“Malta set to chair OSCE, world’s largest security body, next year…”

Malta is set to chair the world’s largest security body as part of a diplomatic solution to Russia’s refusal to approve Estonia for the role. 

Foreign Minister Ian Borg will hold the position as chairman-in-office of the OSCE on behalf of Malta throughout 2024. 

All member states in the Organisation for Security and Co-operation in Europe (OSCE) agreed to Malta’s appointment during a permanent council meeting in Vienna on Monday. 

The decision is expected to be formalised on Thursday, during a meeting of foreign ministers in Skopje, in North Macedonia – the country which currently chairs the OSCE.

The OSCE chairman-in-office, Minister of Foreign Affairs of North Macedonia, Bujar Osmani, described the move as a “huge decision”.

“Thank you Malta, for your willingness to take on this vital role and to all colleagues for your flexibility and support,” he wrote on X, formerly Twitter.

The 57 member states of the Organization for Security and Cooperation in Europe agreed on Monday that Malta should take over the organization’s rotating chairmanship after Russia barred Estonia from the job, officials said.

OSCE countries’ foreign ministers meet on Thursday and Friday in the North Macedonian capital of Skopje to discuss the chair role and renewing four senior OSCE officials in their posts at the Vienna-based organisation.

Western countries often describe OSCE as a key forum for former Cold War foes the United States and Russia to engage. Other members include Canada, Central Asian states, the entire European Union, Britain, Ukraine and Belarus.

In recent years and increasingly since its invasion of Ukraine, Russia has made use of what is effectively a veto since the OSCE takes decisions by consensus, meaning one country can block that consensus.

Moscow had for months objected to NATO member Estonia taking over the annually rotating chairmanship as was originally planned, prompting a scramble for an alternative. Small, neutral European Union member state Malta was acceptable to all sides.

The deal “brings with it the guarantee of another year of functionality and a legitimate chair,” one senior Western diplomat said.

Russia and staunch ally Belarus have still not backed the renewal of four senior OSCE officials in their posts, including veteran German diplomat Helga Schmid as OSCE secretary-general, diplomats said. The four mandates expire on Dec. 4, and no alternatives to the four officials have been put forward.

“We do care about the top four but the chair is existential – the organization cannot operate without it,” the Western diplomat said.

To some extent, the deadlock at the OSCE mirrors the wider confrontation between Moscow and Washington and their allies since the war began.

Gas prices keep climbing in Europe after Israel Hamas war

Natural gas prices in Europe have been climbing over the past week, as recent world events bring uncertainty to the market. Should the continent be worried about its gas supplies?

European natural gas prices are in a volatile state due to growing concerns whether or not there will be enough supply over the winer, after the crisis in Israel and Gaza and Chevron’s operations in Australia are casting a long shadow over the market outlook.

European natural gas benchmark Dutch TTF’s price soared 41% to an eight-month high of €56 per megawatt-hour last week. The price has gone up more than 50% in a month, however, it is still less than half of the price one year ago. 

The reassuring thing is that gas storage across Europe is at more than 90% capacity, including a large amount of gas inherited from the winter of 2022/23. There are also additional volumes being stockpiled in Ukrainian storage facilities.

There is also a high probability, according to the Copernicus Climate Change Service, that Europe will have a very mild winter, potentially reducing the demand for heating fuels. 

However, as sabotage is suspected of being behind the Baltic connector pipeline leak, concerns have been raised over the vulnerability of European pipeline infrastructure.

And even though the EU is not likely to battle any substantial supply difficulties this winter, the ongoing impact of global gas disruption is going to keep the prices high – a cost that households and businesses will have to shoulder eventually.

Malta Company Announcements:

Bank of Valletta plc

Bank of Valletta announced that the board of directors decided to distribute a net interim dividend of €0.03 per share, subject to approval. Shareholders of BOV as at close of trading Friday, 17^th November, will be entitled to receive the dividend payable on Wednesday, 6^th December.

PG plc

At its meeting held earlier today, the Board of Directors of PG p.l.c. resolved to distribute a net interim dividend of €2,750,000.00 equivalent to €0.0254630 net (€0.0391738 gross) per ordinary share.

This dividend will be paid on Monday 11 December 2023 to the ordinary shareholders who were on the Company’s Register of Members as maintained at the Central Securities Depository at the Malta Stock Exchange as at Saturday 2 December 2023.

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