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Saudi Aramco to Develop Iraqi Gas Field

Ministers and officials from both Saudi Arabia and Iraq gather at the “Saudi-Iraqi Economic Forum” held in Jeddah, Saudi Arabia (Asharq Al-Awsat)
Ministers and officials from both Saudi Arabia and Iraq gather at the “Saudi-Iraqi Economic Forum” held in Jeddah, Saudi Arabia (Asharq Al-Awsat)
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Saudi Aramco to Develop Iraqi Gas Field

Ministers and officials from both Saudi Arabia and Iraq gather at the “Saudi-Iraqi Economic Forum” held in Jeddah, Saudi Arabia (Asharq Al-Awsat)
Ministers and officials from both Saudi Arabia and Iraq gather at the “Saudi-Iraqi Economic Forum” held in Jeddah, Saudi Arabia (Asharq Al-Awsat)

Saudi oil giant Aramco will develop a gas field in Iraq that could produce more than 400 million cubic feet of gas per day, Iraqi Oil Minister Hayan Abdel-Ghani said on Thursday.

Presently, this field yields 60 million cubic feet of gas, but it is projected to substantially increase its production to over 400 million cubic feet. This surge in output aims to provide Iraq’s national grid with an ample supply of gas required for electricity generation.

Abdel-Ghani revealed that two rounds of licenses have been granted for investment and development purposes in numerous exploration fields situated in both the eastern and western regions of Iraq.

These areas boast significant reserves of natural gas.

Moreover, the minister expressed his keen desire for the involvement of Saudi companies in the advancement of these fields, with the ultimate goal of generating the required gas for electricity production and fulfilling the local demand for this valuable resource.

A recent meeting encompassed several agreements pertaining to energy-related matters, with a prominent focus on the agreement with Saudi Arabia to supply Iraq with up to 1000 megawatts of electrical energy.

Additionally, Saudi companies will undertake the construction of solar power plants in Iraq’s Najaf province. This solar power plant is set to become the largest of its kind in Iraq.

Abdel-Ghani also clarified that an agreement has been reached with Saudi Arabia to establish industrial cities along the shared borders of both countries.

This initiative aims to foster the development of industry and trade for both nations.

Furthermore, discussions were held regarding the Nebras Project, which is one of the largest petrochemical projects in Iraq and the region.

 

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Chip Powerhouse Taiwan Calls for Economic Partnership Deal with EU

Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
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Chip Powerhouse Taiwan Calls for Economic Partnership Deal with EU

Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)
Taiwan President Lai Ching-te speaks at the annual Taiwan-EU investment forum in Taipei, Taiwan November 18, 2024. (Reuters)

Taiwan President Lai Ching-te called on Monday for the signing of an economic partnership agreement with the European Union, saying it would boost cooperation in semiconductors and that as democracies the two sides should be working together.

Taiwan has pushed for the signing of investment and trade deals with the EU, in what would be politically significant for Taiwan given its diplomatic isolation and general exclusion from most global bodies and agreements.

For its part, the EU has been courting Taiwan as a "like-minded" partner under the European Chips Act to encourage more semiconductor production in Europe and lessen dependence on Asia, despite the lack of formal ties with the Chinese-claimed island.

Speaking at a Taiwan-EU investment forum in Taipei, Lai said that facing the threat of expanding authoritarianism, Taiwan and the EU must form a "strong democratic umbrella" and build secure supply chains for global democracies.

"Looking to the future, Taiwan hopes to take an innovative approach towards the signing of an economic partnership agreement with the EU," he said.

Such an agreement would set a sound institutional basis for further cooperation in fields such as semiconductors and AI, Lai added.

"This would not only make both our economies more resilient and secure, but also ensure the stable operation of global supply chains."

Taiwanese investment in EU has been anchored by Taiwan Semiconductor Manufacturing Co (TSMC), which in August launched a major new chip plant in Dresden, Germany, expected to be a key supplier to European industry and automakers.

Maria Martin-Prat, deputy head of the European Commission's directorate general for trade, made no mention of signing such a deal with Taiwan in a video message to the investment event, though she did praise bilateral relations.

"Taiwan, a vibrant democracy with an open economy, is a trusted partner for us to promote our economic security," she said.

Taiwan has few free trade agreements, though last year it signed an Enhanced Trade Partnership with Britain and has applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP.