INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

UK PM may visit Saudi Arabia to lobby for uptick in oil output

People pray during a Sunday mass for the army in the Saints Peter and Paul Garrison Church in the western Ukrainian city of Lviv on March 13, 2022, amid the ongoing Russia's invasion of Ukraine. (Photo by Yuriy Dyachyshyn / AFP)
  • Senior cabinet minister Michael Gove did not deny a report in The Times on Saturday that Prime Minister Boris Johnson is set to visit Riyadh this week
  • The newspaper said Johnson will lobby Saudi Crown Prince Mohammed bin Salman to help offset the impact of the Ukraine-linked sanctions

Britain on Sunday defended lobbying Saudi Arabia to up its oil output as energy sanctions on Russia hit Western consumers, after the Gulf kingdom executed a record number of prisoners.

Senior cabinet minister Michael Gove did not deny a report in The Times on Saturday that Prime Minister Boris Johnson is set to visit Riyadh this week.

The newspaper said Johnson will lobby Saudi Crown Prince Mohammed bin Salman to help offset the impact of the Ukraine-linked sanctions, after Britain and the United States said they were ending imports of Russian oil.

Contacted by AFP, a Downing Street spokesperson declined to elaborate on any travel plans by Johnson this week. He is due to host a defense summit with leaders of northern European countries on Tuesday.

Fallout from the sanctions on Russia has sent prices of petrol and diesel in Britain to record highs, adding to a cost-of-living crisis as household heating bills also rocket.

Johnson Thursday said Britain and its allies were moving away from dependence on Russian oil and gas, so that they were no longer “blackmailed” by President Vladimir Putin.

The White House on Wednesday was forced to deny a Wall Street Journal report that the crown princes of Saudi Arabia and the United Arab Emirates had refused to accept calls by US President Joe Biden.

The Times said Johnson was better placed to lobby bin Salman, having stayed in contact with him via WhatsApp messages.

Germany’s Economy Minister Robert Habeck on Tuesday issued an “urgent appeal” to the Saudi-led OPEC oil producers group, to increase production and “create relief on the market”.

Russia is the world’s largest producer of gas and second-largest oil producer, behind Saudi Arabia.