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TotalEnergies to conduct study for Zahrani power plant, says Lebanon ministry

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TotalEnergies has agreed to conduct a technical and financial preliminary study related to building a floating regasification unit in Lebanon’s Zahrani power plant, the Lebanese Energy Ministry said on Monday.

The ministry’s statement said the plant has capacity for about 650 million cubic meters of gas annually, but this will rise to 1.4 billion cubic meters after construction of the additional unit.

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Lebanon is grappling with crippling economic and fuel crises and has struggled with meagre supplies of state-generated power for months.

The agreement with TotalEnergies was reached during Lebanese energy minister Walid Fayad’s visit to Paris, where he met the French group’s CEO Patrick Pouyanne.

The company also expressed willingness to supply Lebanon with the required infrastructure to store and regasify liquid gas, the ministry statement said.

Read more: US talking to Egypt, Jordan to help Lebanon’s fuel, energy needs: Senior US diplomat

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Saudi Aramco signs 50 agreements during IKTVA conference

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Saudi Aramco has signed 50 agreements during the sixth IKTVA (In-Kingdom Total Value Add Program) in Dhahran, the company said.

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The IKTVA program is part of the Kingdom’s drive to provide more local jobs and diversify the economy away from oil.

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EIG-led investors in Aramco oil pipelines hire banks for dual-tranche bonds

Saudi Arabia FM meets Chinese counterpart to discuss regional security

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Iraq schedules crude shipments for March loading amid strong demand: Official

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Iraq has already scheduled some oil shipments for loading in March due to projections of strong demand, Ali Nizar, deputy head of Iraq’s State Organization for Marketing of Oil (SOMO), told reporters on Sunday.

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On the subject of oil prices, Nizar said it was still too early to say if prices will exceed $100 per barrel, as some analysts have forecast.

Oil prices hit a seven-year high just above $89 a barrel on Wednesday. Any price increase will not last, Nizar said, but the Organization of the Petroleum Exporting Countries (OPEC) was taking the current fluctuations into consideration.

OPEC+, the group of producers comprising OPEC and allies including Russia, have aimed to raise output by 400,000 bpd a month but production has increased by less than that as some producers struggle to pump more, according to OPEC’s monthly report in January.

The market could need additional quantities of oil and OPEC+ will offer more to the market if needed, Nizar said. He added that Iraq’s average oil exports are expected to rise to 3.3 million barrels per day in February, from 3.2 million barrels per day in January.

Read more:

Global oil demand expected to remain ‘robust’ despite COVID omicron variant: OPEC

OPEC names Kuwait oil executive as secretary general

Libya’s oil-export woes deepen as weather takes out more ports

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Saudi Arabia supports sustainability while ensuring global energy security: Al-Jadaan

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Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan said on Friday that the Kingdom supports sustainability while ensuring energy security and the inevitability of moving to a green and sustainable global economy, “based on a flexible and thoughtful approach, to ensure energy security and economic stability in the long term.”

Al-Jadaan remarks came during his participation in the virtual panel discussion organized by the World Economic Forum, Davos Agenda under the title: Building Future Preparedness.

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He said the past two years have provided many lessons to build economic resilience and a better future preparedness, like the “the need for a bold, decisive, data driven action in risk mitigation, while balancing public health, social, and economic needs simultaneously,” according to a statement carried by the Saudi Press Agency (SPA).

Al-Jadaan said: “G20 agreed to form a joint task force from the ministries of health and finance to ensure the world is better prepared for the future, and it is important that we support these efforts,” pointing that the COVID-19 pandemic provided the world with a clear lesson that no country can fight the epidemic alone since any pandemic requires greater international cooperation.

The Minister of Finance also clarified that the transformation in the field of energy and sustainable development are two main factors to be able to build a resilient global economy, but the threat that is often ignored is the need to ensure energy security, so that the matter is not negatively affected by the transformation.

Al-Jadaan stressed that the “G20 is working with the World Bank, the International Monetary Fund and other multilateral institutions to find a way to better prepare for potential crises in the future by continuing structural reforms and managing risks, noting that in the past, it took years to produce vaccines, yet today, with collective cooperation, whether from the private sector or the government, we were able to deal well with the crisis, we were able to provide support to low-income countries and we were able to provide relief efforts in agreement with the G20 and Paris Club, while the International Monetary Fund (IMF) agreed to distribute the equivalent of $650 billion from its special drawing rights to support liquidity,” according to SPA.

Read more:

Saudi Finance Minister al-Jadaan calls for global action on coronavirus at G20 event

Lebanon to sign electricity deal with Jordan on Jan. 26: Minister Walid Fayad

Unit 2 of UAE’s Barakah nuclear plant to start operations within months: ENEC CEO

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