MOSCOW: Russian President Vladimir Putin said Wednesday that Moscow is ready to resume gas supplies to Europe via a link of the Germany-bound Nord Stream 2 pipeline under the Baltic Sea.
Speaking at a Moscow energy forum, Putin again charged that the US was likely behind the explosions that ripped through both links of the Nord Stream 1 pipeline and one of the two links of the Nord Stream 2 pipeline, causing a massive gas leak and taking them out of service.
The US has previously rejected similar allegations by Putin. Several European governments said the undersea explosions that ripped through both Nord Stream pipelines were likely caused by sabotage but stopped short of assigning blame.
The Russian leader has repeatedly taunted the West by raising the prospect of sending gas through Nord Stream 2, a political nonstarter for the German government and others.
Reaffirming a claim that he made last week, Putin said that the attack on the pipelines was launched by those who wanted to weaken Europe by halting the flow of cheap gas from Russia.
“The act of sabotage of the Nord Stream 1 and 2 is an act of international terrorism aimed at undermining energy security of the entire continent by blocking supplies of cheap energy,” he said, alleging that the US wants to force Europe to switch to importing more expensive liquefied natural gas.
“Those who want to rupture ties between Russia and the EU are behind the acts of sabotage on the Nord Stream,” he said.
While Russia is still pumping gas to Europe via Ukraine, the explosions on the Baltic pipelines have exacerbated acute energy shortages faced by Europe before the winter season.
The Nord Stream 2 pipeline has never brought natural gas to Europe because Germany prevented the flows from ever starting just before Russia launched military action in Ukraine on Feb. 24.
Before the explosions, Russia had cut off the parallel Nord Stream 1 pipeline at the center of an energy standoff with Europe. Russia has blamed technical problems for the stoppage, but European leaders call it an attempt to divide them over their support for Ukraine.
Plunging Russian gas supplies have caused prices to soar, driving inflation, pressuring governments to help ease the pain of sky-high energy bills for households and businesses and raising fears of rationing and recession.
Putin said that one of the two links of the Nord Stream 2 has remained pressurized and appears to be ready for service, adding that its capacity stands at 27 billion cubic meters a year. He noted that if checks prove that the pipeline is safe to operate, Russia stands ready to use it to pump gas to Europe.
The Russian leader also said that Russia could increase the capacity of its gas exports to Turkey and eventually turn into a hub for gas supplies to Europe.
Putin again scoffed at Western plans to cap prices for Russian energy exports, saying that “Russia won’t act against common sense and pay the other’s welfare.”
“We won’t supply energy to the countries that would cap the prices,” he said. “I would like to warn those, who instead of business partnership and market mechanisms try to use con tricks and blunt blackmail, that we won’t do anything to our own detriment.”
Putin says Russia could increase gas supplies to Europe
https://arab.news/8t3xy
Putin says Russia could increase gas supplies to Europe
- Several European governments said the undersea explosions that ripped through both Nord Stream pipelines were likely caused by sabotage
- The Russian leader also said that Russia could increase the capacity of its gas exports to Turkey
Saudi Arabia strengthens industrial ties with the Netherlands to drive economic growth
RIYADH: Saudi-Dutch ties in the industrial and mining sector are set to strengthen, as the Kingdom’s industry minister visited some of the leading manufacturing firms in the Netherlands.
Bandar Alkhorayef visited the Philips Medical Devices factory in Eindhoven, where he met with Edwin Paalvast, the executive board member and head of international markets at Philips. They discussed enhancing cooperation in the medical devices field and localizing this vital industry within Saudi Arabia.
The Saudi minister’s visit to the Netherlands aimed to bolster cooperation and develop partnerships in various industrial activities between the two countries.
Alkhorayef also visited FrieslandCampina, a leader in dairy products and their derivatives. In discussions with Marchel Gorselink, the general manager of research and development at FrieslandCampina, they explored the potential for establishing a research and development center in the Kingdom to enhance local production quality and food processing.
Additionally, the minister met with David Haines, CEO of Upfield, to discuss cooperation in consumer products and plant-based food production. They shared expertise to contribute to food security goals and environmental sustainability.
This visit aligns with Saudi Arabia’s ongoing efforts to enhance the role of its industrial and mining sectors in the national economy and promote growth pathways between the two countries in promising industries. It also seeks to attract quality investments and increase the penetration of Saudi non-oil exports into Dutch and European markets.
During his meetings with Dutch ministers, including the Minister of Foreign Trade and Development, Liesje Schreinemacher, and the Minister of Economic Affairs and Climate Policy, Micky Adriaansens, Alkhorayef focused on strengthening bilateral trade relations and exploring cooperation opportunities in industry, mining, trade, and investment.
They also discussed developing strategic partnerships in various sectors, including manufacturing, advanced technology, and renewable energy.
The visit highlights Saudi Arabia’s unique opportunities and capabilities in the industrial and mining sectors, along with its environmental conservation efforts and climate change initiatives, such as the Saudi Green and Middle East Green Initiatives.
Additionally, Alkhorayef held discussions with officials at the Dutch Port of Rotterdam on ways to enhance cooperation in logistics, the Saudi Press Agency reported.
During these sessions, they explored the Kingdom’s role as a supplier of vital minerals in the global supply chain and discussed investment cooperation with Dutch companies in metal processing and recycling.
Earlier in May, Saudi Arabia’s General Authority for Survey and Geospatial Information served as a strategic partner in the Geospatial World Forum, a global event featuring over 300 speakers specializing in geospatial information.
During the opening session, Mohammed Al-Sayel, president of the authority, emphasized the importance of geospatial information for decision-making in the rapidly growing Saudi economy.
Oil update: crude dips on concerns about demand, US stockpiles data awaited
SINGAPORE: Oil prices eased on Thursday after resilient US economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand, according to Reuters.
Ahead of US crude oil stockpiles data due later in the day, Brent futures dipped 26 cents or 0.3 percent to $83.34 a barrel as of 09:30 a.m. Saudi time, while US West Texas Intermediate crude fell 23 cents or 0.3 percent to $79.00.
Both benchmarks are headed for monthly losses, with Brent futures on track for a decline of more than 5 percent from last month, while WTI was poised for a slide of over 3 percent.
“The broader risk-off environment has translated to some downward pressures on oil prices, which overrides the larger-than-expected drawdown in US crude inventories from the recent API data,” said Yeap Jun Rong, market strategist at IG.
US crude oil and gasoline inventories fell last week while distillates rose, according to market sources citing American Petroleum Institute figures on Wednesday.
The API figures showed crude stocks were down by 6.49 million barrels in the week ended May 24, the sources said, with gasoline inventories down by 452,000 barrels, and distillates up by 2.045 million barrels.
Analysts had projected US energy firms would pull 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline.
Data from the US Energy Information Administration is due later on Thursday.
Rising global oil inventories through April due to soft fuel demand may strengthen the case for OPEC+ producers, which include the Organization of the Petroleum Exporting Countries and allies including Russia, to keep supply cuts in place when they meet on June 2, OPEC+ delegates and analysts say.
“A greater driver for oil prices ahead may revolve around the upcoming OPEC+ meeting this weekend, which could see OPEC members extending their current production cuts potentially till the end of the third quarter to support prices,” Yeap added.
Oil markets have been under pressure over expectations the Federal Reserve will keep interest rates higher for longer, with Brent settling at its lowest in more than three months on May 23.
US economic activity continued to expand from early April through mid-May but firms grew more pessimistic about the future while inflation increased at a modest pace, a Fed survey showed.
Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices. The Fed is now seen cutting rates in September at the earliest, compared to a June start that had been expected by markets at the beginning of the year.
Lucid, EVIQ sign MoU to set up high-speed public charging infrastructure in Saudi Arabia
RIYADH: Saudi Arabia is set to activate high-speed public charging infrastructure to support the adoption of electric vehicles, thanks to a new agreement.
The memorandum of understanding between the electric car specialists Lucid and Electric Vehicle Infrastructure Co., also known as EVIQ, aims to foster cooperation and the exchange of expertise in developing and enhancing the Kingdom’s EV sector.
This contributes to the growing adoption of EVs in Saudi Arabia and bolstering the Kingdom’s position as a leading hub for innovation and development in the industry’s technology.
Under the MoU, Lucid and EVIQ will collaborate to develop a high-speed public charging offering for Lucid customers, utilizing EVIQ’s stations to provide fast-charging capabilities.
“By combining Lucid’s expertise in electric vehicle design, manufacturing, and sustainable mobility with EVIQ’s extensive experience in developing and operating public charging networks, including fast-charging stations, the collaboration will serve to drive innovation and accelerate EV ownership in Saudi Arabia,” Faisal Sultan, vice president and managing director Middle East at Lucid, said.
He added: “The collaboration between Lucid and EVIQ represents a significant step forward in addressing one of the key challenges hindering the mass adoption of electric vehicles — access to convenient and reliable charging infrastructure.”
Lucid is dedicated to enhancing the ownership journey and simplifying the process of acquiring and maintaining the finest electric vehicle in the world.
“Our mission is to provide the best-in-class EV chargers and technologies to empower drivers in Saudi to buy and use EVs with confidence,” EVIQ CEO Mohammad Bakr Gazzaz said.
He added: “Through this partnership with Lucid, we have taken another big step toward our goal of establishing a national network of fast charging locations by 2030 to enable and encourage the use of EVs across Saudi Arabia, in line with the Saudi Green Initiative and Vision 2030.”
WEF warns of political risk, says global economy is brightening
- Cautioned optimism underscores challenges for businesses and policymakers
- MENA region expected to improve despite regional political tensions
LONDON: The World Economic Forum said on Wednesday that the global economy is poised to improve or remain stable this year, but it also warned of potential dangers stemming from geopolitical and domestic tensions.
“The latest Chief Economists Outlook points to welcome but tentative signs of improvement in the global economic climate,” said Saadia Zahidi, managing director of the WEF.
“This underscores the increasingly complex landscape that leaders are navigating. There is an urgent need for policymaking that not only looks to revive the engines of the global economy but also seeks to put in place the foundations of more inclusive, sustainable and resilient growth.”
The report highlighted that while the proportion of economists who feel optimistic about the economic outlook nearly doubled from the previous survey conducted in January, 97 percent of respondents anticipate that geopolitics will contribute to global economic volatility this year.
Furthermore, 83 percent said domestic politics would be a source of volatility in 2024, a year when nearly half the world’s population will be voting.
Experts predicted a positive outlook for the US and Asian economies, driven by decreasing inflation and robust markets.
The Middle East and North Africa region is also expected to experience moderate growth, with slight improvements since the previous survey, despite unstable political developments due to the ongoing Gaza conflict.
Despite escalating challenges for businesses and policymakers, the report identified technological transformation, artificial intelligence, and the green and energy transitions as key contributors to global growth, also driven by looser or unchanged fiscal and monetary policies.
“Despite some brightening of the near-term growth outlook, the latest results point to growing challenges for businesses and policymakers,” the WEF said in a press release.
“However, the views on the long-term prospects for the global economy are encouraging, with many policy opportunities to boost growth across high and low-income economies.”
Closing bell: TASI closes in green to reach 11,696 points
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 36.57 points, or 0.31 percent, to close at 11,696.51.
The total trading turnover of the benchmark index was SR5.3 billion ($1.651 billion) as 128 of the listed stocks advanced, while 89 retreated.
Similarly, the MSCI Tadawul Index increased by 11.40 points, or 0.79 percent, to close at 1,460.84.
The Kingdom’s parallel market Nomu climbed by 68.14 points, or 0.26 percent, to close at 26,302.93. This comes as 24 of the listed stocks advanced while as many as 37 retreated.
The top-performing stock of the day was the Saudi National Bank, with its share price surging by 5.76 percent to SR34.90.
Other standout performers included The Mediterranean and Gulf Insurance and Reinsurance Co., and Anaam International Holding Group, whose share prices soared by 4.98 percent and 4.59 percent, reaching SR27.40 and SR1.14, respectively.
Saudi Chemical Co. and National Medical Care Co. also showed notable performance.
The worst performer was the National Co. for Glass Industries, whose share price dropped by 4.31 percent to SR41.05.
Other underperformers included Al-Babtain Power and Telecommunication Co., as well as Saudi Pharmaceutical Industries and Medical Appliances Corp., whose share prices dropped by 3.77 percent and 3.59 percent, to stand at SR37.05 and SR32.20, respectively.
Additional laggards in the market were Thob Al Aseel Co. and CHUBB Arabia Cooperative Insurance Co.
In the parallel market, Nomu, Knowledge Net Co. was the top gainer, with its share price surging by 15.97 percent to SR30.5.
Other top gainers in the parallel market were Shatirah House Restaurant Co. and Nofoth Food Products Co., with their share prices surging by 8.70 percent and 7.23 percent to reach SR12 and SR19.28, respectively.
Miral Dental Clinics Co. was the major loser on Nomu, as its share price slipped 10 percent to SR90.
Osool and Bakheet Investment Co. and Al-Modawat Specialized Medical Co. were other major losers on Nomu. Their share prices dropped by 9.50 percent and 7.23 percent, reaching SR40 and SR154, respectively.
