Business

06 Dec 2022; MEMO: Algeria and China signed an executive plan on Monday for the joint development of the Belt and Road initiative, the Ministry of Foreign Affairs in Algiers has announced. A second agreement was signed regarding cooperation in "important areas" between the two countries extending until 2024.

The Chinese Belt and Road initiative is a project to build roads, ports, railways and industrial zones in 65 countries representing 60 per cent of the global population and providing about a third of the world's total output.

06 Dec 2022; MEMO: Oil tankers formed a traffic jam off the coast of Turkiye on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday.

Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services, Reuters reports.

05 Dec 2022; MEMO: The United Arab Emirates and Ukraine agreed on Monday to begin talks on a bilateral trade deal, expected to conclude by the middle of next year, the UAE's Economy Ministry said, Reuters reports.

The UAE has tried to remain neutral in the Ukraine conflict, despite Western pressure on Gulf oil producers to help isolate Russia, a fellow OPEC+ member.

05 Dec 2022; MEMO: The Brazilian Ambassador and Head of the Representative Office of Brazil to the State of Palestine, Francisco Mauro Holland, visited Gaza Strip where he was received warmly by the residents of Gaza.

Washington, Dec 3 (PTI) The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an “important tool” that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin’s finances used to fund his “brutal invasion” on Ukraine.

New Delhi, Dec 3 (PTI) The case for the proposed procurement of a fleet of Predator drones from the US is under process, Chief of Naval Staff Admiral R Hari Kumar said on Saturday.

The original proposal was to procure 30 MQ-9B Predator armed drones at a cost of over USD 3 billion to crank up India's surveillance apparatus along the frontier with China as well as in the Indian Ocean region.

02 Dec 2022; MEMO: The official Hakomitna platform concerned with publishing news from the interim Libyan Government of National Unity announced on Wednesday that President Kais Saied and Abdul Hamid Dbeibeh, the head of the Libyan Government of National Unity, have agreed to open the door for full cooperation and addressing any obstacles which disrupt the historic partnership between the two countries.

01 Dec 2022; MEMO: Saudi Arabia's energy minister said Saudi Aramco had discovered two new natural gas fields, Awtad and AlDahna, in the country's eastern region, state news agency SPA reported on Wednesday.

Awtad was discovered southwest of the Ghawar field, and gas flowed from one well, Awtad-108001 well at a rate of 10 million standard cubic feet daily, plus 740 barrels of condensate, and another well, Awtad-100921 at 16.9 million standard cubic feet daily, and 165 barrels of condensate, SPA said.

29 Nov 2022; MEMO: Germany's Economics Minister on Tuesday welcomed the term of an agreement with Qatar on deliveries of liquefied natural gas to Germany, calling it "super", Anadolu News Agency reports.

"Fifteen years is great," said Robert Habeck, at an industry conference in Berlin, adding that the duration could also have been an even longer contract.

Referring to the 15-year term, he said Germany wants to become climate neutral by 2045.

28 Nov 2022; MEMO: Deputy Director-General of the Russian State Nuclear Energy Corporation (Rosatom), Kirill Komarov, announced that the EU's sanctions against Moscow will not pose a problem for financing the Akkuyu Nuclear Power Plant in Mersin, southern Turkiye.

This came in statements at the International Nuclear Energy Conference Atomexpo 2022 held in the Russian city of Sochi on Monday, in which Komarov explained that Akkuyu is the current largest nuclear power plant construction site in the world.