Iraq, Oman to Cooperate in Oil, Gas Sector

A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. Picture taken November 28, 2017. REUTERS/Essam Al-Sudani
A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. Picture taken November 28, 2017. REUTERS/Essam Al-Sudani
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Iraq, Oman to Cooperate in Oil, Gas Sector

A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. Picture taken November 28, 2017. REUTERS/Essam Al-Sudani
A worker walks at Rumaila oil field in Basra, Iraq, November 28, 2017. Picture taken November 28, 2017. REUTERS/Essam Al-Sudani

A memorandum of understanding (MoU) was signed between Iraq and Oman to cooperate in the oil and gas sector.

The MoU also includes the possibility of building a shared refinery in Oman for processing imported Iraqi crude, the Iraqi oil ministry stated on Thursday.

Iraq will aim to export crude to Oman, according to the MoU, import oil products from there and build oil storage facilities in both countries, the statement quoted Iraqi oil minister Thamer Ghadhban as saying.

"The MoU aims at studying the possibility of building a shared oil refinery in the Sultanate of Oman to process the crude oil imported from Iraq," Ghadban said, reported by Reuters.

The two countries will also explore prospects of cooperation and investment in exploring and producing oil and gas. In addition to refining, manufacturing, storing and marketing crude oil and oil products between them, the ministry statement said.



Saudi Arabia Signs 15 GW Renewable Energy Deals in One Week

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
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Saudi Arabia Signs 15 GW Renewable Energy Deals in One Week

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 

Saudi Arabia has signed a raft of contracts for renewable‑energy projects totaling 15 gigawatts (GW) – among the world’s most keenly priced – accelerating its push under Vision 2030 to cut reliance on oil and become a clean‑power heavyweight.

The deals, sealed last week, are expected to turbo‑charge the kingdom’s green‑energy sector, attracting further investment and innovation while creating jobs in manufacturing, logistics and research.

At an international workshop in Riyadh on “Exporting Renewable Energy and Green Hydrogen”, Energy Minister Prince Abdulaziz bin  Salman hailed the prices Saudi developers secured as even lower than China and India.

“Catch up with us if you can,” he quipped.

The minister said the kingdom could now rival China on battery technology after the latest tender in Bisha and is already exporting green hydrogen produced at highly competitive wind and solar tariffs.

Late on Monday, the Energy Ministry launched the first phase of the Yanbu Green Hydrogen Hub with Germany’s EnBW.

The integrated complex will bundle renewable‑power generation, water‑desalination units, electrolyzers and green‑ammonia conversion facilities linked to a dedicated export terminal, helping meet surging global demand for low‑carbon fuels.

Domestic developer ACWA Power also signed agreements and memoranda of understanding with several European partners to ship Saudi renewables and green hydrogen to the continent, dovetailing with Riyadh’s role in an emerging East‑West economic corridor.

Prince Abdulaziz revealed that Saudi Arabia is working on battery‑storage projects with 48 GW of capacity and on a network of carbon‑capture pipelines and other infrastructure.

The kingdom is simultaneously ramping up gas output and upgrading its power‑generation fleet with “the world’s most efficient” turbines, he added.