Iraq Reopens North Refinery in Baiji Closed for a Decade 

In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
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Iraq Reopens North Refinery in Baiji Closed for a Decade 

In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)
In this handout picture released by Iraq's Prime Minister's Media Office on February 23, 2024, workers pose for a picture with PM Mohammed Shia al-Sudani (C) during a ceremony held on the occasion of the reopening of North Oil Refinery in Baiji, north of Baghdad. (Iraqi Prime Minister’s Press Office / AFP)

Iraq reopened on Friday what was once the country's largest oil refinery, a step the government hopes will lead to an end to its dependence on fuel imports.  

The North Refinery in the city of Baiji, 200 kilometers (124 miles) north of Baghdad, was heavily damaged in some of the fiercest battles with the ISIS group after it swept across a third of Iraq in 2014.  

After the facility's full rehabilitation, "the refinery's effective capacity is 250,000 barrels per day," Assem Jihad, the spokesman for Iraq's oil ministry, told AFP.

Two smaller production units at the refinery complex were opened in recent years, but Friday's reopening restored the refinery closer to its previous capacity, with an additional unit capable of producing 150,000 bpd.

"With this accomplishment, we are getting closer to meeting the country's (oil) derivative needs no later than mid next year," Prime Minister Mohammed Shia al-Sudani's office said, adding that doing so would enable Iraq to end its fuel imports.  

The oil-rich country "produces four million barrels a day, but still imports oil derivatives," Sudani added during the inauguration ceremony aired on state television.  

Constructed in 1975, the refinery produced up to 300,000 barrels per day (bpd) before ISIS seized the city of Baiji -- Iraq's one-time industrial hub -- in June 2014.  

Government forces retook the facility and the city in October 2015 during fierce clashes with the extremists, but severe damage meant the refinery remained closed for years.  

Other refineries operate in Iraq, with facilities in the south recording a production capacity of 280,000 bpd, according to Jihad.  

In April, Iraq inaugurated an oil refinery in the central city of Karbala with a capacity of 140,000 bpd.  

Ravaged by decades of conflict, Iraq's crumbling infrastructure and endemic corruption have obstructed reconstruction efforts.  

Despite its tremendous oil wealth, the country remains dependent on imports to meet energy needs.  

Iraq has 145 billion barrels of proven oil reserves amounting to 96 years' worth of production at the current rate, according to the World Bank.  

Crude oil sales make up 90 percent of the Iraqi budget's revenues.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.