Abdulaziz bin Salman: Saudi Arabia Plans to Enrich, Sell Uranium

Prince Abdulaziz bin Salman speaking at the forum (X)
Prince Abdulaziz bin Salman speaking at the forum (X)
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Abdulaziz bin Salman: Saudi Arabia Plans to Enrich, Sell Uranium

Prince Abdulaziz bin Salman speaking at the forum (X)
Prince Abdulaziz bin Salman speaking at the forum (X)

Saudi Arabia is actively pursuing investments in mineral resources, including uranium enrichment and sales, as part of its broader strategy to achieve 130 gigawatts of renewable energy capacity, ensuring a 20% energy reserve.

Saudi Energy Minister Prince Abdulaziz bin Salman announced these plans during the eighth edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition, organized by Aramco. The event witnessed the signing of 145 agreements and memorandums of understanding worth approximately SAR 33.75 billion ($9 billion), with the aim to promote localization of goods and services, foster collaboration, and strengthen local content in supply chains.

The IKTVA 2025 forum, held under the theme “Ecosystem of Opportunities,” showcased the growth of local supply chains, the progress of key enabler projects, and cooperation to further develop the local supply ecosystem.

During his address, the Energy Minister stated: “Saudi Arabia will enrich, sell, and produce uranium yellowcake,” a refined uranium concentrate used as fuel for nuclear reactors.

He emphasized the nation’s wealth of rare minerals, including uranium, saying: “For anyone doubting our mining capabilities, we will mine, process, and enrich uranium—and achieve even more.”

He highlighted that ensuring the availability of critical materials is essential for energy security, as Saudi Arabia continues to prioritize the stability of oil supply.

The minister also stressed the Kingdom’s goal of reaching 130 gigawatts of renewable energy capacity to meet its anticipated economic growth, which he said is expected to exceed current projections. “Without energy, there can be no prosperous or productive future,” he said.

Prince Abdulaziz emphasized the importance of expanding oil and gas operations, stating that Saudi Arabia is entering a fourth phase of gas system development in collaboration with Aramco. He highlighted efforts to localize advanced technologies developed over the past few years.

The petrochemical industry, he noted, will play a pivotal role in the future, stating: “Its significance extends beyond plastics to include a wide range of materials and polymers that will be produced.”

He also underscored the importance of localizing energy supply chains to boost the national economy through collaboration and innovation, creating new opportunities that align with national goals.

Regarding the IKTVA program, the minister described it as a model initiative that has transitioned from local content development to full-fledged localization. He also touched on Saudi Arabia’s Sustainability Program for Petroleum, launched in 2020, which aims to sustain and grow demand for hydrocarbons as a competitive energy source while ensuring an efficient and sustainable energy transition.

Saudi-Egyptian Cooperation

Prince Abdulaziz also highlighted ongoing efforts to establish a roadmap for cooperation with Egypt in electricity. Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat previously announced that the Saudi-Egyptian electricity interconnection project would begin operations before the summer of 2024.

Esmat noted that efforts are underway to complete the project, with a task force formed to resolve any obstacles. The two nations are working together to expand investments in renewable energy, particularly solar and wind, and to exchange technical expertise in electricity generation, transmission, and distribution.

Strengthening Local Industries

Aramco President and CEO Amin Nasser revealed plans to increase energy production by 70%, which will contribute to job creation in Saudi Arabia. He highlighted the establishment of over 500 factories since 2015, which have collectively generated $250 million in revenue.

Nasser emphasized Aramco’s extensive industrial projects in Ras Al-Khair and its plans to launch new facilities specializing in mining and manufacturing. He noted that these initiatives will significantly enhance local industries.

He also mentioned that IKTVA operates 16 training centers, having trained over 2,500 individuals in specialized programs and equipped 7,000 citizens with the skills required for the labor market.

Aramco signed 145 agreements and memorandums of understanding valued at SAR 33.75 billion ($9 billion) during the forum. These agreements aim to localize goods and services and strengthen local content in the supply chain.

Since the launch of IKTVA in 2015, localization rates have risen from 35% to 67% by 2024. Wael Al-Jaafari, Aramco’s Executive Vice President for Technical Services, emphasized that IKTVA has created cutting-edge business systems, unlocked new opportunities, and generated jobs for Saudi citizens while building a world-class supply chain.

He added that the program aims to achieve a localization rate of 70%, increase exports of locally manufactured goods and services, and create direct and indirect jobs for Saudi youth. As part of this initiative, 210 localization opportunities across 12 sectors—valued at SAR 105 billion ($28 billion) annually—have been identified.

Since its inception, IKTVA has facilitated the establishment of 350 manufacturing facilities with capital expenditures exceeding SAR 33.75 billion ($9 billion), Al-Jaafari remarked. These facilities cover various sectors, including chemicals, non-metallic materials, IT, electrical equipment, drilling systems, and more. The program has enabled the production of 47 products for the first time in Saudi Arabia.

On the opening day of IKTVA 2025, several key projects were announced, including the launch of Asmo—a joint venture between Aramco Development and DHL in Riyadh aimed at revolutionizing procurement and supply chains in the Middle East and North Africa.

Additionally, Navel Non-Metallic Solutions inaugurated its facility in King Salman Energy City, while the marine manufacturing facility by NMDC began operations in Ras Al-Khair.



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.