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Iraq Seeking Optimal Investments in Oil, Gas

A handout picture provided by the Iranian presidency shows Iraq's Prime Minister Mohammed Shia Al-Sudani addressing a joint press conference with the Iranian president after their meeting in Tehran on November 6, 2023. (Photo by Iranian Presidency / AFP)
A handout picture provided by the Iranian presidency shows Iraq's Prime Minister Mohammed Shia Al-Sudani addressing a joint press conference with the Iranian president after their meeting in Tehran on November 6, 2023. (Photo by Iranian Presidency / AFP)
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Iraq Seeking Optimal Investments in Oil, Gas

A handout picture provided by the Iranian presidency shows Iraq's Prime Minister Mohammed Shia Al-Sudani addressing a joint press conference with the Iranian president after their meeting in Tehran on November 6, 2023. (Photo by Iranian Presidency / AFP)
A handout picture provided by the Iranian presidency shows Iraq's Prime Minister Mohammed Shia Al-Sudani addressing a joint press conference with the Iranian president after their meeting in Tehran on November 6, 2023. (Photo by Iranian Presidency / AFP)

Iraqi Prime Minister Mohammad Shia Al-Sudani stressed on Sunday the importance of utilizing crude oil prices in the global market in increasing financial allocations through optimal oil and gas investments.

During a meeting with Oil Ministry officials, Sudani underscored the need to advance the vital oil sector in all its aspects due to its importance to the state’s development.

Oil represents the primary source of income for Iraq, he remarked, adding that the government is working to develop the sector, as well as the chemical, petrochemical, and fertilizer industries and the electricity sector.

According to a statement by the Iraqi government, Sudani was briefed on the discussions between the Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Regional Government (KRG) to complete the procedures required to resume crude oil exports through the Turkish port of Ceyhan.

He reviewed the implementation of the Ministry’s plans to develop the oil sector in Iraq and projects related to oil and gas extraction, refineries, and exports.

The meeting also tackled investment opportunities announced by the Oil Ministry in 2023.

Meanwhile, a prominent Iraqi official said on Sunday that Iraq has made great strides to expand investment in the gas sector and stop burning operations.

Speaking at the Gas Investment Conference, South Gas Company Director General Hamza Abdul-Baqi Nassir said Iraq is investing in gas from oil fields to meet domestic consumption demands and is considering exporting the surplus to global markets.

The Ministry of Oil has made great efforts to activate licensing contracts with foreign companies to reach a production of 1,000 million standard cubic feet to secure the requirements for energy production and stop gas-burning operations to reduce environmental risks.

Iraq is working to establish a company to absorb all the gases produced, aside from cooperation with the French company Total, he said, adding that it would push towards boosting the capabilities of oil fields and developing alternative energy programs.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.