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Snapshot of the Week Past |
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Bank
Says Saudi's Top Field In Decline
"Speculation over the actual size of Saudi
Arabia's oil reserves is reaching fever pitch as a
major bank says the kingdom's - and the world's -
biggest field, Gharwar, is in irreversible
decline. The Bank of Montreal's analyst Don Coxe,
working from their Chicago office, is the first
mainstream number-cruncher to say that Gharwar's
days are fated. Coxe uses the phrase 'Hubbert's
Peak' to describe the situation. This refers to
the seminal geologist M King Hubbert, who
predicted the unavoidable decline of oilfields
back in the 1950s.."
Oil
Rises; OPEC at Odds Over Output
"Oil prices edged higher on [Apr 12],
building on tentative gains as OPEC members
appeared at odds over whether to boost production
now that prices have eased below the cartel's
$55-a-barrel threshold. Saudi Arabia told
customers in Asia that it would boost supplies
next month, attempting to keep a lid on still high
prices.."
Saudi
Seen Pumping Extra 500, 000 Bpd
"Top OPEC exporter Saudi Arabia will add
about 500,000 barrels per day of new oil supply to
markets next month after lifting crude sales to
global oil majors and Asian refiners, industry
sources said on Tuesday. Despite differences
within OPEC over whether the extra oil is needed,
Saudi Arabia will raise supplies to top Asian
refiners and some global oil companies in May to
full contractual volumes, erasing earlier
cuts.."
OPEC
Says Rising Output Should Help Calm World Market
"Rising OPEC oil production should help calm
the world oil market but structural problems
remain that could support high prices, OPEC said
in its monthly oil market report released [Apr
15]. 'Total OPEC crude production, according to
secondary sources, averaged 29.76 million barrels
per day in March, which represents an increase of
300,000 barrels per day compared to February,' the
Vienna-based Organization of Petroleum Exporting
Countries said in its April report.."
Oil
Prices Drop Below $53 as OPEC May Raise Output
"World oil prices fell below $53 a barrel
[Apr 11] amid easing worries over possible supply
shortages, as OPEC looked set to raise output and
after Nigerian oil workers dropped a threat to
strike.. ..Oil prices had soared to record peaks
just a week earlier, reaching $58.28 a barrel in
New York and $57.65 in London, on fears of
gasoline shortages ahead of the summer driving
season in the United States.."
Stable
Oil Prices A Saudi Priority
"The stability of oil prices is a top
priority for Saudi Arabia which is keen to keep
prices within moderate limits, said the Saudi
Minister of Oil and Mineral Resources Ali Al-Nuaimi.
In Al-Iqtisadiya's [Apr 17] issue, the minister
was quoted as saying that measures are being taken
to ensure that no economies are hurt by the
surging oil prices, especially those of developing
countries.."
Saudi
Crown Prince to meet Bush on April 25
"With U.S. retail gasoline prices setting new
highs each week, the White House said on Wednesday
that President Bush will host Saudi Crown Prince
Abdullah at his Texas ranch on April 25. Rising
energy costs are expected to be high on the agenda
of Bush's meeting with OPEC's largest oil
producer, as are U.S. aims to promote democratic
reforms in the Middle East.. ..Bush also hosted
Crown Prince Abdullah in Crawford in 2002. The
president often uses an invitation to his Texas
ranch to signal the importance he places on a
relationship.."
Abdullah
to Hold Talks With Chirac
"Crown Prince Abdullah will meet President
Jacques Chirac in Paris [Apr 13] at the start of
his three-day official visit to France. The two
leaders will discuss a range of bilateral,
regional and international issues with emphasis on
the Middle East peace process, the issue of Syria
and Lebanon and the situation in Iraq.."
No
Arms Deals During French Visit, Says Saud
"Saudi Arabia did not sign any deals with
France to buy advanced military aircraft during
Crown Prince Abdullah's recent visit to Paris,
Foreign Minister Prince Saud Al-Faisal said..
..Asked about press reports pertaining to the
purchase of planes and manufacture of trains,
Prince Saud said such projects were not discussed
during bilateral meetings. 'No decisions have been
taken on these issues and thus we were not able to
sign deals during this visit,' he
explained.."
Shoura
Council Strength Increased to 150
"Custodian of the Two Holy Mosques King Fahd
[Apr 11] reshuffled the Shoura Council by
inducting experienced professionals and increasing
its membership from 120 to 150. He also issued a
series of royal decrees extending the terms of
ministers, governors and top officials. Dr. Saleh
Bin-Humaid will continue as chairman of the
Shoura.."
Saudi
Banks Strongest in Middle East, Says S&P
"The Saudi banking sector is one of the
strongest in the Middle East and among emerging
markets. In its latest report published on Monday,
Standard & Poor's Ratings Services attributed
this to banks' high profitability, strong
liquidity, high capitalization and strict
supervision.."
Kingdom's
Stock Index Down 107.9 Points
"The Saudi stock market declined on [Apr 14],
the last day of the week, by 0.92 percent or 107.9
points as the Tadawul All-Share Index (TASI)
closed at 11,655.42 points. The index closed last
week at an all-time high of 11,694.84 points.
Share prices of 11 companies went up while 55 of
74 companies listed on the bourse went
down.." [more]
Saudi
Arabia Seeking U.S. Investments
"Saudi businessmen backed by the ministry of
trade and industry are seeking to attract U.S.
investments worth $623 billion through 2020,
reports say. Omar Bahaliwa, secretary general of
the Saudi Department for Developing International
Trade, was quoted as saying in daily al-Riyadh a
team of businessmen and ministry officials will
visit the United States May 9-18 to propose
investments in Saudi Arabia.."
Kingdom
Seeks SR650bn in Foreign Investment
"Saudi Arabia is seeking foreign investments
worth SR650 billion ($173.33 billion) in vital
projects including petrochemicals, power
generation and water desalination. Commerce and
Industry Minister Dr. Hashim Yamani said a Saudi
delegation would present the investment projects
to American businessmen during its upcoming visit
to the United States.. ..a Saudi business
delegation, which recently visited China to take
part in a business conference, invited Chinese
businessmen to invest in the projects.."
Kingdom,
India to Expand Cooperation
"Saudi Arabia and India are to diversify
their relations in oil and gas, infrastructure,
telecommunications, IT and health care sectors as
part of their broad vision to boost bilateral
trade from the current level of $6.63 billion and
promote investments in both directions. This was a
major outcome of the sixth session of the
Saudi-Indian Joint Commission.."
India
Seeks Saudi Investment
"Indian Finance Minister P. Chidambaram
expressed hope [Apr 13] that a bilateral
investment protection agreement (BIPA) would be
reached before the possible visit of Crown Prince
Abdullah to India by the year-end. "Even in
the absence of such an agreement, no investment
can be expropriated in India. We've a rule of law.
Nobody can take away your investment. The rule of
law guarantees that all your investments are
absolutely safe," he assured the business
community at an interactive meeting hosted at the
Jeddah Chamber of Commerce and Industry.."
Saudi
Arabia to Build Mineral Export Zone
"Saudi Arabia will start work in August on a
Gulf coast industrial zone where it plans to build
major aluminum and fertilizer export plants, in
what officials call the biggest step yet to
diversify the oil-driven economy. The head of the
state-owned mining firm Maaden, Abdallah Dabbagh,
said the site at Ras Al-Zour will be leveled ahead
of construction of the 640,000 tons a year
aluminum smelter and 3 million tons a year di-ammonium
phosphate plant.."
Alwaleed
Group, Deutsche Bank Team Up in Saudi Arabia
"Saudi Prince Alwaleed bin Talal, the world's
fifth-richest man, teamed up with Deutsche Bank AG
to provide financial services in Saudi Arabia,
where surging oil prices generated a record $106
billion of revenue last year.. ..Alwaleed, who is
also Citigroup Inc.'s biggest shareholder, said
U.S. banks are missing out on a ``booming'' Saudi
economy.."
Saudi
Women Are Making Strides: Crown Prince
"Crown Prince Abdullah said that Saudi women
have started entering the mainstream of national
life and hoped that social attitudes toward them
would change for the better in less than five
years. He also said Saudi Arabia is working on
achieving true democracy - democracy that we want
and aspire for - in the next 20 years. Asked by a
French female journalist from Le Monde newspaper
when a Saudi woman would be able to meet him and
conduct an interview with him, the crown prince
replied: 'In a period less than what you have to
go through here. Saudi women have entered the
mainstream'.."
Women
Welcome Grand Mufti's Ruling on Forced Marriages
"Saudi Arabia's Grand Mufti Sheikh Abdul Aziz
Al-Asheikh, who heads the Council of Senior
Islamic Scholars, has come out strongly against
the practice of forcing women to marry against
their will while calling for the imprisonment of
violators.. ..The grand mufti's call evoked
positive reaction among women in the Kingdom, who
greatly welcomed the move.."
Kingdom
in Bid to Use Islamic Satellite for Moon Sighting
"Saudi Arabia together with some Islamic
countries are working on a pioneering project to
launch a satellite, which will be used for moon
sighting to decide accurate dates of religious
rituals and festivals in the Islamic calendar. A
15-member panel from Saudi Arabia, Egypt, the UAE
and Bahrain has already decided in consultation
with the Cairo University's Space Studies Center
to award the contract for manufacturing this first
Islamic satellite to an Italian company at a cost
of SR30 million.."
Saudi
Arabia Wants To Repatriate 27,000 Illegal Nigerian
Immigrants
"The Saudi Arabian authorities have expressed
anger over the continuous stay of about 27,000
Nigerians, and urged Nigeria to do everything to
repatriate them, state media reported [Apr 15].
Alhaji Abdullahi Tanko, Nigeria's minister of
state for foreign affairs, said that his Saudi
counterpart had written him a strongly worded
letter threatening to reduce the country's slot
for next Haji over the 27,000 Nigerians.."
Saudi
Arabia: Biggest Shopping Mall To Be Built
"According to Al-Jazirah newspaper, the
Jawharat Al-Babtain Holding Company has recently
contracted the Al-Rashed-Abetong Company to start
building a central mega mall, which is the biggest
in Saudi Arabia and the second biggest in the
Middle East region. The contract, which is valued
SR 120 million, consists of constructing the
mall's buildings. The project's execution is
expected to last 30 months. Its total cost is
estimated at SR 350 million.."
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