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Saudi Ministry of Industry Awards 25 Exploration Sites, Opens Bidding for 162 More 

Saudi Ministry of Industry Awards 25 Exploration Sites, Opens Bidding for 162 More 
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Saudi Ministry of Industry Awards 25 Exploration Sites, Opens Bidding for 162 More 

Saudi Ministry of Industry Awards 25 Exploration Sites, Opens Bidding for 162 More 

Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Tuesday that nine local and international companies and consortia have won the multi-round auction in exploration spending for exploration licenses for 25 sites in the Nabitah-Ad Duwayhi Belt in Makkah Region, committing over SAR156 million in exploration spend.

The ministry also stated that the competition for an additional 10 sites in the same belt will resume from September 16 to 18, with final results to be announced after all regulatory procedures are completed.

The list of winners includes prominent companies and consortia, namely the Ma’aden and Hancock Prospecting “Midana Exploration Pty Ltd” consortium; the Ajlan and Bros Mining and Shandong Gold Group consortium; the Technology Experts and Andiamo Exploration Ltd consortium; the McEwen Inc. and Sumo Holding consortium; Al-Eitilaf Al Mumayaz for Mining Company; Saudi Gold Refinery; Batin Al-Ard for Gold; Aurum Global Group; and Almasar Minerals.

The competition for the final site (ND26) in the Nabitah-Ad Duwayhi Belt was suspended after the exploration spending bids exceeded expected technical evaluations and reached levels deemed practically unfeasible, revealed the ministry.

The site re-evaluation will be conducted on the approved timeline in accordance with the Mining Investment Law and its executive regulations, as well as mining tender guidelines, ensuring fairness, transparency, and protection of investors’ interests.

Moreover, the ministry announced its readiness to launch the multi-round auction in exploration spending for 162 new mining sites in the Al-Naqrah and Al-Sukhaybirah Safra belts in the Madinah Region on September 28.

The move is part of the ministry’s plan to offer over 50,000 square kilometers of mineral-rich belts during 2025, aiming to expand the investment base, increase spending on exploration activities, and open broader opportunities for local and international investors.

The growing interest from leading global companies reflects confidence in Saudi Arabia’s mining sector, whose mineral resources are valued at over SAR9.4 trillion, stressed the ministry. The sector is a key pillar of Saudi Vision 2030, supporting economic diversification and positioning the Kingdom as a leading global destination for mining.

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Business

TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
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TotalEnergies to Honor All LNG Contracts Despite Qatar Outages

FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen at a petrol station in Paris, France, March 25, 2026. REUTERS/Abdul Saboor/File Photo

TotalEnergies' CEO Patrick Pouyanne said on Thursday that the company made a decision not to declare force majeure to any of its liquefied natural gas customers, and that it would respect all the LNG contracts in terms of price and ⁠volume.

Qatar, the world's biggest ⁠LNG producer, has declared force majeure on all of its LNG output after being attacked as part of the US-Israeli war with Iran.

"We said to our customers we will ⁠not invoke force majeure and not deliver the gas... We want to be security of supply for our customers," Pouyanne said.

"Yes, we'll miss energy coming from Qatar and Abu Dhabi, but our portfolio is large enough to redirect part of it," he added, according to Reuters.

Analysts estimate TotalEnergies takes 5.2 million metric tons per annum (mtpa) from ⁠its ⁠share of the QatarEnergy LNG trains.

Sources have said Shell, the world's biggest LNG trader, had declared force majeure on cargoes it buys from QatarEnergy and sells on. Analysts estimate Shell takes 6.8 mtpa of Qatari LNG.

Pouyanne also said that the current energy crisis makes renewables more attractive as they are not subject to the volatility from geopolitical instability.

Business

India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
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India Secures 60 Days of Oil Supply amid Hormuz Disruption

Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)
Small boats sail loaded with goods in front of a container ship in the waters of the Strait of Hormuz off the coast of Oman, June 25, 2025 (AFP)

India has secured crude oil supplies for the next 60 days, ensuring stable fuel supplies in the country despite disruption in shipments from the Middle East, the oil ministry said in a statement on Thursday.

India, the world's third biggest oil consumer and importer, was buying over 40% of its oil imports from the Middle East. Those supplies are disrupted due to the US-Israeli war on Iran.

Higher availability of crude in global markets, mainly from the Western hemisphere, has helped offset the shortfall, the government said.

Taking advantage of a temporary US waiver, Indian refiners have also ramped up purchases of Russian crude, securing millions of barrels to fill the supply gap.

"Despite the situation at the Strait of Hormuz, India is today receiving more crude oil from its 41-plus suppliers across the world than what was previously arriving through the Strait," the ministry said.

As a net exporter of petroleum products, India’s domestic availability of petrol and diesel remains structurally secure, the government said.

The world's fourth-largest refiner has oil and fuel stocks sufficient to meet 60 days of demand, against a total storage capacity of 74 days, it added.

"Nearly two months of steady supply is available for every Indian citizen, regardless of what happens globally. The next two months of crude procurement have also been secured," it added.

India has asked refiners to maximize production of liquefied petroleum gas, used as cooking fuel, as the nation was buying 90% of its LPG imports from the Middle East.

Domestic daily LPG production has been increased by 40% to 50,000 metric tons against a requirement of 80,000 tons, it said.

In addition, Indian companies have secured 800,000 tons of LPG cargoes from the United States, Russia, Australia, and other countries, it said.

These shipments, arriving across India's 22 LPG import terminals, provide roughly one month of assured supply, with further procurement underway, the government said.

Business

SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services
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SAMA Licenses Two Companies to Provide Open Banking Services

SAMA Licenses Two Companies to Provide Open Banking Services

The Saudi Central Bank (SAMA) announced the licensing of “Altknwlwjya aljadydh llhulul albrmjyh” and “lyn tknwlwjyz Company Saudi Arabia litqniyat nuzum almaelumat” to conduct payment services by providing account information—one of the services associated with open banking.

The licenses were granted following the successful completion of the regulatory sandbox phase under SAMA’s supervision.

The decision reflects SAMA’s ongoing efforts to support and enable the financial sector, enhance the efficiency and flexibility of financial transactions, and promote innovation in financial services. This aims to advancing financial inclusion and expanding access to financial services across all segments of society.

SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA's official website.