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Iraq Starts Taking over Majnoon Oilfield Operations from Shell

A worker walks through the Majnoon oilfield in Basra. Photo: Reuters
A worker walks through the Majnoon oilfield in Basra. Photo: Reuters
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Iraq Starts Taking over Majnoon Oilfield Operations from Shell

A worker walks through the Majnoon oilfield in Basra. Photo: Reuters
A worker walks through the Majnoon oilfield in Basra. Photo: Reuters

Iraq's oil ministry said on Thursday it had started to take over operations of Majnoon oilfield from Royal Dutch Shell and planned to lift output in future.

The ministry said it had formed a management team to handle production after Shell exits the field by the end of June.

"The priority of the new management team is to cut the cost of producing a barrel (of crude) from Majnoon by 30 percent," Oil Minister Jabar al-Luaibi said in a statement.

Iraq plans to increase output from Majnoon to 400,000 barrels per day (bpd) in the "coming years", the ministry said, without giving a precise timeline.

Production is now about 235,000 bpd, oil officials say.

A letter signed by the minister, dated Aug. 23 and seen by Reuters, gave approval for the Anglo-Dutch firm to quit Majnoon, a major oilfield near Basra which started production in 2014.

Shell said it would focus its efforts on developing and expanding Basra Gas Company in Iraq after handing over operations of Majnoon to the Iraqi government.

Basra Gas Company is a joint venture between Shell, South Gas Company and Mitsubishi and the Petrochemical Project NEBRAS. Chevron, Total and PetroChina may form a consortium to develop Iraq's Majnoon oilfield, the minister said in Vienna in November.

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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.