Iran flood death toll rises to 76, causes up to $2.5 bln damage

Agencies
April 14, 2019

London, Apr 14: Seventy-six people have been killed in Iran by floods in recent weeks, according to a new toll published Sunday with warnings still in place for large swathes of the country.

“With the death of five people in the Khuzestan province flood and another person in Ilam province the death toll has now reached 76,” since March 19, according to a statement published online by the coroner’s office.

Floods caused by heavy rain across Iran in recent weeks have caused an estimated $2.5 billion in damage to roads, bridges, homes and agricultural land, state media cited ministers as telling lawmakers on Sunday.

The flooding, which began on March 19, has killed 76 people, forced more than 220,000 people into emergency shelters, and left aid agencies struggling to cope. The armed forces have been deployed to help those affected.

“The recent floods are unprecedented... 25 provinces and more than 4,400 villages have been affected,” Interior Minister Abdolreza Rahmani Fazli was quoted as saying in parliament by state news agency IRNA.

Fazli said the floods had caused around 350 trillion rials ($2.5 billion) worth of damage.

Minister of Roads and Urban Development Mohammad Eslami said 14,000 kilometers (8,700 miles) of road had been damaged and more than 700 bridges completely destroyed by landslides and flood water.

The government has said it will pay compensation to all those who have incurred losses, especially farmers but the Islamic Republic’s state budget is already stretched as US sanctions on its energy and banking sectors have halved Iranian oil exports and restricted access to some revenues abroad.

Morteza Shahidzadeh, head of Iran’s sovereign wealth fund, said President Hassan Rouhani had asked permission from the Supreme Leader Ayatollah Ali Khamenei to withdraw $2 billion from the fund for reconstruction in flood-hit areas.

Shahidzadeh said Khamenei has in principle agreed to the request.

Iranian officials have repeatedly said the massive floods have not affected production and development at any oilfields, nor impeded the flow of crude through pipelines to recipient markets.

Karim Zobeidi, an official at the National Iranian Oil Company, was cited as saying on Sunday that it was still too early to estimate the extent of the flood damage to Iran’s energy sector.

Mehr news agency also quoted Zobeidi as saying that some oil wells in western Iran had been closed as a precaution to guard against any flooding.

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News Network
April 20,2020

Riyadh, Apr 20: Six more people have died in Saudi Arabia after contracting coronavirus as 1,122 new coronavirus cases were reported on Monday.

The Saudi health ministry said that total number of cases in the Kingdom had increased to 10,484. It also recorded 92 new recoveries, raising the total to 1,490.

The ministry said precautionary measures shall remain to limit the virus spread.

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News Network
April 23,2020

Dubai, Apr 23: UAE announced on Thursday 4 deaths, 518 new coronavirus cases and 91 recoveries.

According to the Ministry of Health and Prevention, an additional 29,000 COVID-19 tests were performed, which revealed 518 new positive cases, bringing the total number of cases to 8,756. The new patients identified are in a stable condition and undergoing treatment, according to the ministry.

UAEGov

@uaegov
 · 4h
An additional 29,000 Covid-19 tests were performed, which revealed 518 new cases bringing the total number of cases to 8756. The new cases identified are in a stable condition and undergoing treatment, @mohapuae announced today. #UAEGov

UAEGov

@uaegov
Also, @mohapuae announced that four Asian expats who tested positive for COVID-19 died due to complications. This brings the total death toll to 56. The Ministry of Health and Prevention expressed sincere condolences to the families of the deceased.

The ministry announced that four Asian expats who tested positive for COVID-19 died due to complications. This brings the total deaths to 56. The ministry expressed sincere condolences to the families of the deceased.

The total number of recovered cases has reached 1,637 with 91 patients fully recovered on Thursday, after receiving treatment.

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Agencies
March 15,2020

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

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