A worker checks pipes at a gas compressor station on the Yamal-Europe pipeline near Nesvizh, some 130 km (81 miles) southwest of Minsk December 29, 2006.REUTERS/Vasily Fedosenko
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FRANKFURT/PRAGUE, Dec 26 (Reuters) – The Yamal-Europe pipeline that usually delivers Russian gas to Western Europe was sending the fuel back to Poland for a sixth straight day on Sunday, according to data from German network operator Gascade.
Data showed that flows at the Mallnow metering point on the German-Polish border were going east into Poland at an hourly volume of nearly 1.2 million kilowatt hours (kWh/h) on Sunday.
Auction results showed Russian gas exporter Gazprom had not booked gas transit capacity for exports via the Yamal-Europe pipeline for Monday.
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Gascade, which gets Russian gas and transports it within Germany, is owned by WIGA, a joint venture of Gazprom and oil and gas company Wintershall DEA (WINT.UL). Wintershall DEA is co-owned by German chemicals group BASF (BASFn.DE) and Russia’s LetterOne.
Russia said this week the flow reversal was not a political move, though it coincides with rising tensions between Moscow and the West over Ukraine and has pushed gas prices to record highs. read more
Russian President Vladimir Putin said on Thursday Germany was reselling Russian gas to Poland and Ukraine rather than relieving an overheated market, putting blame for the reversal, and rocketing prices, on German gas importers.
The German Economy Ministry has declined comment on Putin’s allegation. Gas importers have not responded to Reuters’ requests for comment.
Data from Slovak pipeline operator Eustream showed capacity nominations for Sunday’s Russian gas flows from Ukraine to Slovakia via the Velke Kapusany border point were at 739,826 megawatt hours (MWh), slightly down from Saturday’s 747,031 MWh and below levels in recent weeks.
The recent drop was being balanced by higher nominations for flows from the Czech Republic to Slovakia, meaning that nominations for flows from Slovakia to Austrian hub Baumgarten were roughly stable compared with levels in past days and weeks.
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Reporting by Christoph Steitz and Jan Lopatka
Editing by Robert Birsel and Mark Heinrich
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One killed, 20 injured, three seriously, source says
Driver placed under formal investigation for manslaughter
Tesla says no technical problem to flag
Vehicle hit metal posts, bicycles, bin, van, witnesses say
PARIS, Dec 15 (Reuters) – Tesla Inc (TSLA.O) has told the French government there is no indication that a fatal accident in Paris involving a Tesla Model 3 taxi was caused by a technical fault, a government spokesman said on Wednesday.
Paris taxi company G7 has suspended the use of the 37 Model 3 cars in its fleet after the accident on Saturday evening, which involved one of its drivers.
BFM TV reported that the driver had been placed under formal investigation for suspected manslaughter. Under French law, a formal investigation means there is “serious or consistent evidence” implicating a suspect in a crime. It is one step closer to a trial, but such investigations can be dropped.
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One person was killed in the crash and 20 injured, three of them seriously. read more
“We have been in contact, of course, with Tesla’s management and they tell us that there is no technical problem to flag on their vehicles,” government spokesman Gabriel Attal told reporters.
He added that the government was waiting for the outcome of the ongoing judicial investigation.
Still in shock four days after the accident, witnesses told Reuters the car ploughed through metal posts, a row of pay-to-ride bicycles, a recycling bin full of glass and hit pedestrians and a van before finally coming to a halt.
“I thought it was an attack. There was glass, dust … it was as if there had been a blast,” Tillard Diomande, who was serving clients from behind his bar in a nearby restaurant, said.
The vehicle, which had stopped at a red traffic light, suddenly sped forward, hitting and dragging with it a cyclist who later died, a police source said, citing the driver’s own version of events, witnesses and video surveillance.
The driver tested negative in an alcohol test, the police source said.
It was not clear whether the car was operating in Tesla’s Autopilot mode, which handles some driving tasks.
NO SAFETY ALERTS
Transport Minister Jean-Baptiste Djebbari told RMC radio that he had spoken with the chief executive of Tesla Europe, who told him there had been no safety alerts about the Model 3.
He added that the automaker, which collects detailed data from the sensors and cameras on its vehicles, notified him that it had provided the relevant technical data to investigators.
Tesla, which is at the forefront of the electrical and self-driving vehicle revolution and has a market value of nearly $1 trillion, has not responded to requests for comment.
G7 Deputy Chief Executive Yann Ricordel told Reuters the accident occurred while an off-duty taxi driver was taking his family to a restaurant. The driver tried to brake but the car accelerated instead, Ricordel said.
Video of the scene obtained by Reuters showed the wreckage of a black Tesla and debris strewn across the street. The vehicle’s left-hand side was crumpled, the front left wheel collapsed and the windscreen shattered.
The car appeared to have collided with a white van, which suffered front-end damage. Other footage circulating on social media showed members of the public tending to the wounded and shocked bystanders in the aftermath of the accident.
Tesla boss Elon Musk was named 2021 “person of the year” by both Time magazine and the Financial Times for triggering a historic shift in the auto industry towards electric vehicles, and also sending rockets into orbit with his space company.
Tesla’s Model 3 topped European car sales in September, marking the first time an electric vehicle has done so in monthly charts.
The National Highway Traffic Safety Administration (NHTSA), the U.S. auto safety regulator, said in August it had sent teams to review 31 Tesla crashes involving 10 deaths since 2016 where it suspected advanced driver assistance systems use.
It ruled out Autopilot in three of the crashes.
Last year the NHTSA opened a formal review into over 200 complaints about sudden acceleration of Tesla cars, but the regulator later said it found no defects in Tesla’s systems, saying the accidents were caused by “pedal misapplication”.
Musk has repeatedly defended Autopilot and in April tweeted that “Tesla with Autopilot engaged now approaching 10 times lower chance of accident than average vehicle.”
Tesla advises drivers they must keep their hands on the steering wheel and pay attention while using Autopilot.
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Reporting by Mathieu Rosemain and Elizabeth Pineau in Paris
Additional reporting by Alain Acco in Paris, David Shepardson in Washington and Hyunjoo Jin in San Frnacisco
Writing by Richard Lough and Silvia Aloisi
Editing by Jason Neely, Philippa Fletcher and Matthew Lewis
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STOCKHOLM, Dec 13 (Reuters) – Two cargo ships collided on Monday in the Baltic Sea between the Danish island of Bornholm and the southern Swedish city of Ystad and a rescue operation was launched for at least two people, Danish and Swedish authorities said.
The ship Karin Hoej, registered in Denmark, had capsized and was upside down, the Swedish Maritime Administration said. It had two people on board and they were missing, the Danish Defence’s Joint Operations Centre (JOC) said.
The other ship, the British-registered Scot Carrier, was functional and its crew was safe.
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“I can confirm an accident has happened but I do not know the circumstances,” Soren Hoj, managing director of the shipping company Rederiet Hoj, which owns the Karin Hoej.
The vessel, which was not loaded, was sailing from Sodertalje in Sweden to Nykobing Falster in southern Denmark with two people on board, he said.
“A major rescue operation is taking place,” Hoj said.
A spokesperson for the Danish Meteorological Institute said there was fog in the area at the time of the accident, around 3.30 a.m.
The accident happened in Swedish territorial waters and the two ships were sailing in the same direction when they came into contact, the Danish JOC said.
Denmark was helping Swedish authorities with the rescue. A rescue boat has been launched from Bornholm island and a helicopter had also been dispatched from the Danish side.
Civilian vessels in the vicinity were also helping the search and rescue mission.
Swedish news agency TT cited a Swedish coastguard spokesman as saying one of the vessels was 90 metres long and the other was 55 metres.
Denmark’s JOC was not immediately able to say whether the ships carried any hazardous cargo.
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Reporting by Anna Ringstrom in Stockholm, Nikolaj Skydsgaard and Jacob Gronholt-Pedersen in Copenhagen; Writing by Stine Jacobsen; Editing by Tom Hogue, Robert Birsel
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Fishermen sail a boat past a power plant of the State Development and Investment Corporation (SDIC) outside Tianjin, China, October 14, 2021. REUTERS/Thomas Peter
China thermal coal prices hit record high
Power reform comes into effect
Cold winds from north sweeps central and east China
China’s Met Office forecasts sharp drops in temperatures
BEIJING, Oct 15 (Reuters) – China’s energy crisis deepened on Friday as cold weather swept into much of the country and power plants scrambled to stock up on coal, sending prices of the fuel to record highs.
Electricity demand to heat homes and offices is expected to soar this week as strong cold winds move down from northern China. Forecasters predict average temperatures in some central and eastern regions could fall by as much as 16 degrees Celsius in the next 2-3 days.
Shortages of coal, high fuel prices and booming post-pandemic industrial demand have sparked widespread power shortages in the world’s second-largest economy. Rationing has already been in place in at least 17 of mainland China’s more than 30 regions
since September, forcing some factories to suspend production and disrupting supply chains.
The most-active January Zhengzhou thermal coal futures hit a record high of 1,669.40 yuan ($259.42) per tonne early on Friday. The contract has risen more than 200% year to date.
The three northeastern provinces of Jilin, Heilongjiang and Liaoning – among the worst hit by the power shortages last month – and several regions in northern China including Inner Mongolia and Gansu have started winter heating, which is mainly fuelled by coal, to cope with the colder-than-normal weather.
Beijing has taken a slew of measures to contain coal price rises including raising domestic coal output and cutting power to power-hungry industries and some factories during periods of peak demand. It has repeatedly assured users that energy supplies will be secured for the winter heating season. B9N2QE019 read more
But power shortages are expected to continue into early next year, with analysts and traders forecasting a 12% drop in industrial power consumption in the fourth quarter as coal supplies fall short and local governments give priority to residential users.
Reuters Graphics
Earlier this week, China in its boldest step in a decades-long power sector reform said it would allow coal-fired power prices to fluctuate by up to 20% from base levels from Oct. 15, enabling power plants to pass on more of the high costs of generation to commercial and industrial end-users. read more
Steel, aluminium, cement and chemical producers are expected to face higher and more volatile power costs under the new policy, pressuring profit margins. Data on Thursday showed factory-gate inflation in September hit a record high. read more
Temperatures in northern China dip below normal, boosting heating demand amid power pinch
China aims to be “carbon neutral” by 2060 and Beijing has been trying to reduce its reliance on polluting coal power in favour of cleaner wind, solar and hydro. But coal is expected to provide the bulk of its electricity needs for some time.
China is not the only nation struggling with power supplies, which has led to fuel shortages and blackouts in some countries. The crisis has highlighted the difficulty in cutting the global economy’s dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow.
China will strive to achieve carbon peaks by 2030, Vice Premier Han Zheng said in a video message at the Russian Energy Week International Forum, according to state-run news agency Xinhua late on Thursday.
He also said that China and Russia are important forces leading the energy transition and they should cooperate and ensure smooth progress of major oil and gas pipeline and nuclear power projects.
($1 = 6.4351 Chinese yuan renminbi)
Reporting Shivani Singh in Beijing; additional reporting by Aizhu Chen, Muyu Xu and Beijing newsroom; Editing by Kim Coghill
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People should buy normally for Christmas – minister
Maersk diverts vessels from UK’s biggest port
Trucker shortage snarls Felixstowe
Maersk says lack of truck drivers is a problem
PM Johnson is on holiday
LONDON, Oct 13 (Reuters) – Britain said on Wednesday that people should buy normally for Christmas and there would be no shortage of gifts, after shipping containers carrying toys and electrical goods were diverted from the country’s biggest port because it was full.
Maersk, the world’s largest container shipping company, has diverted some vessels from Felixstowe port in eastern England because a lack of truck drivers means there is nowhere left to stack containers.
“I’m confident that people will be able to get their toys for Christmas,” Conservative Party co-Chairman Oliver Dowden told Sky. He said he was sure Christmas gifts would be delivered this year.
Dowden, a cabinet minister without portfolio, said the issues at the port were easing and the supply chain problems facing the world’s fifth largest economy were global – such as a shortage of truckers and port congestion.
“The situation is improving,” Dowden said, referring to Felixstowe, which handles 36% of the country’s containerised freight. Asked whether people should start to buy now for Christmas, he said: “I would say just buy as you do normally.”
He said Prime Minister Boris Johnson, who is on holiday abroad, was very much engaged with domestic and international issues. “He’s very much engaged with the job.”
Britain’s economy is forecast to grow at 6.8% this year, the fastest in the G7 leading economies, though supply chain disruption and inflationary pressures are constraining the global economy, the International Monetary Fund said.
A view shows stacked shipping containers at the port of Felixstowe, Britain, October 13, 2021. Picture taken with a drone. REUTERS/Hannah McKay
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Britain’s economy returned to growth in August after contracting for the first time in six months in July.
But its exit from the European Union has exacerbated some of the problems by constricting immigration.
Britain is short of about 100,000 truckers, leading to queues for fuel at filling stations and worries about getting food into supermarkets, with a lack of butchers and warehouse workers also causing concern.
“Felixstowe is currently among one of the affected ports. The main factors in addition to pandemic impact behind this situation are high consumption demand and lack of truck drivers for land side distribution,” Maersk said.
It was diverting some ships “to alternate continental ports” to regulate the flow of cargo and minimise the impact on supply chains and British consumers ahead of Christmas, it said.
A lack of labour is also affecting farmers.
Two sisters running a pig farm in northeast England urged Johnson to lift strict immigration rules for butchers or risk seeing the pork sector collapse under the weight of overly fattened animals.
“The pressure is like pressure we’ve never had before, emotionally it’s absolutely draining, financially it’s crippling,” Vicky Scott told Reuters over the squeals of a couple of hundred pigs. “We’re in a fairly bad place right now.”
Additional reporting by Jacob Gronholt-Pedersen in Copenhagen; Editing by Alistair Smout and Barbara Lewis
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The logo of the Nord Stream 2 gas pipeline project is seen on a pipe at the Chelyabinsk pipe rolling plant in Chelyabinsk, Russia, February 26, 2020. REUTERS/Maxim Shemetov//File Photo
Nord Stream 2 pipeline opposed by U.S., some Europeans
Critics say project makes Europe too reliant on Russia
Pipeline could ease sky-high European gas prices
Construction complete, operator says tests started
DUESSELDORF, Oct 5 (Reuters) – Germany’s energy regulator said the Nord Stream 2 pipeline must show it would not break competition rules by limiting which suppliers used it and could face a fine if it started pumping Russian gas to Germany without securing necessary approvals.
Nord Stream 2, a project led by Gazprom (GAZP.MM), which has a monopoly on Russian pipeline gas exports, will pump the fuel via a pipeline under the Baltic, bypassing Ukraine, which is embroiled in a long-running territorial dispute with Moscow.
Construction is completed and tests are underway, but the project has faced opposition from the United States and some European nations, which say it will make Europe too reliant on Russian gas, which accounts for about a third of European needs.
Opponents also say Russia has applied pressure to try to speed up the German approval process by not supplying extra gas to Europe at a time when the region is facing an energy crunch amid surging global gas demand and rocketing prices.
The Kremlin says it is meeting its obligations.
German regulator Bundesnetzagentur (BNetzA) said late on Monday it had asked the pipeline operator, Switzerland-based Nord Stream 2 AG, to show it was meeting all necessary regulatory requirements before the pipeline entered service.
“This relates in particular to issues of non-discriminatory network access and the integration of the interconnector into the German market area,” it said, a reference to rules that include ensuring the operator did not restrict access for other gas suppliers.
BNetzA, which said in September it had four months to complete certification, said it could not rule out that Nord Stream 2 operations could start soon. But it warned the operator that it could face a fine if it started up before necessary certification was secured. read more
ENSURING COMPLIANCE
Nord Stream 2 said on Monday it had started tests on the pipeline, which has capacity to pump 55 billion cubic metres (bcm) of gas a year. It runs parallel to an existing Nord Stream pipeline, doubling capacity of the network. read more
Germany’s Economy Ministry also has to carry out an assessment before the regulator can send its recommendation to the European Commission. The European Union executive then has two months to respond once is receives a submission.
The pipeline operator said: “Nord Stream 2 will continue to undertake all necessary efforts to ensure compliance with all applicable rules and regulations.”
It also said it had appealed against an August German court decision that ruled the pipeline was not exempt from EU rules requiring pipeline owners to be different from suppliers of the gas flowing through them. read more
Nord Stream 2 says these EU rules, which were amended in 2019, were aimed at torpedoing the project.
Analysts say Nord Stream 2 was unlikely to significantly ease sky-high gas prices which threaten hefty bills for European consumers this winter.
European benchmark Dutch wholesale gas for November were trading around 110 euros ($128) per megawatt hour (MWh) on Tuesday, up almost 500% since the start of the year.
($1 = 0.8621 euros)
Reporting by Tom Kaeckenhoff and Christoph Steitz; Additional reporting by Nina Chestney in London, Markus Wacket in Berlin and Oksana Kobzeva in Moscow; Editing by Sonya Hepinstall and Edmund Blair
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Transport secretary simplifies travel rules, cut costs
Expensive testing scrapped for fully vaccinated
Destinations will be ranked high or low risk
LONDON, Sept 17 (Reuters) – Britain simplified rules on Friday for international travel to England in a boost to the tourism industry, including scrapping the need for fully vaccinated passengers to take expensive COVID-19 tests on arrival from low-risk countries.
Under the new proposals, destinations will simply be ranked low or high risk, instead of red, amber and green. Eight countries, including Turkey, Pakistan and the Maldives, will be removed from the high-risk red band from next Wednesday which requires passengers to quarantine in a hotel.
From Oct. 4, vaccinated passengers arriving from low-risk countries will be permitted to take a cheaper lateral flow test, rather than the privately administered PCR lab tests now required. PCR tests for a family now can cost hundreds of pounds.
“Today’s changes mean a simpler, more straightforward system. One with less testing and lower costs, allowing more people to travel, see loved ones or conduct business around the world while providing a boost for the travel industry,” Transport Secretary Grant Shapps said in a statement.
The British government sets policy for England, while Scotland, Wales and Northern Ireland are in charge of their own rules.
Prime Minister Boris Johnson has faced months of pressure to ease the restrictions. Airlines and travel companies blamed the testing and complicated rules for the slowness of a recovery in air travel over the summer and warned that far-reaching changes were needed or more job losses would follow the 100,000 already lost.
The industry, already on its knees after 18 months of restrictions, is facing a cliff edge as a government furlough scheme ends later this month with winter approaching, when fewer people travel and businesses tend to make a loss.
RECOVERY LAGS
Unvaccinated travellers returning from low-risk countries will be required to take a pre-departure test, plus PCR tests on day two and day eight, and to self-isolate for 10 days on arrival, the government said.
England will also expand the list of countries from which it recognises vaccinations, after the success of a pilot with the United States and Europe. Another 17 countries and territories will be added to the list, including Japan and Singapore.
Data shows that Britain’s travel recovery is lagging. UK flights were down 39% compared with pre-pandemic levels for the two weeks to early Sept. 6, while France, Spain and Italy were down between 24% and 28%, according to Eurocontrol.
The travel company Thomas Cook described the changes as “a shot in the arm for the travel industry” while airline bosses, such as EasyJet(EZJ.L)Chief Executive Johan Lundgren, urged the government to go further by eliminating any screening of vaccinated travellers from low-risk countries.
The British Airline Pilots Association said the changes were good news for the industry. But workers in the sector would be among those most hurt by the end of the government’s furlough programme, which has paid salaries of staff sent home during the pandemic and expires at the end of this month.
“But there is still a way to go before UK aviation can truly take off again and the industry remains precariously placed after a dire summer season,” BALPA Acting General Secretary Martin Chalk said. “With furlough ending it is going to be hard for cash strapped airlines to get back up and running as demand returns.”
($1 = 0.7247 pound)
Reporting by Andrew MacAskill, Costas Pitas, Guy Faulconbridge and Sarah Young, Editing by Angus MacSwan, Philippa Fletcher, Peter Graff and Jonathan Oatis
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CHRIST CHURCH, Barbados, July 2 (Reuters) – Hurricane Elsa blew roofs off homes, toppled trees and sparked flooding in the island nation of Barbados then pounded St. Vincent with heavy rain and winds on Friday, as the storm was tracking towards Haiti.
Minister of Home Affairs, Information and Public Affairs Wilfred A. Abrahams urged Barbadians to shelter in place and only leave their homes if the structures were damaged.
Elsa strengthened into a hurricane earlier in the day and was about 95 miles (153 km) west-northwest of St. Vincent, blowing maximum sustained winds of 85 miles per hour (140 kph), the U.S. National Hurricane Center (NHC) said.
“The island definitely cannot handle any sort of damages at this point because we still haven’t recovered from the volcanic eruption yet,” said 20-year-old student Queriise Thomas in the community of Choppins in southern St. Vincent.
Earlier this year, heavy rains slammed St. Vincent with major flooding and landslides after a series of volcanic eruptions blanketed large swathes of the island in a thick layer of ash. read more
Thomas said intermittent heavy rain caused flooding and parts of the island lost electricity. St. Vincent’s water and sewage authority cut water supply to all residents as a precaution due to potential mudflows.
The NHC forecast 4 to 8 inches (10 to 20 cm) of rain with a maximum of 15 inches (38 cm) across the Windward and southern Leeward Islands including Barbados, which could lead to isolated flash flooding and mudslides.
A man views damage to a home after strong winds of Hurricane Elsa passed St. Michael, Barbados July 2, 2021. REUTERS/Nigel Browne
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Hurricane conditions were expected in Haiti and possible in the Dominican Republic and Jamaica by late Saturday, the agency said.
The Barbados minister said damage was reported in the south of the island including power outages, fallen trees, flash flooding and damaged roofs.
Emergency services were unable to reach people, but there were no reports of injuries or deaths.
A resident in south Barbados, 43-year-old structural engineer Greg Parris, whose home lost power around 7 a.m., said: “It was scary. Most of us, we haven’t experienced anything like this for a while.”
Elsa’s progress should be monitored by the Windward Islands, Leeward Islands, the Virgin Islands, Puerto Rico, the Dominican Republic, Cuba and the Cayman Islands, the Miami-based NHC said.
Little change in Elsa’s strength was forecast over the next 48 hours and some decrease in winds is possible on Monday, the hurricane center said.
Elsa’s storm surge was expected to raise water levels by as much as 1 to 4 feet above normal tide levels in some areas. Puerto Rico could receive up to 5 inches of rain, the NHC.
Reporting by Robert Edison Sandiford in Christ Church, Barbados and Kate Chappell in Kingston, Jamaica; Additional reporting by Anthony Esposito in Mexico City and Nakul Iyer in Bengaluru; Editing by Janet Lawrence and Cynthia Osterman
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MEXICO CITY, July 2 (Reuters) – A fire on the ocean surface west of Mexico’s Yucatan peninsula early on Friday has been extinguished, state oil company Pemex said, blaming a gas leak from an underwater pipeline for sparking the blaze captured in videos that went viral.
Bright orange flames jumping out of water resembling molten lava was dubbed an “eye of fire” on social media due to the blaze’s circular shape, as it raged a short distance from a Pemex oil platform.
The fire took more than five hours to fully put out, according to Pemex.
The fire began in an underwater pipeline that connects to a platform at Pemex’s flagship Ku Maloob Zaap oil development, the company’s most important, four sources told Reuters earlier.
Ku Maloob Zaap is located just up from the southern rim of the Gulf of Mexico.
Pemex said no injuries were reported, and production from the project was not affected after the gas leak ignited around 5:15 a.m. local time. It was completely extinguished by 10:30 a.m.
The company added it would investigate the cause of the fire.
Pemex, which has a long record of major industrial accidents at its facilities, added it also shut the valves of the 12-inch-diameter pipeline.
Angel Carrizales, head of Mexico’s oil safety regulator ASEA, wrote on Twitter that the incident “did not generate any spill.” He did not explain what was burning on the water’s surface.
Ku Maloob Zaap is Pemex’s biggest crude oil producer, accounting for more than 40% of its nearly 1.7 million barrels of daily output.
“The turbomachinery of Ku Maloob Zaap’s active production facilities were affected by an electrical storm and heavy rains,” according to a Pemex incident report shared by one of Reuters’ sources.
Company workers used nitrogen to control the fire, the report added.
Details from the incident report were not mentioned in Pemex’s brief press statement and the company did not immediately respond to a request for comment.
Reporting by Adriana Barrera and Marianna Parraga; Additional reporting by David Alire Garcia; Writing by Anthony Esposito; Editing by Daina Beth Solomon, Philippa Fletcher and David Gregorio
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CAIRO, June 29 (Reuters) – Saudi Arabia’s Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil.
The creation of another flag carrier would catapult Saudi Arabia into the 5th rank globally in terms of air transit traffic, official state media reported, without giving details on when and how the airline would be created.
Prince Mohammad has been spearheading a push for Saudi Arabia, the biggest Arab economy and the largest country in the Gulf geographically, to boost non-oil revenues to about 45 billion riyals ($12.00 billion) by 2030.
Making the kingdom a global logistics hub, which includes the development of ports, rail and road networks, would increase the transport and logistics sector’s contribution to gross domestic product to 10% from 6%, state news agency SPA said.
“The comprehensive strategy aims to position Saudi Arabia as a global logistics hub connecting the three continents,” Prince Mohammed was quoted as saying in the SPA report.
“This will help other sectors like tourism, haj and umrah to achieve their national targets.”
The addition of another airline would increase the number of international destinations from Saudi Arabia to more than 250 and double air cargo capacity to more than 4.5 million tonnes, the SPA report said.
With current flag bearer Saudi Arabian Airlines (Saudia), the kingdom has one of the smallest airline networks in the region relative to its size. Saudia has struggled with losses for years and like global peers, has been hit hard by the coronavirus pandemic.
Local media reported earlier this year that the kingdom’s sovereign wealth fund, the Public Investment Fund, (PIF), planned to build a new airport in Riyadh as part of the new airline launch, without giving further details.
The fund is the main vehicle for boosting Saudi Arabian investments at home and abroad as the young prince, known in the West as MbS, seeks to diversify the kingdom’s oil-heavy economy through his Vision 2030 strategy.
($1 = 3.7503 riyals)
Reporting by Nayera Abdallah and Alaa Swilam; Writing by Ghaida Ghantous and Marwa Rashad; Editing by Sonya Hepinstall, Marguerita Choy and Jane Wardell
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