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Zawya
05-05-2025
- Business
- Zawya
$355 mln spent on Saudi metal exploration
Saudi Arabia has spent nearly 1.33 billion Saudi riyals ($355 million) on exploration for metals within a drive to develop its massive mineral industry and diversify its oil-reliant economy, a senior Saudi official has said. The investments do not include spending by companies awarded mining contracts following the enforcement of a landmark mining investment law six years ago. 'The government has so far spent nearly SAR1.33 billion on mining exploration…this demonstrates its commitment to the development of minerals sector,' said Khalid Al-Mudaifer, deputy Industry and Mineral Resources Minister. Addressing a mining conference in Istanbul, Turkey, at the weekend, Al-Mudaifer said the number of mining exploration companies in the Gulf Kingdom jumped from only six in 2020 to 133 at the end of 2023. The estimated value of the country's mineral wealth has also been massively revised up from around SAR 5 trillion ($1.33 trillion) to SAR9.4 trillion ($2.5 trillion), he added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
02-05-2025
- Business
- Zawya
Iraq develops new oil field
Iraq has completed 2D and 3D seismic surveys at the Naft Khana oil field in the Northeastern Diyala governorate, paving the way for exploratory drilling under the fifth licensing round, a senior Iraq oil official has said. Deputy Oil Minister for Extraction Affairs Basim Mohammed Khudair described the field as a 'promising site for oil and gas development,' He said the project, carried out by Iraqi technical teams on behalf of the Chinese firm Geo-Jade, is now entering the drilling phase, with plans underway to draft a full development strategy aimed at boosting national energy output. 'The government seeks to transform all provinces into oil-producing regions as part of a broader energy strategy, which also targets an end to gas flaring and expansion of current oil blocks,' he told local reporters on Thursday. Khudair revealed that Iraq is also finalising agreements to establish a floating terminal to diversify its gas supply sources. 'We are prepared to offset any decline in Iranian gas by activating new fields or importing through this terminal.' (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
02-05-2025
- Business
- Zawya
Iraq's Wasit province issues tender for 3,000 MW renewable energy projects
Iraq's Wasit province has launched tenders for more than 25 renewable energy projects with a combined capacity of 3,000 megawatts (MW), targeting both solar and wind power generation. International companies are invited to submit investment bids starting 4 May 2025, with the submission window open for 30 days, according to an Arabic language news report by The announcement was made during the province's First Conference on the Transition to Clean Energy where investment opportunities were outlined for all districts and sub-districts in the province. The report didn't provide further details. (Writing by Majda Muhsen; Editing by Anoop Menon) (
Zawya
02-05-2025
- Business
- Zawya
Saudi Arabia seeks Kuwaiti investment in mining
Saudi Arabia has invited Kuwaiti companies to take advantage of incentives and massive growth in its mining industry to invest in the sector, saying it aims to become a global hub for mineral industries. Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef told Kuwaitis at a brief investment forum at the Saudi embassy in the capital Kuwait City on Wednesday that the Gulf Kingdom is concentrating on the development of 12 key industries, including metals, cars and aviation as part of its Vision 2030 economic transformation scheme launched eight years ago. In his comments, published by Kuwait's press on Thursday, the Minister said the mineral wealth in the world's dominant oil exporter is estimated at 9.3 trillion Saudi riyals ($2.48 trillion) but only around 60 percent of the targeted areas have been explored. 'We call on Kuwaiti businessmen and companies to take advantage of the available large opportunities, especially in the mining sector….we have introduced attractive incentives that will facilitate the journey of investors in this sector,' Khorayef said. 'Saudi Arabia is pinning high hopes on the mining sector to achieve economic diversification within Vision 2030…the Kingdom aims to become a pioneering global industrial power and a major centre for metal production and manufacturing.' Saudi Arabia, which controls the world's second largest proven oil deposits after Venezuela, has awarded metal exploration licenses to hundreds of foreign companies since it began enforcing a mining investment law six years ago. A senior Saudi official said in early 2025 that the Kingdom has attracted investments of nearly SAR75 billion ($20 billion) to mineral projects, including three phosphate plants. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, also said that there are new investment opportunities available in the Kingdom in the mining sector with a value of nearly $100 billion, covering numerous minerals such as aluminum, iron, titanium, electric battery metals and industries related to solar energy. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
01-05-2025
- Business
- Zawya
Iraq purses rail, trade zone projects with Iran
Iraq intends to finalise rail and free trade agreements with neighboring Iran with the aim of boosting two-way trade to $25 billion, more than double the present level. A government delegation flew to Tehran this week to put the final touches on the agreements, which involve the construction of a rail link with the border with Iran and the establishment of border free trade and industrial zones. The delegation was headed by Hazim Al-Khalidi, an adviser to Iraqi Prime Minister Mohammed Al-Sudani, and the talks focused on trade exchange besides Iran's gas and power supplies that have largely receded and created havoc in Iraq's power system. Al-Khalidi, quoted by Iraq's media on Tuesday, said Baghdad wants to expand trade with sanctions-hit Iran but he did not make clear if this will include gas and electricity. Al-Khalidi said trade exchange between Iraq and Iran stood at around $11 billion in 2024, nearly 15 percent of Iraq's total non-oil trade of about $70 billion. 'This figure can increase to around $25 billion once agreements are finalized on the establishment of border markets, joint economic zones and industrial cities,' he said. Iran's Minister of Economic Affairs and Finance Abdolnaser Hemmati said Tehran is willing to bolster existing accords and push ahead with the planned rail link and the planned joint industrial and trade zones. He noted that Iran's main exports to Iraq include gas, food products, construction materials, manufactured products and petrochemicals. In late 2023, Al-Sudani and Iranian Vice President Mohammed Mokhber laid the foundation stone for the rail that will link the Southern Iraq port of Basra and the Iranian border town of Shalamcheh. Iraqi government spokesman Bassim Al-Awadi said last year the project would 'largely boost trade and projects, support Iraq's economic infrastructure and make Iraq more capable to collaborate with its neighbors.' The 36-km railway will have a capacity to transport three million passengers per year and will serve the planned border trade and industrial zones, officials have said. The two neighbours also agreed in 2024 to build two joint border free zones with the aim of promoting industrial projects and investments. (Writing by Nadim Kawach; Editing by Anoop Menon) (
