Second Turkish drilling ship stokes EU tensions

Turkey’s first drilling vessel, Fatih, above, has already started searching for gas and oil in waters considered part of Cyprus’s exclusive economic zone. (Reuters)
Updated 07 July 2019
Follow

Second Turkish drilling ship stokes EU tensions

  • Cyprus has issued arrest warrants for Fatih’s crew members, accusing the ship of breaching the republic’s sovereign territory

ISTANBUL: A second Turkish ship will begin drilling for oil and gas in a disputed region off Cyprus next week, an official said, ramping up exploration activity despite increasing tensions with the EU, which has deemed Ankara’s search “illegal.”
The discovery of huge gas reserves in the eastern Mediterranean has fuelled a race to tap underwater resources and triggered a dispute between Turkey and EU member Cyprus, which also plans to ramp up its exploratory activities in the area.
Turkey, which on June 20 sent a second ship for exploratory activities off the eastern Mediterranean, said its actions abide by international law.
“God willing we will be starting the first drilling within a week,” Energy Minister Fatih Donmez was quoted as saying by the private NTV broadcaster. The ship called Yavuz will be exploring off the peninsula of Karpasia, the minister added.

FASTFACT

30% - Gas represents over 30 percent of Turkey’s total energy demand, more than half of which is supplied by Russia.

The EU last month warned against Turkey’s “illegal” drilling, raising the threat of sanctions unless Turkish officials abandon the project. But Ankara insists that it is drilling inside its continental shelf.
Turkey’s first drilling vessel, Fatih, has already started searching for gas and oil in waters considered part of Cyprus’s exclusive economic zone.
Cyprus has issued arrest warrants for Fatih’s crew members, accusing the ship of breaching the republic’s sovereign territory.


Closing Bell: Saudi main index rises to close at 11,251 

Updated 17 sec ago
Follow

Closing Bell: Saudi main index rises to close at 11,251 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81. 

The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.    

The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.     

The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.   

Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55. 

Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56. 

Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55. 

On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year. 

The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.  

Multi Business Group Co. ended the session at SR9.90, down 1 percent. 

Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs. 

Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.