RIYADH: Saudi Aramco has emerged from attacks on its oil facilities “stronger than ever,” Chief Executive Amin Nasser told employees in a message, adding that full oil production would resume by the end of this month.
The Sept. 14 attacks on the Abqaiq and Khurais plants, some of the kingdom’s biggest, caused raging fires and significant damage that halved the crude output of the world’s top oil exporter, by shutting down 5.7 million barrels per day of production.
“The fires that were intended to destroy Saudi Aramco had an unintended consequence: they galvanized 70,000 of us around a mission to rebound quickly and confidently, and Saudi Aramco has come out of this incident stronger than ever,” Nasser said in the internal message, on the occasion of the Saudi national day, to be celebrated on Sept. 23.
“Every second counts in moments like these, and had we not acted quickly to contain the fires and undertake rapid restoration efforts, the impact on the oil market and the global economy would have been far more devastating.”
Six days after the assault, which hit at the heart of the Saudi energy industry and intensified a decades-long struggle with arch-rival Iran, the state oil giant Aramco invited reporters on Friday to observe the damage and the repair efforts.
Thousands of employees and contractors have been pulled from other projects to work around the clock to bring production back. Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Aramco officials told reporters.
Aramco already brought back part of the lost production and will return to pre-attacks level end of September, Nasser said.
“Not a single shipment to our international customers has been missed or canceled as a result of the attacks, and we will continue to fulfil our mission of providing the energy the world needs,” he said in the message, seen by Reuters.
Energy Minister Prince Abdulaziz bin Salman said on Tuesday that Saudi Arabia had used its reserves to maintain oil supply flows to customers abroad and inside the kingdom.
Yemen’s Houthi group claimed responsibility for the attacks but a US official said they originated from southwestern Iran. Tehran, which support the Houthis, has denied any involvement in the attacks.
Saudi Arabia says 18 drones and three missiles were fired at Abqaiq, the world’s largest oil processing facility, while the Khurais facility was hit by four missiles.
No casualties were reported at either site even though thousands of workers and contractors work and live in the area.
Saudi Aramco has emerged from attacks ‘stronger than ever’ — CEO
Saudi Aramco has emerged from attacks ‘stronger than ever’ — CEO
Pakistan’s Punjab conducts successful artificial rain trial amid smog crisis
- Punjab carries out cloud seeding in Jhelum, Chakwal, Talagang and Gujar Khan
- Toxic smog due to air pollution has enveloped Punjab province since last month
ISLAMABAD: The Punjab government has conducted a successful artificial rain trial using local technology to reduce smog, state-run media reported on Saturday, as the province grapples with deteriorating air quality and takes measures to protect millions from pollution.
State broadcaster Radio Pakistan said the provincial government carried out “cloud seeding” in the eastern cities of Jhelum, Chakwal, Talagang and Gujar Khan on Friday, which resulted in rainfall in Jhelum and Gujar Khan within a few hours.
Cloud seeding is a weather modification technique that improves a cloud’s ability to produce rain or snow by introducing tiny ice nuclei into certain types of subfreezing clouds.
In December last year, a cloud seeding experiment was carried out by the United Arab Emirates to bring about artificial rain in Lahore. The UAE sent two special planes and a technical team, which waited in Lahore for several days for the right conditions before carrying out its mission.
“Punjab Chief Minister Maryam Nawaz Sharif congratulated all scientific experts and associated institutions on the success of this artificial rain experiment,” Radio Pakistan said.
It said the experiment was conducted due to the combined efforts of the Punjab government, Pakistan Army’s Scientific Research and Development experts, Army Aviation, PARCO and the Environmental Protection Agency.
“This success will open new avenues for technological advancement in Pakistan and help alleviate weather-related issues for the public,” it said.
The development takes place as Punjab extended school closures in smog-hit major cities from Nov. 17 by a week, with thousands hospitalized as the country battles record air pollution.
Toxic smog has enveloped Punjab’s cities, especially its cultural capital of Lahore, since last month. Smog occurs when cold air traps dust, low-grade diesel fumes and smoke from illegal stubble burning on fields.
As the air quality deteriorates, the provincial government has taken certain measures such as closing schools, banning the entry of heavy transport vehicles in Lahore on specific days and banning entry to parks, zoos, playgrounds and other public spaces.
Other parts of South Asia are also dealing with high levels of pollution and Punjab blames neighboring India for contributing to its hazardous air quality.
New Delhi, the world’s most polluted capital, has banned non-essential construction, moved children to virtual classrooms and asked residents to avoid using coal and wood from Friday.
India denies Kabaddi team permission to tour Pakistan amid political tensions
- India’s Kabaddi team was scheduled to play friendly matches against Pakistan on Nov. 19, 21 and 23
- Development takes place amid India’s refusal to allow cricket team to tour Pakistan for Champions Trophy
ISLAMABAD: The Indian government has denied permission to its Kabaddi team to travel to Pakistan for a bilateral series scheduled from Nov. 19-23, state-run media reported this week amid political tensions between the two countries.
Political tensions between nuclear-armed neighbors India and Pakistan have restricted cultural exchanges and bilateral sports events between the two nations.
The two neighbors have fought three wars, two of them over the Muslim-majority Himalayan region of Kashmir, which they both claim in full but rule in part.
Kabaddi, a sport that originated in South Asia, is popular in both countries. The game is played with two teams of 12 players, seven on court, and five in reserve. It consists of two halves of 20 minutes each during which two teams compete., alternating between defense and offense.
“Our counterparts in India have conveyed their inability to send their team to Pakistan,” the Associated Press of Pakistan (APP) quoted Pakistan Kabaddi Federation (PKF) Secretary Muhammad Sarwar Rana as saying on Thursday.
“We regret this decision as we had eagerly anticipated hosting them here.”
The Indian team was scheduled to play against Pakistan on Nov. 19 in Katarpur, Nov. 21 in Lahore and Nov. 23 in Bahawalpur, APP said. It added that the PKF was trying to arrange alternative exhibition matches due to the cancelation.
The development takes place a few days after the Pakistan Cricket Board (PCB) said it had been informed by the ICC that the Indian government had denied its cricket team permission to travel to Pakistan for next year’s Champions Trophy tournament.
The PCB has reportedly sought clarification from the ICC on India’s refusal.
India’s national cricket team has not toured Pakistan since 2008 due to soured political relations between the two neighbors, who play each other only in global multi-team tournaments at neutral venues.
Pakistan hosted the Asia Cup last year but was forced to shift all of India’s matches to Sri Lanka under a “hybrid model” after India refused to send its team to Pakistan.
APP said the Indian blind cricket team was also awaiting its government’s nod to participate in the upcoming fourth edition of the T20 World Cup, scheduled to be held from Nov. 23 -Dec. 3 in Pakistan’s Lahore and Multan cities.
“According to media reports, despite securing a No Objection Certificate (NOC) from the sports ministry, the Indian blind team has yet to receive final approval from the Ministry of Home Affairs and Ministry of External Affairs,” it said.
IMF staff concludes Pakistan visit, urges Islamabad to decrease state intervention in economy
- IMF delegation visited Pakistan from Nov. 12-15 to discuss economic policies, reform efforts
- Both sides agreed Islamabad needs to mobilize revenue from “untapped tax bases,” says IMF official
ISLAMABAD: The International Monetary Fund (IMF) announced this week it had concluded its state visit to Pakistan, calling on Islamabad to decrease state intervention in the economy, mobilize revenue via tax reforms and adopt prudent fiscal policies.
The IMF released its statement late Friday as a delegation led by its Pakistan mission chief, Nathan Porter, completed a five-day trip to the country during which it discussed the performance of a $7 billion loan program approved in September.
The IMF has clarified Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
The international lender has repeatedly called on Pakistan to undertake tax and energy reforms as well as privatize state-owned assets which it says are critical to revitalize its fragile $350 billion economy.
“Structural energy reforms and constructive efforts are critical to restore the sector’s viability, and Pakistan should take steps to decrease state intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector,” Porter said in a statement.
The IMF official said both sides agreed with the need for Islamabad to continue prudent fiscal and monetary policies, mobilizing revenue from “untapped tax bases” and transferring greater social and development responsibilities to provinces.
“Strong program implementation can create a more prosperous and more inclusive Pakistan, improving living standards for all Pakistanis,” Porter said.
In an earlier statement on Friday, the IMF urged Pakistan to digitalize its budget preparation and execution processes to improve fiscal monitoring and reporting to overcome deviations from the planned budgets.
IMF loan bailouts are critical for Pakistan, which narrowly avoided a sovereign default last year before clinching a last-gasp $3 billion loan from the international lender.
Pakistan’s finance minister has repeatedly stressed implementing painful reforms to ensure the country does not seek loans repeatedly from the global lender at exorbitant interest rates.
Pakistan’s Ayla Majid becomes first South Asian and Muslim to be elected ACCA president
- Ayla Majid is the CEO of a firm that advises on decarbonization, sustainability and energy transition
- She will lead 252,500 members and 526,000 future members of ACCA across 180 countries during her tenure
ISLAMABAD: Ayla Majid, the chief executive officer of a firm that advises on decarbonization, sustainability and energy transition, made history this week after becoming the first South Asian and Muslim to get elected as president of the global accountancy body ACCA (Association of Chartered Certified Accountants).
Majid will lead more than 252,500 members and 526,000 future members of ACCA across 180 countries during her year-long term of office, ACCA wrote on its website on Friday.
Currently the founder and CEO of Planetive Middle East and Planetive Pakistan, Majid has over 20 years of experience in energy, transaction advisory, mergers and acquisitions, investments and corporate governance.
She holds a Master of Business Administration degree from the Lahore University of Management Sciences (LUMS) and a Bachelor of Law degree from the University of London.
“It’s an honor and a deeply meaningful moment, not just for me but for so many who see themselves in this achievement,” Majid told Arab News via email on Friday.
“Breaking these barriers reflects the values of inclusion and diversity that ACCA embodies,” she added. “Personally, it’s a testament to the power of resilience and the importance of representation.”
Majid said the accounting and finance profession globally is evolving rapidly in response to the demands of a changing world, explaining that issues such as sustainability, digital transformation and evolving regulatory landscapes are reshaping the skills accountants need.
“Additionally, we must ensure the profession remains relevant in addressing societal challenges such as climate change and economic inequality,” she said.
“ACCA can play a pivotal role by continuously enhancing its qualifications to include skills in sustainability reporting, digital transformation, and strategic leadership.”
Majid called for global collaboration and championing inclusion, saying that through such initiatives, ACCA can prepare its members to not just respond to challenges but “lead with purpose and impact.”
“My vision for ACCA is to continue being a catalyst for positive change, working alongside diverse group of partners and collaborate more on global agendas,” Majid said.
“By strengthening our advocacy on global issues like climate action and economic resilience, we can shape a better future,” she added.
Pakistan keeps prices of petroleum products unchanged till Nov. 30
- Prices of high speed diesel, petrol to remain unchanged at Rs255.14 per liter and Rs248.38 per liter respectively
- Pakistan revises prices of petroleum products every fortnight based on variations of prices at international market
ISLAMABAD: Pakistan’s government announced its decision this week to keep prices of petroleum products unchanged till the next fortnight on Nov. 30, state-run media reported.
Pakistan revises petroleum prices every fortnight. Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
“The government has announced on Friday that prices of the petroleum products would remain unchanged during the next fortnight from November 16th to 30th 2024,” the state-run Associated Press of Pakistan (APP) reported on Friday.
As per the latest notification, the price of high speed diesel (HSD) remains unchanged at Rs 255.14 per liter while the price of petrol also remains unchanged at Rs 248.38 per liter.
“The Oil and Gas Regulatory Authority has worked out the prices of petroleum products for the next fortnight based on the price trends in the international market during the last two weeks,” the APP said.
On Oct. 31, Pakistani authorities increased the price of petrol from Rs247.03 per liter to Rs248.38 per liter, saying it decided to do so “based on the price variation in the international market.”
