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Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
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Saudi-Swiss Officials Meet in Bern to Promote Industrial Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef during a round-table meeting in the Swiss capital, Bern. (SPA)

A meeting between Saudi and Swiss officials was held on Thursday in the capital Berne where talks focused on promoting cooperation between the two countries at the industrial and mining levels, and increasing non-oil exports.

The round table meeting was chaired by Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef, and Helene Budliger Artieda, Swiss minister of state for economic affairs.

The meeting was held in the presence of more than 15 major Swiss companies.

The two sides reviewed promising investment opportunities in these sectors in accordance with the objectives of "Saudi Vision 2030" and the national strategy for industry, which aims to expand the industrial base in the Kingdom.

Al-Khorayef’s visit to Switzerland aims to promote growth opportunities between the two countries in a number of promising industries, increasing access to Saudi non-oil exports to European markets, and attracting qualitative foreign investments in targeted sectors.

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Israel Approves Extra Gas Exports, Leviathan Field to Be Expanded 

An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
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Israel Approves Extra Gas Exports, Leviathan Field to Be Expanded 

An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)
An aerial view taken from a helicopter shows the Leviathan natural gas rig off the coast of the Mediterranean coast, in northern Israel, April 26, 2023. (Reuters)

Israel on Wednesday approved the export of more natural gas from its offshore fields to boost the economy and energy security, and its partners in the huge Leviathan project in turn said they planned to invest up to $500 million to expand its capacity.

Energy Minister Eli Cohen said the decision to more than double the amount of gas allowed for exports would strengthen diplomatic ties, improve Israel's energy security and bring an added windfall to the economy.

His ministry gave the green light for the export of an additional 118 billion cubic meters (bcm) of natural gas from the east Mediterranean reserves, beyond the 105 bcm previously approved. The companies will still need to get specific export licenses for the additional quantities.

The Leviathan partners, which include operator Chevron and Israeli companies NewMed Energy and Ratio Energies, said they now intend to invest $400-500 million to expand the project, which primarily exports to Egypt and Jordan.

That includes the project's front-end engineering design and long lead items, NewMed said. It added that additional exports could rise to 145 bcm if certain conditions are fulfilled.

"Demand for natural gas in Israel and regional markets is rising and as such we are preparing to expand production at the Leviathan project," said Ratio chief executive Yigal Landau.

Leviathan currently produces 12 bcm a year, and that will gradually rise to about 21 bcm a year, NewMed said. It said the group is continuing to negotiate new deals to sell gas domestically and internationally.

Israel exported 8.6 bcm of gas to Egypt in 2023, which is an increase of 39% over the prior year. It also supplied Jordan with 2.9 bcm in 2023.