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Colin Prentice, an ISA99 expert at Emerson Automation Solutions
Building strong cybersecurity foundation a deterrent against risks
DUBAI — Selecting, engineering, implementing, and operating a control system is a significant, long-term investment. Yet applying a defense-in-depth strategy to protect the process from cybersecurity risks is another significant, long-term investment that can be made more complicated if the inherent security features of the control system are not strong, an industry expert said.Colin Prentice, an ISA99 expert at Emerson Automation Solutions, and OT cybersecurity leader in MEA region, stressed that emerging cybersecurity standards can help project personnel recognize process control systems that are cybersecure-ready.Working with automation suppliers and their customers, the International Society of Automation (ISA) developed the ANSI/ISA 62443 family of standards, aimed at guiding end...
June 12, 2020

Building strong cybersecurity foundation a deterrent against risks

KAPSARC assesses impact of COVID-19 on transport and gasoline
RIYADH — The King Abdullah Petroleum Studies and Research Center (KAPSARC) assessed the impact of COVID-19 on transport and gasoline demand, and its role in reducing gasoline prices in Saudi Arabia, issued recently by the center in two Instant Insight publications.In these publications, the center explores how a pandemic can change the entire transport sector, and how to help policymakers mitigate the negative impacts of the crisis.The paper entitled “The Impact of COVID-19 on Transport and Gasoline Demand” revealed that the transport sector demand has declined globally by at least 50%, due to the closures that the world has witnessed, in order to reduce the spread of the pandemic.Apple Maps Mobility Trends Reports showed a decrease in public transport demand globally by 75% to...
June 11, 2020

KAPSARC assesses impact of COVID-19 on transport and gasoline

OPEC reduces oil price volatility by two-thirds: KAPSARC
RIYADH — A new study co-authored by the King Abdullah Petroleum Studies and Research Center (KAPSARC) researchers and published by the International Association of Energy Economics explores OPEC’s attempts to stabilize the oil market over the past 50 years. The research finds that:During the OPEC+ period considered (2017-2019), OPEC’s actions reduced monthly oil price volatility by 64%.The peer-reviewed research paper “OPEC’s Pursuit of Market Stability” concludes that OPEC's use of spare capacity has achieved a significant reduction in oil price volatility, especially during the more recent OPEC+ period.The study highlights how difficult it is to stabilize the world oil market, with disruptions to demand and supply being both large and frequent and coming from many...
June 11, 2020

OPEC reduces oil price volatility by two-thirds: KAPSARC

Global upstream investments set for 15-year low, falling to $383bn in 2020
OSLO — Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecast to reach $383 billion this year, the lowest level in 15 years and a staggering 29% decrease of $156 billion compared to 2019.With 2019’s upstream investments calculated at $539 billion, the decline is set to bring annual investment to a level lower than that of the previous downturn. Spending is also expected to be largely flat in 2021, landing only marginally higher than 2020 at $386 billion.Before the COVID-19 pandemic, Rystad Energy expected total upstream investment would maintain last year’s levels, both in 2020 and 2021.We expect shale and tight oil investments will...
June 11, 2020

Global upstream investments set for 15-year low, falling to $383bn in 2020

Crude oil weakness emerging following OPEC+ decision
By Ole HansenDUBAI — Crude oil has run into profit taking following the OPEC+ expected and already priced in decision to extend production cuts to end July. Multiple challenges to oil's continued recovery exists and with that in mind we suspect the expected consolidation phase has started. Later Thursday we have two risk events on tap with the EIA's Weekly Petroleum Status Report being followed by the FOMC rate decision.What is our trading focus?OILUKAUG20 – Brent Crude Oil (August); OILUSJUL20 – WTI Crude Oil (July); XOP:arcx – Oil & Gas Exploration & Production; XLE:arcx – Energy Select Sector SPDR Fund (Large-cap US energy stocks).Crude oil’s behavior following the agreement by OPEC+ members to extend the 9.7 million barrels/day production cut until end July, could...
June 11, 2020

Crude oil weakness emerging following OPEC+ decision

Florida reported the highest number of new cases in a week as news of a second wave of contagion in the US spreads concern.
Worst nightmare becomes reality
By Ipek OzkardeskayaGENEVA — Investors’ worst nightmare becomes reality with news of a second wave of contagion hitting the wires in the US. According to Bloomberg, Florida reported the highest number of new cases in a week and hospitalizations in Texas surged by a record 6.3%. Meanwhile, the WHO warned that the persistent rise in Latin America is a cause for concern.If investors start jumpshipping on news that a second wave would lead to another period of confinement and economic shutdown, then the global stock markets would be hit by another wave of a severe sell-off.This time, however, the dip could be limited as those who regret being too skeptical regarding the Federal Reserve’s (Fed) capacity to resuscitate the market and missed the latest rally, would probably take the second...
June 11, 2020

Worst nightmare becomes reality

Coal recovery is W-shaped: BofA report
Global coal prices collapsed in recent months as the global lockdown took its toll on power demand around the world. Newcastle prices dropped to a low of $50.50/mt in late April and only recovered slightly to $55 Thursday, according to a Bank of America (BofA) research.Demand is now sequentially picking up as the world emerges from lockdown, but some supplies namely in Colombia have been adversely affected by the lockdown. Those two factors should allow Newcastle thermal coal prices to recover further in the coming months and thus we set our 2H20 forecast at $61/mt, $3 above the current forward.Yet near-term tightness should give way to looser balance in 2H20 as the recession lingers, weighing on the coal demand recovery. Meanwhile supplies could recover relatively faster than demand,...
June 11, 2020

Coal recovery is W-shaped: BofA report

Honeywell UV Cabin System
Honeywell to introduce fast, affordable UVC system for airplane cabins
LONDON — Honeywell and Dimer LLC Thursday announced a partnership to bring an ultraviolet cleaning (UVC) system to airlines that, when properly applied, significantly reduces certain viruses and bacteria on airplane cabin surfaces. The Honeywell UV Cabin System can treat an aircraft cabin in less than 10 minutes for just a few dollars per flight for midsize to large airline fleets.“This offering is a big win for our airline customers, which are seeking affordable ways to clean their cabins effectively and quickly between flights,” said Mike Madsen, Honeywell Aerospace president and CEO. “Honeywell is working on a range of solutions to help make passengers more comfortable about flying.”Honeywell is accepting orders for the UV Cabin System now with the first shipments coming in...
June 11, 2020

Honeywell to introduce fast, affordable UVC system for airplane cabins

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, accompanied by Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), witnessed the lifting and installation of the Molten Salt Receiver (MSR) on top of the world’s tallest solar power tower at 262.44 meters, at the largest Concentrated Solar Power (CSP) project in the world.
Molten Salt Receiver installed on world’s tallest solar power tower
DUBAI — Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, accompanied by Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), witnessed the lifting and installation of the Molten Salt Receiver (MSR) on top of the world’s tallest solar power tower at 262.44 meters, at the largest Concentrated Solar Power (CSP) project in the world.The CSP project is part of the 4th phase of the Mohammed Bin Rashid Al Maktoum Solar Park. The 950MW 4th phase is based on the Independent Power Producer (IPP) model with investments totaling AED15.78 billion.Sheikh Ahmed, accompanied by Al Tayer, checked the progress of construction of the 4th phase. Ahmed Buti Al Mehairibi, secretary general of the Dubai Supreme Council of Energy, DEWA’s...
June 11, 2020

Molten Salt Receiver installed on world’s tallest solar power tower

Nissan Saudi Arabia has signed a partnership agreement with the Directorate of Health Affairs in Makkah to contribute to the ongoing battle in controlling the spread of the coronavirus.
Nissan KSA provides fleet of cars to support Makkah health directorate efforts
JEDDAH — Nissan Saudi Arabia has signed a partnership agreement with the Directorate of Health Affairs in Makkah to contribute to the ongoing battle in controlling the spread of the coronavirus.The CSR initiative by Nissan KSA aims to maximize support for the Directorate of Health Affairs in Makkah by providing them with a fleet of Nissan cars for their healthcare professionals who are working around the clock, to facilitate their transport during this critical time.Director General of Health Affairs in Makkah Region Dr. Wael Mutair and the Managing Director of Nissan Saudi Arabia Bader El Houssami signed the partnership agreement.“Nissan has always prioritized people, whether it’s our customers, employees, dealers or community, people are at the heart of what we do. It is our duty...
June 11, 2020

Nissan KSA provides fleet of cars to support Makkah health directorate efforts

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