Saudi Arabia, Türkiye Sign Understanding for Cooperation in Mining

Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
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Saudi Arabia, Türkiye Sign Understanding for Cooperation in Mining

Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)
Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, sign the MoU in Ankara on Monday. (Asharq Al-Awsat)

Saudi Arabia and Türkiye signed on Monday a memorandum of understanding for cooperation in the field of mining.

The agreement was signed during a meeting between Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, in Ankara.

In remarks following the meeting, Bayraktar said discussions touched on mutual investments in energy. He noted that the MoU paves the way for bilateral cooperation in the field of mining and the vital minerals needed in areas such as the manufacture of electric cars and solar panels.

AlKhorayef had kicked off an official visit to Türkiye on Monday with the aim of boosting cooperation opportunities in the industrial and mining sectors.

Last month, Bayraktar expressed his country’s desire to enhance cooperation with Saudi Arabia in the field of energy, pointing to the interest of Saudi Arabia and other Gulf countries to invest in renewable energy in Türkiye.

“Our country has a huge capacity in this field, as it ranks 12th in the world and fifth in Europe,” he stated.

According to data from the Saudi Ministry of Industry and Mineral Resources, the value of non-oil exports to Türkiye amounted to about SAR13.5 billion, while the value of imports reached SAR2.9 billion, in addition to financing export credit insurance worth $26 million from the Saudi Export-Import Bank.

The Saudi Industrial Development Fund also contributes to financing a joint project with Ankara at a value of SAR3.5 million, while Turkish investments have entered into three projects in the Saudi Authority for Industrial Cities and Technology Zones.

Meanwhile, the Turkish e-shopping company, Trendyol, announced that it was accelerating its efforts to launch its operations in Gulf countries, starting with Saudi Arabia and the UAE.

Trendyol Group President Çağlayan Çetin said the company wants to attract more attention from the Gulf to Turkish brands.

Last October, Trendyol signed a cooperation agreement with the Saudi shareholding company, Fawaz Alhokair Group, to offer Turkish-made products to Saudi markets and open their first physical stores in the region.



EU States Agree on 14th Sanctions Package Against Russia

The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
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EU States Agree on 14th Sanctions Package Against Russia

The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including a ban on re-exports of Russian liquefied natural gas (LNG) in EU waters.
Belgium, which holds the rotating EU presidency until July 1, said on the X platform that the package "maximizes the impact of existing sanctions by closing loopholes".
Countries debated the new measures for over a month and ultimately watered down one of the Commission's proposals, aimed at preventing even more circumvention, at Germany's prompting, Reuters reported.
The dropped measure would have forced subsidiaries of EU companies in third countries to contractually prohibit the re-exports of their goods to Russia. The EU is keen to stop the flow of dual-use technology such as washing machine chips that could be used by Russia for military purposes.
An EU diplomat said Germany had asked for an impact assessment, and the measure could be included at a later date.
The ban on trans-shipments is the first restriction the bloc has applied to LNG. However, gas market experts say the measure will have little impact as Europe is still buying Russian gas itself, and trans-shipments via EU ports to Asia represent only around 10% of total Russian LNG exports.
The package also tightens measures against the shadow fleet moving Russian oil outside the price cap on Russian crude set by the Group of Seven (G7) nations. EU countries added tankers to the list of sanctioned entities as well as at least two Russian-owned ships moving military equipment from North Korea, diplomats said.
Overall, 47 new entities and 69 individuals were added to the EU sanctions list, bringing the total to 2,200. The package is expected to be formally approved when EU foreign ministers meet on Monday, diplomats said.