Latest news with #hydrocarbon
Arab News
7 hours ago
- Business
- Arab News
Libya objects to Greek tender for hydrocarbon exploration off Crete
TRIPOLI: Libya's internationally recognized government of national unity has objected to Greece's approval of an international tender for hydrocarbon exploration off the island of Crete, saying some of the blocks infringed upon its own maritime zones. The two countries have been trying to mend relations strained by an accord signed in 2019 between the Libyan government and Greece's regional rival Turkiye, which mapped out a sea area between them close to the Greek island. Greece opposed the agreement, saying it had no legal basis as it sought to create an exclusive economic zone from Turkiye's southern Mediterranean shore to Libya's northeast coast, ignoring the presence of Crete. Last month Athens invited bidders for hydrocarbon exploration in two blocks south of Crete following an expression of interest by US major Chevron. Libya's Tripoli-based foreign ministry said in a statement late on Thursday that some of the tendered sea blocks off Crete fell within disputed zones and were 'a clear violation of Libya's sovereign rights.' The ministry objected 'to any exploration or drilling activities in these areas without a prior legal understanding that respects the rules of international law,' it said, calling on Greek authorities to prioritize dialogue and negotiation. Responding to questions at the Greek parliament, Greek Foreign Minister George Gerapetritis said Greece was willing to discuss with Libya 'the delimitation of maritime zones within the framework of international law.' Gerapetritis is expected to visit Libya in the coming weeks, an official with the Greek foreign ministry told Reuters on condition of anonymity.
Reuters
12 hours ago
- Business
- Reuters
Libya objects to Greek tender for hydrocarbon exploration off Crete
TRIPOLI, June 20 (Reuters) - Libya's internationally recognised government of national unity has objected to Greece's approval of an international tender for hydrocarbon exploration off the island of Crete, saying some of the blocks infringed its own maritime zones. The two countries have been trying to mend relations strained by an accord signed in 2019 between the Libyan government and Greece's regional rival Turkey, which mapped out a sea area between them close to the Greek island. Greece opposed the agreement, saying it had no legal basis as it sought to create an exclusive economic zone from Turkey's southern Mediterranean shore to Libya's northeast coast, ignoring the presence of Crete. Last month Athens invited bidders for hydrocarbon exploration in two blocks south of Crete following an expression of interest by U.S. major Chevron (CVX.N), opens new tab. Libya's Tripoli-based foreign ministry said in a statement late on Thursday that some of the tendered sea blocks off Crete fell within disputed zones and were "a clear violation of Libya's sovereign rights". The ministry objected "to any exploration or drilling activities in these areas without a prior legal understanding that respects the rules of international law", it said, calling on Greek authorities to prioritise dialogue and negotiation. A senior source in Greece's energy ministry said Athens had adhered to the international law of the sea and its government was committed to discussions "within the framework of international legitimacy". The source declined to be named due to the sensitivity of the matter. Greek foreign minister George Gerapetritis is expected to visit Libya in the coming weeks, an official with the Greek foreign ministry told Reuters on condition of anonymity.
Zawya
7 days ago
- Business
- Zawya
US tariffs, lower oil prices may slow down FDI flows into GCC: Report
Foreign direct investment (FDI) inflows into the GCC region are expected to slow down in 2025 after a decade of rapid growth, S&P Global Market Intelligence said in its latest outlook report. The slowdown is attributed to investor uncertainties, reflecting changing US trade policies, lower oil prices, and a more gradual development of GCC diversification projects. In the near term, the report forecasts a net negative impact on global FDI, primarily due to the indirect repercussions of US tariffs, a weaker oil price outlook and reduced global investor confidence. Lower oil prices, reflecting expectations of weaker oil demand and increasing OPEC supply, are likely to constrain the foreign exchange earnings generation capacity of large MENA hydrocarbon exporters. This, in turn, will limit their capacity to act as major investors in other countries within the region. While the GCC states have committed to investing large amounts of FDI in the US economy, such outflows are likely to reduce capital available for investment in non-GCC MENA states, which remain 'attractive venues' for renewable energy and tourism developments, the report said. According to S&P Global Market Intelligence, FDI in the region has shifted from hydrocarbons to infrastructure, renewable energy, logistics, tourism, and construction. This is likely to continue, complemented by areas such as auto sector investments in Morocco, but aggregate flows are likely to remain dominated by GCC states. However, a weaker US dollar could support the external competitiveness of GCC countries with currencies pegged to the dollar, the report said.
Zawya
13-06-2025
- Business
- Zawya
US tariffs, lower oil prices may slowdown FDI flows into GCC: Report
Foreign direct investment (FDI) inflows into the GCC region are expected to slow down in 2025 after a decade of rapid growth, S&P Global Market Intelligence said in its latest outlook report. The slowdown is attributed to investor uncertainties, reflecting changing US trade policies, lower oil prices, and a more gradual development of GCC diversification projects. In the near term, the report forecasts a net negative impact on global FDI, primarily due to the indirect repercussions of US tariffs, a weaker oil price outlook and reduced global investor confidence. Lower oil prices, reflecting expectations of weaker oil demand and increasing OPEC supply, are likely to constrain the foreign exchange earnings generation capacity of large MENA hydrocarbon exporters. This, in turn, will limit their capacity to act as major investors in other countries within the region. While the GCC states have committed to investing large amounts of FDI in the US economy, such outflows are likely to reduce capital available for investment in non-GCC MENA states, which remain 'attractive venues' for renewable energy and tourism developments, the report said. According to S&P Global Market Intelligence, FDI in the region has shifted from hydrocarbons to infrastructure, renewable energy, logistics, tourism, and construction. This is likely to continue, complemented by areas such as auto sector investments in Morocco, but aggregate flows are likely to remain dominated by GCC states. However, a weaker US dollar could support the external competitiveness of GCC countries with currencies pegged to the dollar, the report said.
Reuters
12-06-2025
- Business
- Reuters
Imperial Oil reports small diesel leak into river in Ontario
June 11 (Reuters) - Imperial Oil ( opens new tab on Wednesday reported a small diesel leak into the Saint Clair river from its dock in Ontario, Canada, according to a latest community alert. "Containment booms have been deployed in the St. Clair River... The leak source was quickly isolated, and confirmed stopped at 10:00 p.m.," Imperial said. Imperial was not immediately available to comment on the volume of the release. Recovery and clean-up efforts are ongoing, and the sheen is fully contained, Imperial said, adding precautionary down river water quality monitoring has been conducted, and no detectable levels of hydrocarbon have been observed.
