SUSRIS Daily News – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Saudi Official Sees Looming Oil Demand Peak [Apr 23]
“Oil use will probably peak in emerging markets by early next decade, a senior adviser to Saudi Arabia’s oil minister said on Thursday in a further sign the concept of peak demand has crept into the industry mainstream. Interest in the view oil demand may soon reach a high point and then fall back has grown following a drop in global oil use last year caused by the economic crisis, as well as efforts to combat climate change and use fuel more efficiently. ‘I think that peak demand will come before peak of supply,’ said Ibrahim Al-Muhanna, adviser to Minister of Petroleum and Mineral Resources Ali Al-Naimi, in answer to questions at a conference in Paris. ‘The demand in emerging economies will take time to peak but definitely it will peak maybe this decade or early next decade,’ he said. Saudi Arabia is the world’s largest oil exporter. Others that have forecast peak demand include global oil company BP Plc, whose Chief Executive Tony Hayward in February said global demand would reach a high point after 2020..” [Complete Report]
Saudi Arabia to Allow Wheat Imports From Australia [Apr 23]
“Saudi Arabia has changed its wheat tender specifications to allow purchases from Australia, the world’s fourth-largest shipper, Western Australian state Agriculture and Food Minister Terry Redman said. The country lowered its protein requirements and ended a zero tolerance for the crop fungus Ergot, clearing the way for Australia to participate in tenders, Redman said in a statement e-mailed today. Saudi Arabia plans to stop growing wheat domestically by spring 2016, and import the grain instead, the U.S. Department of Agriculture said in a report in February. The nation’s wheat- buying agency has approved the U.S., Argentina, the European Union and Australia as shippers, it said. ‘They will be reliant on major reliable suppliers of wheat in the global market and Australia will at some point be one of those suppliers,’ said Tom Puddy, wheat marketing manager for CBH Group’s export division. CBH is Australia’s biggest exporter of grains..” [Complete Report]
Souk Hajr May Become World Event [Apr 23]
“Plans are under way to turn the traditional Souk Hajr into an international event for foreign tourists and visitors interested in the country’s heritage. The market was organized by the Saudi Commission for Tourism and Antiquities (SCTA) along with some government agencies and the private sector at Ibrahim Archeological Palace. It concluded its activities Wednesday in Al-Ahsa.. ..Khaled Bin Abdul Aziz Al-Barak, head of the organizing committee, said the market was an example of the region’s tourism potential..” [Complete Report]
Mining: Top Investment Option in Saudi Arabia [Apr 23]
“Saudi Arabia offers ample investment opportunities, with mining, infrastructure, higher education and telecommunication topping the list, Value Partners – a leading global management consulting firm – said recently. The most significant opportunity for private investment is mining, the report said. ‘Previously, the mining sector had not been given due attention, but now there are a lot of mining investments taking place in the government and the private sector in phosphates, iron ore, and aluminum,’.. ..According to the study by Value Partners, two key incentives which contribute to the increase in private investment include tax incentives following the reduction of tax rates from 45 percent to 20 percent; and the law that enables foreigners to own 100 percent of businesses in Saudi Arabia..” [Complete Report]
Saudi Arabia May Increase Quota For Russian Pilgrims on Hajj [Apr 23]
“Over 20,000 pilgrims from Russia will go on hajj to Mecca this year, first deputy chairman of the Russian Federation Council’s international affairs committee Ilyas Umakhanov told Interfax. ‘We reached an agreement with Saudi Arabia during a visit of our delegation to the country that the current quota for Russian pilgrims will be the same as last year: 20,500 people,’ Umakhanov said. He did not rule out that the quota for Russian pilgrims may be increased by 5,000 people. ‘We asked the Saudi Arabian side of this, and the Saudi Arabian authorities told us that they are ready to consider our request,’ the senator said..” [Complete Report]
