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Saudi Arabia’s GOSI, IA Sign MoU to Boost Cooperation on Insurance Services

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
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Saudi Arabia’s GOSI, IA Sign MoU to Boost Cooperation on Insurance Services

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)
The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. (SPA)

Saudi Arabia’s General Organization for Social Insurance (GOSI) signed on Wednesday a memorandum of understanding (MoU) with the Insurance Authority (IA) to cooperate in providing insurance products and services.

The MoU also covers developing related electronic and digital transactions, exchanging expertise, and boosting business development between GOSI and the IA.

The MoU was signed on the sidelines of Fintech 24 conference in Riyadh. Representing GOSI was Saud Al Juhani, assistant governor for insurance affairs, while Dr. Osama bin Abdulrahman Al Jamili, executive director of data and strategic transformation, represented the IA.

The memorandum aims to formalize collaboration between GOSI and the IA by defining roles related to the exchange of expertise, conducting workshops to benefit from successful projects and experiences, and developing mechanisms to boost insurance operations and support joint ventures between the two parties.

Both parties will explore opportunities for data exchange and integration in providing insurance products and services, developing related electronic and digital services, and exchanging official visits. They will also collaborate in awareness campaigns, conferences, seminars, workshops, and scientific forums related to insurance, and coordinate on any future relevant initiatives.

These efforts are part of GOSI’s initiative to strengthen cooperation with various government and private entities, aiming to achieve effective integration among its systems, improve performance levels, and enhance services provided to beneficiaries, all in line with Saudi Vision 2030.

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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.