Saturday, 18 May 2024

Panama flagged oil tanker attacked off Yemen

According to Reuters, a Panamanian-flagged crude oil tanker was attacked near Yemen's Red Sea port city of Mocha, British security firm Ambrey said on Saturday.

Ambrey said a radio communication indicated the ship was hit by a missile and that there was a fire onboard about 10 nautical miles southwest of Mokha.

It had received assistance and one of its steering units was functional, Ambrey added, citing information it had received but without giving more details.

Other vessels in the vicinity were advised to exercise caution, Ambrey added in an advisory note.

Separately, the United Kingdom Maritime Trade Operations (UKMTO) agency said earlier on Saturday that a vessel in the Red Sea was struck by an unknown object and sustained slight damage.

"The vessel and crew are safe and continuing to its next port of call," UKMTO said in an advisory note on the incident 98 nautical miles south of Yemen's Hodeidah port.

 

Iran: Oil pipelines to go operational this year

Iranian Oil Minister Javad Oji said 1,000 kilometers of oil pipeline will come online this Iranian calendar year, ending March20, 2025, to facilitate the transfer of oil products.

Speaking on the sidelines of a cabinet meeting, Oji said that three projects are ready to go operational in Eastern Azerbaijan Province including a 222-kilometer pipeline for conveying oil products from Tabriz to Oromyyeh, improving the quality of gasoil produced at Tabriz oil refinery and its sulfur recycling unit project. 

“Tabriz refinery’s improving gasoil quality project will increase the country’s euro-5 gasoil production capacity by five million liters per day”, the oil minister said, adding the project will be a considerable contribution to the improvement of the environmental situation and deterring air pollution. 

Tabriz-Oromyyeh and Bandar Abbas- Rafsanjan- Sirjan oil products transfer pipelines, as part of a general plan for the construction of a 1000 km pipeline this year, will facilitate oil product conveying from oil refineries to consumption destinations like power plants, industries, oil products storage facilities and so on, he said.

currently about 16,000 to 17,000 tanker trucks are involved in carrying oil products on roads across the country, the petroleum minister said, adding carrying oil products through pipelines will decrease tanker trucks movements and their related accidents while at the same time will improve the quality of air, will lessen the cost of transportation as well as preventing road quality deterioration.  

He said that under the related laws, 90 to 95 percent of fueling at gas stations should be done by using personal fuel cards which stands at around 70 percent currently. 

The official pointed to the creation of a system in the country to reduce fuel smuggling and said, “At first, this system will be used on a trial basis, and based on it, the allocation of oil and gas for trucks and inter-city buses will be done online.”

According to Oji, gasoil burning vehicles will receive their fuel rations depending on the distance they travel (allocating gasoil based on online documents) which will play an important role in gasoil smuggling prevention. 

 

Friday, 17 May 2024

Partnership between Chabahar and Gwadar

The Spokesperson and Additional Foreign Secretary of Pakistan has emphasized the enduring brotherly relations between Tehran and Islamabad and expressed Pakistan's readiness to expand bilateral cooperation with Iran, including the signing of an agreement to further the partnership between the ports of Chabahar in Iran and Gwadar in Pakistan.

During the weekly press briefing at the Ministry of Foreign Affairs of Pakistan, spokesperson Mumtaz Zahra addressed the recent 10-year agreement signed between India and Iran concerning Chabahar port on May 13, and the subsequent reaction from the United States. 

Zahra clarified that Pakistan refrains from commenting on Iran's agreements with other countries and does not engage in discussions about the positions of third parties.

The agreement between India and Iran aims to facilitate the long-term development of the Shahid Beheshti terminal at Chabahar port, with operations managed by a subsidiary of India Global Ports Limited (IGPL). The Indian firm plans to invest US$120 million in equipping the terminal, and India has also extended a credit line of US$250 million to improve infrastructure around Chabahar.

Following the agreement, the US issued a warning that entities involved in business deals with Iran could face sanctions. US State Department Deputy Spokesperson Vedant Patel highlighted the potential risks associated with engaging in commercial activities with Iran.

Zahra also underscored the significance of Iranian President Ebrahim Raisi's visit to Pakistan in April, describing it as a pivotal moment for bilateral cooperation. 

President Raisi's visit, accompanied by a high-ranking politico-economic delegation, included key meetings with Pakistani officials. 

During his two-day stay in Islamabad, President Raisi set an ambitious target of US$10 billion in bilateral trade, emphasizing the 900-kilometer shared border as a valuable opportunity for the development and prosperity of border areas.

 

 

Saudi Arabia supports internationally recognized Palestine State

Saudi Crown Prince and Prime Minister Mohammed bin Salman reaffirmed that Saudi Arabia supports the establishment of a Palestinian state and its international recognition as a full member of the United Nations.

The Gulf leaders attending the summit also included Qatar’s Emir Tamim bin Hamad Al-Thani, UAE’s Vice President and Prime Minister Sheikh Mohammed bin Rashed Al-Maktoum, and Kuwait’s Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah.

Addressing the opening session of the Arab League Summit in Manama on Thursday, the Crown Prince called on the international community to support ceasefire efforts and halt the ongoing Israeli aggression on Palestinian civilians in the Gaza Strip.

In his speech at the 33rd session of the Arab League Council at the summit level, Prince Mohammed bin Salman said that his country paid great attention to Arab issues, particularly the Palestine issue. Referring to Saudi Arabia’s hosting of the extraordinary Arab and Islamic Summit in Riyadh in November 2023 to discuss the Israeli aggression on Gaza.

Crown Prince said, “Saudi Arabia had hosted a meeting that condemned the Israeli aggression on Gaza under any pretext. Riyadh supported efforts to address the humanitarian conditions in Gaza,” he said. It is the first time the Arab leaders gathered after the Riyadh summit to discuss the dangerous Gaza escalation.

Saudi Arabia stresses the importance of maintaining the security of the Red Sea region, the Crown Prince said, while calling for stopping any acts that affect the safety of maritime navigation.

Prince Mohammed bin Salman also underlined that the Kingdom calls for resolving disputes through peaceful means.

Earlier, in his opening speech, King Hamad bin Isa Al-Khalifa of Bahrain called for an international conference for peace in the Middle East.

He also pledged his country’s support for the full recognition of a Palestinian state and the acceptance of its membership in the United States. Recently, the UN General Assembly overwhelmingly backed a Palestinian bid to become a full UN member.

The Gaza situation and the establishment of a Palestine State figure high on the agenda of the one-day Arab League summit.

Pakistan Stock Exchange index up 3.09%WoW

The pre-budget rally continued throughout the week ended May 17, 2024 with Pakistan Stock Exchange benchmark index closing at its historic high, as the bears failed to seize control at every turn and investor’s confidence remained high, driving the market to sustained gains. The benchmark index closed at 75,342 points on Friday with a gain of 2,257 points, up 3.09%WoW.

The market's bullish momentum is mainly attributed to recent talks with the IMF proceeding smoothly, without any hiccups.

Further, SPI weekly inflation is consistently on downward trend for the past five weeks, indicating a tapering down of CPI figures for the ongoing month.

Prices of petroleum prices, MS and HSD were decreased by PKR15.39 and PKR7.88 per liter, respectively, in the last fortnightly review.

Yields in the mid-week T-Bill auction also declined slightly.

Of significant importance, current account for April 2024 posted another surplus of US$491 million, lowering 10MFY24 deficit of mere US$202 million. With just two months left, FY24 CAD is expected to close substantially below the IMF’s forecast of US$3 billion.

Confirmation of the withdrawal of tax exemption from the FATA/PATA region has instilled overall positivity in the steel sector.

Alongside, additional revenue measure recommendations from IMF team comes on surface including proposals to increase withholding advance tax across automobile, real estate, and agricultural sectors.

Average trading volumes were down by 22.7%WoW to 554.50 million shares, as compared to 717.34 million shares traded in the earlier week.

Other major news flows during the week included; 1) during H1FY24, driven by agri sector, real GDP grew by 1.7% as per the central bank, 2) foreign investment peaked by 84% to 30-month high and 3) Ministry of Finance refused to extend subsidy on urea fertilizer due to financial snags.

Top performing sector were: Automobile parts & Accessories, Engineering, Synthetic & Rayon, Real Estate Investment Trust and Woolen, while Cable & Electrical goods, Close-end Mutual Fund, Transport, Tobacco and Power Generation & Distribution were amongst the worst performers.

Major selling was recorded by Banks/DFI with a net sell of US$9.85 million. Foreigners absorbed most of the selling with a net buy of US$14.94 million.

Top performing scrips of the week were: THALL, INIL, PSX, PKGP, and ISL, while top laggards included: PAEL, PTC, AGP, KEL, and NPL.

Market is anticipated to remain focused on FY25 budget related news in the near term. Overall, some profit taking can be expected with the index at its record high. However, with foreign buyers consistently purchasing, the rally is expected to continue amidst the market's attractive valuations.

The upcoming MPC meeting, scheduled just after the budget, will also be in the limelight.

Despite real interest rates being significantly positive, new taxation measures could pose a risk to the inflation outlook and possible start of monetary easing.


 

Aid trucks moving ashore via US military pier

Aid trucks began moving through a temporary US-built pier off the Gaza Strip on Friday, amid growing international pressure to get more supplies into the besieged coastal enclave, where hundreds of thousands face an acute humanitarian crisis.

The US Central Command said trucks carrying humanitarian assistance began moving ashore 0600 GMT.

The floating pier was pre-assembled by the US military at the Israeli port of Ashdod and moved into place this week on the shore of Gaza, which lacks port infrastructure of its own, however no US troops went ashore, Centcom said.

Aid arriving at the pier would be part of "an ongoing, multinational effort" and would involve commodities donated by a number of countries and humanitarian organisations, it said.

The supplies will be subject to Israeli security checks in Cyprus before arriving but will have to pass through additional Israeli checkpoints once it lands, US administration officials have said.

Aid groups, the United Nations and Israel's closest allies, have all demanded that it do more to get aid into Gaza, which has been largely laid to waste by the Israeli campaign launched last year.

A new wave of upheaval has created additional need, as hundreds of thousands of people already displaced by the war and sheltering in the southern Gaza city of Rafah have evacuated to areas in central Gaza in anticipation of an Israeli assault.

Israel has said it is stepping up efforts to get aid into Gaza, and the military said 365 aid trucks had entered through the Kerem Shalom and Erez crossing points on Thursday, carrying flour and fuel.

In addition, hundreds of tents were delivered, intended for people evacuated from Rafah to the Al-Mawasi area, which Israel has declared a humanitarian zone.

"The IDF will continue its efforts to allow humanitarian aid to enter the Gaza Strip by land, air, and sea, in accordance with international law," it said in a statement.

The Israeli military said new inspection routes had been opened up in the occupied West Bank through the Tarqumiyah and Beitunia crossing points.

However, supplies coming through the West Bank have been disrupted by attacks carried out by Israeli settlers protesting against sending aid into Gaza.

 

Thursday, 16 May 2024

Arab League calls for immediate Israeli withdrawal from Gaza

The Arab League Summit called for immediate withdrawal of Israeli occupation forces from the Gaza Strip and deployment of international peacekeeping forces in the occupied Palestinian territories.

A joint communiqué called “Manama Declaration,” issued at the end of the one-day summit in Manama, Bahrain on Thursday, leaders of the 22-nation Arab League reiterated their firm position for a just and comprehensive peaceful settlement of the Palestinian issue and their support for an international peace conference on the Israeli-Palestinian conflict.

The 33rd summit was held under the chairmanship of Bahraini King Hamad bin Isa Al-Khalifa. Crown Prince and Prime Minister Mohammed bin Salman, headed the Saudi delegation to the summit.

The Arab leaders called on the international community to advance the peace process toward achieving a just peace based on the two-state solution. “We call for the deployment of international protection and peacekeeping forces affiliated with the United Nations in the occupied Palestinian territory until the two-state solution is implemented,” the statement said.

The summit issued a collective call to convene an international conference under the auspices of the United Nations to resolve the Palestinian issue based on the two-state solution, which ends the Israeli occupation of all occupied Arab territories.

The Arab leaders directed their foreign ministers to take immediate action to communicate with the Ministers of Foreign Affairs of the countries of the world to urge them to quickly recognize the State of Palestine.

The summit also reaffirmed the Arab League’s adherence to the freedom of maritime navigation in international waters in accordance with the rules of international law and the conventions of the law of the sea, and to guarantee freedom of navigation in the Red Sea, the Arabian Sea, the Gulf of Oman and the Arabian Gulf.

The leaders strongly condemned the threats to commercial shipping which threaten freedom of navigation, international trade and the interests of the countries and peoples of the world.

Highlighting Palestine as the core issue of all Arab issues, the leaders said, “We reaffirm the firm and permanent Arab position in support of the Palestinian issue, which remains a central issue and the foundation upon which peace and stability in the region can be achieved, and our categorical rejection of all attempts to displace the Palestinian people inside or outside their land, as a clear violation of international law, which we will collectively confront. We reaffirm our strong condemnation of all illegal Israeli measures and practices that target the Palestinian people and deprive them of their right to freedom, statehood, life and human dignity, as are guaranteed by international laws.”

“We reiterate our firm position and call for a just and comprehensive peaceful settlement of the Palestinian issue, and we support the call of Mahmoud Abbas, President of the State of Palestine, to convene an international peace conference and to take irreversible steps to implement the two-state solution in accordance with the Arab Peace Initiative and resolutions of international legitimacy to establish an independent and sovereign Palestinian state on the lines of June 04, 1967 with East Jerusalem as its capital, and to accept its membership in the United Nations as an independent and fully sovereign state in common with other countries in the world, and to ensure the restoration of all legitimate rights of the Palestinian people, in particular, the right to return and self-determination, empowerment and support.”

The summit called for an immediate Israeli military withdrawal from Rafah city in Gaza and an immediate and permanent ceasefire in the Gaza Strip. They also underlined the need to end all attempts of forced displacement and all forms of siege and for full and sustainable access to humanitarian aid.

“We reiterate our categorical rejection of any attempts to forcibly displace the Palestinian people from their land in the Gaza Strip and the West Bank, including East Jerusalem. We call for urgent action for an immediate and permanent ceasefire, an end to the aggression in the Gaza Strip, protection of civilians and the release of hostages and detainees.”

“We stress the sanctity of the occupied city of Jerusalem and its place among the monotheistic religions. We reject and condemn all Israeli attempts aimed at the Judaization of Jerusalem, changing its Arab, Islamic and Christian identity, or changing the historical and legal status quo in it and its holy sites, whilst also stressing the need to protect the holy places in Bethlehem and to not compromise its cultural identity and religious sanctity.”

The Arab leaders condemned in the strongest terms “the ongoing brutal Israeli aggression on Gaza and the crimes committed against the Palestinian people, as well as the unprecedented Israeli violations of international law and human rights law.”

According to the statement, these violations include targeting civilians and infrastructure, using siege and blockade tactics, attempting forced displacement, and killing and injuring tens of thousands of innocent Palestinians.

The Arab leaders slammed the extension of Israeli aggression to Rafah city stressing that the city has become a refuge for over a million displaced persons and that any military operations in this area would have devastating humanitarian consequences. They denounced the fact that Israel has seized control of the Palestinian side of the Rafah crossing to tighten the siege on Gaza and prevent humanitarian aid from crossing the border into the strip.

The statement also strongly condemned Israeli settlers’ targeting of humanitarian and media organizations in Gaza and their attacks on aid convoys, including the recent attacks on Jordanian aid convoys, along with the failure of Israeli authorities to fulfill their legal responsibility to protect these convoys.

The Arab leaders called for an immediate international investigation into these attacks, and they urged the international community and influential powers to transcend political calculations and double standards and to fulfil their fundamental and legal responsibilities by reigning in Israel’s aggressiveness and blatant violations of international law and humanitarian law.

The summit underlined the need for activating relevant international bodies to conduct independent, impartial investigations and hold accountable those responsible for the crimes committed against the Palestinian people since the start of the Israeli aggression on Gaza.

The Arab leaders renewed their call to the United Nations Security Council to grant full membership to Palestine State.

“We welcome the decision of the United Nations General Assembly at its meeting on May 10, 2024 on the request of the State of Palestine to obtain full membership of the United Nations, supported by 143 countries, and we call on the United Nations Security Council to reconsider its resolution issued in this regard in its session on April 18, 2024.”

The summit also called for unity among the Palestinians. “We call on all Palestinian factions to join together under the umbrella of the Palestine Liberation Organization (PLO), the sole legitimate representative of the Palestinian people, and to agree on a comprehensive national project and a unified strategic vision to focus efforts towards achieving the aspirations of the Palestinian people to achieve their legitimate rights and establish their independent national State on their national soil, on the basis of the two state solution, and in accordance with the resolutions of international legitimacy and established references.”

The leaders reiterated their call for a Middle East free of nuclear weapons and weapons of mass destruction, and support the right of states to possess peaceful nuclear energy.

“We urge them to fulfill their obligations and co-operate fully with the International Atomic Energy Agency and not to exceed the uranium enrichment rates required for the peaceful uses of nuclear energy,” the statement said.

The Summit also underlined the need for ending conflicts and establishing peace in Sudan, Syria, Yemen, Lebanon and Libya.

The Arab leaders expressed their full solidarity with Sudan in preserving its sovereignty, independence and territorial integrity and preserving the institutions of the Sudanese state.

They urged the Sudanese government and the Rapid Support Forces to engage seriously and effectively with initiatives aimed at settling the crisis.

The summit reaffirmed the need to end the Syrian crisis, in line with Security Council Resolution 2254, in a way that preserves Syria's security, sovereignty and territorial integrity, achieves the aspirations of its people, rids it of terrorism, and provides an environment for the dignified, safe and voluntary return of refugees.

The leaders rejected interference in Syria's internal affairs and any attempts to bring about demographic changes in it.

The Arab leaders renewed their firm support for the Presidential Leadership Council of Yemen, headed by Dr. Rashad Mohammed Al-Alimi. They pledged support for the efforts of the Yemeni government in its endeavor to achieve national reconciliation among all components of the Yemeni people, as well as Yemeni unity to achieve security and stability in the country.

 Courtesy: Saudi Gazette