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The National Investment Company (NIC), in partnership with ‘Creative Confidence,’ has honored the first batch of ‘Shift’ program graduates, exclusively tailored to qualify freshly graduated Kuwaiti females to develop their investment skills, expand their capabilities, and grow their knowledge in a way that will make them compelling candidates to embark into the investment world.

The program’s closing ceremony was held on Sunday, 10/12/2023, at Boursa Kuwait’s premises. The program, which was held over four weeks, included several different courses for the trainees, which helped to develop them and achieve the goal of the program, thus adding its intrinsic value, as it provides an efficient and experienced workforce ready to enter the business in the field of investment, as the program focused on developing trainees in the field of innovation and creativity and contributing to integration in the field of investment work.

The ceremony was attended by Mr. Khaled Waleed Al Falah, Vice Chairman of National Investments Company, who praised ‘Creative Confidence’s’ contribution to the overall positive outcome of the program. He also applauded the graduates of the Shift program for their enthusiasm and excitement on their commitment and development. He mentioned the importance of such a program in shaping the pivotal role of Kuwaiti women in society and their ability to bring about positive changes to the market, as well as their remarkable presence in various fields such as social, political, intellectual and cultural aspects of society.

Furthermore, Mr. Al Falah expressed how boosting women’s participation in the evolution of the economic foundation aims to develop the productive capacity of the market. Therefore, it is imperative for women to embark on this field and to pursue their career ambitions

Mr. Al Falah continued to emphasize how Kuwaiti society depends largely on the participation of Kuwaiti women, which is primarily what the Shift program aspired to achieve.

Ms. Taibah Mohammad Al Qatami, a Board Member at NIC, said: ‘Proud to participate in the investment part through training in collaboration with the ‘Creative Confidence’ team and the National Investments team, in refining the skills of the trainees and providing them with the necessary experience in training and practice to enable them to improve their skills, which will be a powerful and active tool to benefit their careers constructively.”

During the ceremony, the graduates participated in a detailed presentation about their wonderful training program experience. They presented the enthusiastic and motivating ideas they reached during this unique experience.

Mr. Fahad Al Mukhaizim, Board Member and Chief Executive Officer at NIC, also attended and expressed how the company supports the growth and development of the national economy by strengthening the position of the private sector as a major driver of economic development.

Mr. Fahad Al Mukhaizim, Board Member and Chief Executive Officer at NIC, affirmed NIC’s support for the growth and development of the national economy by strengthening the position of the private sector as a significant engine for economic development and qualifying national cadres with the necessary and required skills to be the best choice for employment in the labor market, as the company confirms its commitment and comprehensive participation in this positive program aimed at developing and refining the skills and capabilities of Kuwaiti women and enabling them to enter the requirements of the investment labor market in the local markets and the region in general. He also highlighted the significant role of Kuwaiti women in contributing to national development, their constant support for the renaissance of Kuwaiti society, and their provision of many influential contributions and sacrifices.

Mr. Abdulmohsen AlKhatrash, Senior Vice President of Human Resources and Administration Affairs at NIC, also said that the success of the program has exceeded our expectations, which represents a starting point to encourage more Kuwaiti women to mix in the field of investment by creating a gradual shift towards greater diversity in their work, adding that this program is designed to accommodate 22 trainees to prepare them to start an influential career in a successful and sophisticated manner.

On the other hand, Mrs. Sumaya Mohammed Al Jassim, Founder of Creative Confidence, praised the support provided by the National Investments Company for the “Shift” program and said that this program takes Kuwaiti women into a vibrant educational experience, exploring innovation and investing in their future careers. Al Jassim added that ‘Shift’ was a program that raised awareness of the vital impact of commitment, learning, and creativity. I am delighted with this program’s positive and effective influence on the trainees and can proudly say that ‘Shift’ makes real change.

Source:https://www.zawya.com/en/press-release/events-and-conferences/nic-honors-shift-program-graduates-as-part-of-its-strategic-partnership-with-creative-confidence-wp27onnl

French energy firm TotalEnergies (TTEF.PA) plans to restart its long-delayed $20 billion Mozambique liquefied natural gas (LNG) project in the first quarter of next year, two sources told Reuters late on Friday.

Work on the project has been halted since 2021 when a violent insurgency led by Islamic State-linked militants threatened the Cabo Delgado site, leading to TotalEnergies declaring force majeure and halting construction.

In September, chief executive officer at TotalEnergies, Patrick Pouyanne, said the company planned to restart before the end of this year, as the security situation improved with the support a regional military force including Rwanda.

“TotalEnergies have indicated that they want to restart their Mozambique LNG project in January 2024,” a government source close to the process said, asking to remain anonymous due to the sensitivity of the matter.

The ongoing violence in the northern Mozambican province has claimed thousands of lives since it broke out in 2017, disrupting multibillion-dollar investments including the $20 billion LNG project in which TotalEnergies has a 26.5% stake.

“TotalEnergies has asked funders to get approval for the restart of the Mozambique LNG project in the first quarter of 2024,” said a second funding source with direct knowledge of the project.

The project, which will help transform the economic fortunes of the impoverished southern African country, has faced criticism from environmental activists who last month urged funders to withdraw their financial support.

TotalEnergies did not immediately respond to an out-of-office request for comment.

Source:https://www.reuters.com/business/energy/totalenergies-restart-its-delayed-mozambique-lng-project-early-2024-sources-2023-12-22/

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.

Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek (NVTK.MM) over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.

Novatek’s announcement comes after the United States last month imposed sanctions on Arctic LNG 2, which is due to start production before the end of this year or in early 2024.

The European Union may also impose restrictions on Russia’s LNG exports.

With three trains, Arctic LNG 2’s capacity is meant to be 19.8 million metric tons per year and 1.6 million tons per year of stable gas condensate. Its first LNG tankers were expected to set sail in the first quarter of next year, according to Novatek.

But industry sources say that commercial LNG supplies from the project are now expected no earlier than the second quarter of 2024.

Russia is eyeing the Northern Sea Route across the Arctic Ocean to supply the cargoes to the east, to cut the time and cost of bringing its fuel to market.

The route may cut the delivery time to Asia from Europe by as much as 40% compared to the Suez Canal, according to Russian government officials.

But deliveries through thick ice and freezing conditions pose major challenges.

ICE-CLASS TANKERS
According to Novatek, 15 Arc7 ice-class tankers, able to cut through 2-metre thick ice, will be built at Russia’s Zvezda shipyard for Arctic LNG 2.

Six more Arc7 tankers were due to be built by Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, including three ordered by Japan’s Mitsui O.S.K. Lines and three by Russia’s leading tanker group Sovcomflot (FLOT.MM).

But three tankers ordered by Sovcomflot were cancelled due to sanctions against Russia, Hanwha has said in regulatory filings.

Sovcomflot did not reply to requests for comment. Hanwha Ocean could not be immediately reached.

Ice-class tankers usually have double hulls – strengthened structures to withstand the pressure of ice – and reinforced propellers.

So far only three suitable gas tankers have been built for Arctic LNG 2, according to public information: the Alexei Kosygin, Pyotr Stolypin and Sergei Witte vessels.

Andrei Klepach, chief economist at state lender VEB, told a gas forum last week that Russia is only likely to have the suitable infrastructure ready after 2030.

“I think it’s not only about icebreakers, but the ice-class gas carriers – there are no such vessels yet,” he said.

Sovcomflot has said that the timing for construction of the gas carriers for Arctic LNG 2 was delayed by a year and that vessels will only be available in 2024.

Arctic LNG 2 is led by Novatek, which holds a 60% stake. Other shareholders include French energy major TotalEnergies (TTEF.PA), China’s CNPC and Japan Arctic LNG – a consortium of Mitsui & Co, Ltd. (8031.T) and JOGMEC – each holding a 10% stake.

The Russian ministry of transport, Novatek and the Zvezda shipyard did not reply to requests for comment.

Source:https://www.reuters.com/markets/commodities/lack-arctic-tankers-puts-russias-lng-development-dreams-ice-2023-12-22/