• The GCC Financial Forum 2019
Poland, Denmark for Baltic Sea pipeline

Poland, Denmark for Baltic Sea pipeline

EU partners Poland and Denmark yesterday agreed to build a natural gas pipeline along the Baltic Sea floor to supply Poles with Norwegian gas as they seek to ease heavy dependence on Russian supplies. Under the plan, the 900 kilometre-long (560 miles) Baltic Pipe project is due to be pumping gas to Poland via Danish territory by 2022 when Warsaw’s contract with Russia’s Gazprom is set to end.

“Today we managed to make a quantum leap towards the security and independence of Poland’s energy sector,” Polish Prime Minister Mateusz Morawiecki said on Twitter confirming the deal on Friday. “An investment decision was made to build the strategic Baltic Pipe gas pipeline that will enable gas to be imported from the Norwegian Shelf via Denmark,” he added, referring to the deal announced by Polish and Danish state-owned gas grid operators.

Poland’s GAZ-SYSTEM SA and Danish Energinet SOV announced on Friday they had worked out a deal on the pipeline to put “into service all its elements until October 1, 2022” with a capacity of up to 10 billion cubic meters a year. They added that the “project already received EU financial support of 51.4 million euros ($58 million) from the Connecting Europe Facility (CEF)” but did not disclose an overall cost in their statement. Earlier this month, Poland signed its second multi-decade agreement deal for US liquefied natural gas (LNG) deliveries in an effort to wean itself off its heavy reliance on Russia amid tensions with Moscow.




US, China open trade talks in Beijing

US, China open trade talks in Beijing

US and Chinese negotiators kicked off two days of high-level trade talks in Beijing yesterday hoping to resolve a festering dispute that has cast a shadow over financial markets and the global growth outlook. Pressure to seal an accord

Saudi crown prince to visit Indonesia

Saudi crown prince to visit Indonesia

Indonesia will host Saudi Arabian Crown Prince Mohammed bin Salman for a state visit next week, Jakarta said yesterday, part of an Asian tour that includes stops in Pakistan, India and Malaysia. His two-day visit to the world’s b

Bahrain ready for Sports Day

Bahrain ready for Sports Day

The Kingdom of Bahrain is all set to embrace another major sporting event as the 2019 Bahrain Sports Day kicks off in different parts of Bahrain today. Organisations representing government and non-government parties, including ministr


Khloe breaks up with Tristan

Khloe breaks up with Tristan

American reality star Khloe Kardashian has called it quits with NBA player Tristan Thompson, just 10 months after the two welcomed their daughter. E! News confirmed recently that the couple has split up. This comes right around the sam

Palladium tops $1,500

Palladium tops $1,500

Precious metal palladium yesterday reached above $1,500 per ounce for the first time in trading thanks to supply deficit worries, according to analysts. Palladium hit $1,504.52 per ounce from $1,480.15 late on Tuesday. It later yesterd

ABG reports profit of US $129 million

ABG reports profit of US $129 million

Al Baraka Banking Group (ABG) reported increases in income, with a 4 per cent increase in net operating income, a 5pc rise in total net income, as net income attributable of shareholders remained unchanged compared to the year 2017. Th