Business

US struggles to find alternate gas sources to EU amid Moscow-Kiev standoff

Published

2 years ago

27/01/2022

MNN

There are “logistical challenges, especially moving natural gas,” says Washington, which is holding talks with companies over a potential diversion of energy supplies to Europe if Russia invades Ukraine.

US has faced challenges in finding alternative sources of energy supplies to Europe if Russia invades Ukraine and energy flows from Russia are interrupted, the White House said but pledged to continue talks with companies and countries.

“There is no question there are logistical challenges, especially moving natural gas,” White House press secretary Jen Psaki told reporters on Wednesday when asked about reports that the industry had little or no capacity to provide the required energy supplies.

“That’s part of our discussions with a lot of companies and countries,” she said.

“But again, these conversations are ongoing and we don’t intend to fail.”

Energy crisis amid invasion fear

Senior Biden administration officials on Tuesday said the United States was in talks with major energy-producing countries and companies in North Africa, the Middle East, Asia and the United States over a potential diversion of supplies to Europe if Russia invades Ukraine.

Psaki said she had no announcements to make, but said the objective was clearly to mitigate against the potential regional and global consequences of a disruption in energy supplies and ensure that sufficient supplies were available.

The European Union depends on Russia for around a third of its gas supplies.

Moscow could reduce supplies to the EU, which would send the bloc’s already sky-high energy bills soaring even further in the middle of winter.

“Europe does not have the same room to manoeuvre” as Washington, said Olivier Dorgans, a lawyer at the Ashurst law firm who specialises in economic sanctions.

The bloc risks “sanctioning itself”, Dorgans said.

“Geographic proximity goes hand in hand with close economic and security implications and ties,” Guntram Wolff, director of the Bruegel think tank in Brussels, told the AFP news agency.

Wolff said the EU has gas reserves that would last just “a couple” of weeks if Russia were to turn off the tap.

He said the EU could try to compensate with gas from Qatar, a close US ally with huge reserves. It is also the world’s biggest exporter of liquified natural gas.

US responds to Russia’s demands, seeks dialogue

Also on Wednesday, the United States delivered written replies to sweeping Russian security demands, a key step in a fragile diplomatic process as Russia staged new military drills on land and sea near Ukraine.

Washington has made clear that Russian demands for NATO to pull back troops and weapons from eastern Europe and bar Ukraine from ever joining are non-starters but says it is ready to discuss other topics such as arms control and confidence-building measures.

Whether President Vladimir Putin is prepared to accept that limited agenda will determine the next phase of the crisis, in which Moscow has massed around 100,000 troops near the border with Ukraine while denying it plans to invade its neighbour.

Source: TRTWorld and agencies

Business

Dubai company awarded the development of SEZ

Published

12 hours ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

1 day ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

4 days ago

09/05/2024

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv