Meridiq energy giants conclude summit in Djerb
Tayyib Bahij, Djerb Times
February 6th, 2020
Delegations of the week long conference gathered for the concluding speeches, the first time that journalists were allowed inside of the proceedings.
— For the past week, Djerb has been inundated with a flood of traffic within the capital district. A who's-who of Meridiq political, economic, and business leaders have converged on the city for a previously unscheduled and unannounced conference. Delegations from Ras-al-Khaymah, Tamazgha, Bnnu and Al-Meriq were all in attendance at the impromptu summit. The topic? Confronting the growing international economic crisis and maintaining the stability of participating Meridiq nations.
Little information had been previously leaked as far the on goings of the summit until today, the concluding day of the proceedings. Media and press, both local and global agencies, were invited to the final day of happenings, specifically to witness the series of addresses issued by multiple attendees. Prior to today's public nature of the conference, all that was know about it was that it was organized last minute and reactionary. Tumsilt Meriq, CFO of the Meriq Investment Fund, spearheaded the campaign to get this conference off the ground, even hosting it in the MIF headquarters building in Djerb.
Established in 1954, the Meriq Investment Fund administers the impressive wealth of the Meriq clan. While initially the fund focused its investments in Al-Meriq, it has now grown and expanded to have a global reach. The MIF is known for following a prudent investment strategy; focusing on long term, low yield, but safe investments. The fund, following this tactic, has invested heavily in infrastructure projects in neighboring nations, with much success; building airports and power plants in Tamazgha and Ras-al-Khaymah.
This strategy has put the MIF at odds, in the past, with Bnnu corporations, which much the wealth of the Meridiq energy giants is invested in. CFO Tumsilt Meriq, the nominal image of the MIF, has been significantly vocal in the past of disagreements with Bnnu banking and investment policies, especially those regarding dealings with Liran nations. Since last month, when signs seemed to stockpile that the world was on the brink of economic collapse, the MIF has worked double to ensure that Al-Meriq would take as mild a hit as possible from any global recession. Spending on local investments was vamped up, specifically mining and drilling operations, while subsidies for key industries were increased.
At the peak of last month's economic downturn, the Sifaks Stock Exchange in Bnnu took some hits that could not be ignored. That stumble was felt by the economies of the three leading energy exporters in Meridiq, if not the world. The MIF, taking the narrowly avoided crises as a lesson, has railroaded the organization of a conference between these big three energy producers. The administrations of Tamazgha and Ras-al-Khaymah, who share similar sentiments and situations as that of Al-Meriq, were quick to agree to attend and hear out whatever was proposed. By the end of January, the ball was in motion and preliminary discussions were underway; leaders from those two nations, and Bnnu (who were invited retroactively), were destined for Djerb.
While the vast majority of the proceedings were held behind closed doors, the contents of which unknown, there was plenty of speculation as to what was happening. Many of the previously reported opinions and analysis's were proven either true or false today as members of several delegations from each nation presented their thoughts and official statements at the conference's conclusion.
In summary, the attendees seemed to be in agreement for the most part, with delegates from the three exporters delivering similar speeches and driving home common points. The most consistent motif of the speeches was a call for Meridiq solidarity during dividing times. In a speech Tumsilt Meriq gave, he pleaded to the governments of Northern Meridiq stating, "Lirans and other imperialist powers have caused our brothers and sisters so much strife and sorrow, now and through history. Any man of Meridiq must now, stand in unison with his brethren and stand tall against adversity."
During the conference the attendees who were present represented not only the governments of the giant energy exporters but the industry leaders and economic players in the businesses directly affected. Leaders of all of the major energy and mining companies in the region had a seat at the table and worked together, along with the investors, bankers, and politicians, to build a plan to combat the economic crisis. The most important takeaways of what was covered and what is set in place were detailed during the concluding addresses.
In short, recognizing the current situation in SE Nori, the world is looking to Meridiq as one of the primary providers of the globe's fossil energies. With the volatility of global markets, which could drastically affect Bnnu, and in turn eventually hurt the Sultans, the participating nations would be taking extra precautions. Out of all the participants, the Bnnu delegation made out the worst, gaining little concessions and potentially being harmed in the repercussions of some of the agreements. This shows a turn in the political dichotomy of Meridiq as Al-Meriq, Tamazgha and Ras-al-Khaymah turn towards one another for help and financial stability, leaving their former backer, for centuries, behind.
What did the summit agree upon? The most major points listed at the end of the day have drastic affects on the economies of nations worldwide. The three nations have agreed to a uniform set of tariffs and industry standard pricing on their energy and raw materials. Taking advantage of the serious demand on the market, currently, for energy, prices have been significantly increased to almost double the previous record high level. This has been done for what delegates said was several reasons, mostly boiling down to this; as one of the primary global providers, they are the ones who get to determine what the price is. The price hike was also encouraged to ensure that the supply of energy was not eaten up in a panic when other sources ran dry internationally.
The goals of the conference were apparently met and it has been made clear that from here on the governments of the three exporting nations would be working closely together, in unison, on the policies they laid out. They are presenting a united front, that the price standards and regulations imposed are uniform across Meridiq. A lot of the polices being unveiled seemed to directly be targeted at the continent of Lira with several comments throughout the addresses alluding to Lira being the cause of the economic crisis. Some of the policies being rolled out, in light of this summit, that are directly aimed at Lira included the dumping and mass sell off of all foreign currencies and assets as well as hikes on tariffs of imported consumer goods.
