UAE Invests $13.6 Bln in Railway Program

The Railways Program was launched during a special event celebrating the "Projects of the 50", held at Dubai's EXPO 2020. (Asharq Al-Awsat)
The Railways Program was launched during a special event celebrating the "Projects of the 50", held at Dubai's EXPO 2020. (Asharq Al-Awsat)
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UAE Invests $13.6 Bln in Railway Program

The Railways Program was launched during a special event celebrating the "Projects of the 50", held at Dubai's EXPO 2020. (Asharq Al-Awsat)
The Railways Program was launched during a special event celebrating the "Projects of the 50", held at Dubai's EXPO 2020. (Asharq Al-Awsat)

The United Arab Emirates announced the launch of its Railways Program, which is an integrated strategy for the railway sector in the UAE for the coming decades.

The Program includes a national network of railway projects that link the emirates and the key cities of the country, with opportunities to expand beyond the borders.

The investments of the UAE Railway Program are worth $13.6 billion, 70 percent of which target the local market.

The Program will provide more than 9,000 jobs in the railway sector by 2030.

The "Etihad Rail" project connects Ghuwaifat on the border with Saudi Arabia to the port of Fujairah on the Eastern Coast.

The Railways Program was launched during a special event celebrating the "Projects of the 50", held at Dubai's EXPO 2020.

At the event, the Ruler of Dubai and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said the Etihad Rail is the largest project to consolidate the union's strength for the next fifty years.

"It will connect 11 key cities and regions across the UAE," he said, adding that the UAE's infrastructure is among the best in the world, and the Etihad Rail will further enhance UAE excellence in the logistical field.

"The project is in line with the environmental policy of the UAE, and it will reduce carbon emissions by 70-80 percent."

Also, at the event, Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan stressed that the Program reflects the true meaning of integration into the national economic system, as "we see the largest partnership between government entities at the federal and local levels."

He noted that the program "comes to support a national vision to connect the country's key centers of industry and production, open new trade routes and facilitate population movement, creating the most developed work and living environment in the region."

Chairman of Etihad Rail Sheikh Theyab bin Mohamed bin Zayed Al Nahyan described the Program as a "key milestone" in the road transport sector and a true reflection of "The Principles of the 50."

Sheikh Theyab added that the Railways Program extends an opportunity to qualify and train Emirati talents and enable them to lead this vital sector in the future.

The UAE Railways Program will enhance the transportation system across the UAE, allowing passengers to travel from Abu Dhabi to Dubai in 50 minutes, and from Abu Dhabi to Fujairah in 100 minutes.

The Railway Program includes three key projects. The first project is the Freight Rail, which provides Etihad Rail freight services.

The second project is the Rail Passenger Services that aim to connect 11 cities with the UAE from al-Sila to Fujairah.

The third project is the Integrated Transportation Service, where an innovation center will be established to ensure the integration of smart transportation solutions.

By 2030, the number of passengers is expected to reach more than 36.5 million annually.

The National Railway Program creates enormous economic opportunities amounting to $54.4 billion. The estimated benefits of reducing carbon emissions amount to $5.7 billion. It will also achieve tourism benefits estimated at $6.2 billion during the next 50 years.



Iraq Exports 2.6 million bpd from Southern Ports

An oil field in the Dibs area on the outskirts of Kirkuk, Iraq (Reuters)
An oil field in the Dibs area on the outskirts of Kirkuk, Iraq (Reuters)
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Iraq Exports 2.6 million bpd from Southern Ports

An oil field in the Dibs area on the outskirts of Kirkuk, Iraq (Reuters)
An oil field in the Dibs area on the outskirts of Kirkuk, Iraq (Reuters)

Iraq is exporting around 2.6 million barrels of oil per day from its southern ports so far in September and producing more than 3 million bpd from its southern oilfields, Bassem Abdul Karim, head of Iraq's Basra Oil Company, said on Thursday.

Abdul Karim, speaking at an energy conference in Basra, added that Iraq is transporting around 250,000 bpd of Basra crude to Kirkuk for exports via Ceyhan in Türkiye.

On September 16, Iraq launched a pilot operation to transport crude oil by road from its southern oilfields to a Kirkuk storage facility in an effort to boost supplies to the northern export system and potentially increase shipments through Türkiye's Ceyhan port.

The initiative forms part of broader Iraqi efforts to increase flows through the northern export route after the US-Israeli war on Iran disrupted Iraq's shipments through the Strait of Hormuz, its main export route.


Oil Gains on Little Sign of Progress in US-Iran Talks

Gas prices at a Shell gas station above $6 a gallon for regular gasoline and $8 a gallon for diesel are displayed across from a US flag outside of the Marathon Petroleum Corp. (Photo by Patrick T. Fallon / AFP)
Gas prices at a Shell gas station above $6 a gallon for regular gasoline and $8 a gallon for diesel are displayed across from a US flag outside of the Marathon Petroleum Corp. (Photo by Patrick T. Fallon / AFP)
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Oil Gains on Little Sign of Progress in US-Iran Talks

Gas prices at a Shell gas station above $6 a gallon for regular gasoline and $8 a gallon for diesel are displayed across from a US flag outside of the Marathon Petroleum Corp. (Photo by Patrick T. Fallon / AFP)
Gas prices at a Shell gas station above $6 a gallon for regular gasoline and $8 a gallon for diesel are displayed across from a US flag outside of the Marathon Petroleum Corp. (Photo by Patrick T. Fallon / AFP)

Oil prices rose more than 1% on Thursday as diplomatic talks between the US and Iran showed little sign of progress, while investors focused on uncertainty about a potential US ban on diesel exports.

Brent crude futures were up $1.63, or 1.58%, at $104.71 a barrel at 1200 GMT, while West Texas Intermediate futures were up $1.34, or 1.49%, at $93.53 a barrel.

Brent rose to as high as $106.50 earlier in the day, following reports suggesting Iran gave the US one week to meet its publicly stated demands, such as lifting the US naval blockade, Reuters reported.

Iran and the US remain divided over how to end their conflict, but diplomacy must continue, a senior Iranian official told Reuters on Wednesday, after Iran's president told the UN General Assembly that Tehran would never surrender to US pressure.

The official said Tehran was reviewing Washington's response to its peace proposals, which prioritise lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz.

European diesel futures came off all-time highs on Thursday amid uncertainty about a potential US ban on diesel exports. A White House official on Wednesday denied a report that said the US is preparing a 90-day ban of diesel exports.

A European Commission spokesperson said on Thursday that the EU was concerned about the reported US plans, as such a move would risk a negative impact on both sides.

Analysts and market watchers have warned a US diesel export ban would do little to ease high energy prices and could worsen global supplies and further disrupt economies.

The physical market for oil is nowhere near a fully normalised situation, said Priyanka Sachdeva, head of market insights at Phillip Nova.

"Brent retains a larger geopolitical and sea-route premium because international crude is more directly exposed to Middle East and Hormuz disruption, while WTI benefits more from relatively insulated US supply," Sachdeva added.

US distillate stockpiles, including diesel and heating oil, fell 428,000 barrels to 107.4 million barrels last week, Energy Information Administration data showed.

Meanwhile, US crude inventories rose 3 million barrels to 426.4 million barrels last week, though analysts polled by Reuters had expected a 641,000-barrel draw.


Saudi Aramco Chief: Any Interruption Can be Fixed 'Within Days'

Aramco President and CEO Amin Nasser speaks during a press conference. Reuters file photo
Aramco President and CEO Amin Nasser speaks during a press conference. Reuters file photo
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Saudi Aramco Chief: Any Interruption Can be Fixed 'Within Days'

Aramco President and CEO Amin Nasser speaks during a press conference. Reuters file photo
Aramco President and CEO Amin Nasser speaks during a press conference. Reuters file photo

Saudi Aramco can restore disrupted operations within days and is looking at building alternative oil export routes, its President and CEO Amin Nasser said.

Nasser told Nikkei Asia in Tokyo on Thursday that Aramco was studying "a fourth and a fifth route" for crude oil exports in addition to its three primary routes.

Nasser added that the company is considering expanding overseas storage capacity, including in Japan, to strengthen its ability to withstand disruptions.

He stated that Aramco's operations are built with abundant flexibilities in place to continue serving its customers even during disruptions.

He added that observers often assumed Aramco had only two major export pathways, through the Strait of Hormuz or the Bab el-Mandeb Strait at the southern entrance to the Red Sea after using the East-West pipeline. In reality, Nasser said, the company could also access the 320km Sumed pipeline, which carries crude from the Red Sea to the Mediterranean through Egypt.

"People think about interruptions in Hormuz, interruptions in Bab-el Mandeb, [but] we never stopped. We continue to supply our customers," he said. "The only thing you do [is] shift more vessels, one way or the other. ... We do have this multiple optionality that allows us to meet our customers' demand."

The chief executive said that the company was also keen to add more optionality in its oil supplies, including building up additional storage capacities abroad to meet short-term disruptions, as well as "a fourth and a fifth route" for exporting crude.

The company was in discussions with the relevant ministry and its partners in Japan on expanding its storage capacity in the country, as well as "doing the engineering and the feasibility and all of the work that is required" for the additional export routes, Nasser said.