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Etihad Airways, EL AL Airlines Sign MoU

UAE's Etihad Airways - WAM
UAE's Etihad Airways - WAM
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Etihad Airways, EL AL Airlines Sign MoU

UAE's Etihad Airways - WAM
UAE's Etihad Airways - WAM

EL AL Israel Airlines and UAE's Etihad Airways are set to explore deeper cooperation following the signing of a virtual Memorandum of Understanding (MoU).

The wide-ranging MoU covers scope to introduce joint codeshare services between Abu Dhabi and Tel Aviv, as well as on the global flight networks beyond the two carriers’ hubs, Etihad Airways said in a statement on Thursday.

The agreement also contains plans for greater commercial cooperation in the fields of cargo, engineering, loyalty, destination management and the optimal use of pilot and cabin crew training facilities.

The MoU was signed virtually by Tony Douglas, Group Chief Executive Officer of Etihad Aviation Group, and Gonen Usishkin, Chief Executive Officer of EL AL Israel Airlines, state news agency WAM reported.

Commenting on the MoU, Douglas said: "Following EL AL’s historic flight to Abu Dhabi, the first ever flight between Israel and the UAE, this MoU is the foundation of what we envision will be a strong ongoing relationship between Abu Dhabi and Tel Aviv. We look forward to examining ways in which the two flag carriers – Etihad and EL AL – can work more closely together to improve business operations and enhance the experience for our guests."

In turn, Usishkin stated: "Following the normalization of diplomatic relations between Israel and the UAE, we have been provided a great opportunity to examine the possibility of cooperation with Etihad Airways. This MoU is only the start and we believe that together, the two flag carriers will be able to provide our mutual customers with the best possible product and service. Already, the common goals we have outlined speak for the success of our future cooperation."

Both carriers’ engineering and cargo divisions are also set to begin talks about greater cooperation. These discussions would look at optimizing MRO (maintenance repair and overhaul) opportunities, as well as ways to increase volumes of freighter traffic flowing into and out of Abu Dhabi and Tel Aviv, and across the carriers’ combined networks.

Etihad Airways announced its intention this week to commence daily services between Abu Dhabi and Tel Aviv from 28th March, 2021.

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Business

Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.