World

Venezuela will contract Iranian shipyard to build two oil tankers

Venezuela will contract with an Iranian shipyard to build two oil tankers under an existing construction agreement bedeviled by payment delays and difficulties with needed certifications, according to people familiar with the matter and documents.
Venezuela’s state-run energy firm PDVSA since last year has redoubled efforts to buy and lease oil tankers to rebuild its own fleet. Its maritime operations have suffered from a long-standing lack of capital and US sanctions that have made it difficult to obtain insurance and receive classifications essential to navigate in international waters.
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The two new Aframax tankers, to be named India Urquia and India Mara, will cost 31.66 million euros ($33.77 million) each, an internal PDVSA document detailing the proposed agreement showed.
The vessels will be built by Iran Marine Industrial Company (SADRA) at its Bushehr shipyard, which built two previous vessels for PDVSA, the Aframaxes Arita and Anita, that can each carry 500,000-800,000 barrels of oil.
“[Construction of] the India Urquia must start soon,” one of the sources said.

Repaid debt

The agreement will come after Venezuela settled an outstanding debt to Iran with fuel, according to the document, one of the reasons why the contract has not worked as originally planned.
PDVSA in late 2021 delivered a 644,000-barrel fuel oil cargo to Iran valued at 33.9 million euros.
“The shipyard received 30.34 million euros to settle the outstanding debt for tanker Arita,” and another 1.99 million euros went in August to pay accumulated demurrage fees, the document said.
Both the Arita and the second tanker, recently renamed Anita, faced long delays to begin navigating amid the unpaid debts and PDVSA maritime arm’s struggles to secure insurance and seaworthy classifications.
The Arita – now renamed Colon – first set sail in 2017 but was later arrested by a vessel operator over unpaid bills. It was returned to PDVSA in 2019 and has mostly remained in Venezuelan waters since.
The Anita departed Iran in late December carrying an Iranian condensate cargo for PDVSA, one of the sources said. It has not yet arrived in Venezuela, according to tanker tracking services.
A separate vessel chartered by Iran’s state firm Naftiran Intertrade Company (NICO), the supertanker Wen Yao, also is on its way to Venezuela carrying Iranian condensate as part of an oil swap with PDVSA, monitoring firm TankerTrackers.com said.
By the end of the contract, PDVSA will have paid Iran about 157 million euros for the four vessels, according to the proposal drafted in the document. The deal was first announced in 2006 with much fanfare by Tehran and the government of then-President Hugo Chavez.
Some of the vessels to be handed over by Iran could be operated by third parties, according to one person.
The document did not detail delivery dates for the two tankers to come. PDVSA and SADRA did not reply to requests for comment.
Iran’s and Venezuela’s oil sectors are under US sanctions that make it difficult to obtain services for vessels built or sailing under those countries’ flags, and expose the ships’ cargoes to the risk of seizures and retentions.
Washington has in recent years expanded the list of blacklisted tankers linked to Iran and Venezuela, and imposed sanctions on their state oil companies and their maritime arms.
Read more:
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Iran exiled opposition figures in talks to unite against government
Venezuela’s Maduro, Iranian FM discuss defense against ‘external pressures’

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM