Turkish manufacturers stop production amid limited gas supply: NRG matters

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Updated 25 January 2022
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Turkish manufacturers stop production amid limited gas supply: NRG matters

RIYADH: From the US to Europe to Asia, instability in the energy sector prevails as prices continue to soar, delays take place, proposals jeopardize green goals, and gas flows come to a halt. However, countries including Indonesia seem to be keeping their green push on track with major investments on the way.

Looking at the bigger picture:

  • European power prices are soaring as mild weather reduces wind turbine output, Bloomberg reported. The surge in prices is further deepened by the political turbulence caused by Russia’s movements on Ukraine’s border which could jeopardize the continent’s energy supply.
  • Around 300 renewable power firms are appealing to congress leaders in the US to speed up the signing off of climate projects which are part of President Biden’s tax and spending plan. This comes as projections indicate that each month of delay leads to a loss of an estimated $2 billion of economic activity.
  • The EU has been criticized by The Platform on Sustainable Finance for its plan to label nuclear energy and natural gas projects as green and sustainable, Bloomberg reported. This comes as the plan is expected to threaten the continent’s net zero goals, diminishing the EU’s credibility when it comes to environmentally-friendly policies.
  • Several Turkish manufacturers have temporarily stopped production after neighboring Iran cut gas flows into the country for as much as 10 days due to technical issues in a local station, Reuters reported.
  • Indonesia is to establish a $4 billion worth polysilicon industry to boost solar panel production, Bloomberg reported. This comes as the Asian country aims to drift away from fossil fuels and shift its dependability on green energy.

Through a micro lens:

  • UK multinational oil and gas firm Shell’s carbon capture plant located in Canada, better known as The Quest, is responsible for releasing more greenhouse gases than it captures, according to an investigation by UK human rights organization Global Witness  The group claims that while the carbon capture facility has averted 5 million tons of carbon dioxide from breaking free into the atmosphere since 2015, it has emitted 7.5 million tons of greenhouse gases in return during the same period. A spokesman for Shell claimed that the analysis is “simply wrong,” CNBC reported.

Makkah sees rising economic activity ahead of Ramadan

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Makkah sees rising economic activity ahead of Ramadan

MAKKAH: Islam’s holiest city, Makkah, is experiencing heightened economic activity ahead of this year’s Ramadan, as markets, shopping centers, and hotels see a surge in visitors, reflecting the city’s dual religious and economic significance during the season.

A field survey by the Saudi Press Agency showed a marked uptick in retail and food sectors, with rising demand for staple goods, dates, Ramadan beverages, and hospitality and decorative items.

Traditional markets and modern shopping complexes have seen brisk activity from residents, expatriates, and visitors, supported by promotional offers launched by numerous businesses to attract consumers.

In the hospitality sector, early bookings for hotels and serviced apartments, particularly in the central area around the Grand Mosque, have increased, with occupancy expected to rise further in the first days of the holy month.

This surge is driven by the arrival of pilgrims and visitors from inside and outside the Kingdom to perform Umrah and prayers at the Grand Mosque.

Transport and logistics services have also been active, alongside intensified preparations by relevant authorities to ensure smooth traffic flow and easy access for worshippers.

Health and regulatory measures have also been strengthened to ensure food safety and service quality.

Ramadan remains one of the most important annual sales seasons, providing a wide range of options for various consumer segments. At this time each year, Makkah experiences a full seasonal economic cycle that supports small and medium-sized enterprises and boosts commercial activity.

The Makkah Municipality has confirmed that it stepped up inspections of markets and retail outlets across the holy city, as part of its field plan to ensure compliance with health and municipal regulations, product safety, and service quality.

Inspection teams, the municipality said, have conducted intensive rounds covering public markets, shopping centers, food outlets, industrial kitchens, and restaurants to verify food quality, storage methods, and hygiene standards, while ensuring establishments adhere to approved rules and regulations.

It added that that these monitoring campaigns continue around the clock, particularly during periods of heightened commercial activity.

The municipal authority also stressed the importance of citizens and residents reporting any concerns through official channels, strengthening community oversight and ensuring the highest public health and safety standards in line with Makkah’s status as a destination for millions of worshippers from within the Kingdom and beyond.

This growing economic activity highlights the vitality of Makkah’s market and its ability to respond to major religious seasons, reinforcing the city’s role as a spiritually and economically vibrant center and a global destination for Muslims during Ramadan.