Olive oil ‘for peace’ in divided Cyprus

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Workers pick olives in the Greek-Cypriot village of Agios Ioannis, formerly a mixed settlement near the divided capital Nicosia in Cyprus. (AFP)
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Turkish-Cypriot Hasan Siber, left, and Greek-Cypriot Alexandros Philippides, the founders of Coliveoil. (AFP)
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Updated 11 February 2020
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Olive oil ‘for peace’ in divided Cyprus

  • Rare example of a start-up bringing together island’s two communities

NICOSIA: In a field bathed in winter light, Hasan Siber patiently harvests his olives. It is a common sight in Cyprus, but his “oil for peace” represents a rare glimmer of hope on the divided Mediterranean island.

Turkish-Cypriot Siber’s oil is to be sold via Coliveoil, a start-up that he founded with his Greek-Cypriot friend Alexandros Philippides.

The pair, in their early 30s, who met at university in London, want to “take the peace process forward” by selling oil from both sides of the island.

“You never know where an entrepreneurial adventure and friendship might lead,” said Philippides.

Based in the buffer zone of Nicosia, the last divided capital in Europe, Coliveoil is a rare example of a start-up bringing together the island’s two communities.

Cyprus has been split since 1974, when the Turkish army invaded and occupied the northern third following a coup aimed at incorporating the island into Greece.

Reunification talks have been suspended since 2017 — but that same year, Siber and Philippides set up their company that same year with the aim to building bridges across the divide.

The project has enthused Siber’s family, some of whom fled the south during years of conflict.

“Working here today fills me with hope,” said Ayhen Eminel, Siber’s retired uncle, who himself tried to set up a bi-communal business in the early 200s but faced rejection by Greek Cypriot authorities.

He uses a rake to pick olives in a sunlit grove owned by Greek Cypriots, in the formerly mixed village of Agios Ioannis.

The septuagenarian, who speaks Greek as well as Turkish, recalls fleeing the Paphos area in southwestern Cyprus after having been a prisoner of war.

Siber’s aunt Sidika Hudaoglu, a primary school teacher in her 50s, said that the project has brought back memories of a childhood spent among the olive groves in the island’s south, which she fled in 1974.

And the entrepreneur’s father Turgut, a 65-year-old cardiologist, has invested in his son’s start-up and has come from Istanbul to support it.

“Working together, it’s the start” of living together, he said.

“I think others will follow . . . It sets an example.”

While bi-communal projects enjoy some support among Cypriots, this one faces several obstacles.

Without a legal framework for registering bi-communal enterprises, Coliveoil has two legal entities, two bank accounts, two phone numbers and two addresses — one of each on each side of the divide.

The company in the south must buy from the one in the north in order to export to the EU.

Complicating the export process is the fact that EU laws are not applied in the self-declared Turkish Republic of Northern Cyprus (TRNC), only recognized by Ankara.

Olives harvested in the TRNC can’t be registered as organic by the EU, even though the pair say that all the olive groves they use are.

“We have to bring down these barriers,” Siber said.

On the northern side of the checkpoint, Siber and Philippides examine olive groves in Meric, a village surrounded by hills bearing a huge Turkish flag visible for miles across the buffer zone.

When they first took olives into the south in 2017, customs officers asked them to clean the northern olives for export to the south, they recall, even though nothing in the European regulations indicates this.

Resolving the Cyprus problem would more than double the island’s overall gross domestic product to €17.4 billion ($19 billion) over 20 years, according to a study by the Peace Research Institute Oslo Cyprus Center (PCC).

But since a summit in Switzerland collapsed in July 2017, there has been no movement in UN-sponsored negotiations for the divided Mediterranean island.

Yet Coliveoil worker Cemre Berk said that she feels she is an active part of the peace process for the first time.

“We’re breaking taboos,” the Turkish-Cypriot said. “The more people get used to seeing Turkish-Cypriots working on the Greek side and vice versa, the more normal it will become.”

Many Turkish Cypriots express regret the outcome of a referendum on a UN reunification plan in 2004 — the year the divided island entered the EU.

Turkish Cypriots accepted the plan, but Greek Cypriots voted it down.

Coliveoil gives 10 percent of its profits to “Home for cooperation,” which houses the start-up in the buffer zone of Nicosia alongside pro-reunificationNGOs.

Jammed between the low checkpoint walls, Coliveoil works with duo CyprusInno, which connects entrepreneurs from both sides of the island.

Such initiatives still attract stigma, says Steven Stavrou, one of CyprusInno’s cofounders, who met his business partner online.

Burak Berk Doluay was the first Turkish-Cypriot he had ever met.

They started their digital platform in 2013 during the country’s economic crisis, and they now count 2,600 members. “It has changed our lives,” said Stavrou, who was also a witness at his associate’s wedding.

“By coming together through business, sometimes things go beyond that.”


TotalEnergies, OQ to launch $1.6bn LNG Bunkering project in Oman 

Updated 17 sec ago
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TotalEnergies, OQ to launch $1.6bn LNG Bunkering project in Oman 

RIYADH: Oman’s Sohar Port is set to house a new $1.6 billion liquefied natural gas bunkering plant following an agreement inked between OQ and TotalEnergies. 

Bunkering involves transferring LNG to a ship for use as fuel, offering a cleaner alternative compared to traditional methods such as marine gas oil and heavy fuel oil. 

TotalEnergies will provide 80 percent of the investment, with OQ contributing the remaining 20 percent through their joint venture, Marsa Liquefied Natural Gas LLC. 

The Marsa LNG project, the first of its kind in the Middle East, is poised to have significant economic implications. It’s expected to bolster Oman’s treasury revenues and enhance local value through collaborative local investments. 

Patrick Pouyanne, chairman and CEO of TotalEnergies, said: “We are proud to open a new chapter in our history in the Sultanate of Oman with the launch of the Marsa LNG project, together with our partner OQ, demonstrating our long-term commitment to the country.” 

He explained that the innovative project illustrates their pioneer spirit and showcases the relevance of their integrated multi-energy strategy, with the ambition of being a responsible player in the energy transition. 

“By paving the way for the next generation of very low emission LNG plants, Marsa LNG is contributing to making gas a long-term transition energy,” Pouyanne added. 

The plant, powered entirely by solar energy, is expected to contribute to the reduction of carbon emissions and the shipping industry’s overall carbon footprint. Notably, it is projected to emit less than 3 kg of carbon dioxide per oil equivalent barrel. 

“The Marsa LNG project is one of the many initiatives that reflect Oman’s goal of achieving carbon neutrality by 2050,” Minister of Energy and Minerals Salim Al-Aufi said. 


Minister affirms Riyadh as global solutions hub ahead of special meeting of World Economic Forum

Updated 28 min 11 sec ago
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Minister affirms Riyadh as global solutions hub ahead of special meeting of World Economic Forum

RIYADH: Riyadh has emerged as a beacon of “thought leadership, action, and solutions,” stated one of Saudi Arabia’s top officials as the Kingdom’s capital prepares to host the World Economic Forum.

Faisal Al-Ibrahim, the minister of economy and planning, made the comments ahead of the summit on global collaboration, growth, and energy for development, slated for April 28 to 29, which aims to empower leaders from both public and private sectors to tackle mutual global challenges.

According to the WEF website, the meeting will also advance key forum initiatives in the region and beyond as it aims to bridge the growing North-South global divide, which has further widened on issues such as emerging economic policies, the energy transition and geopolitical shocks.

“The Crown Prince’s patronage of the World Economic Forum Special Meeting in Riyadh is a testament to our leadership’s determination to convene the world to take action and expand global collaboration on the critical topics of our time,” said Al-Ibrahim in a post on X.

He welcomed global leaders to this pivotal moment for social, economic, and human development, urging them to “build bridges toward a secure, stable and sustainable future.”


Saudi Arabia’s Diriyah Co. unveils its mixed-use commercial office and retail offering Zallal

Updated 23 April 2024
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Saudi Arabia’s Diriyah Co. unveils its mixed-use commercial office and retail offering Zallal

RIYADH: Saudi Arabia’s Diriyah Co. has shared plans for its inaugural mixed-use commercial office and retail development Zallal, set to launch in the Bujairi district during the first half of 2025.

This project will feature two low-rise office buildings with a combined leasable space of around 6,000 sq. m. Additionally, there will be 12 mixed retail and food and beverage outlets spread across about 8,000 sq. m.

Located next to the popular Bujairi Terrace, Zallal will benefit from proximity to a venue that attracts thousands of visitors daily.

The development is also located close to the recently completed Diriyah Art Futures and the soon-to-open Bab Samhan Hotel.

Jerry Inzerillo, group CEO of Diriyah Co, said: “We have been delighted with the hugely positive reception that Zallal has had from the commercial sector, and we are in advanced negotiations with international and local companies eager to benefit from the central location in the heart of Diriyah and the diverse range of accessible retail, F&B and office space available.” 

He added: “With construction well underway, Zallal maintains the exciting momentum at Diriyah, and when open, will benefit from the thousands of daily visitors to Bujairi Terrace becoming the latest completed precinct in our rapidly developing masterplan.”


Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report 

Updated 26 min 22 sec ago
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Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report 

TOKYO: Japan’s Mitsui & Co. said on Tuesday nothing has been decided on a liquefied natural gas project in the UAE, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Co. on it. 

The Nikkei reported ADNOC would have a stake of around 60 percent and Mitsui 10 percent of the $7 billion LNG project at Ruwais, adding Mitsui’s investment is estimated to be several tens of billions of yen. 

Other oil majors Shell, BP and Total Energies are also expected to invest, the report said. 

A Mitsui spokesperson said nothing had yet been decided when asked about the report. ADNOC, BP and Shell declined to comment. TotalEnergies did not immediately respond to a request for comment. 

ADNOC has big ambitions in gas and LNG, which along with renewable energy and petrochemicals, it sees as pillars for its future growth. 

Demand for natural gas soared as Europe scrambled to secure supplies to replace Russian gas in the wake of Moscow’s invasion of Ukraine last year. 

The planned Ruwais LNG project, to the west of Abu Dhabi city, will help ADNOC reach its goal of doubling its LNG production capacity. It currently has liquefaction capacity of about 6 million metric tons per annum at its Das Island facility. 

The Ruwais plant will have electric-powered processing facilities and run on renewable and nuclear grid power, making it one of the lowest carbon intensity LNG facilities globally, ADNOC has said. It will have two 4.8 mtpa LNG liquefaction trains when completed. 

ADNOC said in March it had issued a limited notice to proceed for early engineering, procurement and construction on the Ruwais LNG project to a consortium led by Technip Energies and including JGC Corporation and National Petroleum Construction Co. A final investment decision is expected this year. 

ADNOC has since last year signed several LNG supply deals, including two for LNG from the Ruwais project, expected to begin commercial operations in 2028. 

ADNOC has eyed acquisitions of foreign companies in part to help boost its gas portfolio. 


Pakistan eyes new IMF loan by early July, finance minister says

Updated 23 April 2024
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Pakistan eyes new IMF loan by early July, finance minister says

ISLAMABAD: Pakistan could secure a staff-level agreement on a new long-term larger loan with the International Monetary Fund by early July, its finance minister said on Tuesday, according to Reuters. 

The country’s current $3 billion arrangement with the fund — which it secured last summer to avert a sovereign default — runs out in late April.

The $350 billion South Asian economy faces a chronic balance of payment crisis. The government is seeking a larger, long-term loan to help stabilize economic activity and financial markets so it can execute long-due, painful structural reforms.

If secured, it would be the 24th IMF bailout for Pakistan.

“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings.

“We had very good discussions in Washington,” he said.

He said he did not know at this stage the volume and tenure of the longer program, although he has previously said that he was looking for at least a three-year bailout plan.

Both sides have said they were already in discussions for the new loan. A formal request, however, will be made once the current facility expires, with the IMF board likely to meet late this month to approve the second and last tranche of the current support scheme.

The economy is expected to grow by 2.6 percent in the fiscal year 2024, the finance minister said, adding that the inflation was projected at 24 percent, down from 29.2 percent in fiscal 2023. It touched a record high of 38 percent last May.

Aurangzeb said structural reforms would include increasing the government’s tax revenue-to-GDP ratio to 13 percent to 14 percent in next two or three years from the current level of around 9 percent, reducing losses of state-owned enterprises through their privatization, and better management of the debt-laden energy sector.