Saudi Aramco cuts propane, butane prices for March

The new prices are set at $615 per tonne for propane and $605 per tonne for butane. Reuters/File
The new prices are set at $615 per tonne for propane and $605 per tonne for butane. Reuters/File
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Saudi Aramco cuts propane, butane prices for March

Saudi Aramco cuts propane, butane prices for March

RIYADH: Saudi Aramco has slashed the official selling prices for propane and butane for March, according to a statement released on Thursday.

The new prices are set at $615 per tonne for propane and $605 per tonne for butane.

Both propane and butane are types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as feedstock in the petrochemical industry. Although similar, these gases have different boiling points, making them suitable for a range of specific applications.

Aramco’s OSPs for LPG serve as important benchmarks for contracts supplying these products from the Middle East to the Asia-Pacific region.

Propane demand typically peaks in the winter months, as it is a key source of home heating, and this seasonal increase often drives up prices.

The fluctuations in price are a direct reflection of supply and demand dynamics, with colder weather pushing prices higher in line with greater consumption.


Pakistan consumer inflation to remain stable in February — finance ministry

Pakistan consumer inflation to remain stable in February — finance ministry
Updated 29 sec ago
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Pakistan consumer inflation to remain stable in February — finance ministry

Pakistan consumer inflation to remain stable in February — finance ministry
  • Inflation anticipated to remain within range of 2.0-3.0% for February, prospects of a slight increase to 3.0-4.0% by March 
  • Inflation has eased since last year with CPI coming in at 2.4% in January compared to 24% in the same period last year

ISLAMABAD: Pakistan’s consumer inflation was expected to remain stable in February and maintain a downward trajectory compared to the previous year, the finance ministry said in its monthly economic outlook report on Thursday.

“Inflation is anticipated to remain within the range of 2.0-3.0% for February 2025, however, there are prospects of a slight increase to 3.0-4.0% by March 2025,” the report said.

Inflation has eased since last year with CPI coming in at 2.4% in January compared to 24% in the same period last year.

Authorities have credited the downward trend to economic stabilization under a $7 billion International Monetary Fund program secured last summer.

An IMF mission is due to arrive in Islamabad next week for the first review of the global lender’s facility.

“The primary surplus is expected to improve further in the coming months,” the ministry said, pointing to one of the benchmarks identified by the IMF.

The report also said that foreign remittances, a crucial lifeline for Pakistan’s economy, were expected to rise.

“Workers’ remittances recorded robust inflows of $20.8 billion during July-Jan FY2025, marking a 31.7% increase over $15.8 billion last year,” the ministry said.


Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license
Updated 17 min 3 sec ago
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Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

Oil Updates — crude gains after Trump cancels Chevron’s Venezuela license

TOKYO/SINGAPORE: Oil prices climbed for the first time in three days on Thursday, with supply worries resurfacing after US President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela.

Brent crude oil futures rose 24 cents or 0.33 percent to $72.77 a barrel by 6:28 a.m. Saudi time. US West Texas Intermediate crude oil futures were up 18 cents or 0.26 percent at $68.80 per barrel.

A day earlier, the contracts settled at their lowest since Dec. 10 due to a surprise build in US fuel inventories that hinted at weakening demand and hopes for a potential peace deal between Russia and Ukraine.

Both benchmarks have lost about 5 percent so far this month.

Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago.

Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude.

“The Venezuela news triggered unwinding after the recent sell-off amid Russian-Ukraine ceasefire talks,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“Potential buying from the US Strategic Petroleum Reserve also supported the market since WTI was trading near its lowest level in over two months,” he said.

Last week, Trump said his administration would quickly fill up the SPR. He criticized Biden for tapping the SPR to bring down the price of gasoline.

Market participants remain focused on Trump’s Russian-Ukrainian peace talks. Trump said Volodymyr Zelensky would visit Washington on Friday to sign an agreement on rare earth minerals, while the Ukrainian leader said the success of the deal would hinge on those talks and continued US aid.

US crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprising gains, the Energy Information Administration said on Wednesday.

“Since this is a seasonal off-peak period, with demand shifting from kerosene to gasoline, the sell-off driven by rising product inventories has likely run its course,” NS Trading’s Kikukawa said.

Separately, Goldman Sachs said in a note on Wednesday that the US administration’s dual goals of commodity dominance and affordability reinforce the bank’s Brent $70-85 range baseline, a range that is conducive to robust US supply growth. 


Australia clears Qatar-Virgin deal to spur competition in aviation market

Australia clears Qatar-Virgin deal to spur competition in aviation market
Updated 32 min 48 sec ago
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Australia clears Qatar-Virgin deal to spur competition in aviation market

Australia clears Qatar-Virgin deal to spur competition in aviation market
  • Treasurer says deal will boost competition
  • Qantas says announcement expected, welcomes competition
  • Virgin long-haul flights to Doha to begin in June

SYDNEY: Australia on Thursday approved Qatar Airways buying a 25 percent stake in Virgin Australia from US private equity firm Bain Capital, posing a challenge for national flag carrier Qantas that has long dominated Australian air routes.

Qatar Airways in October proposed to buy the minority stake for an undisclosed amount after the federal government in 2023 denied the Middle Eastern carrier’s requests to fly additional services into Sydney, Melbourne, Brisbane and Perth.

Treasurer Jim Chalmers said the deal is expected to boost competition in the aviation sector and follows extensive talks by the government with industry, unions and other stakeholders.

“My decision aligns with the advice of the Foreign Investment Review Board that this proposal is consistent with the national interest,” Chalmers said in a statement.

“I have approved this proposal subject to legally enforceable conditions that ensure Australian representation on Virgin’s board and protection of its customer data.”

Australia’s treasurer has the power to cancel any foreign investments if it is deemed a risk to national security.

Virgin Australia CEO Jayne Hrdlicka said the deal will “support continued growth in line with the market domestically, improve our ability to compete for key segments of the market and add momentum to our margin ambitions.”

Qantas on Thursday said its first-half profit surged 11 percent on the back of strong demand, and declared a special dividend for the first time in more than two decades.

“We always said that we welcome competition, and we always said that we weren’t going to oppose the result. The announcement today was expected,” Qantas CEO Vanessa Hudson said in an earnings call, when asked about the government’s approval.

Qantas and its budget arm Jetstar together held about 65 percent of Australia’s domestic market while Virgin, its biggest domestic competitor, has a 35 percent share, data from Australia’s competition regulator showed.

Australia’s competition watchdog last week backed a planned alliance between Virgin Australia and Qatar Airways, which could result in 28 new weekly return services between Doha and Australia’s major cities.

Virgin said its long-haul flights to Doha, expected to begin in June, will be operated using aircraft leased from Qatar Airways and will offer travelers flying to Europe, Africa and the Middle East more value and choice.

Qantas has a rival international flying partnership with Dubai-based Emirates. Virgin has a code-sharing agreement with Abu Dhabi-based Etihad which will expire on June 1.

Bain Capital continues to hold a majority stake in Virgin, for which it was targeting an 1 billion Australian dollars ($630 million) listing before the plans were delayed.


IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
Updated 27 February 2025
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IMF team to visit Pakistan next week for $7 bln bailout review

IMF team to visit Pakistan next week for $7 bln bailout review
  • IMF team usually spends around two weeks to review fiscal reforms and policy
  • Separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing 

ISLAMABAD: A mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, finance minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout program due in March.

Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan.

Pakistan’s economy had stabilized and now needs to focus on an export led growth, the finance minister said.

The IMF team usually spends around two weeks to review fiscal reforms and policy.

A separate IMF team is visiting Pakistan to discuss around $1 billion in climate financing on top of the EFF.

That disbursement will take place under the IMF’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.


Saudi Arabia opens first phase of Sports Boulevard

Saudi Arabia opens first phase of Sports Boulevard
Updated 26 February 2025
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Saudi Arabia opens first phase of Sports Boulevard

Saudi Arabia opens first phase of Sports Boulevard

JEDDAH: Saudi Arabia has opened the first phase of Sports Boulevard, marking a major milestone in Riyadh’s transformation into a global athletics and lifestyle destination.  

The project, led by the Sports Boulevard Foundation, is now 40 percent complete, with 83 km of the route set to be accessible to visitors starting Feb. 27, according to the Saudi Press Agency. 

Chaired by Crown Prince Mohammed bin Salman, the board of directors of the SBF announced the launch of the phase, which includes five key destinations: Wadi Hanifah, the Promenade, a section at the intersection of Prince Mohammed bin Salman bin Abdulaziz Rd. and Prince Turki bin Abdulaziz Al-Awwal Rd., as well as the Princess Nourah bint Abdulrahman University internal loop, and the first phase of Sands Sports Park. 

The initiative, launched by King Salman in March 2019, aligns with the country’s Quality-of-Life Program, outlined in Saudi Vision 2030, by creating greener, more sustainable cities that encourage participation in activities like walking, cycling, and horse riding. It also aims to transform Riyadh into one of the world’s most livable cities by blending sports with cultural, artistic, and environmental opportunities. 

The Sports Boulevard, closely overseen by the crown prince, stretches across Riyadh, connecting Wadi Hanifa in the west to Wadi Al-Sulai in the east via Prince Mohammed bin Salman Road.

At over 135 km in length, it will become the world’s largest linear park. The project includes pathways for pedestrians, cyclists, and amateur athletes, as well as horse trails and various other sports facilities.

The urban facades follow the distinctive design guidelines outlined in the Sports Boulevard’s design code.

The first completed destination of the project, Wadi Hanifah, is located in western Riyadh. Stretching 13.4 km, it runs from Al-Olab Dam in the north to Jeddah Road in the south, passing through the Diriyah Gate project. 

Wadi Hanifah features pedestrian pathways, cycling and equestrian trails, green spaces, and designated rest areas. A key feature is the Cycling Bridge, which connects Wadi Hanifah to the Promenade. 

Located at the intersection of King Khalid Road and Prince Mohammed bin Salman Road, the bridge offers two distinct paths: a 1 km pedestrian walkway and a 771-meter cycling track. 

The Promenade spans 4 km and follows the Sports Boulevard’s urban design code, which draws inspiration from Salmani architecture. It features dedicated cycling paths for both professionals and amateurs, expansive green spaces, water features, walking trails, children’s playgrounds, and a variety of retail outlets. 

At the intersection of Prince Mohammed bin Salman bin Abdulaziz Road and Prince Turki bin Abdulaziz Al-Awwal Road, a 300-meter area features the Arts Tower — an installation inspired by the high-voltage electricity towers that once lined Prince Mohammed bin Salman Road. The figure’s geometric panels reflect sunlight, creating reflections, and serving as a distinctive landmark and focal point for visitors.

 The Sands Sports Park, the fifth completed destination in the first phase, is located southeast of King Khalid International Airport. It offers dedicated cycling paths, mountain bike trails, BMX tracks, and scenic hiking and equestrian trails. 

At its core is the Najdi Flower, a signature 45-km cycling route for professionals. Over 350,000 sq. meters of sand dunes have been rehabilitated to enhance the park’s natural landscape.

The park also features retail outlets and specialized centers for bicycle rentals and accessories. Future phases will introduce additional sports facilities and buildings, further enhancing the visitor experience.

The news agency reported that the SBF had previously opened the Prince Turki bin Abdulaziz Al-Awwal Road Underpass to improve traffic flow and mobility in Riyadh. Construction is also ongoing at other project destinations, including those beyond the Promenade, the Urban Wadi Destination, the King Abdulaziz Road Underpass, and the Abi Bakr Al-Siddiq Road Underpass.

SPA concluded that these developments are progressing according to the approved project schedule.

As part of the broader Sports Boulevard project, the SBF announced in December it had launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters.

SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape.