The Iraqi Oil Minister, Bassem Muhammad Khudair, announced that the rate of his country’s oil exports had increased, since the beginning of this October, to more than 3.4 million barrels per day, compared to about 3 million barrels per day during the previous month, indicating the continuation of exports through three routes, despite the navigation disturbances in the Strait of Hormuz.
Khudair told the Iraqi News Agency that exports pass through the Strait of Hormuz and the Turkish port of Ceyhan, in addition to transporting oil in tanks through Syria, explaining that the Iraqi Oil Marketing Company “SOMO” continued export operations around the clock, despite the war conditions.
He added that the Ministry of Oil is working to increase export capabilities with the aim of enhancing the state's financial revenues and providing the necessary funding for government spending, pointing out that Iraqi oil is exported to European, Asian and American markets.
In a step that reflects the Kingdom’s direction towards expanding its economic partnerships and enhancing the presence of the Saudi business sector in global markets, Saudi Arabia identified 100 promising opportunities for trade and investment, based on 23 reports during the first quarter of this year, which dealt with the economies of a number of countries in the world, their trading partners and their investments, analyzed the paths of economic relations with the Kingdom, and identified the gaps and available opportunities.
These reports represent a knowledge base to support Saudi-foreign business councils in determining their priorities, preparing for visits and economic meetings, and opening new horizons for trade and investment partnerships between the Kingdom and various countries of the world.
According to the recent report issued by the Federation of Saudi Chambers, a copy of which was reviewed by Asharq Al-Awsat, the Federation works through 103 Saudi-foreign business councils to link the private sector to international markets, raise the challenges facing companies there, and build channels with entities and partners abroad. The councils’ outputs during the quarter came on 3 levels: investments that actually amounted to 14,250 billion riyals in 7 international markets, activities linking companies and opportunities that included 109 meetings and delegations, and new cooperation paths that are still under development in 80 international markets.
The report revealed that during the first quarter, Saudi Shamsan Company opened a branch in the Kingdom of Cambodia, in continuation of its investment in the Cambodian market, which began with an agreement to acquire two forests of agarwood trees with an area of 150 million square meters, at a value of more than one billion dollars. The Saudi-Swedish Business Council worked to support the entry of the Swedish “Medi Cover” group into the Saudi market, until the efforts culminated in the launch of the project with an investment of 8 million euros in the first phase.
In conjunction with the visit of the Minister of Health, Fahd Al-Jalajel, to the Republic of Portugal, the Union organized a delegation from the business sector, and the visit resulted in the signing of two memorandums of understanding between the Union, the Parish Vale Investment Agency, and the Portuguese Industrial Association. The Federation of Saudi Chambers of Commerce in Riyadh also hosted a high-level Italian delegation from the CDP Group to sign a memorandum of understanding that establishes an institutional framework for cooperation.
Sudan has launched work teams to study partnership opportunities with Saudi Arabia in the energy sector, in preparation for transforming bilateral discussions into projects aimed at rehabilitating facilities damaged by the war and restoring refining and electricity capabilities, according to Sudanese Minister of Energy and Oil Al-Muatasem Ibrahim, who revealed to Asharq Al-Awsat four main paths of cooperation that include securing fuel supplies, developing the oil blocks in the Red Sea, establishing a refinery in Port Sudan, and rehabilitating the electricity infrastructure.
Ibrahim said that the discussions with the Saudi side focused on investment opportunities and technical cooperation, with the formation of work teams to study the scope of the required projects and their implementation mechanisms. He stressed that the joint work teams will study the nature and extent of cooperation in projects to rehabilitate electricity networks and power and water stations, in preparation for determining the next steps and transforming the understandings into practical programs and projects.
