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Moroccan Minister of Trade Touts Michigan Companies to Invest in his Country
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American Arab Chamber of Commerce Newsletter
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April 19, 2011
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Gas
In this Issue
1- Chamber hosts Moroccan minister of trade
2- Gas prices top $4 in six states
3- Nominate a professional to the American Arab Chamber prestigious award
4- Export opportunities in the Middle East, Africa and South Asia markets
5- Under the media lens: Journalism conference to discuss coverage
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Get Connected
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In the News
Gas Tops $4 in Six States, Michigan Could be Next
New York became the sixth state Sunday to top $4 for the average price of a gallon
of gas, joining Alaska, California, Connecticut, Hawaii and Illinois, according
to AAA's Daily Fuel Gauge. The average price of gas also rose to more than $4 per
gallon in Washington, D.C., on Saturday.
The next states to join the list could be Michigan, which has gas for $3.95 per
gallon on average, and Indiana, where the average price is $3.94. Nevada, Washington
and Wisconsin are close behind.
Hawaii has the highest price in the U.S. at $4.48 per gallon. Wyoming has the lowest,
at $3.54.
The national average for gas has increased for 26 straight days, and is now at $3.83
per gallon. That's up 29 cents from a month ago.
--------------------------------------Gas up 10 Cents in Past Week in Michigan
AAA Michigan says gasoline prices are up 10 cents per gallon over the past week
to a statewide average of $3.96.
The auto club says today the statewide average is about $1.05 cents per gallon higher
than last year at this time.
Of the cities it surveys, AAA Michigan says the cheapest price for self-serve regular
fuel is in the Grand Rapids and Saginaw/Bay City areas, where it's $3.95 a gallon.
The highest average can be found in the Traverse City area at $3.99.
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Gulf Arab Countries
to pump more oil
Gulf oil producers on Monday assured consumers of sufficient crude supplies to help
stem rises in oil prices fuelled by sweeping unrest in the Middle East and speculations.
"Certainly, Saudi Arabia's position in the world oil market is based on its commitment
to maintaining spare capacity for the sake of price and market stability," Saudi
Oil Minister Ali al-Naimi said.
Naimi told a roundtable meeting for Asian energy ministers that the kingdom had
a spare capacity of more than 3.5 million barrels per day which Riyadh can use whenever
the need arises.
For more information, visit www.americanarab.com [http://r20.rs6.net/tn.jsp?llr=dnob94aab&et=1105204259896&s=14635&e=0012eDamLipgs2MJWWTh7FdfprMod0mfKbuHxFPzA9chtnZzbG3aGhThK8IiovbISro8m6LDNrXbZVrL435wHZim12FVZvT0SRKVvSXJPvuX3GHkrjMvtDKOw==]
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GM to Double China
Car Sales to 5 Million
General Motors aims to double its annual Chinese sales to around 5 million by 2015,
introducing more than 60 new or refreshed models, as it seeks to keep the first
place position it and its joint ventures enjoy in the world's largest car market.
Buick will account for 12 of the new or refreshed models, and Chevrolet will introduce
15. The Chevies will include a new lineup of SUVs and performance vehicles, such
as the Camaro, which GM is starting to import to China.
To read more, visit
www.freep.com [http://r20.rs6.net/tn.jsp?llr=dnob94aab&et=1105204259896&s=14635&e=0012eDamLipgs2Qu4p2iDvNLv1nmnEIShPEl95-a9mjfyPWaMynN9iDe2GGTK89y1Vm2xqf04cGCpnS4zKkwuVmQWi718e3j9n78PJTosJHe0jQkUiS9wrWWA==]
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Saudi to Build $4 billion
Steel Complex
Saudi-based Rajhi Steel plans to set up a 15 billion riyals ($4.0 billion) heavy
steel complex in King Abdullah Economic City (KAEC) and will get dry gas from Aramco,
the state news agency said on Monday.
"The Saudi Ministry of Petroleum and Mineral Resources agreed lately to allocate
70 million cubic feet a day of dry gas to Rajhi Steel to build a heavy steel complex
in King Abdullah Economic City, one of the kingdom's most ambitious projects aimed
at diversifying its oil-based economy.
The project, aimed at building a new high-tech city on the Red Sea coast with businesses,
industrial, leisure and residential estates as well as a giant port, has been dogged
by delays and lower-than-expected interest from local and foreign investors.
The new Rajhi Steel complex will cover 4 million square meters in the industrial
area at KAEC and will contain a number of plants including a direct reduction iron
plant with a capacity of 1.8 million tonnes a year.
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Trade Minister: Morocco Is Stable for Investment