Iran’s Oil Exports More Than Halved in Year Ending March 2020

Marafiq Gets $280 Million to Build Jeddah Sewage Treatment Plant

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Saudi Arabia’s Marafiq and its partners obtained $280 million in financing to develop a sewage treatment plant in the kingdom’s commercial city of Jeddah.

The project costs have been structured as non-recourse project financing from National Commercial Bank and equity contributions from shareholders, according to a statement. Veolia Environnement SA and Amwal AlKhaleejiah are partners in the Jeddah Airport 2 ISTP project.

Details:

  • Marafiq consortium set up Jeddah Althaniya Water Co. to operate the plant for 25 years
  • Stage 1 will treat 300,000 m3 per day, scheduled to be commissioned on Jan. 31, 2023
  • Stage 2 might add another 200,000 m3 per day when the new plant capacity exceeds specific utilization rates

Marafiq’s shareholders include the Public Investment Fund, Saudi Arabian Oil Co. and Saudi Basic Industries Corp.

Ivory Coast: Deposed ex-president steps up to challenge Ouattara

Henri Konan Bedie served as president for six years until he was deposed in a 1999 coup.

Running on vows to reform the police and release political prisoners jailed in previous years, Henri Konan Bedie is hoping he can sway voters to put him back in power.

The former Ivory Coast president was overthrown in 1999. Now 86 years old, he says he wants to prevent the incumbent, Alassane Ouattara, winning a third term in office.

The announcement of Ouattara’s candidacy triggered an outcry and protests that turned deadly.

 

Al Jazeera’s Andrew Chappelle reports.

Taiwan Central Bank Asks Traders to Spread Out U.S. Dollar Sales

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Taiwan’s central bank urged traders to show restraint in sales of U.S. dollars and not to offload large amounts in single transactions, but didn’t set a cap, according to astatement from the monetary authority.

The statement follows mediareports that the central bank has restricted banks’ sales of the U.S. currency to no more than $5 million per trade in the foreign exchange market.

“A limited number of banks looked to sell a large amount of U.S. dollars in a single offer in recent days, and this has affected the trading speed and the rights of other banks making offers,” Taiwan’s central bank said. “We are kindly asking traders not to sell a large amount of U.S. dollars in one single trade.”

M5 crash: Motorway closed for a day after serious three-vehicle collision

Part of the M5 will be closed for the rest of the day after a serious crash involving two lorries and a car.

Police were called to reports of a three-vehicle collision on the northbound carriageway of the M5 between Junction 9 at Tewkesbury and Junction 11 in Gloucester at 5.20am on Sunday.

A Ford Fiesta is believed to have parked behind a lorry to offer help, causing a second lorry to crash into the first, Gloucestershire Police said.

One of the vehicles caught fire, according to Highways England.

Japan’s Aso Says Parliament May Be Dissolved ‘Soon’

Japan’s Finance Minister Taro Aso said parliament’s lower house could be dissolved shortly and elections may “very well be soon,” to avoid the next administration from being criticized for not being voted in, Kyodo News reported.

Chief cabinet secretary Yoshihide Suga is widely expected to be elected prime minister this week to replace Shinzo Abe, who is stepping down because of an illness.

Aso, a former premier, said the timing on when to call elections is “very important,” Kyodo reported. He was referring to the period in September 2008 when he was elected prime minister and wanted to dissolve parliament but couldn’t due to the global financial crisis, it said.

A general election must be called by October of next year.

Iraq Cuts October Crude Pricing to Asia, U.S. After Saudi Cuts

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Iraq cut pricing for all of its crude grades for sale to Asia and the U.S. for October, following similar reductions bySaudi Arabia and other Gulf producers and further signaling that a global demand rebound is faltering.

Basrah Light crude for buyers in Asia will sell at the lowest level since June. Iraq’s state oil marketing company is cutting the grade to 30 cents a barrel over the regional benchmark, down from a $1.50 premium in September.

  • Basrah Heavy to Asia set at $1 a barrel discount
  • Iraq also cuts all pricing to the U.S.
    • Basrah Light set at 40 cents a barrel premium to benchmark
    • Basrah Heavy at 75-cent discount
    • Kirkuk at $1.35 premium
    • Basrah Light cut to 70 cents-a-barrel discount
    • Basrah Heavy discount narrowed to $2.65
    • Kirkuk cut to 30 cents-a-barrel premium

    Iran’s Oil Exports More Than Halved in Year Ending March 2020

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    Iran’s oil revenue slumped by more than half in the last Iranian calendar year, relative to government forecasts for the previous year, according to figures quoted by President Hassan Rouhani.

    Sales from Iran’s main currency earner reached “slightly more than $20 billion” in the 12 months to March 2020, Rouhani said in remarks shown on state TV.

    Iran’s government budget had forecast $53 billion of revenues from oil for the 12 months ending March 2019, according to a report by the state-run Islamic Republic News Agency published in Dec. 2017.

    Iran ceased providing official data on oil production and exports in 2018, after the U.S. renewed sanctions on the country and said it wanted to drive the Islamic Republic’s oil exports down to “zero”. According to data compiled byBloomberg, China remains the key destination for Iranian oil with observed crude and condensate flows totaling 133,000 barrels a day in August.

    Rouhani said on Sunday that Iran’s income from oil in 2011 came to $120 billion.

    IRAN TANKER TRACKER: Observed Flows Fall to 6-Month Low