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Saudi Arabia Launches New Incentives to Enhance Mining Exploration with $182 Million

The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
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Saudi Arabia Launches New Incentives to Enhance Mining Exploration with $182 Million

The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)

The Saudi Ministry of Industry and Mineral Resources launched new incentives, in cooperation with the Ministry of Investment, amounting to approximately SAR 685 million ($182 million), aiming to support mining exploration in the Kingdom and reduce risks facing exploration companies during their early stages, in addition to encouraging investment in this vital sector according to the objectives of Vision 2030.

In a statement, the ministry said that the new incentive package includes a series of financial facilities for companies and investors wishing to invest in mineral resource exploration activities in the Kingdom, in addition to a priority framework for investors who commit to fostering local talent and expertise in the sector.

The ministry added that the new incentives also include financial support for companies that have licenses valid for less than 5 years, as each license is entitled to a maximum support of SAR 7.5 million ($2 million), while each company can benefit from support for up to 15 licenses according to the program’s terms and conditions.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.