan's biggest oilfield, Tengiz, has reduced oil output by 28% to 30% for repairs which are expected to be completed by Saturday, the country's energy ministry said.
A rise in geopolitical tensions also supported prices.
In a significant reversal of policy, US President Joe Biden's administration allowed Ukraine to use the U.S.-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
The Kremlin said on Monday that Russia would respond to what it called a reckless decision by the Biden administration, having previously warned that such a decision would raise the risk of a confrontation with the US-led NATO alliance.
Investors are wary, said Toshitaka Tazawa, an analyst at Fujitomi Securities, as they are "assessing the direction of the Russia-Ukraine war after the weekend's escalation".
While oil's outright price has found support this week, the market structure has weakened. US crude flipped to contango for the first time since February on Monday in a sign that supply tightness was easing.