Saudi Ports Authority, SAR Sign Agreement to Boost Maritime, Rail Connectivity

Saudi Ports Authority, SAR Sign Agreement to Boost Maritime, Rail Connectivity
TT

Saudi Ports Authority, SAR Sign Agreement to Boost Maritime, Rail Connectivity

Saudi Ports Authority, SAR Sign Agreement to Boost Maritime, Rail Connectivity

The Saudi Ports Authority (Mawani) and the Saudi Arabia Railways (SAR) inked an agreement to bolster maritime and rail transportation connectivity, reported the Saudi Press Agency on Tuesday.

This strategic alliance boosts the logistics at the industrial and commercial ports in the Kingdom, thus contributing significantly to the objectives outlined in the National Transport and Logistics Strategy (NTLS) and aligning with the goals of Saudi Vision 2030.

Mawani President Omar Hariri and SAR CEO Dr. Bashar bin Khaled Al-Malik signed the agreement at Mawani's headquarters in Riyadh.

The agreement will bolster the Kingdom's competitive edge and support trade by offering secure, sustainable transportation solutions that aim at reducing carbon emissions and improving the efficiency of logistical operations.

The initiative will contribute to solidifying Saudi Arabia's position as a leading global logistics hub effectively bridging three continents.

Mawani aspires to achieve seamless integration with SAR in container transport, bulk materials, and general cargo via rail to and from ports. SAR's extensive rail network, which connects major ports, such as King Abdulaziz Port in Dammam, King Fahd Industrial Port in Jubail, Jubail Commercial Port, and Ras Al-Khair Port, plays a crucial role in this integration.

The partnership will improve the quality of service offered to exporters and importers by introducing innovative logistics services that make exports and imports transported by rail more efficient, and provide solutions to customers' logistics challenges.

The agreement also aims to assess user satisfaction with rail services and logistics support, and identify and implement improvements. It also entails collaboration in planning and executing marketing campaigns to promote rail transportation.

The goal is to transform the Kingdom into a critical logistics corridor between the East and the West.



Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
TT

Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo

Iraq and US oil services firm Halliburton are close to finalizing an agreement to develop the Nahr Bin Omar oilfield, the head of Iraq's Basra Oil Company (BOC) told Reuters on Thursday.

Bassem Abdul Karim, director general of state-run BOC, said Iraq's oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, after which Iraq will provide Halliburton with data on the Nahr Bin Omar field and its installations.

Under the deal, Halliburton will help Iraq in increasing production at the field to 300,000 barrels per day (bpd), Abdul Karim said, though he did not specify a timeline. The field currently produces around 50,000 bpd, Reuters reported.

"Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field", said Abul Karim.

Abdul Karim said oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750,000 bpd by the end of 2025, up from the current 550,000 bpd. PetroChina holds the largest stake in the field following Exxon's exit.

To reduce its gas import bill, Iraq has selected China Petroleum Engineering & Construction Corporation (CPECC) to develop a $1.7 billion gas project at the Nahr Bin Omar field, which will produce 300 million standard cubic feet (mscf) of gas, according to the BOC manager.

"We are in talks with CPECC to reduce the project's cost, and final signing is imminent," he said.

Asked about the impact of the latest sanctions targeting Russia on the global crude supplies and if Iraq is ready to lift production, Abdul Karim said Iraq has the capacity to increase its oil production by 200,000 barrels per day (bpd) immediately if asked by OPEC.

Iraq's oil exports from its southern ports averaged 3.232 million bpd in December, he added.