Bahrain

Energy Markets

Libya's $70 bln wealth fund sees thaw in UN asset freeze by year-end

The Libyan Financial investment Authority is expecting U.N. signoff by the end of the year to actively manage its $70 billion in possessions for the first time in more than a decade, its president informed Reuters. The LIA, established under Muammar Gaddafi in 2006 to manage the nation's oil wealth, has actually been under a United Nations asset freeze given that the 2011 revolution that fell Gaddafi. This implies that in order for Africa's largest sovereign wealth fund to make new financial investments, or perhaps move cash from negative interest rate accounts, where they have been losing money, the LIA...

Energy Markets

US export credit company authorizes assistance for Bahrain oil project

The U.S. export credit agency on Thursday voted to approve a $500 million loan warranty for an oil and gas drilling job in Bahrain, evaluating a U.S. environment promise to stop backing jobs that broaden the use of fossil fuels. The board of directors at the Export-Import Bank of the United States (EXIM) approved the job after voting last month to notify Congress about possibly supporting the expansion of an oil and gas field in the Middle Eastern nation with over 400 brand-new oil wells and 30 gas wells. While EXIM's loan to Bapco Energies would be out of action...

Oil & Gas

Gulf states, susceptible however prominent, look for to stop new Iran-Israel war

Gulf states are pushing to stop a fullblown local war after Iran's. unmatched retaliatory strikes on Israel, sources in the. area said, fearing brand-new escalation could put them on front. lines of a blaze and ruin plans to improve the area. Saudi Arabia and the United Arab Emirates in specific may. be well put to triangulate in between Iran, Israel and the. United States after diplomatic advances over the last few years that. benefited all those nations. Allies of Washington, Gulf monarchies have actually looked for to. stabilise ties with Iran and Israel to fix longstanding. security issues and permit...

Oil & Gas

Turkey and Gulf states to release talks free of charge trade pact

Turkey and the Gulf Cooperation Council (GCC) have actually signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat stated on Thursday, as Ankara steps up efforts to broaden financial ties with the region. After years of stress, Turkey introduced a diplomatic charm offensive in 2020 to repair ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Ankara currently has a trade agreement, dubbed an extensive economic collaboration arrangement, with the UAE. Ever since, Ankara has actually signed deals worth billions with Gulf countries, including Qatar, with which it...

Environment

US EXIM bank to vote on Bahrain oil task, testing US climate promise

The United States export credit firm on Thursday will vote on whether to back a. $ 100 million loan for an oil and gas drilling project in. Bahrain, evaluating a U.S. climate pledge to stop backing jobs. that broaden using nonrenewable fuel sources. The board of directors at the United States Export-Import. Bank is anticipated to authorize the task after voting last month. to inform Congress about potentially supporting the growth of. an oil and gas field in the Middle Eastern nation with over 400. brand-new oil wells and 30 gas wells. The EXIM Bank's loan to Bapco Energies would...

Oil & Gas

China-Gulf free trade talks stall on Saudi commercial program, sources say

Settlements between China and an Arab bloc for an open market agreement have stalled over concerns by Saudi Arabia that low-cost Chinese imports could undermine its aspirations to transform the kingdom into an commercial powerhouse, sources state. Saudi Arabia has backed renewed efforts over the past 2 years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, to name a few, to finally seal a long sought handle China. But five sources briefed on the negotiations stated the sides were at an impasse over Saudi bookings with a list of items...

Fossil Fuels

Iran, Bahrain to begin talks on releasing Iranian funds, resuming political relations

Iran and Bahrain have actually concurred to begin speak about the release of Iranian funds frozen in Bahrain and resuming diplomatic ties, Iran's state media reported on Monday. On Sunday, Bahrain's state news agency stated the 2 countries have actually accepted begin going over re-establishing political relations. The two parts have consented to hold technical negotiations to complimentary Iranian funds frozen in Bahrain, Iran's state media stated, without elaborating on the timing of the talks or the quantities included. The talks will be focused on launching funds of Iran's main bank and other banks held in Bahrain, according to the...