{"id":83782,"date":"2025-01-16T00:00:00","date_gmt":"2025-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/16\/today-saudis-bahri-secures-usd-800-mn-in-financing-uae-backs-a-new-european-interconnection-project\/"},"modified":"2025-01-16T00:00:00","modified_gmt":"2025-01-16T00:00:00","slug":"today-saudis-bahri-secures-usd-800-mn-in-financing-uae-backs-a-new-european-interconnection-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/16\/today-saudis-bahri-secures-usd-800-mn-in-financing-uae-backs-a-new-european-interconnection-project\/","title":{"rendered":"TODAY: Saudi\u2019s Bahri secures USD 800 mn in financing + UAE backs a new European interconnection project"},"content":{"rendered":"

Good morning, folks. <\/strong>It is a compact read this morning as we slide into the weekend, with financing updates from Saudi\u2019s Bahri and all the details on UAE\u2019s involvement in a new interconnection project hatching Europe.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>Iraq + BP to sign oil, gas agreement for Kirkuk fields next month: <\/strong>Iraq and British oil giant BP are set to ink a major agreement for four Kirkuk oil and gas fields by the first week of February, potentially raising oil production to 15k bpd, Iraqi Oil Minister Hayan Abdel Ghani told Reuters<\/a>. The agreement \u2014 which Ghani said would be bigger than TotalEnergies\u2019s 2023 USD 27 bn agreement \u2014 would see oil go to refiners currently operating below capacity, boosting gas production in Iraq and eradicating flaring by 2028. In contrast to previous contracts that provided foreign companies with minimal margins, the new agreements are expected to feature a more favorable profit-sharing structure, sources tell the newswire. Iraq is second behind Saudi as the top oil producers in Opec with the capacity to produce nearly 5 mn bpd.<\/p>\n

<\/a>#2- <\/strong>Oman + India concludes fifth round of CEPA talks<\/strong>:<\/strong> Oman and India wrapped the fifth round of talks yesterday on signing a Comprehensive Economic Partnership Agreement (CEPA) to remove trade barriers between the two countries, Indian news outlet Business Standard reported here<\/a> and here<\/a>, citing sources including the Omani Commerce Minister Qais bin Mohammad Al-Yousef. Oman hopes that the CEPA \u2014 in the works since at least 2023<\/a> \u2014 will be finalized after one final round of negotiations later this year. <\/p>\n

In numbers: <\/strong>India is a major destination of Omani exports, coming third for non-oil exports and fourth for Omani crude oil, Indian newspaper Millennium Post<\/a> writes. Trade volumes between the countries saw a y-o-y dip in the 2023-24 fiscal year, dropping to USD 8.94 bn from USD 12.39 bn. <\/p>\n

#3- Kenya is exploring a partnership agreement with the UAE to help extend its Standard <\/strong>Gauge Railway to connect with Uganda and South Sudan<\/strong>, Kenyan President William Ruto said on X<\/a>. Both countries will conduct a feasibility study to evaluate the expansion's potential and economic impact. The railway project currently stretches over 468 km, just short of reaching Uganda, Reuters<\/a> reports. China initially financed the project as part of the Belt and Road Initiative, but it pulled the plug after Kenya failed to meet debt obligations<\/a> last November.<\/p>\n

ICYMI-<\/strong> The UAE and Kenya signed an economic partnership agreement<\/a> earlier this week aiming to deepen trade and investment ties, strengthen supply chains, and improve market access across the Middle East and Africa. <\/p>\n

<\/a>#4- <\/strong>Boeing releases official 2024 delivery figures:<\/strong> Boeing recorded 348 commercial aircraft deliveries in 2024, slightly above the expected 340<\/a> jets and down from 480 the year prior<\/a>, according to a statement<\/a>. The planemaker is not expected to make significant improvements in delivery results<\/a> before the end of 2025, aviation intelligence firm OAG chief analyst John Grant told CNBC.<\/p>\n

The planemaker\u2019s woes are continuing into 2025: <\/strong>Boeing\u2019s delivery delays and general supply chain disruptions<\/a> are set to persist into 2025. \u201cWe don\u2019t expect to get [new Boeing aircraft] until 2026,\u201d Lufthansa Chief Executive Carsten Spohr told journalists in October. Emirates President Tim Clark slammed Boeing the same month for its 777x delivery delays, saying that the airline \u201chad to make significant and highly expensive amendments to [its] fleet programmes as a result of Boeing\u2019s multiple contractual shortfalls.\u201d<\/p>\n

\n

MARKET WATCH- <\/p>\n

#1-<\/strong> Oil prices <\/strong>rose for a second day in a row this morning sparked by a dip in US crude <\/strong>stockpiles compounding Russian sanction supply worries<\/strong>, Reuters<\/a> reports. Brent crude futures were up USD 0.30 at USD 82.33 a barrel by GMT 01.20, while US West Texas Intermediate (WTI) gained USD 0.32 to USD 80.36 a barrel. The Brent benchmark rose 2.6% to its highest prices since late-July in the previous session, while WTI gained 3.3% yesterday in its highest price point since July 19.<\/p>\n

#2- Baltic index snaps winning streak<\/strong>: The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 f<\/a>ell 17 points<\/a><\/a> to 1,063 on Wednesday. The capesize index dipped 23 points to 1,581, while the panamax index decreased 12 points to 894. The smaller supramax index shed 15 points to 783, a 17-month low. <\/p>\n

#3-<\/strong> Outlook for oil \u2018improves<\/strong> marginally\u2019 for 2024-25, says IEA: <\/strong>Annual growth for oil consumption is expected to rise to 1.05 mn barrels per day in 2025, and the estimate for 2024\u2019s figure has been raised to 940k barrels per day, Reuters<\/a> reports, citing the International Energy Agency\u2019s (IEA) latest report<\/a>. <\/p>\n

Impact of US sanctions unclear: <\/strong>The IEA maintained the supply forecasts for Russia and Iran \u201cuntil the full impact of sanctions becomes more apparent,\u201d Reuters quoted the agency as saying. Price jumps provoked by sanctions \u2014 and higher energy demand during winter \u2014 could be offset by rising oil supply from non-OPEC+ nations. Oil shipping rates are rallying in anticipation of tightening supply brought on by sanctions on Russia\u2019s fleet, Reuters<\/a> reports.<\/p>\n

Global oil consumption is set to rise by 1.4 mn barrels per day this year and into 2026<\/strong>, according to Opec\u2019s January Oil Market Report (pdf)<\/a>. Indian and Chinese consumption is expected to expand by 270k barrels per day for each market. The rise will be driven by robust air travel demand, solid road mobility \u2014 including diesel usage and trucking \u2014 and strong industrial, construction, and agricultural activities in non-OECD markets. <\/p>\n

Increased oil production from Opec, the US, Canada, and Guyana is expected to result in a surplus of 800k barrels per day in 2026<\/strong>, Bloomberg<\/a> reports, citing data from the US Energy Information Administration (EIA) (pdf)<\/a>. The growth is expected to be driven by increased consumption in non-OECD markets, especially in Asia, where India is the leading source of global oil demand growth, the EIA finds.<\/p>\n

DATA POINTS- <\/p>\n

#1-<\/strong>Egypt\u2019s foreign trade volume hit USD 104.7 bn last year<\/strong>, netting USD 32.6 bn in exports and importing USD 72.1 bn worth of goods, according to a Central Bank report (pdf)<\/a>. The UAE, the US, Italy, UK, KSA, Turkey, and Switzerland accounted for some 52.3% of total exports, while China, the UAE, KSA, the US, Germany, Russia, Brazil, Turkey, Italy, and the UK accounted for some 53.3% of total imports.<\/p>\n

#2- <\/strong>Tunisia\u2019s t<\/strong>rade deficit rose by 11% y-o-y to TND 18.9 bn in 2024<\/strong>, according to the National Institute of Statistics (pdf)<\/a>. The year saw a 14.6% y-o-y rise in agro-food exports, a 0.5% increase in energy sector exports, and a 1.2% increase in industrial, mechanical, and electrical exports. The export of phosphates and its derivatives decreased by 26.3%, and textile, clothing, and leather exports declined by 4.8%.<\/p>\n

Exports to Arab countries: <\/strong>Exports to Algeria increased by 37.6% and to Egypt by 8%, while exports to Libya fell by 7.5% and to Morocco by 5.9%.<\/p>\n

Imports increased by 2.3% y-o-y in 2024<\/strong> on the back of a 9.1% increase in the import of energy products, 5.6% in capital goods, and 6.3% in consumer goods. There was a 2.6% decrease in imports of raw materials and semi-finished products, and food product imports fell 6.1%. <\/p>\n

\n

PSA-<\/p>\n

Oman launches online platform<\/strong> for <\/strong>approv<\/strong>ing maritime imports:<\/strong> Firms and individuals looking to import marine units into Oman must now obtain approval via a Maritime Affairs Services online portal, according to a statement<\/a> by the Transport, Communications and Information Technology Ministry statement. The new regulation applies to various maritime units, including motor boats, buoys, and rowing equipment. <\/p>\n

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

Belgium will host the <\/strong>World Cargo Summit<\/a><\/strong> from Monday, 27 January to Wednesday, <\/strong>29 January, <\/strong>in Ostend. The event will focus on air cargo economics, strategy, and market trends with a specific focus on how the industry will tackle disruptions and how firms can adapt their business models. <\/p>\n

The UAE will host the <\/strong>ShipTek International Conference<\/a><\/strong> from Wednesday, 29 <\/strong>January to Thursday 30 January<\/strong> in Dubai. The two-day conference will gather industry experts, including managing director at Hapag-Lloyd Carolin Stumm, CEO Adani Ports Nicolai Friis, VP International Maritime Industries Justin Taylor, CEO Tristra Tim Coffin, and others to discuss new tech and developments in the maritime industry.<\/p>\n

The UAE will host the <\/strong>Middle East Bunkering Convention<\/a><\/strong> from Monday, 3 February <\/strong>to Wednesday, 5 February<\/strong> in Dubai. The event will focus on the marine fuels sector to address the future of the industry in light of geopolitical issues, environmental regulation, and the future of artificial intelligence and digitalization.<\/p>\n

Saudi Arabia will host the <\/strong>Airport Expansion Conference<\/a><\/strong> from Tuesday, 4 February <\/strong>to Wednesday, 5 February<\/strong> in Riyadh. The two-day conference will feature over 30 speakers to discuss challenges faced by Saudi Airports and highlight Saudi Arabia\u2019s Vision 2030 with a clear focus on expansion, tech, and strategic partnerships. <\/p>\n

The UAE will host the <\/strong>Middle East Breakbulk Conference<\/a><\/strong> from Monday, 10 February <\/strong>to Tuesday, 11 February <\/strong>in Dubai. The event gathers giant manufacturers, EPCs, and service providers to discuss the latest solutions in breakbulk and heavy-lift logistics across the Middle East and Africa. The two-day event features an artificial intelligence (AI) seminar, a heavy lift workshop, a chartering workshop, and a women in breakbulk panel.<\/p>\n

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

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":83783,"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":[145,146,52,35,142,32,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-boeing","tag-diplomacy","tag-iraq","tag-oman","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8fbf1655-c4ef-496a-93e0-00b09ff13b53","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/1\/1075.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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