Saudi company signs a contract worth 14 million US dollars to supply steel pipes to Uruguay | Arab News

2021-12-02 01:52:24 By : Mr. Lison Lee

Dubai: Saudi Steel Pipe Company won an order worth 52.4 million riyals ($13.96 million) to supply steel pipes for oil and natural gas to Tenaris Global Services in Uruguay.

The company stated in an exchange document that the supply contract will last for three months. 

The impact of this transaction will be reflected in the company's earnings in the first quarter of next year. 

Dubai: West Texas Intermediate (WTI) crude oil futures fell on Wednesday after a US official said that the country is still considering tools to reduce energy prices and government data reversed early gains after weak gasoline demand. Also putting pressure on oil prices is that a new variant of the coronavirus has triggered new travel restrictions, which may curb oil demand. In addition, an OPEC+ document shows that the organization has improved its forecast of oil surplus in the new year. At 1:49 pm Eastern Time (1849 GMT), WTI US crude oil futures fell 51 cents, or 0.76%, to $65.77 per barrel. During the meeting, they rose 4%. The global benchmark Brent crude oil fell 24 cents, or 0.36%, to US$68.99 per barrel. US Deputy Secretary of Energy David Turk said that if global energy prices fall sharply, the Biden administration may adjust the timing of its plan to release strategic crude oil inventories. He added that the White House is still studying the proposal of Democratic lawmakers to ban crude oil exports in order to depress U.S. prices. Government data show that US gasoline inventories increased by 4 million barrels to 215.4 million barrels last week, far exceeding analysts’ expectations for an increase of 29,000 barrels in a Reuters survey. Distillate stocks increased by 2.2 million barrels to 123.9 million barrels, compared with expectations of 462,000 barrels. The data shows that crude oil inventories decreased by 910,000 barrels this week, while the forecast is for a decrease of 1.2 million barrels. OPEC did not decide at the end of the meeting whether to release more oil to the market. The OPEC+ alliance, including Russia and other oil-producing countries, may make a policy decision on Thursday. Reports and analysts said that due to the threat of new virus variants, people increasingly expect the organization to be suspended. PVM analyst Stephen Brennock (Stephen Brennock) said: "There are many signs that OPEC+ will initially not increase oil production further in order to maintain the current price at around $70 per barrel." A copy seen by Reuters According to internal reports, OPEC+ expects that the oil surplus will increase to 2 million barrels per day in January, 3.4 million barrels per day in February, and 3.8 million barrels per day in March next year. However, several OPEC+ ministers stated that there is no need to change direction. But even if OPEC+ agrees to continue its January supply increase plan, oil-producing countries may not be able to increase that much. The November Brent crude oil and WTI near-month contracts both recorded the largest percentage declines since March 2020, falling 16% and 21%, respectively. Goldman Sachs analysts called the drop in oil prices "excessive", stating that "because the sharp change in the oil supply response function is still ahead of structural repricing, the market is far beyond the possible impact of the latest variant on oil demand." US. "

Riyadh: China plans to prohibit companies from listing on foreign stock markets through entities with different interests.

According to Bloomberg, this will fill a loophole that the country's technology industry has long used to raise funds from foreign investors.

People familiar with the matter asked for anonymity when discussing private information. He said that the ban is partly to address concerns about data security and is one of the changes in the new draft of China's overseas listing rules. The draft may be finalized as soon as this month. 

According to sources, companies using the so-called VIE (variable interest entity) structure will still be allowed to conduct IPOs in Hong Kong, subject to regulatory approval.

VIE refers to a business structure in which investors do not have majority voting rights but have controlling rights. A company that is the main beneficiary of a VIE must disclose the entity's holdings as part of its consolidated balance sheet.

The China Securities Regulatory Commission stated on its website on Wednesday that media reports on the ban on overseas listing of companies using the VIE structure were wrong, but did not provide more details.

The source added that companies using VIEs currently listed in the United States and Hong Kong will need to make adjustments to make their ownership structure more transparent during regulatory review, especially in industries where foreign investment is prohibited.

This reform will mark one of Beijing's biggest measures to crack down on overseas listings. 

Since then, the authorities acted quickly to stop the flow of companies seeking to go public in the United States, closing a channel that created billions of dollars in funding for technology companies and their Wall Street supporters.

Although no consideration has been given to banning the VIE structure on a global scale, the suspension of foreign listings and further scrutiny of Hong Kong IPOs will mean that this model will not be a viable way for many startups to enter the capital market. 

A person familiar with the matter said that regulators have advised some investment banks to stop participating in new transactions involving VIEs.

The demise of VIE will also threaten the lucrative business records of Wall Street banks, which have helped nearly 300 Chinese companies in the past decade to raise approximately $82 billion through their first stock sales in the United States.

Due to the unstable legal status, VIE has always been the focus of global investors. Sina and its investment bankers took the lead in the 2000 IPO, and the VIE framework has not yet been formally adopted by Beijing.

Riyadh: Saudi investment group SEDCO Holding has appointed Rayyan Mohammed Nagadi as its new CEO to succeed Hasan Aljabri.

The appointment was announced on Wednesday, at a time when the group expanded its investment in Saudi Arabia and its contribution to economic growth. 

Prior to joining SEDCO Holding, Nagadi was the CEO of the National Privatization and PPP Center and has more than 20 years of experience in the management and structured financing of the public and private sectors. 

"With his expertise and extensive network, he has the ability to accelerate our ambitions as the partner of choice to support the government in achieving the 2030 Vision goals," said SEDCO Chairman Saleh Salem Bin Mahfouz.

SEDCO Holding provides investment and construction services through its subsidiaries.

Riyadh: Soudah Development, a closed joint-stock real estate development company under the Saudi Arabian Public Investment Fund, becomes an affiliate member of the World Tourism Organization-the United Nations agency responsible for promoting tourism as a major driver of economic growth and environmental sustainability, it is in a statement Said in.

As an affiliate member of the United Nations World Tourism Organization, Soudah Development will be able to collaborate with more than 500 global companies, educational and research institutions, destinations and non-governmental organizations. It will provide a platform for establishing dialogue, sharing information and taking further actions to promote tourism and contribute to the United Nations Sustainable Development Goals.

It became the 25th company in the Middle East to join an alliance of more than 500 global members, and joined some of Saudi Arabia's leading tourist destination developers, including NEOM, Qiddiya, Red Sea Development Corporation and the Royal Commission of Alula.

Soudah Development is developing a luxurious mountain destination in a unique and authentic environment in the clouds at an altitude of 3015 meters. Its sensitive sustainable quality development strategy is fully consistent with its goal of protecting the natural environment and wildlife, empowering local communities, and displaying the extraordinary century-old history, culture and heritage of parts of Souda and Rijal Almaa.

Husameddin Almadani, CEO of Soudah Development, said: “Establishing strong and effective partnerships with like-minded organizations is an important part of our continuous efforts to create a cloud-based luxury mountain tourism destination.”

"We are very pleased and very proud to be an exciting and prestigious affiliate member of the United Nations World Tourism Organization. This is the latest in a series of strategic contacts we have established with local, regional and global stakeholders. To further achieve our goals. It shows that we are committed to operating in accordance with the highest global standards and cooperating with the best businesses in Saudi Arabia and internationally, and positioning Soudah and Rijal Almaa as year-round destinations that will attract more than 2 million tourists."

Jeddah: According to data from the International Energy Agency, renewable energy will account for 95% of the world's total power generation growth in the next five years.

IEA executive director Fatih Birol (Fatih Birol) said that in terms of renewable energy, solar energy plays the most important role.

"Solar energy is the new king of the global electricity market," he said.

He emphasized that about 55% of all power plants installed in the world will be solar, and although all countries will increase renewable energy facilities, the largest share will be in China and India.

"These two giants account for about half of the total installed capacity of renewable energy," he said, adding: "China, especially driven by solar energy, only accounts for about 40% of global growth."

One of IEA’s concerns is high commodity prices, which will also lead to rising prices for renewable energy.

Birol added that, as mentioned by COP26, India is fully in line with the 500 GW target. 

He also said that this South Asian country is witnessing tremendous growth in biofuels. The International Energy Agency predicts that in the next five years, India will become the world's third largest market after the United States and Brazil.

"Even if we break the record of the renewable energy transition, we still need to double this rate to meet our renewable energy goals and our net zero goal," he said.

It is estimated that electric vehicles now account for 10% of all car sales this year, compared with 2% in 2019.

When talking about the growth of renewable energy and electric vehicles over the past two years, the executive director said: "We can clearly say that a new global energy system is taking shape."