Middle East Business News – 30 Apr

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Middle East Business News Review
Middle East Business News Review

Opec output hits the highest since 2008 despite lowest Iranian supply in two decades

A Reuters survey revealed that Opec output in April has hit its highest since 2008. The rise in output was mainly due to the rise in output from countries such as Iraq, Saudi Arabia, Libya, Angola and Nigeria.

The output rise is cushioning the impact of EU’s embargo plan on Iranian crude oil as well as making up for the the non-opec outages which has tightened supplies

Supply from the 12-member Organisation of Petroleum Exporting Countries (Opec) averaged 31.75 million barrels per day (bpd).

While in Iran, the output was drastically down in April to 3.15 million bpd.

Airbus gets a blow from Qatar Airways

Qatar Airways has announced that it will defer taking delivery of five of its A380 superjumbos until it gets more details about Airbus A380 wing cracks.

CEO of Qatar Airways, Mr. Akbar al Baker said, “Qatar Airways will have to defer scheduled deliveries of its A380s from October 2013 until we have a clear position on the issue surrounding wing cracks which are under process of modification by Airbus.”

European authorities had ordered probe in February for Airbus A380 wing cracks for the entire superjumbo fleet after safety engineers found cracks in almost all the planes inspected.

Meanwhile, Airbus said last week it was slowing down production of the world’s largest aircraft as it was looking into a long-term solution for the wing cracks problem. Airbus insisted that it would stick to its schedule of delivering a total of 30 A380s this year and says the plane is safe to fly.

Jordan to go Nuclear

Jordan, with its fast growing population and rising industrial demands has chosen Nuclear power, which it says is the best choice to meet its future energy needs. The current short-listed bid is to build the country’s first 1,000 megawatt nuclear power plant. The plant is expected to be ready by 2019 and will generate 30 per cent of its total energy using nuclear power by the end of 2030.

The kingdom also have plans for an additional three reactors, which once fully functional would make the country from an energy importer to an electricity exporter.

Jordan, a signatory of the nuclear non-proliferation treaty, has shortlisted a joint venture between Japan’s Mitsubishi Heavy Industries Ltd and France’s Areva as well as Russia’s Atomstroyexport to construct the 1,000 megawatt nuclear power plant.

The kingdom also hopes to use some of its estimated 65,000 tonnes of uranium deposits for the plant, for which it has made an arrangement with Areva.

Jordan at present generates most of its energy from fossil fuels of which 95 per cent is imported from neighbouring Arab countries at a cost of over 25 per cent of its gross domestic product (GDP).

Gulf operators hope demand for 4G services to pick up soon

Several Gulf mobile operators have complained that uptake of 4G internet in the region has been “slow” despite spending millions of dollars on installing, updating and promoting faster mobile networks. Read More…

Saudi to reconsider ban on female sports facilities

Saudi Arabia has decided to set up a ministerial committee to reconsider lifting the ban on physical exercise for women, by allowing women-only sports clubs, the country’s Al Watan daily newspaper reported. The development comes amidst opposition from the kingdom’s religious conservatives. Read More…

Kuwait-China oil deal comes under intense scrutiny

Kuwaiti government’s deal to supply China with 300,000 barrels per day of oil for 10 years has come under intense scrutiny by opposition MPs with one backbencher calling it as “suspicious”.

MP Mubarak al-Waalan insisted that the agreement involves “several legal, administrative and technical violations,” and demanded an investigation. Read More…

Jordan to provide nursing graduates to Canadian hospital in Dubai

The Canadian Specialist Hospital (CSH) has signed an agreement with Jordan’s Ministry of Labour to develop, train, and employ nursing graduates from Jordan in its Dubai campus. Read More…

DP World reports 10% increase in container volumes in first quarter of 2012

DP World has seen a 9.5% increase in gross volumes in the first quarter of 2012 handling 13.8 million TE. Read More…

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