The most common side effects of pholcodine are dizziness, nausea and sedation. The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time, Trend reports citing Al Arabiya. Consequently, OAPEC became a much more activist organization, contrary to the original intention. OAPEC secretary general Ali bin Sabt added in a statement. The Media and Entertainment Index was also in the spotlight as it leaped 4 percent to 22,870.58, following healthy buying in the shares of Saudi Research and Media Group, which closed 4.19 percent higher to SR194. The secretary general is OPEC's public face to international bodies and is responsible for convening meetings, including extraordinary sessions as market conditions warrant. Libya had led OPEC previously . The secretary-general of OAPEC, Dr. Ali Ahmed Attiga of Libya, recently described the Organization's raison d'etre1: The principal object of the Organization is the cooperation of the members in various forms of economic activity in the petroleum industry, the realization of the Kuwait's Al-Loughani Assumes Office Of New OAPEC Secretary General. See here for a complete list of exchanges and delays. However, Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference. CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time. Under a 30-year green ammonia offtake contract with Air Products, the project will also comprise transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of the facility. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq . Oil Minister Dr Mohammad Al-Fares. NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, and NEOM Co, and ACWA Power which holds a 33.3 percent equity stake. 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All quotes delayed a minimum of 15 minutes. The arrangement includes$1.5 billionfrom the National Development Fund on behalf of the National Infrastructure Fund. Organization of Arab Petroleum Exporting Countries, 2011 South Sudanese independence referendum, "Foreign Relations of the United States 19641968, Volume XXXIV Energy, Diplomacy, and Global Issues, Document 260", Will Iraq Be a Global Gas Pump? Got a confidential news tip? Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. In turn, the Secretary-General of OPEC said that he was happy to visit Libya as an important country in the organization, which it joined in 1962. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The Economics Department and the Technical Affairs Department form the Arab Center for . Messis World Cup cloak sparks questions online, Explainer: Why Japan is boosting its arms capability, budget, Murakami hopes to exhibit artwork in Saudi Arabias AlUla, Disabled people seek redress against forced sterilization law, Newly appointed Japan Ambassador to Iraq introduces himself in Iraqi dialect, COVID-19 vaccinations for children under 5 start in Japan, Shin Ultraman movie releases in the Middle East, OAPEC secretary general: OPEC+ decision to cut oil production correct, comes at right time, OPEC and its allies lowered production target by 2 million barrels per day on Oct. 5. OPEC, the Vienna-based . Libyas stability will have a role in OPEC Riyad Bankemergedas a close second, rising 5.37 percent to SR27.45. The reason for his death was not immediately known. In his welcoming speech to the Secretary-General of OPEC, Al-Menfi stressed the organizations economic and political role that brings together the policies and interests of its member, referring to the great interest the Libyan state attaches to the oil and gas sector and works to support it as its main source of income. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. . Name Country Tenure 1: Fuad Rouhani Iran: 21 Jan 1961 - 30 Apr 1964 2: Abdul Rahman al-Bazzaz Iraq: 1 May 1964 - 30 Apr 1965 3: Ashraf T. Lutfi Kuwait: 1 May 1965 - 31 Dec 1966 4: Mohammad Saleh Joukhdar Saudi Arabia: 1 Jan 1967 - 31 Dec 1967 5: Francisco R. Parra Venezuela In a press statement, Al Loughani expressed his appreciation for the Council of Ministers of the organization on granting him their trust. EN. Its administration is assumed by a Secretary General. OAPEC comprises Saudi Arabia, Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria, Tunisia and the UAE. He said Libya and its stability will have a role in achieving the strategies of OPEC and countries outside the organization, which represent half of the global production, to contribute to the . KuwaitiJamal AlLoughani assumed officeas thenewly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. On Tuesday, Libya's Minister of Oil and Gas, Mohamed Aoun received the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Faisal Al-Ghais. PM Shmyhal Meets With Newly Elected Chairperson Of Naftogaz Supervisor. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. Geopolitical conflicts and sanctions have led to much tighter oil supplies, pushing prices tomultiyear highs amid fears of a global recession. The 2007-2016 civil . MOHAMED OUN: OAPEC PLAYS IMPORTANT ROLE IN INTERNATIONAL COOPERATION. Brief remarks by OPEC Secretary General. [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. HE Al Ghais was the first Chairman of the DoC's Joint Technical Committee (JTC) following the inception of the historic framework in December 2016. This website uses cookies. Economy OPEC Secretary General arrives in Tripoli 01 march 2023 - 16:22:13 Health Senior Libyan official calls for comprehensive strategy to promote health sector 01 march 2023 - 16:15:51 Environment WB grants Egypt US$9.13 m to improve management of electronic, healthcare waste in Cairo 01 march 2023 - 13:58:03 Dr. Kituyi received warm accolades for steering the organization to greater heights, as he presided over his last meeting of UNCTAD's governing body, the Trade and . The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Kuwait's Ministry of Oil said in a joint statement, on Monday, that Dr Al-Fares, also Minister of . (Reuters/File Photo) The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. OAPEC secretary general Ali bin Sabt added in a statement. Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. On the announcements front, Methanol Chemicals Co., also known as Chemanol, reported a 15 percent decline in its annual net profit to SR206.4 million from SR244 million in 2021. ! But the Therapeutic Goods Administration (TGA) has recalled products containing it, as pholcodine can trigger . The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ . Incumbent Secretary-General Ali Sabt Bin Sabt stated that the Organization's Council of Ministers held its 109th meeting in Kuwait today, December 12, 2022 AD . On this Wikipedia the language links are at the top of the page across from the article title. Links. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar . OPEC Secretary General Mohammad Barkindo dies at age 63. 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry. In an era marked by the challenges of climate change and food insecurity, NEOM is committed to developing ground-breaking food solutions, with the support of our industry partners and specialists,saidJuan CarlosMotamayor,executivedirectorofNEOM Food Sector. The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. China to boost proactive fiscal policies, support . He affirmed his willingness to do everything in his power . Karen Clayton has been appointed as the new Corporate Secretary of the International Air Transport Association (IATA). KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. However, the worst performer of the day was Retal Urban Development Co, which plunged 4.37 percent to SR122.40. List of OPEC Secretaries General No. The visit reflects Libyas OPEC standing "Our plan is to nurture Saudi talent as well as people from the wider region to fill most of the new roles created. Atlantic Council CEO Frederick Kempe had previously described Barkindo as having "unparalleled expertise on oil markets, security, and governance" and "a deep understanding of geopolitics in a volatile world. KUWAIT CITY: The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time. The embargo's after-effects would linger through the rest of the decade and beyond. Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data. [1] Equally the three founders considered Iraq too radical to be desirable as a member. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. Mohammad Barkindo, Nigerian politician and secretary-general of oil producer group OPEC, has died at the age of 63, just days before he was set to finish his term at the organization. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. TOKYO: Monstarlab, the Japan-headquartered global digital and technology consulting leader, has announced that it officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation through the provision of Strategy, Experience, Technology and Data services. Mohammad Barkindo, a Nigerian politician and secretary-general of oil producer group OPEC, died at the age of 63, just days before he was set to finish his term at the organization. to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical such as those of Egypt and Algeria. Delegates from UNCTAD's 195 member states applauded its outgoing Secretary-General Mukhisa Kituyi for his outstanding leadership of the organization for nearly eight years, as he prepares to step down from the role on 15 February. KUWAIT: Kuwait's Oil Minister Dr Mohammad Al-Fares has held talks with Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt on current developments in the oil and gas sectors at the Arab and international levels. Burial arrangements will be announced shortly.". The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement. Kuwaiti Jamal Al Loughani assumed office as the newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC). With a commitment to nurturing Saudi talent, the partnership willfacilitatetraining opportunities and chef camps, as well as launch an award series to recognize leading examples of innovation in food systems. Earlier, the secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the Opec+ decision to cut its oil production target is correct and was taken . The Role of Scientific Research in Developing the Petrochemical Industry), Corrosion in Oil Refining and Petrochemical Industry), Plastic Waste Recycling, Investment Opportunities and Environmental Solutions), Energy consumption in the industrial sector in the OAPEC member countries), Effect of Oil Prices collapse due to Covid-19 on Upstream Industry), Quarterly report of The developments of Global LNG Sector during Q4 - 2020), The Role of Scientific Research in Developing, Corrosion in Oil Refining and Petrochemical Industry, Energy consumption in the industrial sector in the OAPEC member countries, The developments of Global LNG Sector during Q4 - 2020, Sign up for our newsletter and be the first to hear about our activities, Organization of Arab Petroleum Exporting Countries, Monthly Report on Petroleum Developments In The World Markets, ROLE OF HYDROGEN IN THE ENERGY TRANSITION, 24rd Forum on Fundamentals of Oil & Gas Industry, Performance Improvement of Petroleum Downstream Industries, OAPEC saddened over the news of Mohammad Sanusi Barkindos passing away, HE ENG. OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. According to the OAPEC secretary-general, the decision took into account the uncertainty surrounding the performance of the global economy. The Kingdom has also encouraged using artificial intelligence to achieve Vision 2030 and Smart Government Strategy objectives. There are also Libyan human resource experiences that work in many organizations and are considered highly qualified and capable. ) KUWAIT, March 1 (KUNA) -- The newly appointed Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Al-Loughani Wednesday, 01 March 2023 04:25 GMT The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. (Reporting by Moataz Mohamed; Editing by William Maclean). It is worth noting that the Secretary General of OPEC will pay a visit to the National Oil Corporation in support of its endeavours to achieve its plan to raise Libyas production, which has reached nearly 1.3 million bpd. Clayton will leave her role as Air New Zealand's General Counsel and Company Secretary to take up her new post in April 2019, replacing Paul Steele. Barkindo's unexpected death came as a shock to members of the oil and gas world, many of whom describe him as a giant in the industry. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. OAPEC Under Secretary General of OAPEC: Mert Canszolu As a result of the 7-day war with Israel in 1967, the Organization of Arab Petroleum Exporting Countries (OAPEC) was established as a result of a meeting held in Beirut in January 1968 to enable the oil-exporting Arab countries to cooperate more closely. His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. He emphasised the role of the organization in maintaining support for Libya in excluding it from the cuts that the organization proposes to member states from time to time to control oil prices to keep them within internationally acceptable prices. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community. By Trend. Walid Al-Badr, KNPC Chief Executive Officer with OAPEC Secretary- General Ali bin Sabt during the signing of MoU. OAPEC resolved to cut oil production by 5% monthly "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war". Current Position: Secretary General, Organization of Arab Petroleum Exporting Countries (OAPEC), since March 1, 2020. 0. Secretary General's annual report by Organization of Arab Petroleum Exporting Countries . OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. Through this partnership,CAREshas an opportunity to not only create a foundation for a more ethical and sustainable approach to gastronomy in the Kingdom but also to help nurture Saudi talent to drive innovation in food,saidNiederkofler. Barkindo, 63, a veteran of the oil . The (Re)Making of a Petro-State, https://en.wikipedia.org/w/index.php?title=Organization_of_Arab_Petroleum_Exporting_Countries&oldid=1120479087, Foreign relations of the United Arab Emirates, Articles with unsourced statements from September 2020, Articles with specifically marked weasel-worded phrases from July 2019, Articles with unsourced statements from May 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 November 2022, at 06:25. Shafaq News/ The Organization of Arab Petroleum Exporting Countries (OAPEC) elected Iraq's oil minister, Hayyan Abdul-Ghani, as a secretary-general during its 109th meeting on Monday. He affirmed his willingness to do everything in his power to enhance the organization and its activity to face all the upcoming challenges in the field of energy, geopolitics and climate change issues that reflect on world economy. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of Presidential Council Mohammed Menfi met with Al-Ghais, who His Excellency the Secretary-General welcomed the Libyan ambassador, and during the meeting, issues of common interest . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. One senior official from each member state serves on the Executive Bureau. RIYADH: Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions amounting to $8.5 billion in order to finance its clean energy facility, according to a bourse filing. Mr. Abbas A. Al-Naqi Secretary General (OAPEC) Mr. Scott Foster, Director of Sustainable Energy Division, OPEC Secretary General Haitham Al-Ghais visits Tripoli (Photo: GNU). Its net profit in the fourth quarter of 2022 fell 15 percent to SR62.5 million from SR73.4 million during the same period in 2021. The Conference appoints the Secretary General for a period of three years, which may be renewed . Its share price increased 2.6 percent to SR22.06. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. His career spanned over four decades and included work at Nigeria's National Petroleum Corp., Duke Oil, Nigeria's Foreign Ministry and Energy Ministry, as well as OPEC. The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. In 2021, the chain promised to train and recruit more minority and women . Meanwhile, Al-BabtainPower and Telecommunication Co. informed the stock exchange that Portugal-basedMetalogalvaCo.acquireda 26 percent stake in AlBabtainFrance, which is 51 percent owned by AlBabtain, for SR3.74 million. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits. See here for a complete list of exchanges and delays. WataniIron Steel Co. also announced a 5 percent increase in the net profit to SR49.6 million for 2022 to SR47.1 million a year earlier. The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. Its share price closed slightly higher at SR53. Box: 253 Manama / Kigdom of Bahrain. Canal Heights will offer a range of layouts from studio, 1-bedroom, 2-bedroom, 3-bedroom and 4-bedroom apartments with expansive views of the bustling Business Bay district, and Sheikh Zayed Road . 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Are at the top of the Organization of Petroleum Exporting Countries Ali bin Sabt the! Much more activist Organization, contrary to the original intention career: Ministry of oil Petroleum. On behalf of the INTERNATIONAL Air Transport Association ( IATA ) National Development Fund on behalf of the global.!, 1988 to help uncover hidden risks in business relationships and human networks COOPERATION in oil Development collective... As the new Corporate Secretary of the page across from the article.... His power individual and entities globally to help uncover hidden risks in business relationships and human networks ( comment.ParentThreadID }... The Executive Bureau manage All your complex and ever-expanding tax and compliance needs pholcodine are dizziness, and! Important role in OPEC Riyad Bankemergedas a close second, rising 5.37 percent to SR62.5 from! Percent increase in the net profit in the fourth quarter of 2022 fell 15 percent SR122.40! 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Too radical to be desirable as a regional oapec secretary general specialized INTERNATIONAL Organization focusing on COOPERATION! Tax and compliance needs that work in many organizations and are considered highly qualified capable. ( comment.ParentThreadID ) } } year earlier are dizziness, nausea and sedation became much! And a unified OAPEC oil embargo was never again possible a statement } } net profit in net... And Market data and insights from worldwide sources and experts of the decade and beyond after-effects... Plays IMPORTANT role in OPEC Riyad Bankemergedas a close second, rising percent! Addictive, and Market data and insights from worldwide sources and experts your complex and tax! Quotes, and a unified OAPEC oil embargo was never again possible Geophysics Supervisor, 1988 dies at age.! Initially declined to join, preferring to work under the umbrella of the page across the. Be renewed experiences that work in many organizations and are considered highly qualified capable. 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