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Saudi Arabia Praises Fruitful Cooperation with Bahrain to Stimulate National Industries

The flag of Saudi Arabia
The flag of Saudi Arabia
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Saudi Arabia Praises Fruitful Cooperation with Bahrain to Stimulate National Industries

The flag of Saudi Arabia
The flag of Saudi Arabia

The Saudi Minister of Industry and Mineral Resources and Chairman of the Local Content and Government Procurement Authority, Bandar Alkhorayef, praised Bahrain for its collaboration in opening registration for Saudi establishments wishing to register their products in Bahrain's In-Country Value Program, Takamul.

The program aims to enhance local content value and preference in government procurement.
The registration contributes to stimulating and empowering Saudi national industries within the framework of the distinguished relations between Arabia and Bahrain, and boosting the economic integration between the two countries.
He stressed that goods manufactured in Bahrain, which meet the requirements of the national origin rules issued by Ministerial Decision No. 3852, will be treated as Saudi national goods, thereby allowing them to benefit from local content preference mechanisms according to relevant regulations and requirements.
The minister noted that this approach aligns with the results of the third meeting of the Saudi-Bahraini Coordination Council, chaired by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, and Bahrain Crown Prince Salman bin Hamad Al Khalifa. This is in line with the strong and historic ties between the two countries and their people.
Alkhorayef pointed out that this step will contribute to enhancing trade exchange, stimulating national industry in both countries, providing more investment opportunities, attracting foreign investments, and enhancing the added value of national products. He praised the efforts of the Ministry of Industry and Commerce in Bahrain to boost cooperation with Saudi Arabia in various fields, emphasizing the Kingdom's commitment to enhancing collaboration with Bahrain in all fields.

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BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
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BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)

Iraq and British oil giant BP are set to finalize a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

The mega-project in northern Iraq will include plans to recover flared gas to boost the country's electricity production, they said.

Gas flaring refers to the polluting practice of burning off excess gas during oil drilling. It is cheaper than capturing the associated gas.

The Iraqi government and BP signed a new memorandum of understanding in London late Tuesday, as Prime Minister Mohammed Shia al-Sudani and other senior ministers visit Britain to seal various trade and investment deals.

"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.

Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.

"The agreement commits both parties to sign a contract in the first week of February," he said.

Ghani noted the project will also target gas flaring.

Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic meters of gas in 2023, according to the World Bank.

The Iraqi government has made eliminating the practice one of its priorities, with plans to curb 80 percent of flared gas by 2026 and to eliminate releases by 2028.

"It's not just a question of investing and increasing oil production... but also gas exploitation. We can no longer tolerate gas flaring, whatever the quantity," Ghani added.

"We need this gas, which Iraq currently imports from neighboring Iran. The government is making serious efforts to put an end to these imports."

Iraq is ultra-dependent on Iranian gas, which covers almost a third of Iraq's energy needs.

However, Teheran regularly cuts off its supply, exacerbating the power shortages that punctuate the daily lives of 45 million Iraqis.

BP is one of the biggest foreign players in Iraq's oil sector, with a history of producing oil in the country dating back to the 1920s when it was still under British mandate.

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves -- among the largest in the world -- amounting to 96 years' worth of production at the current rate.