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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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Business

Oil Steadies after Biggest Annual Loss Since 2020

FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
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Oil Steadies after Biggest Annual Loss Since 2020

FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo
FILE PHOTO: A worker stands in front of storage tanks at the Rosneft oil refinery in Tuapse at the Russian Black Sea coast September 6, 2006. REUTERS/Sergei Karpukhin/File Photo

Oil prices steadied on the first day of trade in 2026 after registering their biggest annual loss since 2020 as investors weighed oversupply concerns against geopolitical risks including the war in Ukraine and Venezuela exports.

Brent crude futures dropped 4 cents on Friday to $60.81 a barrel by 1029 GMT while US West Texas Intermediate crude was down 3 cents at $57.39, said Reuters.

Russia and Ukraine traded allegations of attacks on civilians on ‌New Year's Day ‌despite talks overseen by US President Donald ‌Trump ⁠that are ‌aimed at bringing an end to the nearly four-year-old war.

Kyiv has been intensifying strikes against Russian energy infrastructure in recent months, aiming to cut off Moscow's sources of financing for its military campaign in Ukraine.

Elsewhere, the Trump administration's efforts to increase pressure on Venezuelan President Nicolas Maduro continued with Wednesday's imposition of sanctions on four companies and associated oil ⁠tankers that it said were operating in Venezuela’s oil sector.

Traders widely expect OPEC+ to continue its pause on output increases in the first quarter, said Sparta Commodities analyst June Goh.

"2026 will be an important year on assessing OPEC+ decisions for balancing supply," ⁠she said, adding that China would continue to build crude stockpiles in the first half, providing a floor for oil prices.

2025 LOSSES

The Brent and WTI benchmarks recorded annual losses of nearly 20% in 2025, the steepest since 2020, as concerns about oversupply and tariffs outweighed geopolitical risks. It was the third straight year of losses for Brent, the longest such streak on record.

"As of now, we are expecting a fairly boring year for (Brent) oil prices, range-bound around $60-65 a barrel," said DBS energy analyst Suvro Sarkar.

Phillip Nova analyst Priyanka Sachdeva said ‌the muted price movement reflected a struggle between short-term geopolitical risks and longer-term market fundamentals that point towards oversupply.

Business

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
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Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 

Business

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
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Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.