{"id":70951,"date":"2023-05-23T00:00:00","date_gmt":"2023-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/23\/today-uk-gcc-trade-talks-continue-this-week-iran-russia-make-more-progress-on-transport-corridor\/"},"modified":"2023-05-23T00:00:00","modified_gmt":"2023-05-23T00:00:00","slug":"today-uk-gcc-trade-talks-continue-this-week-iran-russia-make-more-progress-on-transport-corridor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/23\/today-uk-gcc-trade-talks-continue-this-week-iran-russia-make-more-progress-on-transport-corridor\/","title":{"rendered":"TODAY: UK-GCC trade talks continue this week + Iran, Russia make more progress on transport corridor"},"content":{"rendered":"

Good morning, friends. <\/span>It\u2019s shaping up to be a busy week in the logistics world, with plenty of<\/span> updates on the shipping front and in capital markets. <\/span><\/p>\n

THE BIG LOGISTICS STORIES-<\/span> Adnoc L&S has upped the size of its IPO on strong investor<\/span> demand, while DP World has launched the first direct freight service between Jebel Ali and Iraq\u2019s Umm Qasr Port.<\/span><\/p>\n

HAPPENING THIS WEEK-<\/span><\/p>\n

<\/a> <\/span>The UK\u2019s Secretary of State for Business and Trade Kemi Badenoch is <\/span>set to visit Qatar, Saudi Arabia, and the UAE this week<\/span> to discuss a trade agreement with the six Gulf Cooperation Council (GCC) countries, <\/span>Reuters<\/a><\/span> reports. There are three more rounds to go in the UK-GCC trade talks, which started last year. Badenoch will take part in the Qatar Economic Forum today as part of the five-day trip, during which she will meet with GCC Secretary-General Jasem al Budaiwi as well as ministers from Qatar, Saudi Arabia, and the UAE. <\/span><\/p>\n

<\/a> <\/span>Iran purchases ships from Russia for Russia-Iran transport corridor: <\/span>Iran has inked an agreement to purchase ships from Russia\u2019s <\/span>Nort<\/span>h-South <\/span>Corridor Convergence Club<\/span>, in line with the Rasht-Astara railway agreement, CEO of <\/span>the Islamic Republic of Iran Shipping Lines<\/a><\/span> (IRISL) Mohammed-Rez Modaress Khiabini said, according to lran\u2019s semi-official <\/span>Tasnim News Agency<\/a><\/span>. Some 26 vessels with 3.6k TEU capacity are currently being prepared to transport cargo to Russia, he said. The news agency did not disclose the value of the agreement or the exact timeline for the delivery of the vessels. <\/span><\/p>\n

Background: <\/span>Russia is investing <\/span>EUR 1.6 bn<\/a><\/span> in the Rasht-Astara railway, to be completed in four years, after Iran and Russia signed an agreement for the construction of the railway last week. The construction of this railway will complete the International 7.2 km North-South Transport Corridor, a network of ship, rail, and road routes connecting South Asia to Europe. <\/span><\/p>\n

MARKET WATCH-<\/span><\/p>\n

<\/a> <\/span>China has imported more oil from Russia than from Saudi Arabia so far this year<\/span>,<\/span>according <\/span>to Chinese customs data picked up by <\/span>Reuters<\/a><\/span>. Year-to-date imports from Russia rose 26.5% to 32.4 mn tons, outpacing those from Saudi Arabia, which grew 2.9% to 31.3 mn tons. The volume of oil imports from KSA was higher in April, however, reaching some 8.46 mn tons during the month, compared to 7.1 mn tons imported from Russia. <\/span><\/p>\n

<\/a> <\/span>Qatar, Algeria, and Oman were among the world\u2019s 10 largest LNG exporters in <\/span>April<\/span>, according to <\/span>a Gas Exporting Countries Forum (GECF) report for May 2023 (pdf)<\/a><\/span>. Qatar was the second biggest LNG exporter worldwide after the US, while Algeria was the seventh largest and Oman the ninth. Qatar\u2019s position as runner-up came despite a y-o-y fall in exports of 0.38 metric tons. Egypt also saw its exports of LNG decline by 0.35 metric tons when compared to the same period last year on the back of lower availability of feed gas, the report said. <\/span><\/p>\n

Global LNG exports in April leaped 6% y-o-y to settle at 35.58 metric tons<\/span> with greater demand for clean energy driving the surge in export orders, according to the report. Part of the boost was attributable to annual increases of 0.33 metric tons in Algeria and 0.06 metric tons in the UAE\u2019s exports, according to the GECF report. <\/span><\/p>\n

Arab countries exported a combined 29.5 mn tons of LNG in 1Q 2023<\/span>, rising 7.1% y-o-y,<\/span> according to an <\/span>Organization of Arab Petroleum Exporting Countries (OAPEC)<\/a><\/span> report picked up by <\/span>Youm7<\/a><\/span>. The increase came on the back of higher export volumes from Algeria, Qatar, and Oman, while Arab exporters together retained a 28.2% share of global LNG exports.<\/span><\/p>\n

<\/p>\n

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CIRCLE YOUR CALENDAR-<\/span><\/p>\n

The <\/span>Seamless Middle East 2023<\/a><\/span> summit will take place in the Dubai World Trade <\/span>Center today and tomorrow. <\/span>This event brings together industry experts across the payment, fintech, banking, retail, e-commerce, digital marketing, home delivery, cards, and identity industries. <\/span><\/p>\n

The Second <\/span>Fleet and Mobility Summit<\/a><\/span>will kick off tomorrow. <\/span>The <\/span>event will bring together key stakeholders to extend their knowledge base and explore the technology and practices that will shape the future of their <\/span>buisnesses<\/span>. <\/span><\/p>\n

Bloomberg\u2019s <\/span>Qatar Economic Forum<\/a><\/span> will take place in Doha <\/span>today and tomorrow<\/span>.<\/span> The event <\/span>will <\/span>see discussions about major economic issues facing CEOs, heads of state, and money markets. QFZ will be participating in the event to discuss the global economic climate and its impact on FDI globally, according to a <\/span>statement<\/a><\/span>.<\/span><\/p>\n

The <\/span>Turkey-Iraq Trade Summit<\/a><\/span> ends today after a three-day run in Kirkuk <\/span>and Erbil, Iraq.<\/span> The event saw the participation of dozens of Turkish companies as well as the Kurdistan Regional Government\u2019s (KRG) trade and industry minister and a host of Turkish and Iraqi officials. The event aims to boost bilateral trade between Turkey and Iraq and to establish Iraq as the second largest destination for Turkish exports. <\/span><\/p>\n

Check out our full calendar<\/span> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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THE BIG LOGISTICS STORIES- Adnoc L&S has upped the size of its IPO on strong investor demand, while DP World has launched the first direct freight service between […]<\/p>\n","protected":false},"author":1,"featured_media":70952,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[17,119,226,32,51,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterprise-logistics","tag-iran","tag-russia","tag-trade","tag-transport","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"bd8633e2-4b75-4ace-9cd6-2936e9e4ec4c","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/5\/1248.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: UK-GCC trade talks continue this week + Iran, Russia make more progress on transport corridor","related_issue":[70949],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.047d0853-3220-4929-b34d-b8124c6ea3d1.mp3"},"yoast_head":"\nTODAY: UK-GCC trade talks continue this week + Iran, Russia make more progress on transport corridor - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/logistics\/2023\/05\/23\/today-uk-gcc-trade-talks-continue-this-week-iran-russia-make-more-progress-on-transport-corridor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: UK-GCC trade talks continue this week + Iran, Russia make more progress on transport corridor\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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