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Saudi Arabia Concludes Privatization Program

The Saudi capital (Reuters)
The Saudi capital (Reuters)
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Saudi Arabia Concludes Privatization Program

The Saudi capital (Reuters)
The Saudi capital (Reuters)

Saudi Arabia’s Council of Economic and Development Affairs (CEDA) has approved the conclusion of the Kingdom’s Privatization Program after its implementation and objectives were fully completed, in line with the roadmap established when the initiative was launched in 2018.

The decision was taken during a meeting held via videoconference on Wednesday, during which the council also reviewed key developments in the domestic and global economic landscape.

The council highlighted the strong competitive capabilities of the Saudi economy in confronting expected global shifts in 2026, noting that current financial indicators reflect an upward trajectory driven by robust growth in non-oil sectors, alongside the recovery of petroleum activities and the expansion of the national industrial base.

Launched in 2018, the Privatization Program aimed to support national economic growth, strengthen the role of the private sector, and identify government assets, services, and resources suitable for privatization across multiple sectors. The program sought to improve the quality and efficiency of public services while reducing their cost for individuals and businesses.

At the start of its virtual meeting, the council reviewed the monthly report submitted by the Ministry of Economy and Planning, which addressed recent developments in the global economy and growth prospects for 2026 amid ongoing challenges, as well as their potential impact on the national economy and its ability to adapt to global economic changes.

The report underscored the positive trend reflected in various economic and financial indicators, including GDP growth driven by continued expansion in non-oil activities, the recovery of oil-related sectors, rising industrial output, and stable inflation, supported by government measures to regulate real estate prices and maintain balance in the property market.

The conclusion of the Privatization Program marks a transition from a foundational phase to a new phase focused on implementation and maximizing impact. This shift will be guided by the National Privatization Strategy, which has reviewed targets, developed new opportunities, and established a comprehensive national framework for prioritizing initiatives across key sectors.

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Business

China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
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China's Russian Oil Imports to Hit New Record in February as India Cuts Back

Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 
Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China (Reuters) 

China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data.

Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Kpler's provisional data showed February imports at 2.083 million bpd, up from 1.718 million bpd in January, according to Reuters.

China has since November replaced India as Moscow's top client for seaborne shipments as Western sanctions over the war in Ukraine and pressure to clinch a trade deal with the US forced New Delhi to scale back Russian oil imports to a two-year low in December.

India's Russian crude imports are estimated to fall further to 1.159 million bpd in February, Kpler data showed.

Independent Chinese refiners, known as teapots, are the world's largest consumers of US sanctioned oil from Russia, Iran and Venezuela.

“For the quality you get from processing Russian oil versus Iranian, Russian supplies have become relatively more competitive,” said a senior Chinese trader who regularly deals with teapots.

ESPO blend last traded at $8 to $9 a barrel discounts to ICE Brent for March deliveries, while Iranian Light, a grade of similar quality, was last assessed at $10 to $11 below ICE Brent, the trader added.

Uncertainty since January over whether the US would launch military strikes on Iran if negotiations for a nuclear deal failed to yield Washington's desired results curbed buying from Chinese teapots and traders, said Emma Li, Vortexa's China analyst.

“For teapots, Russian oil looks more reliable now as people are worried about loadings of Iranian oil in case of a military confrontation,” Li said.

Part of the elevated Russian oil purchases came from larger independent refiners outside the teapot hub of Shandong, Li added.

Vortexa estimated Iranian oil deliveries into China – often banded by traders as Malaysian to circumvent US sanctions - eased to 1.03 million bpd this month, down from January's 1.25 million bpd.

 

 

 

Business

Oil in Spotlight as Trump's Iran Warning Rattles Sleepy Markets

FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
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Oil in Spotlight as Trump's Iran Warning Rattles Sleepy Markets

FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)
FILE - In this Oct. 21, 2013, file photo, smoke billows from an oil refinery in Kawasaki, southwest of Tokyo. (AP Photo/Koji Sasahara, File)

Oil prices stabilized on Tuesday as investors assessed supply disruption risks after Iran conducted naval exercises near the Strait of Hormuz ahead of nuclear talks with the United States later in the day.

US President Donald Trump said on Monday that he would participate "indirectly" in the Geneva talks, adding that he believed Tehran wanted to reach an agreement. Trump said at the end of the week that regime change in Iran would be the "best thing that could happen."

Brent crude futures fell 0.2 percent to $68.59 a barrel by 01:06 GMT, after rising 1.3 percent on Monday.

US West Texas Intermediate crude was at $63.73 a barrel, up 84 cents, or 1.34 percent, but that gain incorporated all price movement on Monday, as the contract was not settled that day due to the US Presidents Day holiday.

Many markets were closed on Tuesday for the Lunar New Year, including China, Hong Kong, Taiwan, South Korea and Singapore.

"The market remains jittery amid ongoing geopolitical uncertainty," Daniel Hynes, an analyst at ANZ Bank, said in a research note.

He added: "Should tensions in the Middle East ease, or tangible progress be made on the Ukrainian situation, the risk premium currently embedded in oil prices may quickly dissipate. However, any negative outcome or further escalation could be positive for oil prices."

Iran began military exercises on Monday in the Strait of Hormuz, a vital international waterway and a major oil export route from Gulf countries, which have called for diplomacy to end the conflict.

Meanwhile, Citigroup said that if Russian supply disruptions continue to keep Brent crude within a range of $65 to $70 a barrel in the coming months, OPEC+ is likely to respond by increasing production from spare capacity.

Three sources in OPEC+ said the organization is inclined to resume increasing oil production from April, as the group prepares for peak summer demand, and higher prices are reinforced by tensions over US-Iranian relations.

"We expect, in the base case, that two oil deals will be reached, one with Iran and the other with Russia and Ukraine, by or during the summer of this year, which will contribute to a decline in prices to $60-62 a barrel of Brent," Citigroup said.

Business

Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
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Greece… Chevron’s Gateway to Strengthening Europe’s Energy Security

The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)
The lease allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete (AFP)

A consortium led by US oil major Chevron signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean. The deal doubles the amount of Greek maritime acreage available for exploration and is the second in months involving a US energy major as the European Union seeks to phase out supplies from Russia and the US seeks ‌to replace them.

Exxon ‌Mobil in November joined Energean and Helleniq to search ‌for ⁠gas in another ⁠offshore block in Western Greece. Monday's agreement allows Chevron - which also plans to expand production in Israel - to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete, stretching across 47,000 square kilometers (18,147 square miles). It follows Chevron and Helleniq Energy, Greece's biggest oil refiner, last year winning an international tender.

GREECE SEEKS TO BE A GATEWAY FOR US GAS

Greece, which ⁠has no gas production and relies on gas imports ‌for power generation and domestic consumption, has revived ‌its quest for gas exploration after a 2022 energy price shock driven by Russia's ‌invasion of Ukraine. It also aims to be a gateway for US ‌liquefied natural gas transported via the Vertical Gas Corridor, a route that carries gas from Greece to central Europe and Ukraine. US Ambassador to Greece Kimberly Guilfoyle said US LNG flowing through Greece had strengthened the alliance between the United States and Europe.

"It redraws, ‌quite simply, the energy map of Europe, creating a durable alternative to Russian gas not just for one season ⁠but for generations ⁠to come," Guilfoyle said during a presentation of the contracts in Athens. The European Union is building renewables capacity to cut greenhouse emissions, but has acknowledged the need for natural gas as a transition fuel to help stabilize the grid when intermittent wind and solar energy are not available.

The Greek parliament will need to approve the lease contracts before the Chevron-led consortium can start seismic research later this year. Greece has said the consortium has up to five years to locate potential recoverable deposits and any test drilling would not take place before 2030-2032.