RIYADH: Oil prices eased slightly on Tuesday as the latest progress in final talks to restart the 2015 Iran nuclear deal will clear the way for more crude oil exports in a tight market.
Brent futures fell 14 cents, or 0.1%, to $96.51 a barrel by 04:04 GMT, up 1.8% from the previous session.
Futures for US West Texas Intermediate crude oil fell 16 cents, or 0.2%, to $90.60 a barrel after rising 2% in the previous session.
A third tank of crude oil caught fire and collapsed at the main oil terminal in Matanzas, Cuba, the provincial governor said on Monday, as the spill was the second-largest in the island’s worst oil industry accident in decades two days ago. .
Huge columns of fire rose into the sky, and thick black smoke raged all day, darkening the sky all the way to Havana. Shortly before midnight, an explosion shook the area, destroying the tank, and at noon there was another explosion.
The second tank exploded on Saturday, killing one firefighter and leaving 16 people missing. The fourth tank was in danger, but it did not catch fire. Cuba uses oil to generate most of its electricity.
Matanzas Governor Mario Sabines said Cuba made progress over the weekend with the help of Mexico and Venezuela in fighting the raging fires, but the flames began to fan as they collapsed late on Sunday 3. The two tanks spread out about 130 kilometers from Havana .
Matanzas is Cuba’s largest port for crude oil and fuel imports. Cuban heavy crude oil, as well as fuel oil and diesel stored in Matanzas, are mainly used to generate electricity on the island.
Indian Oil Corp plans to raise funds to sell commercial paper maturing at the end of September, three commercial bankers said Monday.
The state-owned oil marketing company will offer a yield of 5.64 percent on the bonds it has received so far on about 10 billion rupees ($125.54 million) in liabilities, bankers said.
Riyadh: Savola Group has entered into a 459 million riyal ($122 million) agreement to sell its stake in Knowledge Economy City Ltd and Knowledge Economy City Developer Ltd.
The group said in a statement to the exchange that the move is because Salove’s strategy is to focus on investing in its core food and retail businesses while ending investments in non-core businesses.
Knowledge Economy City is directly or indirectly owned by the Savola Group, which owns approximately 11.47% of the shares.
Knowledge Economy City shares rose 6.12% to $14.56 on Wednesday.
Jordan and Qatar have lifted all restrictions on capacity and the number of passenger and cargo flights operating between the two countries, the Jordanian News Agency (Petra) reported on Wednesday.
Haytham Misto, Chief Commissioner and CEO of the Jordanian Civil Aviation Regulatory Commission (CARC), has signed a Memorandum of Understanding (MoU) with the President of the Qatar Civil Aviation Authority (QCAA) to fully restore direct communication between the two countries. cargo air transportation.
Petra said the MoU is expected to have a significant positive impact on overall economic and investment activity, as well as increase air connectivity between the two countries.
Petra said the move is also in line with Jordan’s policy of gradually reopening air transport in line with the National Air Transport Strategy.
Riyadh: Saudi Astra Industries profit up 202% to 318 million riyals ($85 million) in the first half of 2022 thanks to sales growth.
The company’s net income nearly doubled 105 million rials in the same period in 2021, driven by more than 10 percent growth in revenue, according to the exchange.
Its revenue rose to 1.24 billion rials from 1.12 billion rials a year earlier, while earnings per share rose to 3.97 rials from 1.32 rials.
In the second quarter, Al Tanmiya Steel, owned by Astra Industrial Group, sold its stake in Al Anmaa’s Iraqi subsidiary for 731 million rials, a building materials company.
His companies operate in a variety of industries, including pharmaceuticals, steel construction, specialty chemicals and mining.
Riyadh: The Saudi Arabian mining company known as Ma’aden ranks fifth in the Saudi TASI stock index this year, supported by strong performance and a booming mining sector.
Shares of Ma’aden 2022 opened at Rs 39.25 ($10.5) and rose to Rs 59 on August 4, up 53 percent.
A booming mining industry has contributed to the rise of Saudi Arabia as the kingdom has shifted its focus in recent years to the discovery and extraction of minerals and metals to support its mining industry.
Peter Leon, partner at Herbert Smith Freehills law firm in Johannesburg, said: “There are over $3 trillion worth of untapped minerals in the Kingdom and this represents a huge opportunity for mining companies.”
Leon advised the Kingdom’s Ministry of Industry and Mineral Resources on the development of a new mining law.
MIMR Deputy Minister Khalid Almudaifer told Arab News that the ministry has built infrastructure for the mining industry, enabling the kingdom to make a breakthrough in mining and sustainable mining.
• The company’s shares opened at Rs 39.25 ($10.5) in 2022 and rose to Rs 59 on August 4, up 53%.
• Maaden reported a 185% increase in profit in the first quarter of 2022 to 2.17 billion rials.
When the kingdom revealed that it could have $1.3 trillion worth of untapped deposits, Almudaifer added that the $1.3 trillion untapped mineral estimate was just a starting point, with underground mines likely to be much more valuable.
In March, the state-owned company announced plans to increase production capacity and invest in exploration to gain access to its $1.3 trillion worth of mineral reserves, which economist Ali Alhazmi said made Ma’aden shares profitable, further contributing to achieving high results.
In an interview with Arab News, Al Hazmi explained that one of the reasons may be that last year Maaden turned into a possibility, reaching 5.2 billion rials, while the loss in 2020 was 280 million rials.
Another reason may be related to his plans to double his capital by distributing three shares to shareholders, which attracted investors to Ma’aden shares.
Rassanah Capital’s chief executive, Abdullah Al-Rebdi, said the launch of a third ammonia production line also helped the company, especially in the face of a severe shortage of fertilizer feedstock. It is worth noting that the plan to expand the ammonia plant will increase ammonia production by more than 1 million tons to 3.3 million tons, making Maaden one of the largest ammonia producers east of the Suez Canal.
Maaden said profits rose 185% to 2.17 billion rials in the first quarter of 2022 due to higher commodity prices.
Analysts expect Ma’aden to maintain solid results throughout 2022, supported by expansion plans and gold mining projects at Mansour and Masala.
“By the end of 2022, Ma’aden will make a profit of 9 billion riyals, which is 50 percent more than in 2021,” predicts Alhazmi.
Ma’aden, one of the fastest growing mining companies in the world, has a market capitalization of over 100 billion riyals and is one of the top ten most famous companies in the Kingdom of Saudi Arabia.
NEW YORK: Oil prices rose on Wednesday, recovering from early losses as encouraging data on US gasoline demand and weaker-than-expected US inflation data encouraged investors to buy riskier assets.
Brent futures rose 68 cents, or 0.7%, to $96.99 a barrel by 12:46 pm ET (1746 GMT). Futures for US West Texas Intermediate crude rose 83 cents, or 0.9%, to $91.33.
The US Energy Information Administration said U.S. crude inventories rose 5.5 million barrels over the past week, beating expectations for a rise of 73,000 barrels. However, U.S. gasoline inventories have slumped as projected demand has risen after weeks of sluggish activity in what was to be peak summer driving season.
“Everyone is very worried about a potential drop in demand, so implied demand showed a significant recovery last week, which can console those who are really worried about this,” said Matt Smith, chief oil analyst for the Americas at Kpler.
Gasoline supplies rose to 9.1 million bpd last week, although data still show demand fell 6% in the past four weeks from a year earlier.
U.S. refineries and pipeline operators expect strong energy consumption in the second half of 2022, according to a Reuters survey of company earnings reports.
US consumer prices remained stable in July as gasoline prices fell sharply, the first clear sign of relief for Americans who have weathered rising inflation over the past two years.
This led to a rise in risk assets, including equities, while the dollar fell more than 1% against a basket of currencies. A weaker US dollar is good for oil as most of the world’s oil sales are in US dollars. Crude oil, however, didn’t get much.
Markets tumbled earlier as flows resumed along Russia’s Druzhba pipeline to Europe, easing fears that Moscow is once again squeezing global energy supplies.
The Russian state oil pipeline monopoly Transneft has resumed the supply of oil through the southern section of the Druzhba pipeline, RIA Novosti reports.