King Salman's state visit to Russia marks the beginning of a powerhouse alliance to ruffle up energy markets, according to analysts. Sergei Karpukhin/ AFP
King Salman's state visit to Russia marks the beginning of a powerhouse alliance to ruffle up energy markets, according to analysts. Sergei Karpukhin/ AFP
King Salman's state visit to Russia marks the beginning of a powerhouse alliance to ruffle up energy markets, according to analysts. Sergei Karpukhin/ AFP
King Salman's state visit to Russia marks the beginning of a powerhouse alliance to ruffle up energy markets, according to analysts. Sergei Karpukhin/ AFP

Saudi Aramco, Russia move to shake up gas markets, say analysts


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Russia and Saudi Arabia are set to announce landmark deals in the wake of a three-day visit by King Salman to Moscow which may reshape gas markets, according to analysts.

The state visit marks the beginning of a powerhouse alliance to catalyse the energy markets, according to analysts.

“There is no doubt that the potential results of collaboration will shake up the gas market with Qatar in mind,” said Theodore Karasik, a senior adviser at the Washington, DC-based geopolitical risk consulting firm Gulf State Analytics. He said the key priority was to expand in natural gas to create new opportunities for pipeline and shipping networks with the Arctic Sea route, which is just as important as the Suez and Strait of Hormuz.

This could weaken Qatar's natural gas network as the world's biggest exporter of liquefied natural gas refuses to adhere to stipulations placed by the Saudi-led Arab quartet, Mr Karasik said. “Gas importers are in for a rearrangement of market fundamentals.”

There is even more to gain, particularly for state-owned Saudi Aramco, the world's biggest oil producing company, which is scouring for gas to feed rising electricity demand. Russia, which sits on the world's second-largest gas reserves after Iran according to BP statistics, also has gas ambitions of its own.

“There are significant opportunities ... for collaboration between Saudi Aramco and leading Russian companies,” said Amin Nasser, the chief executive of Aramco.

He said the company’s priority is in strengthening ties spanning oil and gas services, petrochemicals, renewables and the advanced technologies sectors. Mr Amin said these were “all promising areas for bilateral cooperation”.

Combined, Saudi Arabia and Russia produce about a quarter of the world’s oil. Saudi Arabia, the world's biggest oil exporter, and Russia, the biggest oil producer, partenered last year when they brokered a global oil output deal that helped lift prices.

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During King Salman's trip, a Saudi-Russian Business Investment Forum, headed by Russia’s oil minister Alexander Novak, will take place in Moscow.

Aramco plans to present its plans under the Saudi Vision 2030 that targets economic diversification and its localisation programme, In-Kingdom Total Value Add, which can potentially attract Russian companies to help with skills development and technological know-how, the company said.

Aramco wants to go global, given the ever-changing dynamics in the energy markets from a three-year oil price slump, a growth in renewables and a huge business transformation plan in the kingdom, according to Mohammed Atif, the Middle East and Africa regional manager of the consultancy DNV GL.

"These industries are being disrupted, and sometimes that can be a blitz - fast and sudden. If these companies do nothing, they can find themselves going from one position to the next,” he said.

Mr Atif believes that the joint approach by the state-owned companies could indicate a larger effort to take on global international oil companies (IOCs), such as Exxon Mobil, BP and Total. “As long as you have other competitors out there, it’s an erosion of your market power,” he said.

The two state-owned energy powerhouses of Aramco and Rosneft together produce 16 per cent of the world’s crude oil, which averages around 97 million barrels per day (bpd), according to figures from the International Energy Agency. Aramco pumps 10.5 million bpd with Russia’s largest producer, Rosneft, adding 4.6 million bpd to the mix.

There is also the upcoming Aramco sale of a 5 per cent stake to the public, which could raise $100 billion and become the world’s largest IPO.

“It may excite investors by saying that it’s the world’s biggest company with the largest reserves, but I would be concerned with these trends indicating a downturn in future demand,” said Mr Atif.

“However, investors may be excited with these new alliances as it opens up options to further reserves in the Caspian and other areas.”

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Last 10 winners of African Footballer of the Year

2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books

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The biog

Age: 32

Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.

Favourite mountain range: The Himalayas

Favourite experience: Two months trekking in Alaska

Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

RUGBY CHAMPIONSHIP FIXTURES

September 30
South Africa v Australia
Argentina v New Zealand

October 7
South Africa v New Zealand
Argentina v Australia

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

RESULT

Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)

Man of the Match: Shane Duffy (Brighton)

The specs: 2018 Chevrolet Equinox

Price, base / as tested: Dh76,900 / Dh110,900

Engine: 2.0L, turbocharged in-line four-cylinder

Gearbox: Nine-speed automatic

Power: 252hp @ 5,500rpm

Torque: Torque: 352Nm @ 2,500rpm

Fuel economy, combined: 8.5L / 100km

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Bullet%20Train
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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The years Ramadan fell in May

1987

1954

1921

1888

Essentials

The flights

Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours. 

The package

Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.

UAE currency: the story behind the money in your pockets
MATCH INFO

Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports

THE%20HOLDOVERS
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Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet