Sisi Says Egypt Is Keen on Integration with Saudi Arabia in ‘Neom’

Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017. REUTERS/Faisal Al Nasser/Files
Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017. REUTERS/Faisal Al Nasser/Files
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Sisi Says Egypt Is Keen on Integration with Saudi Arabia in ‘Neom’

Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017. REUTERS/Faisal Al Nasser/Files
Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017. REUTERS/Faisal Al Nasser/Files

Egyptian President Abdel Fattah el-Sisi made the first high-level remark affirming Cairo’s full support for integration with Saudi Arabia in “Neom”.

Neom is a planned transnational city and economic zone to be constructed in the border region of Saudi Arabia, Jordan, and Egypt (via a proposed bridge across the Gulf of Aqaba).

The megacity was announced by Saudi Crown Prince Mohammad bin Salman at the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017.

He said it will operate independently from the “existing governmental framework” with its own tax and labor laws and an autonomous judicial system.

Speaking at a meeting with a number of Egyptian and foreign media representatives on the sidelines of the World Youth Forum held in Sharm El-Sheikh, South Sinai, Sisi said that Cairo "is keen to integrate with Saudi Arabia in projects that benefit all."

The President stressed that work is being done on "equipping other projects with Saudi Arabia" and referred to the ongoing developing of a 6-lane road network connecting Port Said to the Gulf of Suez, and Sharm el-Sheikh.

When Crown Prince Mohammed announced the launching of Neom, he said it would be a "special area and a new destination located northwest of the Kingdom."

Neom joins together territory from within the Egyptian and Jordanian borders and provides a lot of development opportunities. The transitional city will also be funded with over $ 500 billion in coming years pumped by the Saudi Public Investment Fund.

According to the Egyptian Ministry of Transport, the Egyptian government is paying great attention to the "National Project for the Development of the Eastern Suez Canal" and explains that the implementation of three tunnels in the Ismailia governorate to cross the Suez Canal will play an important role ".

It is also planned to establish another three tunnels south of Port Said city, at the overall cost of $ 4 billion for the six tunnels.



Saudi Venture Capital Announces $30 Million Investment in IMPACT46's Fund III

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
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Saudi Venture Capital Announces $30 Million Investment in IMPACT46's Fund III

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)

Saudi Venture Capital (SVC) announced its investment of $30 million in Fund III managed by IMPACT46, a prominent asset management and advisory firm, which was among the first to receive authorization from the Capital Market Authority (CMA), reported the Saudi Press Agency on Monday.

Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses, with an allocation to seed-stage startups and promising startups from the broader Middle East region.

The subscription agreement was signed by CEO and Board Member at SVC Dr. Nabeel Koshak and Founder and CEO of IMPACT46 Abdulaziz Alomran. The signing ceremony was also attended by Chief Investment Officer Nora Alsarhan and Chief Legal Officer at SVC Haifa Bahaian as well as Managing Partner and Head of Asset Management at IMPACT46 Basmah Alsinaidi.

Dr. Koshak commented: "The investment in IMPACT46's Fund III is part of SVC's Investment in Funds Program to support the development of the venture capital (VC) ecosystem in Saudi Arabia for all sectors and stages. This investment also comes to foster the growth witnessed recently by the VC sector in Saudi Arabia, which made it at the forefront of the VC scene in MENA during the first half of 2023, in terms of the amount of VC funding."

Last July, reports revealed that Saudi Arabia was the most funded country in the MENA region in terms of the amount of Venture Capital funding in H1 2023, which witnessed a total VC deployment of $446M (SAR 1.67 billion).

"We are delighted that SVC and IMPACT46 are once again joining forces, this time with our Fund III, which aims to support the growth of the tech startup ecosystem in Saudi Arabia. This partnership demonstrates our commitment to achieving our shared vision for driving a sustainable economic impact," stated Founder and CEO of IMPACT46 Abdulaziz Alomran.

"This investment not only signifies the growing maturity of the VC activity in Saudi Arabia but also highlights the Kingdom's potential to emerge as a frontrunner in this sector."

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one of the developmental banks affiliated with the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $2 billion through investment in funds and co-investment in startups. SVC invested in 43 funds that have invested in 700+ companies.


Consortium of TotalEnergies, Eni, QatarEnergy Bids in Lebanon Oil and Gas Licensing Round

A picture taken from the seaside promenade of the northern Lebanese coastal town of Dbayeh shows the skyline of the Lebanese capital Beirut on March 17, 2020. (AFP)
A picture taken from the seaside promenade of the northern Lebanese coastal town of Dbayeh shows the skyline of the Lebanese capital Beirut on March 17, 2020. (AFP)
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Consortium of TotalEnergies, Eni, QatarEnergy Bids in Lebanon Oil and Gas Licensing Round

A picture taken from the seaside promenade of the northern Lebanese coastal town of Dbayeh shows the skyline of the Lebanese capital Beirut on March 17, 2020. (AFP)
A picture taken from the seaside promenade of the northern Lebanese coastal town of Dbayeh shows the skyline of the Lebanese capital Beirut on March 17, 2020. (AFP)

A coalition of Total Energies , Eni and Qatar Energy applied for the second licensing round to bid on oil and gas blocks 8 and 10 in Lebanese waters, just an hour before the deadline on Monday, Lebanon's energy ministry said.

The consortium is the same one that last month began drilling an exploratory well in Lebanon’s Block 9, one of the blocks falling alongside the newly delineated maritime border between Lebanon and Israel.

The boundary was drawn last year following US-mediated talks.

The deadline to bid on Blocks 8 and 10 had already been extended several times in recent years.


Indian Minister of Tourism Says Cooperation Is Part of Strategic Relationship with Saudi Arabia

Indian Minister of Tourism Shripad Naik. (Asharq Al-Awsat)
Indian Minister of Tourism Shripad Naik. (Asharq Al-Awsat)
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Indian Minister of Tourism Says Cooperation Is Part of Strategic Relationship with Saudi Arabia

Indian Minister of Tourism Shripad Naik. (Asharq Al-Awsat)
Indian Minister of Tourism Shripad Naik. (Asharq Al-Awsat)

Indian Minister of Tourism Shripad Naik said the development of sustainable tourism infrastructure, through the exchange of technology and best practices, was an essential part of the partnership strategy between India and Saudi Arabia.

He also noted that his country has resumed the issuing of electronic visa for Saudis.

In an interview with Asharq Al-Awsat, Naik affirmed India’s aspiration to work with the Kingdom to enhance regional cooperation in the tourism sector, stressing the vital dimension of Saudi Arabia hosting the first regional headquarters of the United Nations World Tourism Organization (WTO).

The minister said that a memorandum of understanding for cooperation in the tourism sector was signed between the two countries in 2019, on the sidelines of the state visit conducted by Saudi Crown Prince Mohammed bin Salman to India, with the aim of ensuring the development of sustainable tourism infrastructure.

According to Naik, the bilateral agreements are an indication of the enormous potential in infrastructure and tourism investments, explaining that the new projects in Saudi Arabia, along with efforts to expand tourism infrastructure in India, provide opportunities for companies from both sides.

The Indian minister went on to say that Saudi Arabia was working to revitalize the tourism sector, which is one of the main pillars of economic diversification, within the framework of Vision 2030.

He highlighted the Kingdom’s modern and smart tourist destinations, such as NEOM and the Red Sea Project, which he said were “worthy of praise.”

Naik added that cooperation with Saudi Arabia in the tourism and hospitality sector was part of the deep strategic relations between the two countries.

He cited a wide range of tourism opportunities in India for travel enthusiasts, such as eco-tourism, rural and adventure holidays, medical tourism, spiritual pilgrimage, in addition to culture, heritage and history.


Saudi Arabia Fortifies Itself Against External Shocks with Proactive Measures in 2024 Budget

Saudi budget expectations for 2024 are positive in light of the developments and challenges facing the global economy. (SPA)
Saudi budget expectations for 2024 are positive in light of the developments and challenges facing the global economy. (SPA)
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Saudi Arabia Fortifies Itself Against External Shocks with Proactive Measures in 2024 Budget

Saudi budget expectations for 2024 are positive in light of the developments and challenges facing the global economy. (SPA)
Saudi budget expectations for 2024 are positive in light of the developments and challenges facing the global economy. (SPA)

Saudi Arabia has taken proactive measures to boost the ability of its economy to face challenges and developments, and to ensure financial sustainability.

This is reflected in the figures in the preliminary statement of the 2024 budget, through which the Kingdom is targeting revenues of SAR1.1 trillion ($312 billion), compared to expenditures of about SAR1.2 trillion ($333 billion), and a limited deficit of SAR79 billion ($21 billion), which represents 1.9 percent of the GDP.

The non-oil sector is a fundamental driver of economic growth in Saudi Arabia, highlighting major success in the process of economic diversification, one of the main goals of Vision 2030.

In a statement, the Ministry of Finance expected non-oil activities to grow at a rate of 5.9 percent during the current year, noting that this rate reached 6.1 percent in the second quarter of 2023.

In a recent interview with Fox News, Crown Prince Mohammed bin Salman emphasized the non-oil sector’s contribution to the Kingdom’s gross domestic product, which helped the Saudi economy achieve the highest growth rate among the G20 countries in 2022.

The International Monetary Fund (IMF) also announced last week that the Saudi economy was witnessing an economic transformation after implementing several reforms to reduce dependence on oil, diversify sources of income, and enhance competitiveness.

Reform measures

Experts believe that the structural improvements undertaken by the government have enhanced the growth of the domestic product of non-oil activities, which has been reflected positively on the performance of the country’s general budget.

In remarks to Asharq Al-Awsat, Economist Ahmed Al-Shehri said Saudi Arabia has carried out effective reform and crisis containment policies, supported by financial abundance and high foreign exchange reserves. The Kingdom’s economy stands on solid foundations, which are seen in the results of the state’s general budget in 2024.

Economic expert Ahmed Al-Jubeir told Asharq Al-Awsat that the government has put in place reform policies and measures to protect the economy from global crises.

He added that the policy of economic diversification and support for non-oil activities reflected positively on the performance of the general budget.

Financial sources believe that the expected deficit was due to increased spending on important sectors, such as defense, education and health.

In the preliminary statement for the 2024 budget, Saudi Arabia announced its continued work to raise the efficiency of spending and financial control, the sustainability of public finances, the implementation of economic and financial reforms, and the achievement of the goals of Vision 2030 and its major programs, initiatives and projects.

Local investment

According to the statement, the government will seek to raise the level of services provided to citizens and residents, in addition to promoting the growth of local investment by empowering the private sector and qualifying it to include all regions of the Kingdom.

It emphasized the proactive structural and financial measures adopted by Saudi Arabia to enhance the capacity of its economy, which improved the performance of the non-oil sector and increased the number of workers.

The government said all of these measures would contribute to the growth of the domestic product, attract investments, and stimulate economic activity, while developing public financial performance by increasing the financial space and building government reserves in a way that boosts the economy’s ability to confront global crises.

Economic diversification

Finance Minister Mohammed Al-Jadaan said the government will seek to implement structural reforms, with the aim of developing and diversifying the economy and raising growth rates while maintaining financial sustainability.

He pointed to the launching of many initiatives and strategies that aim to encourage promising economic sectors, improve investment attraction, stimulate industries, and raise the percentage of local content and non-oil exports.

Al-Jadaan underlined the importance of analyzing the financial and economic risks facing the country in order to tailor effective policies and strategies.

According to the Minister, preliminary estimates for next year point to a real GDP growth of 4.4 percent, supported by non-oil activities, amid expectations that the private sector will continue to lead economic growth and contribute to increasing business opportunities and creating jobs, in addition to improving the trade balance.


Leaders of Global Postal System Meet in Saudi Arabia to Shape the Sector Future

The Saudi Minister of Transport and Logistics delivers a speech during the opening of the extraordinary conference of the Universal Postal Union. (SPA)
The Saudi Minister of Transport and Logistics delivers a speech during the opening of the extraordinary conference of the Universal Postal Union. (SPA)
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Leaders of Global Postal System Meet in Saudi Arabia to Shape the Sector Future

The Saudi Minister of Transport and Logistics delivers a speech during the opening of the extraordinary conference of the Universal Postal Union. (SPA)
The Saudi Minister of Transport and Logistics delivers a speech during the opening of the extraordinary conference of the Universal Postal Union. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Saudi Minister of Transport Eng. Saleh Al-Jasser inaugurated on Sunday the fourth extraordinary conference of the Universal Postal Union (UPU), with the participation of more than 190 countries around the world.

Al-Jasser stressed the Saudi government’s keenness to enhance cooperation between the member-states, develop standards for providing postal services, support e-commerce and stimulate the digital economy, as well as adopt the best innovative technologies in postal and logistical services.

He emphasized the role of Vision 2030 in driving the exceptional transformation of the postal industry in the Kingdom, pointing to the launch of the National Strategy for Transport and Logistics Services by Crown Prince Mohammed bin Salman bin Abdulaziz in 2021.

For his part, UPU Director General Masahiko Metoki said that the extraordinary conference hosted by Riyadh seeks to strengthen interconnection in the postal sector and search for growth opportunities in various fields.

He added that the participants would share ideas on reforming the sector and discuss the inclusion of new members to the union.

The conference, which is held in Riyadh from Oct.1-5, will focus on pivotal topics, such as enhancing integration and participation, uniting efforts to achieve economic and social growth, and presenting the concept of a single postal system and its ability to promote economic and social development on a global scale.

Participants will also discuss opportunities for joint cooperation to enhance value for service beneficiaries, companies and governments, and review innovative trends, opinions and strategies for employing advanced and modern technologies and consolidating their usefulness and benefit to the relevant sectors.

Other topics will include means to promote the sustainable development of postal services, improve diversity within the sector, and foster effective adaptation to the renewed needs of societies.

The fourth extraordinary conference constitutes an important event in the history of the Universal Postal Union, as it seeks to chart a future towards a more comprehensive, innovative and sustainable postal sector.
 


Iraq Oil Exports Stand at 3.4 Mln bpd in Sep

Iraqi flag in front of an oil field. (AFP)
Iraqi flag in front of an oil field. (AFP)
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Iraq Oil Exports Stand at 3.4 Mln bpd in Sep

Iraqi flag in front of an oil field. (AFP)
Iraqi flag in front of an oil field. (AFP)

Iraq exported 103,143,199 million barrels of crude oil in September, generating 9.5 billion US dollars in revenue, the country's Oil Ministry announced on Sunday.

The average price of Iraqi crude oil in Sep. was 92.05 dollars per barrel, the ministry said in a statement, citing statistics from the State Organization for Marketing of Oil (SOMO), an Iraqi company.

The average of exported quantities stood at 3,438,000 bpd in September.

The crude oil barrels were exported from oil fields in central and southern Iraq to neighboring Jordan during the month.

Iraqi oil exports from Kirkuk and the Kurdistan region through the Kirkuk–Ceyhan Oil Pipeline remained suspended since the end of March upon a decision by the Turkish authority after an international court decided that SOMO is the only entity authorized to manage export operations through the Turkish port of Ceyhan.

Iraqi Prime Minister Mohammed Shia al-Sudani stressed Sunday the necessity of completing expansion and maintenance projects for Iraqi oil ports.

During a meeting to follow up on projects and plans for developing the oil sector, Sudani stressed the importance of completing gas projects and expanding investment in Iraqi fields producing natural gas, for the purpose of supplying power stations and national fertilizer-producing factories with their gas needs.

The Iraqi PM further underscored the necessity of completing the refinery projects as quickly as possible, in order to reach self-sufficiency in oil derivatives and fuel.

Iraq’s Oil Ministry announced last week the increase in production capacity at the Karbala refinery to 140,000 bpd.


24 Japanese Companies Interested in Investing in Egypt's SCZone

Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
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24 Japanese Companies Interested in Investing in Egypt's SCZone

Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)

A total of 24 companies and institutions visited the Suez Canal Economic Zone (SCZone) to explore renewable energy investment opportunities in various fields, such as engineering industries, facilities, financial services, maritime transport, consulting, and some governmental organizations.

The SCZone met with a business delegation of Japanese companies working in renewable energy, green fuels, and various other industries.

SCZone chairperson Walid Gamaleddine received the delegation led by the Japanese External Trade Organization (JETRO).

The meeting was attended by representatives of the Egypt-Japanese Business Council, Japan's New Energy and Industrial Technology Development Organization (NEDO), the Japanese International Cooperation Agency (JICA), and the Japanese ambassador in Cairo.

The meeting explored cooperation between JETRO and SCZONE. It also addressed ways to enhance investment in the industrial sectors targeted by SCZONE within its ports and regions and attract Japanese investments.

They discussed cooperation in green energy projects between the two sides and supporting small enterprises and startups.

Executive Vice President of JETRO Kazuya Nakajo explained that Egypt has all the elements to promote the green transition, with its renewable energy sources of solar and wind energy and its infrastructure.

Representatives of Arab Energy, Global Africa, Mediterranean Energy Partners, SCATEC, Maersk, BP, Fortescue, Zero West, ACWA Power, Total Erin Alliance, Enara Group, and the Indian company Okure Energy gave presentations on the projects to be established within the SCZONE, investment volume, production capacity, job opportunities, and some other technical details.

After the meeting, the delegation visited the Egypt Hydrogen Factory, the first project in Africa to produce green fuel, which was inaugurated during the COP27 in Egypt in November 2022.

They also headed to Sokhna Port to inspect the work on the new berths in the port.


First Saudi Chief Executives Association

First Saudi Chief Executives Association
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First Saudi Chief Executives Association

First Saudi Chief Executives Association

Saudi Minister of Human Resources and Social Development Engineer Ahmed al-Rajhi approved the establishment of the nation’s inaugural Chief Executives Association.

The Association, led by Mansour al-Shathri, has already convened its initial meeting to discuss various items on its agenda and outline its strategy for the upcoming phase.

The meeting discussed various topics, including an in-depth exploration of the Association’s working strategy for the forthcoming period.

Khalid al-Omar has been named the Chief Executive Officer and will be responsible for establishing the executive committee.

Shathri revealed that the newly established Association will serve as a professional corporation designed to facilitate the exchange of experience and knowledge and transfer best practices to enhance the capabilities and skills of its members.

The organization aims to foster increased communication with leaders across various sectors while contributing to the development of administration and leadership through local and international knowledge transfer.

He further stated that the Association is committed to engaging with leaders to give them opportunities to become active, effective, and influential members contributing to economic growth.

Shathri pointed out that the Association’s strategy is poised to achieve a set of objectives, including raising awareness about its field of work, transferring expertise, activating the role of CEOs in serving the Saudi business sector, launching initiatives, and establishing partnerships to secure a prestigious status for the Kingdom.

For his part, Omar clarified that the entity is the first Saudi Association specializing in gathering CEOs, noting that its primary goals include promoting positive administrative values encouraging creativity, innovation, commitment, achievement, empowerment, integrity, and openness.

The Association is also dedicated to providing professional development programs, conducting developmental studies and research on CEOs, hosting local and international executive leaders for knowledge transfer, and sharing expertise.

The newly-named CEO explained that the Association aims to be a distinguished and progressive local organization, delivering notable outcomes and adopting the best international practices in line with similar global associations.

Through its role, the Association plans to offer a range of specialized products and launch initiatives, develop partnerships with both public and private sectors, and bridge communication gaps to enhance efficiency and effectiveness.

He called on all executive leaders to join the Association, representing a core group of decision-makers in organizations and advancing development in the Kingdom through their specialized community.

Engagement is crucial for achieving strategic goals in experience exchange, inspiration from various experiences, overcoming challenges, disseminating knowledge, and creating enabling investment opportunities that positively impact the national economy.


OPEC Optimistic on Demand, Secretary General Says

FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo
FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo
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OPEC Optimistic on Demand, Secretary General Says

FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo
FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo

OPEC is optimistic on demand and sees under-investment as a risk to energy security, Secretary General Haitham Al Ghais said on Monday at an energy industry event in Abu Dhabi.
He stressed the importance of continued investment in the oil and gas industry and said he sees calls to stop investing in oil as counterproductive, Reuters reported.
"We still see oil demand as quite resilient this year, as it was last year," Al Ghais said, noting the group's forecast was for year-on-year demand growth of more than 2.3 million barrels per day.
He added that investment in the oil and gas sector was important for energy security.
"We are...running quite low on spare capacity, we have said this repeatedly and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry," he said.


Türkiye Says to Re-Start Operations of Iraq Oil Pipeline This Week 

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
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Türkiye Says to Re-Start Operations of Iraq Oil Pipeline This Week 

Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)
Türkiye’s Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Türkiye, September 14, 2023. (Turkish Energy Ministry Press Office/PPO/Handout via Reuters)

Türkiye will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Türkiye’s Energy Minister Alparslan Bayraktar said on Monday.

"Within this week, we will start operating the Iraq-Türkiye pipeline after resuming operations. It will be able to supply half a million barrels, almost, to global oil markets," Bayraktar said during the ADIPEC conference in Abu Dhabi.

Türkiye has been a reliable transit route for oil and gas, he added.

Türkiye halted flows on Iraq's northern oil export route about six months ago after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018.

Ankara later started maintenance work on the pipeline that contributes about 0.5% of global crude supply.

Baghdad and Ankara agreed to wait until a maintenance assessment on the pipeline, which goes through a seismic zone, was complete to restart flows while still engaging in a legal battle on arbitration awards.

Türkiye was weighing legal action against Iraq, which has an outstanding enforcement case against Türkiye, Bayraktar said last month.