Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his official visit to China, which lasted for eight days, during which he met with Chinese ministers, officials, and investors, SPA said on Tuesday.

He visited companies and factories in four Chinese cities, chairing the Kingdom’s delegation, which participated as a guest of honor in the conference of China and Arab countries.

During his visit, Al-Khorayef met with the Minister of Industry and Information Technology of the People's Republic of China, Jin Zhuanglong, and discussed with him the ways for enhancing cooperation and partnership between the two countries in the industrial sector, exchanging expertise and technology, and expanding mutual investment opportunities between the two nations.

He also met with the Chinese Minister of Natural Resources, Wang Guanghua, and Li Jinfa, the vice president of China Geological Survey, and discussed with them the opportunities and challenges facing the mining sector and enhancing cooperation to increase growth in the mining and metals industry in the region.

The industry minister also discussed with the President of China Mining Association (CMA), Peng Qiming, and the Director of the China Nonferrous Metals Industry Association, GE Honglin, the efforts to promote economic growth and infrastructure development in the mining sector.

Khalid Al-Salem, the president of the Royal Commission for Jubail and Yanbu, Khaled Al-Mudaifer, the vice minister for mining affairs, and several leaders of the industry and mineral wealth system accompanied the minister of industry and mineral resources during his visit.

The visit aims to discuss many issues of interest to the countries, especially in the industrial and mining sectors, and to expand the horizons of strategic cooperation between the two friendly countries.



Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
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Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo

Iraq and US oil services firm Halliburton are close to finalizing an agreement to develop the Nahr Bin Omar oilfield, the head of Iraq's Basra Oil Company (BOC) told Reuters on Thursday.

Bassem Abdul Karim, director general of state-run BOC, said Iraq's oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, after which Iraq will provide Halliburton with data on the Nahr Bin Omar field and its installations.

Under the deal, Halliburton will help Iraq in increasing production at the field to 300,000 barrels per day (bpd), Abdul Karim said, though he did not specify a timeline. The field currently produces around 50,000 bpd, Reuters reported.

"Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field", said Abul Karim.

Abdul Karim said oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750,000 bpd by the end of 2025, up from the current 550,000 bpd. PetroChina holds the largest stake in the field following Exxon's exit.

To reduce its gas import bill, Iraq has selected China Petroleum Engineering & Construction Corporation (CPECC) to develop a $1.7 billion gas project at the Nahr Bin Omar field, which will produce 300 million standard cubic feet (mscf) of gas, according to the BOC manager.

"We are in talks with CPECC to reduce the project's cost, and final signing is imminent," he said.

Asked about the impact of the latest sanctions targeting Russia on the global crude supplies and if Iraq is ready to lift production, Abdul Karim said Iraq has the capacity to increase its oil production by 200,000 barrels per day (bpd) immediately if asked by OPEC.

Iraq's oil exports from its southern ports averaged 3.232 million bpd in December, he added.