Oil and Gas Industry Affected Negatively Owing to Declining Economy
COVID-19 has drastically affected the oil and gas industry. The major oil-producing countries were affected by the falling global economy and reducing demand for oil. The construction of oil storage terminal and related upgrades are expected to be postponed due to industrial slow down. After the upliftment of lockdown, it is expected that the demand for oil will start to rise as the manufacturing bases will start operating.
Market Segmentation
Based on type, the market for oil storage terminal is segmented into strategic reserve and commercial reserve. The commercial reserves segment dominated the market due to their growing demand. The past few years have experienced a most of the terminals to be used specifically for the purpose of commercial crude oil boosting its demand.
EIB backs Bulgaria-Serbia gas link
May 24, 2021 10:40:am
Summary The pipeline will be one of the last gas infrastructure projects to enjoy support from the EIB.
by: Joseph Murphy
The European Investment Bank (EIB) has increased the EU s support for the construction of a gas pipeline between Bulgaria and Serbia with th.
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DUBAI: One might initially doubt the connection between contemporary art and sustainability.
Can art be sustainable? Moreover, how does a work of art reflect the Middle Eastern response to issues of sustainability?
To this end, five thought-provoking art installations by four leading contemporary artists from the Gulf Cooperation Council (GCC) were commissioned by Expo 2020 in collaboration with Art Dubai.
“Hugs” by Mohammed Ahmed Ibrahim at Terra The Sustainability Pavilion. (Supplied)
Those artists are Zeinab Al-Hashemi, Mohammed Ahmed Ibrahim and Mohammed Kazem from the UAE and Ayman Zedani from Saudi Arabia.
Through their visual imagery, structure and positioning, the works reinforce the importance of sustainability at Expo 2020.
DUBAI: Qatar First Bank (QFB) has acquired an office building in Ohio, its seventh US real estate purchase.
The bank said it acquired the first phase of the CoverMyMeds campus headquarters in Columbus. The purchase price was not disclosed.
The 218,000 square foot office building was completed this year and is fully leased to CoverMyMeds a unit of McKesson Corporation. The medical company has a 10-year lease on the building.
“The acquisition of this trophy asset is a landmark deal for QFB and an architectural landmark as well for the city of Columbus,” said Alexandre Bernassau, QFB’s head of investment. “Like QFB’s other buildings, all of which serve as headquarters for their tenants, the McKesson Phase 1 corporate campus is a fantastic addition to the shariah-compliant real estate investment portfolio delivering stable cash flows and providing investors (and the Bank) with recurring dividends and an ideal balance between risks and rewards.”
RIYADH: Cash flow from the Julius Nyerere Dam project in Tanzania is expected to account for about 10 percent of Egypt Elsewedy Electric’s total revenue, Managing Director Ahmed Elsewedy said. The $2.9 billion project is scheduled to be completed in 36 months, Elsewedy said during a visit to the project in Tanzania, Asharq reported. The dam project on the Rufiji River in eastern Tanzania will contribute to supporting the country’s economy by creating jobs and developing industry that will benefit from the energy produced by the dam, he said. The construction of Julius Nyerere Hydropower Station is being carried out by an Egyptian consortium of Arab Contractors and Elsewedy Electric. It is the largest contract for Egyptian companies in Africa, and is fully financed by Tanzania’s government, Elsewedy told Al Arabia.