Iraq, UAE's Crescent Activate Energy Deals to Develop Three Oil and Gas Fields

Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
TT

Iraq, UAE's Crescent Activate Energy Deals to Develop Three Oil and Gas Fields

Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)
Iraq has activated three energy contracts with UAE firm Crescent Petroleum to develop three oil and gas fields in Iraq. (Getty Images)

Iraq has launched three energy contracts with UAE-based Crescent Petroleum to develop three oil and gas fields in Iraq, the oil ministry said on Sunday.

United Arab Emirates-based Crescent Petroleum signed in February three 20-year contracts to develop oil and natural gas fields in Iraq's Basra and Diyala provinces in northeastern Baghdad.

The Crescent Petroleum contracts are expected to begin producing 400 million standard cubic feet per day of natural gas within 18 months, the oil ministry statement quoted Iraq's oil minister Hayan Abdel-Ghani as saying.

Abdel-Ghani, who attended the launch at the oil ministry headquarters in Baghdad, said starting operations by Crescent Petroleum will help Iraq to stop gas flaring and use the processed gas to generate electricity.

The OPEC producer relies heavily on Iranian gas imports to feed its power grid. But the United States has pushed Iraq to reduce its reliance on Iranian gas.

Iraq continues to flare some of the gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.



Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
TT

Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.