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The crisis in West Asia threatens to broaden into a regional conflict, which will have repercussions on oil supply and a spike in price including that of jet fuel. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px; }@media only screen and (max-width: 767px) {.text-box {width: 30%;} } **media[90987]** Oil prices added a war premium as the crisis unfolded, although thus far, there has been no direct impact on physical supply, according to the International Air Transport Association (IATA). There is concern though that the crisis could broaden to a regional conflict, which would have repercussions on oil supply. Many international carriers halted their flights to the West Asian region earlier this month. The service suspension comes after a robust summer for air travel with revenue growth for international destinations outpacing sales of domestic tickets. The global average jet fuel price last week fell marginally by 0.3% compared to the week before to $121.20/barrel, IATA said in its latest Jet Fuel Price Monitor. The market was also spooked by sanctions imposed by US on two shipping companies, which had violated the $60-per-barrel cap on Russian crude, creating some uncertainty over what that could do to Russian oil supply, the global body of airlines noted. The price of jet fuel has a significant impact on airfares, as it is one of the most substantial operating costs for airlines. Jet fuel is a major expense that directly influences an airline's profitability and pricing strategy and accounts for up to 20% of an airline’s operating expenses. Higher fuel costs jack up ticket prices, and conversely, airfare drops with lower fuel costs. A lower fuel burn-per–hour rate reduces the cost of flying an aircraft. The less it costs to fuel an aircraft, the more airlines can reduce ticket prices, obviously attracting more travellers. Analysts say many airlines around the world are reviewing their hedging strategies in view of the situation. Currently, there is a huge demand for jet fuel with the international travel and tourism industry continuing its recovery run to pre-pandemic levels. According to IATA, global origin-destination (O-D) passenger traffic increased 28.9% in second quarter (Q2) 2023 compared to Q2, 2022, reaching 954mn passengers. This brought worldwide passenger traffic near to pre-pandemic levels, only 3.5% lower than in the second quarter of 2019. When jet fuel prices rise, airlines often seek to pass on some of the increased costs to passengers by adjusting airfares. While airlines might not fully pass on the entire fuel cost increase to passengers, they do tend to reflect a portion of it in their ticket prices to help maintain financial viability. Airlines sometimes engage in fuel hedging, a financial strategy where they lock in fuel prices at a certain level for a specified period. Invariably, this strategy provides a degree of predictability in fuel costs, even if market prices fluctuate. If an airline has effective fuel hedging in place, analysts point out it might be able to mitigate the immediate impact of sudden fuel price spikes on airfares. The airline industry is highly competitive, and airfares are influenced by various factors beyond just fuel prices. The price of jet fuel is a critical factor influencing the operating costs of airlines, which in turn impacts their pricing decisions. While airlines often pass on a portion of increased fuel costs to passengers, they must balance this with considerations like competition, demand elasticity, and broader economic conditions. As a result, the relationship between jet fuel prices and airfares is complex and varies based on a multitude of factors. There are perceptions that oil supply will tighten towards the end of the year in view of the crisis in West Asia and the region comprising Russia and Ukraine and the international travel and tourism industry recovering to pre-pandemic levels.

Ahmad Saif al-Sulaiti, this year’s winner of the ‘lifetime achievement award for the advancement of Qatar’s energy industry’ as part of the Abdullah Bin Hamad Al-Attiyah Energy Awards 2023’, is a seasoned energy industry professional whose remarkable career has spanned 46 years.He embarked on his journey with Shell Qatar as a trainee, where he honed his skills in offshore operations and oil rigs.Al-Sulaiti then pursued higher education in the UK and graduated with a Higher Diploma in Mechanical Engineering from Carlette Park College in 1984.Renowned for its practical engineering expertise, Carlette Park College, now a part of Wirral Metropolitan College, provided him with a strong foundation for his future endeavours.After completing his studies in the UK, al-Sulaiti returned to Shell Qatar, where his acquired knowledge was immediately put to use in offshore operations.He continued his dedicated service with Shell until the company's holdings in Qatar were nationalised. Subsequently, he transitioned to QatarEnergy (formerly Qatar Petroleum), where he furthered his expertise in the oil and gas industry.With a wealth of experience in managing large-scale oil and gas field operations, al-Sulaiti's career highlights include his instrumental role in transforming Dukhan into the modern city it is today.During his tenure, he led initiatives that significantly improved the city's infrastructure, including the development of roads connecting Dukhan to Doha. His visionary leadership and dedication have not only reshaped Dukhan but also earned the city prestigious architectural and township development awards.Al-Sulaiti's “exceptional” career achievements have set a benchmark in the Qatari oil and gas industry. He has contributed his expertise to various organisations, serving on the Boards of Mesaieed Petrochemical Holding Company and Qatar Fuel (Woqod). Additionally, he has held key positions such as chairman and vice-chairman of Nakilat, showcasing his leadership acumen and strategic vision.Currently serving as the executive vice-president – Operations at QatarEnergy, al-Sulaiti continues to make significant strides in the industry, demonstrating his unwavering commitment to excellence and innovation.His wealth of experience and profound impact on Qatar's energy landscape solidify his position as a respected leader in the sector.

The distinguished Executive Vice-President (Operations) at QatarEnergy, Ahmad Saif al-Sulaiti, was among the winners of the 2023 Abdullah Bin Hamad Al-Attiyah International Energy Awards for Lifetime Achievement announced and distributed last night.Al-Sulaiti was honoured with the “Lifetime achievement for the advancement of Qatar’s energy industry”.James Mulva (US), the former Chairman and CEO of ConocoPhillips was recognised with the lifetime achievement award for ‘Advancement of International Energy Policy and Diplomacy.’Hundreds of dignitaries attended the prestigious event, where six remarkable individuals were honoured for their illustrious careers and outstanding contributions to the energy industry.This year’s winners included Professor Jonathan Stern (UK), Distinguished Research Fellow of the Oxford Institute for Energy Studies, who collected the Advancement of Natural Gas prize; Professor Sally M Benson (US), Deputy Director for Energy at the White House Office of Science, who picked up the Advancement of Education for Future Energy Leaders gong; Professor Michael Gratzel (Switzerland), Director of the Laboratory of Photonics and Interfaces of the Ecole Polytechnique Federale de Lausanne, who won the Advancement of Renewables award; and Richard Black (UK), author and former Environment Correspondent for the BBC, who was recognised with the Advancement of Energy Journalism accolade.The awards were handed over to the winners by HE Abdullah bin Hamad al-Attiyah, former deputy Prime Minister and Minister of Energy and Chairman of Board of Trustees, The Al-Attiyah Foundation.The Abdullah Bin Hamad Al-Attiyah International Energy Awards celebrates the legacy of HE Abdullah bin Hamad al-Attiyah by honouring individuals for their lifetime achievements in the fields of work and policy that his 40 years of distinguished contributions to the global energy industry.The nominees are recognised for outstanding records of accomplishment in their sector over the span of their careers, acknowledging individuals who have made an exceptional impact on the energy industry with distinct personal achievements for a consistent and prolonged periods.To ensure only the worthiest industry leaders receive the prestigious Lifetime Achievement award, the Al-Attiyah Foundation International Selection Committee selects and scores a list of outstanding candidates. The results are then aggregated to determine the winners.At the ceremony, HE al-Attiyah said: “It brings me great pleasure to acknowledge the exceptional and gifted individuals for their invaluable contributions to the energy sector through the Al-Attiyah Awards.“The recipients this year have made profound impacts on our industry, leaving behind impressive legacies for generations to come.”ExxonMobil and North Oil Company sponsored this year's Al-Attiyah International Energy Awards, with support from Al-Attiyah Foundation member companies including QatarEnergy, Qatar Electricity & Water Company, Woqod, QNB, QatarEnergy LNG, Dolphin Energy, Shell Qatar, Qatar Airways, Qapco, ConocoPhillips, Marubueni, Qafco, Q-Chem, Gulf Helicopters, Qatar Cool, Excelerate Energy, JTA Holding and Sasol.

Global aviation industry is convinced of the fact that promotion of sustainable aviation fuel (SAF) will go a long way in meeting its commitment of net-zero carbon emissions by.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[87676]**2050. But industry captains are also aware that not enough SAF is available as of now. A recent IATA update showed SAF constituted 0.1% of fuel uptake at the moment.Panelists at the CEO Roundtable at the inaugural World Sustainability Symposium in Spain recently, had a detailed look at sustainable aviation fuels.There was agreement that, in the short to medium term, getting enough SAF will be challenge because of the shortfall in production and the time it takes to ramp up that production.It was also noted that demand for feedstocks is very competitive. Even in the longer term there is no realistic power alternative for long-haul flights before 2050.Increasing production will rely heavily on public policy and, in this context, the merits of mandates and incentives were examined in detail.Willie Walsh, IATA’s Director General, noted that mandates without supply is simply a tax. “You can’t buy something that doesn’t exist,” he said.Anne Rigail, CEO, Air France, believes that mandates could play a role as long as they don’t introduce competitive distortion. But she stressed that there must also be incentives and currently, that isn’t there.Rigail revealed that Air France buys SAF from the United States because it is less than half the price of SAF in Europe.In Latin America, geography makes aviation essential to connectivity. Roberto Alvo, LATAM CEO, has set his airline a target of using 5% SAF produced in the region by 2030.But he admitted that he “does not know where it will come.” Alvo hopes the target will start the conversation, however, and provide a positive signal to the market.Essentially, there are no SAF policies in the region and LATAM is one of the funders of a study examining what the right policies will look like.Alvo noted that the region could become a big SAF producer, but he also warned that the correct balance has to be found and anything that made air fares in the region more expensive would restrict demand and harm economies.Hong Kong’s Cathay Pacific, meanwhile, is determined to use 10% SAF by 2030 and has signed a number of offtake agreements.Asia-Pacific has some SAF production but a major catalyst for the region will be China’s SAF policy, which is expected in the near future.Patrick Healy, Chair, Cathay Pacific, says that policy will likely incorporate lessons learned to date from other region and have elements of carrot and stick. China is committed to decarbonisation and aims to be net zero by 2060.Airlines have used every drop of SAF produced to date, but governments must speed up this transition to SAF with policies that enable investors to come in and generate a return. The panel concurred that this creates a significant opportunity in job creation and GDP.“We need to take something that is technically possible and make it commercially realistic,” said Walsh.The debate also took in the problems regarding carbon offsets, which have received a bad press for simply “passing the buck” on decarbonisation.Rigail, for example, said that Air France no longer offer offsets to passengers but instead allow them to “buy” SAF.Even so, carbon offsets are a necessary part of the net-zero target. The Carbon Offset Reduction Scheme for International Aviation (CORSIA) is a good first step and aviation needs to build on the credibility that it brings.International Air Transport Association recently unveiled a series of roadmaps aimed at providing step-by-step detailing of critical actions and dependencies for aviation to achieve net-zero carbon emissions by 2050.These roadmaps address aircraft technology, energy infrastructure, operations, finance, and policy considerations leading to net zero.Walsh noted, ‘SAF production is less than 0.1% of what we need for net zero. But the trend is positive. In 2022, SAF production tripled to 300mn litres. And while critics of our industry dismiss that figure as irrelevant, it’s important to remember that airlines used every single drop costing almost $350mn.“With the right supportive policies, reaching 30bn litres by 2030 is challenging but achievable. That would be about 6% of the 450bn litres annual production capacity we need in 2050. We think it will be the tipping point because achieving it will establish the trajectory needed to scale up for 2050.”

Qatar’s real GDP growth is projected to be 2.4% this year and 2.2% in 2024, the International Monetary Fund (IMF) said Tuesday.In its World Economic Outlook released on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group in Marrakesh, Morocco Tuesday, IMF said the country’s current account balance will be 17.6% this year and 15.4% in 2024.Qatar’s consumer price (CPI) is projected to be 2.8% this year and 2.3% in 2024.According to the IMF, growth in the Middle East and Central Asia is projected to decline from 5.6% in 2022 to 2% in 2023, before picking up to 3.4% in 2024, with a 0.5 percentage point downward revision for 2023 and a 0.2 percentage point upward revision for 2024.The change for 2023 is attributable mainly to a steeper-than-expected growth slow-down in Saudi Arabia, from 8.7% in 2022 to 0.8% in 2023, with a negative revision to the latter of 1.1 percentage point.The downgrade for growth in Saudi Arabia in 2023 reflects announced production cuts, including unilateral cuts and those in line with an agreement through OPEC+.Private investment, including that from “gigaproject” implementation, continues to support non-oil GDP growth, which remains strong and unchanged from previous projections.The downgrade for 2023 also reflects cuts to the growth forecast for Sudan to about –18.3% (a downward revision of nearly 20 percentage points) reflecting the outbreak of conflict, deteriorating domestic security, and the worsening humanitarian situation.The upgrade for 2024 reflects the unwinding of some of the announced production cuts, IMF said.Global growth is forecast to slow from 3.5% in 2022 to 3% in 2023 and 2.9% in 2024.The projections remain below the historical (2000–19) average of 3.8% and the forecast for 2024 is down by 0.1 percentage point from the July 2023 Update to the World Economic Outlook.For advanced economies, the expected slowdown is from 2.6% in 2022 to 1.5% in 2023 and 1.4% in 2024, amid stronger-than-expected US momentum but weaker-than-expected growth in the euro area.Emerging market and developing economies are projected to have growth modestly decline, from 4.1% in 2022 to 4% in both 2023 and 2024, with a downward revision of 0.1 percentage point in 2024, reflecting the property sector crisis in China.Forecasts for global growth over the medium term, at 3.1% are at their lowest in decades, and prospects for countries to catch up to higher living standards are weak.Global inflation is forecast to decline steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024.But the forecasts for 2023 and 2024 are revised up by 0.1 percentage point and 0.6 percentage point, respectively, and inflation is not expected to return to target until 2025 in most cases.Risks to the outlook are more balanced than they were six months ago, on account of the resolution of US debt ceiling tensions and Swiss and US authorities’ having acted decisively to contain financial turbulence, IMF noted.The likelihood of a hard landing has receded, but the balance of risks to global growth remains tilted to the downside.China’s property sector crisis could deepen, with global spillovers, particularly for commodity exporters, IMF said.

Qatar is strategically positioning itself as a leading fintech hub in the Middle East and a pioneer in digital transformation and sustainability within the financial services sector, PwC Middle East said in a report.The country recognises the potential of fintech and has established initiatives to foster a strong and sustainable fintech ecosystem, PwC said in its latest ‘Qatar banking sector report’.Qatar's digital transformation is making considerable progress towards achieving its National Vision 2030 of building a digital economy.Strategic initiatives like the Doha cloud region by Google Cloud and the implementation of OpenAI's GPT technology in the Azure Qatar Cloud are expected to empower Qatari companies with long-term benefits.However, while embracing emerging technologies, banks must also consider risk mitigation and regulatory policies for successful implementation.Qatari banks have embraced ESG (environmental, social, and Ggovernance) practices and are adopting sustainability measures.Leading banks have integrated ESG factors into their strategies and reporting, aligning with global frameworks and supporting green financing and social inclusion.Despite challenges, banks aim to build a sustainable future through technology and data governance. The government's emphasis on environmental impact during the FIFA World Cup 2022 has led to strategic partnerships for sustainable finance initiatives.However, widespread ESG implementation is still evolving in the market and climate risk management will still be a challenge for most of the banks.In the Mena (Middle East and North Africa) region, including Qatar, supervisory efforts focused on core banking activities, with initiatives aimed at customer and data protection, data infrastructure establishment, and promoting ESG practices.Qatar's regulators took proactive steps to strengthen the financial system and launched initiatives for sustainable finance, green finance, and fintech development.“We are expecting further execution guidelines to be issued in the digital banking and fintech areas,” PwC noted.According to the report, Qatari banks have experienced single digit growth of total assets and liabilities over the financial year of 2022 (FY 2022 vs FY 2021).Growth of aggregated assets accelerated in FY 2022 by 3.6% to QR2.02tn compared to QR1.95tn for FY 2022, and by 3.3% CAGR over the three-year period (FY 2022 vs FY 2020) evidencing that the banking industry in Qatar has been expanding at a fast pace over the past three years.These observations underscore the importance of effective capital allocation, risk management and responsiveness to market conditions in maintaining profitability and competitive advantage in the banking sector.Growth of aggregated liabilities accelerated in FY 2022 by 3.5% to QR1.79tn compared to QR1.73tn for FY 2021, and by 3.3% CAGR over the three-year period (FY 2022 vs FY 2020).On another note, foreign liabilities accounted for 10.4% of the sector’s funding FY 2022 (11.2% FY 2019) and net external debt decreased by almost 8% of Qatar’s forecasted GDP FY 2022.The report reveals that banks in Qatar have reported gradual growth in balance sheet and financing portfolio. Earnings metrics, including gross income, operating income, and profit before tax demonstrate growth and highlight high adaptability to the changing interest rate environment.Banks in the country have been continuously developing their digital capabilities by prioritising customer-centric approaches and digital innovation, according to the report.Developing new digital products, embracing an open banking mindset and establishing strategic partnerships with fintech companies, guided by complementary regulations, are all factors helping to strengthen their positions.Furthermore, the Qatari government's emphasis on environmental impact during the FIFA World Cup 2022 has led to strategic partnerships for sustainable finance initiatives.Therefore, leading Qatari banks are also integrating ESG factors into their strategies and reporting, aligning with global frameworks and supporting green financing and social inclusion.Ahmed al-Kiswani, Qatar Financial Services Sector leader, PwC Middle East commented, “Qatar is strategically positioning itself as a leading fintech hub in the Middle East and a pioneer in digital transformation and sustainability within the financial services sector. We remain confident that the financial sector in Qatar is well placed to adapt to a changing financial environment and continue to grow.”

Global air cargo segment registered its first year-on-year growth in 19 months in August, which amid uncertainties provides optimism to an industry, impacted by logistical.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}} **media[84710]**challenges posed by the Covid-19 pandemic.The air cargo industry is a vital component of the global economy, enabling swift and reliable transportation of goods across long distances. It supports various industries, facilitates international trade, and plays a critical role in responding to emergencies and crises.During natural disasters, conflicts, or other emergencies, air cargo is the quickest way to deliver relief supplies, including food, medical supplies, and equipment, to affected areas.During the Covid-19 pandemic, when borders were closed, air cargo literally sustained global population.In the fight against the pandemic, the air cargo segment played a key role by providing the speed, reach, and specialised capabilities needed to ensure that Covid-19 vaccines are rapidly delivered to various parts of the world, including those with challenging logistical conditions.This global distribution is vital for achieving herd immunity and overcoming the pandemic.Global demand, measured in cargo tonne-kilometres (CTKs), increased by 1.5% compared to August 2022 levels (1.2% for international operations), according to the global body of airlines – International Air Transport Association (IATA).Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 12.2% compared to August 2022 (11.8% for international operations). This was largely related to belly capacity, which rose 30% year-on-year as airlines ramped-up operations to meet peak-northern summer travel season demand.In August, both the manufacturing output Purchasing Managers Index or PMI (49.4) and new export orders PMI (47.0) saw a slight improvement to the previous month.They remained, however, below the critical threshold represented by the 50 mark, indicating a continuing, if slower, annual decline in global manufacturing production and exports.Global cross-border trade contracted for the fourth month in a row in July, decreasing 3.2% year-over-year. This reflects the cooling demand environment and general macroeconomic conditions.Inflation saw a mixed picture in August, with an increase in US consumer prices for the second month in a row, IATA noted. Meanwhile in Europe and Japan, consumer and producer prices fell. In China, which is fighting deflationary pressures, consumer prices rose.“Air cargo demand grew by 1.5% over the previous August. This is the first year-on-year growth in 19 months, so it is certainly welcome news. But it is off a low 2022 base and market signals are mixed. Looking ahead, while many uncertainties remain, we can take some optimism from PMI data moving towards positive territory. This is particularly significant as we head into air cargo’s traditional peak year-end season,” said IATA’s Director General Willie Walsh.Undoubtedly, air cargo is one of the fastest modes of transportation. It is particularly important for industries that rely on just-in-time manufacturing and delivery systems, such as automotive and electronics. Perishable goods like fresh produce and pharmaceuticals also benefit from the speed of air transport.Air cargo connects businesses and markets across the world, enabling international trade. It allows companies to access global markets and customers, thereby promoting economic growth.Air cargo reaches regions that are difficult to access by other means of transportation, such as remote islands, mountainous areas, and regions with poor infrastructure. This is vital for supplying goods and providing emergency relief.Freighter is used for high-value goods like electronics, jewellery, and luxury items, as well as for time-sensitive materials like medical supplies and documents. This is due to the secure and swift nature of air transportation.The growth of e-commerce has significantly increased the demand for air cargo. Online retailers and marketplaces often rely on air transport to meet the fast delivery expectations of customers.Air cargo is an integral part of many supply chains, especially for industries where just-in-time inventory management is crucial. It helps in reducing inventory carrying costs and streamlining production schedules.The air cargo industry creates a substantial number of jobs directly in areas such as cargo handling, logistics, and transportation. Additionally, it supports jobs in related industries like manufacturing, retail, and services.Therefore, the efficiency and reliability of the air cargo industry are essential for the smooth functioning of the modern globalised economy.

The multi-billion dollar North Field Expansion project will have "short and long-term impacts" that will be reflected across all sectors of the Qatari economy and will significantly enhance the country’s revenues, said HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi.Addressing dignitaries and invited guests at the project’s ground-breaking ceremony at Ras Laffan Tuesday, al-Kaabi said the pioneering expansion aims to raise Qatar's annual production capacity of liquefied natural gas (LNG) from 77mn tonnes per year to 126MTPY by 2026.“It is worth noting that this project is the largest in the history of the gas industry and the world’s best in terms of the carbon footprint.“This project is a quantum leap in our country’s leadership in the field of energy, and an embodiment of our goals towards optimal investment in our natural resources and our commitment to providing the world with a cleaner source of energy over many decades,” al-Kaabi noted.The project includes six mega trains, each with a production capacity of eight million tons per annum of LNG, four of which are in the North Field East expansion project, and two in the North Field South expansion project.This major expansion, al-Kaabi said will add 48mn tons per year to the global LNG supplies. It comes at a crucial time, as natural gas occupies a pivotal position in the energy mix in a world facing geopolitical turbulence and is in dire need of clean energy sources that are in line with the global environmental goals.In addition to LNG, the project will produce 6,500 tons per day of ethane gas, which will be used as feedstock in the local petrochemical industries.The project will also produce about 200,000 barrels per day of liquefied petroleum gas (propane and butane), and about 450,000 barrels per day of condensates, in addition to large quantities of helium gas and sulfur.“There is no doubt that these additional quantities of natural gas are of great importance as they will play a prominent role in enhancing energy security, supporting a practical and realistic energy transition, and ensuring fair and equitable access to cleaner energy for a sustainable growth and a better future for all.”He noted, “On this occasion, I would like to extend my sincere thanks to all our partners, to the working teams of QatarEnergy and QatarEnergy LNG, and to the contractors working to implement this project, in which more than 60,000 workers are expected to participate during peak construction and more than 300mn working hours will be completed when the project is completed.Minister Al-Kaabi concluded his remarks by thanking QatarEnergy’s partners, and the working teams of Qatar Energy and QatarEnergy LNG, and the contractors working to implement this project with the highest quality and safety standards.“I am honoured to extend ample thanks and gratitude to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, for honouring us with his presence and patronage of this celebration, and for his unlimited support and guidance to us in the energy sector.”

His Highness the Amir, Sheikh Tamim bin Hamad al-Thani Tuesday laid the foundation stone of the North Field expansion, global industry’s largest ever LNG project, which will raise Qatar's LNG production capacity from the current 77mn tonnes per year to 126MTPY by 2026.The multi-billion dollar project’s ground breaking took place during a special ceremony at Ras Laffan Industrial City attended by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, and CEOs and senior executives of QatarEnergy’s partners in the expansion project.The NFE project comprises the North Field East (NFE) and the North Field South (NFS) expansion projects and is the industry’s largest ever LNG project.The project includes six mega trains, each with a production capacity of 8MTPY of LNG, four of which are part of the North Field East expansion project, and two part of the North Field South expansion project, contributing a total of 48MTPY to the global LNG supplies.The North Field expansion will provide significant benefits for all sectors of the Qatari economy during the construction phase and beyond.Speaking at the ground breaking ceremony, HE al-Kaabi stressed that the pioneering expansion project is a quantum leap in Qatar’s leadership in the field of energy, and an “embodiment of our goals towards optimal investment in our natural resources and our commitment to providing the world with a cleaner source of energy over many decades.”QatarEnergy is partnered in this global project by TotalEnergies, Shell, ConocoPhillips, ExxonMobil, Eni, Sinopec, and CNPC, whose contributions will play a pivotal role in ensuring the project’s success and achieving its goals by producing LNG that is the best in the world in terms of safety, reliability, and carbon footprint.In addition to LNG, the project will produce 6,500 tons per day of ethane gas, which will be used as a feedstock in the local petrochemical industries. The project will also produce about 200,000 barrels per day of liquefied petroleum gas (propane and butane), and about 450,000 barrels per day of condensates, in addition to large quantities of helium and pure sulfur.The unique project is characterised by the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon footprint to the lowest levels possible.The NFE project is a "strategic" step in cementing Qatar's position as the leading LNG producer and it will play a major role in meeting the increasing global demand for LNG. It is also in line with Qatar's long-term vision to develop the country's natural resources.In a statement, Patrick Pouyanné, chairman and Chief Executive Officer of TotalEnergies said, “TotalEnergies is honoured to be part of today's North Field expansion, reinforcing Qatar's status as the world's leading LNG producer with a capacity of 126mn tons. “Thanks to innovation, the Northfield Expansion is a flagship project for industry to which TotalEnergies is proud to contribute through its expertise and engineers. This project is set to spearhead efforts in slashing greenhouse gas emissions, emphasising the key role of LNG and natural gas in the energy transition."

Qatari banks have seen a pickup in private sector loans by 2.6% to QR6.4bn, mainly the services segment, and an overall credit of QR1.24tn, in August, shows a study by QNB Financial Services (QNBFS).Loans are lower by 0.7% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022), QNBFS noted in its latest "Qatar monthly banking sector update".Loan provisions to gross loans was at 3.9% in August, compared to 3.8% in July.The overall loan book moved up 0.2% in August. Total Private sector loans went up by 0.4% month-on-month (MoM), which represents +0.8% (up to August in 2023).The services segment was the main driver for the private sector loan increase. Services (contributes nearly 30% to private sector loans) increased by 2.6% MoM (+3.8% in 2023), while general trade (contributes nearly 21% to private sector loans) rose by 0.8% MoM (+1.8% in 2023) and consumption and others (contribute nearly 21% to private sector loans) moved up by 0.5% MoM (+3.8% in 2023).However, the real estate segment (contributes nearly 21% to private sector loans) dropped by 3.2% MoM (-6.1% in 2023) in August 2023.Total public sector loans increased by 0.1% MoM (-3.6% in 2023). The government segment (represents nearly 28% of public sector loans) went up by 1.5% MoM (-12.8% in 2023), while the semi-government institutions’ segment gained 3.9% MoM (3.7% in 2023).However, the government institutions’ segment (represents nearly 67% of public sector loans) loan book declined by 0.7% MoM (+0.2% in 2023). Outside Qatar loans went down by 1.2% MoM (-3.0% in 2023) during August.Total public sector loans increased by 0.1% MoM (-3.6% in 2023). The government segment (represents nearly 28% of public sector loans) went up by 1.5% MoM (-12.8% in 2023), while the semi-government institutions’ segment gained 3.9% MoM (3.7% in 2023).However, the government institutions’ segment (represents nearly 67% of public sector loans) loan book declined by 0.7% MoM (+0.2% in 2023). Outside Qatar loans went down by 1.2% MoM (-3.0% in 2023) during August, QNBFS data reveal.Non-resident deposits declined by 1.3% MoM (-7.8% in 2023) in August, causing the overall marginal drop in banking sector deposits for the month.According to QNBFS, deposits went down marginally during August to QR927.7bn. Deposits decline in August was mainly due to a drop by 1.3% in non-resident deposits.Deposits have declined by 7.1% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022).Public sector deposits moved up by 0.9% MoM (-12.7% in 2023) in August. Looking at segment details, the government institutions’ segment (represents nearly 59% of public sector deposits) pulled up the overall public sector with an increase by 2.9% MoM (-7.5% in 2023), while the government segment (represents nearly 26% of public sector deposits) went up by 1.2% MoM (-26.3% in 2023). However, the semi-government institutions’ segment declined by 6.9% MoM (-3.8% in 2023) in August.Private sector deposits edged down by 0.1% MoM (-2.7% in 2023) in August. On the private sector front, the consumer segment declined by 1.3% MoM (+2.4% in 2023).However, the companies and institutions’ segment increased by 1.4% MoM (-7.7% in 2023) during August.Loans to deposits ratio went up during the month to 134.4% as at August.Total assets increased 0.3% during August to reach QR1.874tn.Total assets gain in August was mainly due to a rise by 0.5% in domestic assets.Total assets are down by 1.6% in 2023, compared to a growth of 4.2% in 2022. Assets grew by an average 6.9% over the past five years (2018-2022)Liquid assets to total assets was at 30.5% in August, compared to 30.7% in July, QNBFS noted.Commenting on QNBFS data, an analyst told Gulf Times, “The highlight for August seems to be the pickup in loans for the private sector, mainly the services segment going up by 2.6% (QR6.4bn), which indicates good demand in restaurants and hotels and further strengthening of the tourism sector. Overall, marginal decline in the deposits was mainly due to a 1.3% drop in non-resident deposits. With local banks optimising on funding resources, there has been less reliance on expensive non-resident deposits.”

The 1.5mn square metres Al Wukair Logistics Park provides optimal infrastructure for micro, small, and medium enterprises (MSMEs) and helps achieve diversification of Qatar’s economy, noted GWC Group CEO Ranjeev Menon.Al Wukair Logistics Park features warehouses, light industry workshops, and retail showrooms, while offering full access to GWC’s range of supply chain solutions, Menon said in an interview with Gulf Times here.Once completed, the development will include more than 1300 light industrial workshops and warehousing units, some 76 retail outlets, 10 temperature-controlled distribution centres, one freezer distribution centre, two open yards and container depot and repair facility, he said.Phase 1 of the project was launched in 2022, with the hub playing a key role in the successful delivery of the FIFA World Cup in Qatar.Phase 1 included more than 450 warehouses and light industry workshops in addition to two temperature controlled mammoth distribution centres covering 40,000sqm.Also, a 100,000 sqm container yard was completed and operational at full capacity.Phase 1 achieved monumental success, with the park becoming home to more than 700 MSMEs and helping to develop and diversify Qatar’s economy, in line with the goals of QNV 2030.“As we expand our capabilities and offerings, we are proud to be launching Phase 2,” Menon noted.On Phase 2, Menon noted it is a “critical infrastructure” project in Qatar.Phase 2 provides more than 500 retail, warehousing and light industrial units with plug and play solutions. It will attract enterprises from far and wide as Qatar continues to prioritise the development and growth of the MSME sector.The expansion “reaffirms GWC’s commitment” to economic development and diversification – and given the growth of Qatar’s economy, GWC is already planning for Phase 3 of the project.On the potential benefits of the project for the MSME sector, Menon said, “Establishing a presence at Al Wukair reduces capital expenditure in constructing any kind of owned infrastructure – which would likely be a steep cost for micro, small, and medium enterprises. Additionally, one of the core advantages is that everything is under one roof.“When MSMEs set up here, the process is seamless. Al Wukair is a one-stop-shop solution for leasing a warehouse or a workshop, meaning enterprises can benefit from the facility's plug and play model. As part of this, GWC provides support for the lifecycle of the operation – helping with company formation, permits, tech services, distribution centres, and managing logistics operations.”He said, “Thanks to these solutions, businesses can get started right away and benefit from GWC’s expertise and capabilities. MSMEs can also access our experience, problem-solving services, and dedicated teams who always go the extra mile.“Whether the enterprise is a one-person operation or multinational, Al Wukair Logistics Park offers a seamless experience to help the business run smoothly and effectively from day one.”Menon added, “Facilities like Al Wukair Logistics Park illustrate the giant strides Qatar is taking in becoming a leading trade and commerce hub in the region. MSMEs are driving that growth – and by facilitating these businesses, GWC is scaling new heights as it incorporates and partners with enterprises in this sector.“The solutions we deliver are helping to grow and diversify Qatar’s economy while further defining our role in the development of a self-sustaining economy.”

GCC Islamic banks are benefitting from high oil prices, Moody’s Investors Service said and noted their net profitability will exceed that of conventional peers over the next 12 to 18 months.A reversal in the tightening monetary policy from the US Federal Reserve through the US dollar peg with GCC countries’ domestic currencies is not expected before the end of next year.This will continue to help net profit margin preservation for GCC Islamic banks.“We expect GCC Islamic banks to retain a net profit margin advantage over conventional banks in 2024 although this is converging, particularly in Saudi Arabia. The return on assets of GCC Islamic banks will remain solid because loss provisioning will remain in check,” Moody’s said.Governments' continued backing and promotion of the Islamic finance industry, growing demand for Shariah-compliant products across the GCC region and ample funding will continue to drive faster growth for Islamic banking assets than conventional peers. Saudi Arabia will retain its leadership in term of market penetration but potential for growth elsewhere remains high.Consolidation continues to present growth opportunities, it said.Solid economic conditions will preserve the performance of Islamic financing despite global uncertainty.The focus on retail financing by the GCC Islamic banks will continue to support asset quality, Moody’s said.Moderate inflation levels across the region when compared to the rest of the world will also mitigate asset risks.They will continue to maintain strong capital and liquidity buffers, enabling them to capitalise on the demand for Shariah-compliant financial services across the region.Economic growth across member states of the Gulf Co-operation Council (GCC) countries will remain strong over the next 12 to 18 months, on the back of supportive oil prices and because ambitious economic diversification agendas will shield the non-oil space where banks conduct the bulk of their lending.Despite oil production cuts, GCC countries — where a significant part of the government revenue is derived from oil production — will continue to enjoy substantial accumulated financial buffers and fiscal firepower to contain inflation below levels of advanced economies.Tight financial conditions across the globe will continue to dampen global economic growth during the rest of 2023 and keep economic expansion below trend in 2024, Moody’s noted.Recession risk in the US has receded, however below-trend output is yet to materialise for inflation to sustainably decline to Federal Reserve's target, while China’s economy is facing considerable growth challenges.Inflation is easing as expected and will continue to recede over the next year, but risks remain. Consumer prices will continue to moderate across advanced and emerging market economies where reasonably sound macroeconomic management, together with central bank policy credibility, has kept inflation expectations in check.However, risks to the inflation outlook from commodity price spikes and exceptionally resilient demand persist, Moody’s noted.

Restriction-free policies in tourism benefit countries in terms of economic growth, job creation, cultural exchange, and environmental conservation..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[81786]**A recent report by UN’s specialised agency - United Nations World Tourism Organisation (UNWTO), indicates international tourism has recovered from the worst crisis in history as visitor arrivals reached 84% of pre-pandemic levels between January and July of this year. As growing numbers of countries around the world ease restrictions on travel, tourism has become a major beneficiary, UNWTO says.Currently, some 197 countries are without any Covid-19 travel restrictions and they represent 89% of all countries in the world, the UN body says.By the end of July, international tourist arrivals reached 84% of pre-pandemic levels.Some 700mn tourists travelled internationally between January and July 2023, 43% more than in the same months of 2022.Data reveal that July of this year was the busiest month, with 145mn international travellers recorded, about 20% of the seven-month total.All regions of the world enjoyed strong rates of tourism recovery over the first seven months of this year, driven by demand for international travel from several large source markets.The Middle East, GCC countries in particular, reported the best results in January-July this year, with arrivals 20% above pre-pandemic levels. The region remains the only one to exceed 2019 levels so far.Europe, the world’s largest destination region, reached 91% of pre-pandemic levels, supported by robust intra-regional demand and travel from the US.Africa recovered 92% of pre-crisis visitors this seven-month period, and the Americas 87%, according to available data.In Asia and the Pacific region, recovery accelerated to 61% of pre-pandemic arrival levels after opening many destinations and source markets at the end of 2022 and earlier this year.If the current trend continues, industry experts say 2023 would see a remarkable recovery in tourism and global travel.UNWTO figures point to international tourism remaining well on track to reach 80% to 95% of pre-pandemic levels by the year-end.Prospects for the last quarter of the year point to continued recovery, according to the latest UNWTO Confidence Index, though at a more moderate pace following the peak travel season of June-August.These results will be driven by the still pent-up demand and increased air connectivity, particularly in the Pacific region, where recovery is still subdued.The reopening of China and other Asian markets and destinations is expected to continue boosting travel both within the region and other parts of the world.That said, tourism recovery faces challenges due to geo-political issues as well as economic concerns. In many countries, persisting inflation and rising oil prices have translated into higher transport and accommodation costs.In many major markets, particularly in the US and Europe, this could weigh on spending patterns over the remainder of the year, with tourists increasingly seeking value for money, travelling closer to home and making shorter trips by road.UNWTO data clearly attest the fact that when a country implements restriction-free policies, it encourages more tourists to visit there. Travellers are more likely to choose destinations where they don't have to navigate complex entry requirements or face the risk of sudden policy changes.Undoubtedly, tourism is a significant contributor to a country's economy. More tourists mean more spent money on accommodation, food, transportation, and various activities. This injection of foreign currency helps stimulate economic growth.With an influx of tourists, there is often an increased demand for services like hospitality, transportation, and local experiences. This creates newer jobs, reduces unemployment and improves livelihoods for local communities.Restriction-free policies provide a favourable environment for local businesses, especially those in the tourism industry. Hotels, restaurants, tour operators, and other businesses that rely on tourism benefit from increased customer traffic.To cater to the increasing number of tourists, countries invariably invest in infrastructure development. This includes improvements to transportation networks, airports, and the overall tourist experience. These upgrades benefit both tourists and locals.For any country, dependence on a single industry or an export commodity is risky. Tourism is one sector that provides an additional source of revenue, helping to diversify and stabilise economic growth.Undoubtedly, restriction-free policies enhance a country's global image and diplomatic relations, making them an essential component of a thriving tourism industry.

Qatar is second in the Middle East terms of median download speeds for both 4G and 5G at 68.63Mbps and 462.96Mbps, respectively, global network intelligence and connectivity insights firm Ookla said in a research report.The research showed Qatar has the “third highest game score” in the Middle East at 82.81 on a 100-point scale.“This result reflects the superior mobile network performance in the Qatar market, which helps to deliver a good gaming experience,” Ookla noted.Game scores were consistently higher for 5G than 4G users in all GCC countries, it said.The gaming experience benefits from the larger bandwidth and lower latency offered by 5G, contributing to smoother and more responsive gameplay. Game scores on 4G lagged those on 5G by a range from 5.37% in Oman to 8.26% in Saudi Arabia.GCC operators have the potential to improve the gaming experience by continuing to improve their 5G infrastructure, migrating more customers to 5G, and establishing local gaming servers, Ookla said.The region benefits from a large youth demographic, a growing casual gaming base, widespread smartphone adoption, and high-speed Internet access. Operators and governments are also helping to increase public engagement in gaming.Most casual gamers should be able to enjoy a smooth experience over 5G thanks to fast download and upload speeds, but some latency-sensitive games (like multiplayer shooters) may have noticeable lags. Mobile operators can explore different approaches (such as deploying edge computing infrastructure) to improve game responsiveness and prepare their networks for more data-intensive games.Download speed is essential in creating a smooth gaming experience without interruptions or degradations in streaming quality. High download speeds are also important for downloading digitally distributed games and updates, Ookla said.Download speed requirements for online mobile gaming vary depending on the game type (for example, cloud gaming needs higher bandwidth than a game played on a smartphone), gamer profile (for example, competitive gamers will need higher bandwidth than casual players) and use cases (for example, downloading game updates compared to playing preload games).In its analysis, Ookla assumed that 25Mbps was the minimum download speed to enjoy a good gaming experience for casual gamers (who represent the majority of gamers).According to Ookla’s data, all GCC markets comfortably exceed that requirement on 4G and surpass it significantly on 5G.The median 5G speed across GCC countries was 6.8 times faster than the median 4G speed (345.53Mbps vs. 43.9Mbps).Upload speed also plays an essential role in creating a smooth gaming experience without interruptions or quality degradation, particularly in multiplayer games, it said.Ookla used 3Mbps as a reference point based on the recommended minimum upload speed for a good gaming experience for casual gamers.Ookla’s data shows that GCC markets are “crushing it when it comes to exceeding” upload requirements for both 4G and 5G.In absolute terms, Qatar, Bahrain, and the UAE offer the fastest upload speeds, reaching a maximum of 38.48Mbps for the latter, Ookla noted.“The GCC region has a vibrant and untapped gaming market poised for tremendous growth. This potential hinges on the robustness of the telecoms infrastructure. Gulf operators’ investments in 5G infrastructure helped them climb Ookla’s Game Score leaderboard and demonstrated their commitment to putting their countries on the gaming map.“Operators can continue to improve the gaming experience and further minimise latency by deploying local gaming servers, edge computing infrastructure, and 5G SA to make games more responsive and smooth. These improvements will put the region in an even better position to lead game development and foster the local gaming ecosystem,” noted Karim Yaici, lead industry analyst at Ookla.

The Gulf Petrochemicals and Chemicals Association (GPCA) has signed a memorandum of understanding (MoU) with the GCC Accreditation Centre (GAC) to collaborate in the area of conformity assessment and accreditation and develop sustainable solutions for the petrochemical and chemical industry in the GCC region that will contribute to establishing a robust quality infrastructure.The MoU will establish a framework that aims to improve the efficiency of conformity assessment processes in the region and ensure that chemical and petrochemical products and processes meet specified standards and regulations.Additionally, it is aimed at streamlining accreditation procedures, fostering conformity across various certification activities, and establishing a robust quality infrastructure within the GCC region.Recognising the critical importance of environmental preservation, the MoU highlights a shared commitment by both GPCA and GAC to combatting plastic waste.The agreement will involve the adoption of an efficient plastic pellets, flakes and powder management scheme to address plastic material leakage and safeguard marine environments and marine wealth regionally and globally, underlying GPCA members’ commitment to the Operation Clean Sweep programme and foster a sustainable and circular plastic economy.Dr. Abdulwahab al-Sadoun, Secretary-General, GPCA, commented: “I welcome this valuable partnership with the Gulf Accreditation Centre, which marks a significant milestone in the history of the region’s chemical and petrochemical industry, underlying its commitment to accountability, transparency and compliance. Together we will collaborate closely on raising the bar and welcoming a new era in conformity assessment and accreditation across the industry in the region.”Moteb al-Mezani, Director-General, GAC, commented: “We are thrilled to support the initiatives of the Gulf Petrochemicals and Chemicals Association (GPCA) and contribute with GAC internationally recognised accreditation services to achieve the goals of this memorandum of understanding that reflects our joint dedication to fostering excellence and sustainability in the chemical and petrochemical industry within the GCC region.“Together, we will pave the way for a future marked by accountability, transparency, and compliance, ensuring that our industry meets the highest standards and contributes to a cleaner, more environmentally responsible world.”

The GCC region can help address some of the most pressing challenges facing today, namely food security, climate change and preservation of global bio-diversity, noted Qafco CEO Abdulrahman al-Suwaidi.He was delivering opening remarks at the 13th annual edition of the Gulf Petrochemicals and Chemicals Association (GPCA) Agri-Nutrients Conference here yesterday.“Accordingly, the theme of this year’s conference – ‘Sustainable transformation in practice – the future of agri-nutrients’ captures the essence of the discussion we do have,” noted al-Suwaidi, also chairman, of the Agri-Nutrients Committee at GPCA.The United Nations Sustainable Development Goal 2 is about creating a world free of hunger by 2030.“The number of people facing hunger and food insecurity has been rising since the SDG was established. Today, statistics are shocking. The UN estimates that approximately 2.4bn people, which represents 29.6% of the world’s population were hungry by 2022.“As harsh as that fact is, that number could have been higher without agri-nutrients,” al-Suwaidi noted.He said, “The first priority of the agri-nutrients industry is to help to ensure the world has sufficient amount of healthy food for everyone. However, we must do this in an environmentally-responsible manner. The GCC is home to the world’s leading low-carbon ammonia projects. There is potential to further reduce GHG emissions.”According to a GPCA analysis, in 2022, GCC agri-nutrient production amounted to 34.6mn tonnes, which represents 16.2% of global production. As global demand for agri-nutrients continues to increase exponentially, the agri-nutrient industry must develop accurate, effective and practically waste-free agri-nutrients to help support global food production and contribute to food security, speakers said.At the conference yesterday, a keynote address entitled ‘Looking ahead – envisioning the world of agri-nutrients in 2050’ was delivered by Federico Zardi, CEO, Casale SA.In his opening keynote, Zardi called upon the agri-nutrient value chain to engage in “a co-operative competitive scenario” where healthy competition continues to be the driving force behind innovation and progress, and co-operation among stakeholders contributes to “the greater good”.Abdulrahman Shamsaddin, CEO, Sabic Agri-Nutrients, and vice-chair, Agri-Nutrients Committee, GPCA, presented the keynote address, in which he detailed Sabic’s 26 years of agri-nutrient innovation.In a plenary session, Prof Robert Stavins, AJ Meyer Professor of Energy and Economic Development, Harvard University, discussed the challenges and opportunities of climate change and energy transition through video-link.The opening remarks today will be delivered by Yasser A. Rahim Alabbasi, CEO, GPIC and Board Member, International Fertiliser Association (IFA). He will be followed by John Baffes, senior economist, Macroeconomics, Trade & Investment, World Bank Group, who will present the keynote address. Page 8

Qatar’s fertiliser and petrochemical industries have ample scope for growth, noted Dr Abdulwahab al-Sadoun, secretary-general of Gulf Petrochemicals and Chemicals Association (GPCA).“Qatar is the ‘birth place’ of the agri-nutrients industry. Fertiliser production in the region started through Qafco in 1969. And in 1974, polyethylene production started through Qapco,” al-Sadoun said in an exclusive interview with Gulf Times in Doha on Monday.“It has been significant growth over the years, because of God’s grace. I am quite satisfied with the progress made by this industry in Qatar. There is a potential to further grow the industry in Qatar, which has been blessed with natural resources,” al-Sadoun noted.Agri-nutrients (fertilisers) represent a substantial part of the GCC chemical industry, and play a crucial role in the GCC’s road to sustainability and food security.“The GCC region is blessed with ample quantities of natural resources, be it natural gas, sulphur or phosphate, which are the ingredients to make fertiliser or agri-nutrients. We have been expanding our production capacity since the launch of this industry here in Doha, Qatar – in the late 60s.”Al-Sadoun revealed that the GCC region produced about 33mn tonnes of fertilisers in 2022, which represented 8% of nitrogen fertilisers and 11% of phosphate fertilisers on a global perspective.“We (GCC) export 95% of our output to global market. This generated a revenue to the tune of $14bn in 2022. We produce 152mn tonnes of chemicals and petrochemicals in the region, of which 23% by volume is fertiliser.”Asked about the challenges being faced by the industry in the region, al-Sadoun noted, “There are challenges. Logistical issues are there, which are steadily increasing due to regulations related to emissions. We are working closely with technology producers to reduce greenhouse gas (GHG) emissions, while we expand our production.“This is a requirement, which needs significant investment. We need (really) the governments to support the industry to continue its sustainable growth in the region. That’s a challenge. It is doable, but.”Al-Sadoun said, “With the world population projected to exceed 9.8bn people in 2050 and 11.2bn in 2100, more pressure is being added on our finite natural resources. Agri-nutrients play an essential role in helping to grow more food with less resources. As major producers and exporters of agri-nutrients globally, our region alone helps to feed over 200mn people globally. Therefore, our role in the global food chain is essential.He added: “The future of agri-nutrients will require us to adapt food security strategies to meet mounting demand. It will require us to consider the impact of climate change and strike a balance between the health of our environment and sustainable, profitable business. “We must also optimise the agri-nutrients value chain, while reducing carbon emissions, and play an active role in mitigating the climate impact of agriculture through the implementation of sustainable practices, education and collaboration.”

Qatar remained the top LNG exporting country among GECF members and among top three globally in August, according to the Doha-headquartered Gas Exporting Countries Forum (GECF).In August, the top LNG exporting countries were the US, Australia and Qatar, GECF said in its latest monthly report.Global LNG exports jumped by 4% (1.29mn tonnes) y-o-y to reach 33.23mn tonnes in August, driven by increased shipments from both GECF and non-GECF countries, offsetting weaker LNG reloads. Non-GECF countries' share of global LNG exports grew from 50.2% in August 2022 to 51.7% in August this year, while GECF member countries' share dropped from 48.1% to 47% during the same period, due to stronger growth in non-GECF exports.Additionally, LNG reloads' contribution to global exports decreased from 1.7% to 1.3%.From January to August, cumulative global LNG exports grew by 3.9%, totalling 271.44mn tonnes, GECF noted.Last month, LNG exports from GECF member countries and observers reached 15.62mn tonnes, representing a y-o-y growth of 1.7%, equivalent to 0.26mn tonnes.This notable increase was primarily driven by Algeria, as well as Angola, Malaysia, and Mozambique.In contrast, LNG exports declined in Egypt, Equatorial Guinea, Nigeria, Norway, Peru, Qatar, Russia, Trinidad and Tobago and the United Arab Emirates.Between January and August this year, the cumulative LNG exports from GECF member countries increased by 1.4% y-o-y, reaching a total of 131.1mn tonnes.Last month, LNG imports in the Mena region expanded by 28% (0.24mn tonnes) y-o-y to reach 1.12mn tonnes.The higher LNG imports were driven mainly by Kuwait and the United Arab Emirates.Between January and August, Mena’s cumulative LNG imports were down slightly by 0.5% (0.03mn tonnes) y-o-y, reaching 5.06mn tonnes.The hotter-than-usual weather in August increased Kuwait's electricity demand, requiring additional LNG imports.The total number of LNG export cargoes fell by 3% m-o-m in August, reaching 493. After the first eight months of the year, the total number of shipments was 4,139.This represented a 1% increase, or 38 cargoes, compared with the same period in 2022.Over the eight months of 2023, there have been notable increases in cargo shipments from the US (55), Algeria (31) and Norway (28), when compared with the same period in 2022.On a relative basis, Norway has recorded a 140% increase in cargo deliveries during the eight months of 2023, in contrast to the same period one year ago.The next highest percentage increases were observed in Algeria (22%) and Angola (19%).In August 2023, the spot charter rate for steam turbine LNG carriers gained 39% m-o-m, to reach an average of $59,900 per day.This price was 70% greater than the August 2022 levels and is $20,800 per day higher than the five-year historical average for this vessel class.Regarding the other segments of the LNG carrier fleet, both TDFE and two-stroke vessels observed increases in the spot charter rate as well.For TDFE carriers, the spot charter rate rose by 42% m-o-m to reach $94,600 per day. Similarly, for two-stroke carriers, the spot charter rate rose by 33%, reaching $121,500 per day.The daily spot charter rate for steam turbine LNG carriers remained relatively unchanged in July indicating that the market is now tightening.As expected during this time of year, the number of vessels which are being taken out of rotation to be used as floating storage around Europe is increasing.In addition to this, the tensions surrounding potentially prolonged strikes at LNG facilities in Australia have been reflected in spikes in Asian LNG prices.This development, along with the high gas storage levels in Europe, has fuelled the arbitrage, leading to increased cross-basin flows from the Atlantic to the Pacific basin.The average price of the leading shipping fuels increased by 9% m-o-m in August 2023, to reach $610 per tonne. This price was 20% lower than one year ago, GECF noted.