JEDDAH: Saudi Arabia may increase its oil production beyond a planned 200,000 barrel-a-day increase in July if the oil market requires extra supplies, said Minister of Petroleum and Mineral Resources Ali Al-Naimi at the Jeddah Energy Meeting yesterday.

“I would like to state that for the remainder of this year Saudi Arabia is prepared and willing to produce additional barrels of crude oil above and beyond the 9.7 million barrels per day which we plan to produce during the month of July, if demand for such quantities materializes and our customers tell us they are needed,” he said. The Kingdom’s capacity will be 12.5 million barrels a day by the end of 2009 and may rise to 15 million after that if necessary, he said.

According to the minister, Saudi Arabia has identified a series of future crude oil mega-increments totaling another two-and-a-half million barrels per day of capacity that could be built if and when crude oil demand levels warrant their development. “Among these prospective programs are a 900,000 barrel-per-day increment in Zuluf, a 700,000 barrel-per-day increment in Safaniyah, a 300,000 barrel-per-day increment in Berri, a 300,000 barrel-per-day increment in Khurais and a 250,000 barrel-per-day increment Shaybah,” said Al-Naimi.

He said the Kingdom would press ahead with its planned investments in the refining sector “which over the next five years total some two million barrels per day of new refining capacity both in Kingdom and abroad.” He referred to the shareholders agreement Saudi Aramco signed with Total of France for the 400,000 barrel-per-day export-oriented refinery in Jubail. “It is a facility which will be configured to process Arab Heavy crude, and will therefore help to close the gap between existing refinery configurations and global crude oil slate,” said Al-Naimi.

He termed the investments as massive. “They will over the next five years total some $129 billion between the upstream and downstream segments of the industry. We are putting our money where our mouth is,” he said, adding: “The Kingdom has undertaken these projects and investments in the interest of global markets and in order to meet the needs of consumers around the world.”

Al-Naimi felt record prices were not reflecting the true state of market supplies. The price of a barrel of crude has doubled from about $70 to nearly $140 over the past year.

“Between the second quarter of 2007 and the second quarter of 2008, global demand rose by an estimated 800,000 barrels to 1.2 million barrels per day.

“At the same time, global oil supplies rose between 1.4 and 1.6 million barrels per day, substantially more than the increase in demand.”

He added that forward cover — a key market measure for how long oil inventories would last if production stopped — had increased from 52 days to 54 days over the past 12 months.

“Clearly something other than supply and demand fundamentals is at work here, and a simplistic focus on supply expansion is therefore unlikely to tame the current price behavior,” Al-Naimi said.

Al-Naimi said this was not the time to cast blame, point fingers or play a waiting game. “This is the time to stand up, step up and be part of the solution. The challenges before us require commitment, cooperation and a lot of courage. The issues at stake are too big and too complex for any one entity to resolve, for any one sector of our industry to tackle alone.”

He assured the world’s oil ministers that there were enough petroleum resources. “Yes, there are enough petroleum resources, both conventional and nonconventional, to meet oil demand for many, many decades to come,” said Al-Naimi. “What is required over the long-term is not more oil in the ground, but rather the assets to bring it to the surface, to process it, and to supply it to markets around the world.”



JEDDAH: British Prime Minister Gordon Brown yesterday offered to open his country’s energy markets to oil-producing states and urged them to reinvest some of the $3 trillion additional revenue realized from the current oil boom. “They can invest in UK energy production, including wind, solar and a new wave of nuclear power stations,” the prime minister said in an address to the Jeddah Energy Meeting.

Brown, who followed the inaugural address by Custodian of the Two Holy Mosques King Abdulah, said his government plans, to be published in the coming week, would put a price tag of 100 billion pounds for the UK to meet its share of an EU target to generate 20 percent of energy from renewables by 2020. “Much of this could come from the sovereign wealth funds of Gulf states,” he said.

The premier said that major oil producing countries had accepted for the first time that prices were too high, but he declined to predict what level they would reach. Agreement had been secured with members of the OPEC that record crude prices of almost $140 a barrel were causing damage and investment was needed to increase supply, he added.

Brown, who also had a meeting with Foreign Minister Prince Saudi Al-Faisal, held out the prospect of a fall in the price of oil after the landmark meeting here attended by 35 oil producing and consuming countries, some of them represented by high-level ministerial delegations.

“The reason I am here is that I am worried about the price of petrol; I’m worried about gas and electricity bills, I’m worried about how millions of people are being affected in their standard of living,” Brown later told reporters.

Brown said Britain had entered into commitments with Saudi Arabia to develop environment-friendly carbon capture and storage technology; with Qatar to explore the possibility of a new joint energy fund; and with the UAE to work on opportunities in nuclear energy.

A decision on an 800 million pound Norwegian investment in the Scira wind farm project off the British coast is expected soon.



JEDDAH: Custodian of the Two Holy Mosques King Abdullah yesterday announced a $1 billion energy initiative for poor countries and Saudi Arabia’s decision to allocate $500 million in soft loans to help developing countries carry out energy and other projects.

Opening a conference of oil producers and consumers at the Jeddah Hilton, King Abdullah blamed speculators, high fuel taxes and increased consumption by developing economies for soaring oil prices.

King Abdullah also announced that Saudi Arabia had increased its daily production from nine million to 9.7 million barrels in the past few months. “We are ready to meet additional energy requirements of world markets in the future,” he added.

He urged developed nations and Organization of Petroleum Exporting Countries (OPEC) to join the Kingdom in an effort to soften the effects of soaring prices on the world’s poor.

Delegates from 36 countries and executives of 25 oil companies attended the meeting.

“The Kingdom’s oil policy since the establishment of OPEC has been based on adopting a fair price for petroleum in a manner that does not harm either producers or consumers,” the king said. “We have been keen on preserving the interests of the entire world as we are keen on preserving our national interests, and because of that policy we have faced many attacks, and we have endured some harm because of that,” he told the delegates.

Dispel rumors

“Although OPEC has no role in determining the price of oil, we have seen people pointing the finger to blame the organization alone,” the king said and urged the summit’s delegates to uncover the truth and dispel rumors to get the real and full reasons for the rising prices.

“There are several factors behind the quick and unjustified increase in oil prices recently. They include the frivolity in the market of speculators for selfish interests, the rise in consumption in a number of developing economies and increasing taxes on petroleum in a number of consuming countries,” the king said.

“Your mission is to rule out biased rumors and to find the real causes for the increase in prices and how to deal with that development clearly and transparently, and to disclose the outcome to all the nations of the world, so as not to treat the innocent as wrongdoers and only then will the truth survive.”

Displaying the leadership of a compassionate nation, King Abdullah put forth a five-step plan to protect poor people across the world from the potential harm of soaring energy and commodity prices.

“I call for launching an ‘Energy for the Poor’ initiative. Its aim will be to enable the developing countries to confront the increasing costs of energy, and I call on the World Bank to organize a meeting as soon as possible for donor countries and regional and international financial institutions to discuss and activate this initiative.”

He also called on OPEC’s Ministerial Council to commit $1 billion to a parallel initiative and he pledged Saudi Arabia’s unflagging support for both efforts.

He also took immediate action on behalf of the Kingdom. “I announce the allocation of $500 million in soft loans through the Saudi Fund for Development in order to finance energy and development projects in poor countries,” the Saudi leader said.

King Abdullah asked the delegates to form a working group under the umbrella of the International Energy Forum’s General Secretariat to implement conference recommendations and monitor developments in the oil market. The Kingdom was ready to support the group with any needed materials and manpower so that it could successfully carry out its mission, he added.

The king cautioned delegates and their competing constituencies that putting individual agendas in front of global well-being could lead to disaster. “In this critical hour, the international community must rise to the level of responsibility,” said King Abdullah. “Cooperation must be the cornerstone of any effort, and we all must have a comprehensive, profound and humanitarian vision in our perspective of the present and future. Such a vision must be liberated from selfishness and transcend to fraternity and solidarity. This is the secret of success,” the king concluded.

http://www.arabnews.com/


ISLAMABAD: The National Assembly (NA) on Sunday passed the 2008 finance bill amid criticism from coalition partner Pakistan Muslim League-Nawaz (PML-N) on increasing the number of Supreme Court (SC) judges to 29 through the bill.

The Pakistan Muslim League-Quaid (PML-Q) did not vote over clause 18 of the bill. Clause 18 deals with increasing the judges’ number.

Finance Minister Naveed Qamar said clause 18 was included in the finance bill following an agreement between the leadership of the Pakistan People’s Party (PPP) and the PML-N, adding that PML-N leader Ishaq Dar had drafted the clause. PML-Q MNA Attiya Inayatullah said that her party would abstain from voting on clause 18.



LAHORE: The number of Supreme Court (SC) judges has been increased following consultation with coalition partner Pakistan Muslim League-Nawaz (PML-N), Information Minister Sherry Rehman said on Sunday. According to ARY One, Sherry – responding to PML-N’s reservations on the increase in the number of SC judges – said a senior PML-N leader had not only proposed the increase in the finance bill but had also endorsed it. She said she did not want to vitiate the atmosphere through a “battle of words”. daily times monitor

* US secretary of state credits Musharraf for democracy’s return
* Issue of judiciary will be worked out by Pakistanis
* Afghanistan’s threats of cross-border action ‘not wise’

WASHINGTON: President Pervez Musharraf has made a number of mistakes, United States Secretary of State Condoleezza Rice said in an interview aired on Sunday.

Rice said further that the imposition of the state of emergency on November 3, 2007 was Musharraf’s mistake.

The secretary, however, added that the US has worked with the president and credited him with bringing civilian rule back to Pakistan and putting the country on a different course.

Free judiciary: She said that an independent judiciary is important to democracy, adding that it is best that the people of Pakistan work out the issue of judiciary.

“An independent judiciary is critical to democracy. There are some issues because this one is highly politically charged in Pakistan,” Rice said in the interview with CNN.

“We have always believed that after the elections this (issue of judiciary) will be worked out in course between Pakistanis and it is best that this be worked out between Pakistanis.”

Asked whether President Musharraf should resign, Rice said this is a Pakistani matter. “This is clearly a Pakistani matter, he is the president of Pakistan and we will treat him as the president of Pakistan.”

Talk: The secretary said that threats by Afghanistan to pursue Taliban insurgents across the border into Pakistan were “not wise”.

Rice instead called for co-operation between the two nations after Afghan President Hamid Karzai angered Pakistan when he threatened cross-border action as a right of “self-defence” against Taliban forces. “I think it’s probably not wise to talk about Afghan cross-border operations,” Rice said.


“The PML-Q accepts that the sacked judges should be restored and sitting judges be retained,” she said, but added that the coalition government’s move to raise the judges’ number through the finance bill was an attempt to bypass the Senate.

PML-Q MNA Riaz Hussain Pirzada said the opposition was disappointed over the procedure adopted by the government to increase the judges’ number. The NA adopted 51 of 76 recommendations from the Senate. The government has withdrawn seven clauses from the finance bill, while six were amended during reading of the bill.



* PPP co-chairman says remnants of dictatorship do not want coalition to succeed
* Says certain parties have hijacked judges’ issue

NAWABSHAH: A worker of assassinated Pakistan People’s Party (PPP) chairwoman Benazir Bhutto will soon be installed as president, PPP Co-chairman Asif Ali Zardari said on Sunday, adding that the office is a ‘privilege’ of the PPP and Sindh.

“The day is not far when a follower of Benazir will become the president of the country. The Presidency is the right of the PPP and Sindh,” Zardari told a press conference at Zardari House.

He said the PPP was fighting a war for Pakistan’s survival, and they had rendered many sacrifices for the cause of democracy.

Remains of dictatorship: Zardari said he was aware that remains of the dictatorship still exist and that they are continuously conspiring to create divisions in the PPP and Pakistan Muslim League-Nawaz (PML-N) alliance.

“I know well that there still are remnants of the dictatorship that want to destabilise the coalition government. They don’t want the assembly to complete its tenure, and don’t want the PPP’s alliance with the PML-N to succeed,” he said.

Zardari said that a solution to the Kashmir issue was the very basis of the PPP’s manifesto and the Simla Accord concluded by Zulfikar Ali Bhutto was the beginning of such a solution. The present government would continue talks with India on the basis of the accord, he added.

The PPP co-chairman said PML-N chief Nawaz Sharif was his compatriot in the journey for democracy.

Vested interests: He said the restoration of the sacked judges had become a political issue, adding that certain political parties have hijacked the matter for their vested interests, which had consequently turned it into a political issue. A decision on the issue will therefore be taken after careful consideration and reviewing all legal and constitutional aspects, he added.



* LI and AI offer conflicting accounts of casualties
* Five Khasadars kidnapped from Jamrud

PESHAWAR: Around 10 people were killed and more than 30 others injured as clashes between two rival militant groups continued for the second consecutive day in the Khyber Agency’s Tirah Valley on Sunday, locals said.

The Lashkar-e-Islam (LI) and the Ansarul Islam (AI) groups, however, have given conflicting accounts of the casualties.

A purported LI commander told Daily Times by telephone that the LI had killed around 12 AI men, while also admitting the death of four LI men.

However, an AI spokesman said the AI had killed 18 LI men, adding that only five AI activists had been killed in the fighting.

The clashes erupted on Saturday when the LI attacked the Sandpal area in the Tirah Valley. Sandpal is considered to be an LI stronghold in the Khyber Agency.

Local sources said activists of Bara-based warlord Haji Namdar had also joined the LI.

The locals said AI men had been expelled from Sandpal to Shlobar, where the activists of Haji Namdar and the LI had surrounded them.

Officials from the Khyber Agency political administration were not available for comment.

Kidnapped: Unidentified gunmen kidnapped five Khasadars (tribal policemen) from Jamrud, Dawn News reported.



KARACHI: Muslim, Sikh and Christian scholars of Pakistan and leaders of secular political parties have demanded that the government declare the birth anniversary of Hazrat Fatima, daughter of Hazrat Muhammad, last apostle and prophet (SAW), as women’s day in Pakistan.

Muslims celebrate the birth anniversary of Hazrat Fatima on 20th of Jamadi ul Awwal, the sixth month of Islamic calendar every year across the world.

The demand to mark the day as women’s day in Pakistan came at a seminar that was hosted by the Fight Against Intolerance, Terrorism & Hatred (FAITH) Forum.

The speakers at the seminar held at Arts Council of Pakistan late Saturday night included FAITH Chief Senator Abbas Kumaili, Sindh Deputy Speaker Shehla Raza, Provincial Environment Minister Askari Taqvi, MPA Raza Haider, Hafiz Adnan Nizami, Bishop L Stephen, Sardar Ramesh Singh, Maulana Faisal Azizi and others.

President Jafaria Alliance and FAITH Senator Allama Abbas Kumaili underlined the significance of women in the society and denounced the current approach. “Islam holds women in high esteem and strongly opposes the western mindset that negatively exploits women,” asserted Kumaili.

The Islamic dress code and Islamic limitations for women in their relations with men lay the foundation of a morally good society in which women can progress by utilizing their skills.

“The west has betrayed women by selling them as a publicity tool or ad material in the commercial market,” he said.

Kumaili further said that Hazrat Fatima is a role model for all women of the world. He urged the women to follow her footprints to restore their prestige and respectful status in society.

He recalled that Hazrat Fatima, also known as Zahra (SA), was a great lady, highly respected in Islam, whose mother Khadija (SA), was Prophet Mohammad (PBUH)’s first wife and the first woman who embraced Islam soon after the first revelation to her spouse.

“The Holy Prophet (PBUH) said that I am not pleased unless Fatima (AS) is pleased and that she is leader of all women in paradise,” he said.

Sindh Deputy Speaker Shehla Raza highlighted the teachings of Hazrat Fatima (AS), saying that her personality is considered a great and sacred role model for mothers.

She added that Hazrat Fatima (SA) was an example for women of the world to lead a good life as a daughter, a wife and a mother. “She healed the wounds of her father by looking after him when he suffered torture at the hands of Mecca’s unbelievers,” she stated.

Raza said that Hazrat Fatima was Hazrat Ali’s ideal wife and was an ideal and loving mother to her children. She recollected that the PPP’s slain chairwoman, Benazir Bhutto, also called Hazrat Fatima her ideal and role model.

MQM MPA Raza Haider quoted the Hadith of Holy Prophet Mohammad (PBUH) who said that Fatima (AS) is a part of me and whoever enrages her, enrages me and whoever harms her, harms me. He said that his leader Altaf Hussain underlined the need for religious harmony among all schools of thoughts.

Sardar Ramesh Singh said that Hazrat Fatima (AS) was the role model for all women of the world.


http://dailytimes.com.pk/

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P.R.