Iran Air Receives Certification for Aviation Fuel Management

Iran’s national flag carrier, Iran Air, received certifications offered by the European Union (EU) and the International Civil Aviation Organization (ICAO) for the management of fuel in the international flights.

Iran Air is subjected to annual audits such as the European Union’s Emissions Trading System (EU-ETS) and Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) conducted by the ICAO for all the international flights.

Considering that Iran Air operates many international flights, the airline is bound to observe those requirements strictly and has to be assessed by the auditors of the European Union every year.

CORSIA is the first global market-based measure for any sector and represents a cooperative approach that moves away from a “patchwork” of national or regional regulatory initiatives. It offers a harmonized way to reduce emissions from international aviation, minimizing market distortion, while respecting the special circumstances and respective capabilities of ICAO Member States, according to its website.

CORSIA complements the other elements of the basket of measures by offsetting the amount of CO2 emissions that cannot be reduced through the use of technological improvements, operational improvements, and sustainable aviation fuels with emissions units from the carbon market. - Tasnim


Iran Oil Show 2024 to Be Held in 8-11 May

More than 1,500 domestic and 250 foreign companies will take part in the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2024, said the public relations manager of National Iranian Oil Company (NIOC) on Thursday.

Gholam-Reza Jamali added foreign companies from four corners of the world, including Russia, China, Germany, France, Japan, Canada, Italy, Turkey, Belarus, India, Austria, and Argentina, will attend Iran Oil Show 2024, which will be held at Tehran International Permanent Fairground from May 8-11.

The Iranian companies will also put their latest achievements, products, and innovations in one of the biggest energy events, he continued.

According to him, NIOC, National Iranian Gas Company (NIGC), National Iranian Oil Refining and Distribution Company (NIORDC), National Petrochemical Company (NPC), and oil industrialists from Iran and other countries will have a strong presence in the exhibition.

Jamali said Iran Oil Show will offer companies a great opportunity to promote their domestic and international cooperation. - Shana


Bahraini, Kuwaiti Ministers Review Economic Ties

Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, met with Dr. Anwar Ali Al Mudhaf, Minister of Finance of Kuwait, and Minister of State for Economics Affairs and Investments. During the meeting, the two sides reviewed ways of enhancing financial and economic cooperation.

Shaikh Salman emphasised the historical Bahraini-Kuwaiti relations, supported by His Majesty King Hamad bin Isa Al Khalifa and His Highness Sheikh Mishaal Al Ahmad Al Jaber Al Sabah, the Amir of Kuwait. He noted that the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, is committed to enhancing cooperation with Kuwait across various sectors.


Ooredoo to Provide Qatar Airways with Microsoft-Powered Advanced Cloud Solutions

Ooredoo is set to revolutionise Qatar Airways’ operations through advanced cloud solutions powered by Microsoft. This marks a significant step in Qatar Airways’ digital transformation journey by harnessing cloud and enabling innovation through AI. The technology is set to enhance its operational agility, security, and competitive edge in an ever-evolving and hyperconnected global landscape. Qatar Airways chose Ooredoo as its trusted partner to develop a cutting-edge hybrid multi-cloud environment, paving the way for next-generation applications that will bolster the airline’s customer experience and business performance. Qatar Airways will also leverage the scalability and agility of Microsoft Azure with Ooredoo’s bespoke private cloud setup, enhancing centralised data management, operational efficiency, and optimised IT solutions. Ooredoo’s significant role extends beyond infrastructure provision. The company will offer a robust network fabric for Microsoft Azure, synchronised with other network elements to support the comprehensive hybrid cloud environment tailored specifically for Qatar Airways’ unique business needs.

Thani Ali al-Malki, chief business officer at Ooredoo Qatar, said: “Our collaboration with Qatar Airways and Microsoft is a testament to Ooredoo’s commitment to driving digital transformation in Qatar. By leveraging Microsoft Azure and our robust network capabilities, we are not only enhancing Qatar Airways’ operational efficiency but also contributing to Qatar’s vision of a technologically advanced future. This initiative underscores our role as a leading Hybrid Cloud provider in the region.” A T Srinivasan, group chief information officer at Qatar Airways, said: “With the evolving needs of our customers and our drive to provide exceptional customer experience, we are embarking on a digital transformation that will leverage the power of cloud technology, AI, and analytics to bring business agility and operational robustness to our organization.

“Our partnership with Ooredoo and Microsoft to leverage Microsoft Azure public cloud will allow Qatar Airways to respond to our customers’ needs with innovative services, and coupled with AI and analytics, offer them hyper-personalised experiences.” Qatar Airways is set to strengthen its position in the aviation industry by utilising Microsoft Azure to develop advanced applications enriched with AI, data analytics, IoT, and hybrid capabilities. Microsoft 365’s integration will further streamline productivity through cloud-based services. This initiative aligns with Ooredoo’s aim to offer comprehensive hybrid cloud solutions, combining the technological excellence of public cloud infrastructure with the security and compliance of private cloud environments. Ooredoo continues to work with world-class technology providers, offering bespoke solutions that align with each organisation’s unique business objectives.


JAL Launches Daily Tokyo-Doha Service

Hamad International Airport (DOH) in Doha has announced the commencement of daily flights between Tokyo and Doha by Japan Airlines. The inaugural flight, operated on March 31 with a Boeing 787-9 aircraft, marked the first flight to the Middle East by a Japanese airline – signifying a historic moment in the aviation industry.

Sujata Suri, Senior Vice President of Finance and Procurement at Hamad International Airport, said: "We are thrilled to welcome Japan Airlines to the Middle East through its renowned hub in Doha.

“The launch of Japan Airlines’ daily flights from Tokyo Haneda to Hamad International Airport is a landmark achievement and a testament to the flourishing partnership between both Qatar and Japan. Combining Japan Airlines’ latest launch with Qatar Airways’ recent resumption to Osaka, is projected to result in a 50% increase in weekly flight frequency between Qatar and Japan, which underscores Hamad International Airport’s commitment to advancing global travel and enhancing passenger experiences”.

“Our new Doha service is the first direct flight to the Middle East operated by a Japanese airline. It perfectly complements JAL’s global network and enables customers to seamlessly connect to Europe, the Middle East, Africa, and South America through our partnership with Qatar Airways, a member of the same oneworld alliance as JAL,” said Ross Leggett, Japan Airlines Managing Executive Officer, Route Marketing Senior Vice President. “The demand for business and leisure travel from Doha to Asia continues to grow, and we are excited to offer JAL’s renowned five-star service and unique approach to hospitality to even more travellers,” Leggett added.

Qatar Airways Chief Commercial Officer, Thierry Antinori, said: “We are very pleased to welcome our oneworld partner Japan Airlines to Doha and look forward to further building our successful relationship for the worldwide customers flying from and to Japan and North Asia. It is wonderful to see how our strategy to leverage Hamad International Airport’s position as a global five-star rated hub, continues to yield results and we hope to continue to attract even more partner airlines to this major gateway and stopover destination in the future.”

The inclusion of Japan Airlines as the 10th oneworld airline at Hamad International Airport further solidifies the airport’s status as a crucial oneworld hub – promising world-class services and connectivity to over 190 passenger destinations.


Increase in Cash Ratio for Iraqi Banking Sector

The Central Bank of Iraq (CBI) has announced that the cash credit ratio to total deposits in the Iraqi banking sector reached 52 percent in 2023, marking an increase from 47 percent in 2022; it was approximately 55 percent in 2021.

Despite the rise, the Central Bank noted that the ratio did not exceed the standard threshold set by the bank at 75 percent. Banks are required to maintain sufficient liquidity to handle customer withdrawals and conduct banking activities.


Oman’s Vision for Liquid Hydrogen Corridor to Europe Gets Fresh Boost

Oman’s bid to explore the potential for establishing a liquid hydrogen corridor to Europe has received a significant boost. A key partner in the initiative has announced a further tie-up aimed at taking large-scale liquid hydrogen deployment global. Last December, the Ministry of Energy and Minerals, together with Hydrogen Oman (Hydrom) – the orchestrator of Oman’s green hydrogen industry – signed a Joint Study Agreement (JSA) with Port of Amsterdam of the Netherlands, Zenith Energy Terminals (a leading international energy and chemicals storage player) and GasLog (specialist in LNG logistics), to collaborate on the development of a liquid hydrogen route for the supply of locally produced green hydrogen to markets in Europe. The agreement, signed on the margins of the COP28 Summit in Dubai, was hailed as a landmark effort to enable the creation of the world’s first commercial scale liquid hydrogen corridor. As part of the pact, the parties have committed to collaborating on the development of an open-access hydrogen liquefaction, storage and export facility in Oman.

GasLog, for its part, has pledged to provide specialized vessels it is currently developing for the transportation of liquid hydrogen. Zenith Energy Terminals will offer its expansive assets in the Port of Amsterdam as a hub for the import, regasification and further distribution of Oman-produced hydrogen to both local offtakers within the port of Amsterdam, as well as large industries in the European hinterland. Signaling further promise for the success of the initiative, GasLog recently announced its collaboration with Chart Industries, a leading global solutions provider in clean energy and industrial gas markets, to study the development of a commercial-scale liquid hydrogen supply chain. Through this collaboration, GasLog aims to benefit from Chart’s extensive experience in cryogenics and large-scale liquefaction solutions for the global distribution of liquid hydrogen. US-headquartered Chart Industries specializes in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the clean power sector.

Oman’s ambitions to establish a viable supply chain based on the transportation of liquid hydrogen to the Netherlands, among other potential destinations in Europe and the Far East, will represent a major game-changer for the large-scale uptake of this zero-carbon fuel resource in these markets. If successful, it will enable the efficient and cost-competitive transportation of liquid hydrogen over long distances. Alternative options presently available for the transportation of green hydrogen, such as in the form of green ammonia, methanol, or other hydrogen carriers, are seen as relatively uneconomical due to the additional costs and energy losses incurred when reconverting these commodities back into hydrogen. The lion’s share of Oman’s targeted production of 1 million tonnes per annum of green hydrogen capacity by 2030 is earmarked for export to overseas market – a goal that will be further strengthened once liquid hydrogen transportation is proven to be viable and cost-effective.


Goldman: Road Oil Demand to Peak by 2032 as EVs Become More Popular

Global road oil demand will rise 5 percent to a peak of 50 million barrels per day by 2032, Goldman Sachs forecasts, with oil use per vehicle likely to fall sharply because electric vehicles are expected to account for more than half of auto sales by 2040, according to Reuters.

The investment bank sees global road oil demand edging down along a long plateau after the peak and remaining 4 percent above 2023 levels by 2040, as a rise in the global number of vehicles nearly offsets the decline in oil consumption per vehicle. It expects large differences in the peak’s timing in different countries, it said in a note published on Monday.

Goldman said the 1.7 billion global vehicles drove 47 percent of 2023 oil demand, with gasoline consumption driving about half of road demand. It highlighted that new electric vehicles, which it defines as battery vehicles and plug-in hybrids but not traditional hybrids, are now weighing on oil demand.

The bank expects the rise of NEVs and internal combustion engine efficiency gains to reduce oil use per vehicle by 65 percent to 285 gallons per vehicle a year by 2040.

Goldman expects the global number of vehicles, including NEVs, to grow by 60 percent by 2040.

Road oil demand in emerging markets excluding China is seen growing through 2040, which roughly offsets ongoing declines in OECD nations and soon in China, where demand is expected to peak in 2025, Goldman said.

Goldman said the timing of the road oil peak could range from 2025 to after 2040 under alternative paths for economic growth and NEVs. Petrochemical and jet products have firmer growth prospects, the bank added.

Goldman’s base case of a long road oil plateau sits between the lower International Energy Agency forecast and higher US Energy Information Administration and Organization of the Petroleum Exporting Countries forecasts.


Output Policy Unlikely to Change at OPEC+ Panel Meeting

An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting later on Wednesday, three OPEC+ sources told Reuters, following the producers' earlier decision to extend voluntary oil output cuts until June.

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, is scheduled to hold an online joint ministerial monitoring committee meeting (JMMC) at 1100 GMT to review the market and members' implementation of output cuts.

Oil has rallied this year, driven by tighter supply, attacks on Russian energy infrastructure and war in the Middle East. Brent crude traded above US$89 a barrel on Wednesday, up from US$77 at the end of 2023.

Two of the three sources, who asked not to be named because they were not authorised to speak publicly, said they expected a straightforward meeting. Five other sources on Tuesday had a simliar view.

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market.

Russian Deputy Prime Minister Alexander Novak said on Friday Russia has decided to focus on reducing oil output rather than exports in the second quarter to evenly share production cuts with other OPEC+ member countries.

When the voluntary curbs expire at the end of June, the total cuts by OPEC+ are set to decline to 3.66 million bpd as agreed in earlier steps starting in 2022.

The JMMC brings together leading OPEC+ countries including Saudi Arabia, Russia and the United Arab Emirates.

The panel usually meets every two months and can make recommendations to change policy that can then be discussed and ratified in a full ministerial meeting including all members.