County Gulf Financial News

Oil companies have offered $382 million for drilling rights in the Gulf of Mexico after courts rejected the Biden administration’s plans to scale back the sale to protect an endangered whale species

Indian Navy has deployed a second frontline ship in the Gulf of Aden to augment its anti-piracy mission, following the hijacking of a Malta-flagged cargo vessel by pirates. The Navy now has stealth guided-missile destroyer INS Kochi and INS Kolkata in the region, officials said. The Navy swiftly responded after receiving a call for help from MV Ruen, the Malta-flagged hijacked vessel, on December 14.

Israel's Minister of Defense Yoav Gallant visited an Israeli Navy «Sa'ar 6» class Missile Ship sailing in the Gulf of Eilat on Wednesday. He also met with the Navy commanders and soldiers operating in the vicinity of the city of Eilat. Gallant was briefed on operational and intelligence activities as well as the Navy's preparations in the face of aerial and naval threats in the Red Sea, such as the attacks by Houthi terrorists based in Yemen.

MV Ruen, which was hijacked by around six pirates, 680 nautical miles east of Bosaso, the commercial capital of Somalia’s breakaway Puntland region, was moved on Monday to Indian stealth destroyer INS Kochi for medical assistance following a bullet injury in firing by pirates, news agency ANI reported Tuesday. The crew member had a bullet injury near his shoulder during the piracy incident but was reported to be stable.

bomb cyclone, characterized by intense gale-force winds, heavy rains, and the potential for flooding, is advancing toward a significant portion of the East Coast. The National Weather Service has issued a wind advisory for over 32 million Americans, anticipating winds ranging between 40 and 70 mph along the coast, with the possibility of gusts reaching up to 85 mph. The storm, originating from Florida and Georgia, is expected to bring substantial rainfall, with a stretch from North Carolina to Maine experiencing up to 4 inches. Early on Sunday, 35,000 homes and businesses in Florida and Georgia were already without power.

Haitham bin Tariq, the first by an Omani PM in 25 years, marks an important moment in bilateral ties. As the largest non-Opec producer in the region, and a member of the Gulf Cooperation Council (GCC), the India-Oman bilateral relationship is an important element of New Delhi's partnership with the region. This is reflected in the growing Oman India Joint Investment Fund, now worth $300 million, and progress on the comprehensive economic partnership agreement.

Kuwait’s new ruler is taking over in his 80s and will be confronted with the same economy-hobbling political dysfunction that has for years doomed reforms. But there are differences in this succession as well as similarities, and how they play out will help dictate whether 83-year-old Emir Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah can break the OPEC member state free of its paralysis.

MV Ruen, was boarded by armed pirates, prompting an immediate reaction from Indian naval forces. According to a naval spokesperson, the Indian warship, engaged in anti-piracy patrol in the Gulf of Aden, swiftly changed course to pursue MV Ruen after it issued a Mayday call via the UKMTO portal, reporting the presence of around six unknown individuals on board. The safety of the 18 crew members aboard MV Ruen remains a top priority, with the Indian Navy coordinating efforts with other agencies and a multi-national force in the area. An official stated, «The overall situation is being closely monitored, and the safety of the crew on board the merchant vessel is paramount.» Both a maritime patrol aircraft and the warship have been deployed to monitor the hijacked vessel's movements.

Google Doodle on Sunday celebrated Ha Long Bay in Vietnam, situated in the Gulf of Tonkin within the Quang Ninh province. According to the description, this geological marvel took shape around 3 million years ago.

By Nidal al-Mughrabi, Ibrahim Abu Mustafa and Dan Williams

Prime Minister Narendra Modi and Haitham bin Tarik, the Sultan of Oman, on Saturday adopted a new 'India-Oman joint vision, a partnership for future' focusing on ten essential areas, heralding a new chapter in the strategic partnership between the two nations. «India and Oman have had an unbreakable bond of deep friendship for centuries. At one end of the Arabian Sea is India and at the other end is Oman.

Indian Navy has responded to a pirate attack on a merchant vessel in the Arabian sea, deploying a warship and a reconnaissance aircraft to track the boat. The mission deployed assets of the Indian Navy near the Gulf of Aden — a known piracy hotspot — were activated after a distress call was received from a Matla flagged vessel on Thursday evening. «Responding swiftly to the developing situation, Indian Navy diverted its Naval Maritime Patrol aircraft undertaking surveillance in the area and its warship on Anti Piracy patrol in the Gulf Aden to locate and assist MV Ruen,» officials said. They added that MV Ruen — a bulk carrier built in 2016 — sent a distress call saying that it was being boarded by six unknown persons while sailing in international waters.

Gaza is now destroyed, or un-inhabitable. International analysts have termed this ‘domicide’ - the mass destruction of dwellings to make the territory uninhabitable. According to a report published by Guardian, as much as 40% of the housing in Gaza has been damaged or destroyed.

Chinese warships have made a first visit to a Cambodian naval base that Washington has long feared will boost Beijing's influence in the Gulf of Thailand. A Cambodian defence ministry official said on Thursday that Chinese-funded work to expand the Ream base, near the port city of Sihanoukville, would be «finished soon». Cambodian Defence Minister Tea Seiha said on his Facebook page that he had visited the two ships docked at the base on Sunday «to prepare a training of our Cambodian naval fleet». Cambodian officials refused to give any details of the vessels, the purpose of their visit or how long they were staying, but a sign on one of the gangways identified it as belonging to the Chinese navy. Chinese Foreign Ministry spokesperson Wang Wenbin said: «China and Cambodia have an extremely deep friendship, and the two sides have developed richly successful cooperation in many fields.» The Vice-Chairman of China's Central Military Commission, General He Weidong, visited Phnom Penh earlier this week and met Prime Minister Hun Manet. Cambodia has long had close relations with Beijing and US officials fret that the base will boost China's effort to buttress its international heft with a string of naval and military outposts. Satellite imagery published in July showed that a 363-metre (1,190-foot) pier had been built jutting out into the sea.

Duqm Port in Oman will be a key focus when Prime Minister Narendra Modi hosts Sultan of Oman Haitham bin Tarik here later this month. This will be Haitham bin Tarik's maiden trip to India since taking over as Oman's Sultan following demise of his predecessor Qaboos bin Said Al Said, who shared close and special bonds with India. Oman will inaugurate two key infrastructure projects in the Duqm Port complex ahead of the Sultan's India trip and facilities for India at the port will figure high on the agenda. Muscat has given facilities to the Indian Navy in Duqm Port to facilitate their presence in the Indian Ocean Region. The port overlooks the Gulf of Oman, the Indian Ocean and the Arabian Sea.

Vladimir Putin will travel to the United Arab Emirates and Saudi Arabia, according to people familiar with the plans, a rare trip abroad for the leader since his invasion of Ukraine. Putin plans to visit Abu Dhabi, UAE, this week, according to one person, who asked not to be identified due to the sensitivity of the topic. He also intends to travel to Saudi Arabia, according to another person.

DUBAI—World leaders gathered for climate talks in this oil-rich corner of the globe amid sharp divisions over how quickly governments need to wean their economies off fossil fuels to prevent the planet from blowing past the Paris accord’s temperature targets. Vice President Kamala Harris was expected to join Brazilian President Luiz Inácio Lula da Silva, French President Emmanuel Macron and a host of leaders from across the Gulf region Friday at the start of a two-day summit to kick off the United Nations’ annual climate talks, known as COP28.

Goldman Sachs Head of Oil Research Daan Struyven provides insight on the refinery sector on 'The Claman Countdown.'

Binance is reportedly facing challenges in Thailand ahead of its plans to launch a new crypto platform with billionaire Sarath Ratanavadi’s Gulf Energy.

MUMBAI : Aster DM Healthcare has agreed to sell its gulf business to its India promoters and Fajr Capital Advisors for $1.01 billion, the company said on Tuesday. While sovereign-backed private equity Fajr will own 65% of the new entity, Alpha GCC Holdings Ltd, the promoter of Aster India will own 35%, at the close of the transaction. The selling entity is Affinity Holdings Pvt Ltd, a wholly owned material subsidiary of Aster DM Healthcare, that operates the entities conducting business in the Gulf Cooperation Council (GCC) region.

The seizure off Yemen is the third such assault in the Israel-Hamas war.