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Saudi Industrial Production Index Increases in August

GASTAT released its Industrial Production Index (IPI) report for August 2024. SPA
GASTAT released its Industrial Production Index (IPI) report for August 2024. SPA
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Saudi Industrial Production Index Increases in August

GASTAT released its Industrial Production Index (IPI) report for August 2024. SPA
GASTAT released its Industrial Production Index (IPI) report for August 2024. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) has released its Industrial Production Index (IPI) report, revealing a 1.0% increase in IPI during August 2024 compared to the same month in 2023.

This growth was primarily driven by increased activity in mining and quarrying, manufacturing, and electricity, gas, steam, and air conditioning supply.

While oil activities saw a slight decline of 1.4% in August 2024 compared to the same month in 2023, the non-oil activities index experienced a significant surge of 7.0% compared to the previous year.

GASTAT regularly publishes various statistical products related to the industrial sector.

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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.