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Iraq Suggests Gas, Petrochemical Projects to Saudi Firms

Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani/File Photo
Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani/File Photo
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Iraq Suggests Gas, Petrochemical Projects to Saudi Firms

Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani/File Photo
Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani/File Photo

Dr. Hamid al-Zawbai, Deputy Minister of Oil for Gas Affairs, has affirmed that a list of investments in the petrochemicals and oil fields were suggested before Saudi investors.

Discussions are ongoing with Saudi Basic Industries Corp (SABIC) and Saudi Aramco on Nebras petrochemical complex and Akkas gas field, whose daily output is 300 million cubic feet.

Zawbai statements were made on the sidelines of a forum held by Saudi Exports Development Authority and Saudi-Iraqi Trade Mission on Tuesday in Khobar, where 35 Saudi institutions from the oil and gas sector took part as well as heads of four Iraqi oil firms.

He underpinned coordination with SABIC in Nebras, with investments ranging between USD6b to USD8b, revealing SABIC's interested in it. Zawbai stressed the importance of SABIC being part of this project with the Iraqi government besides Shell Oil Company.

In the same context, the Iraqi official highlighted that talks are ongoing with Aramco in the field of developing exploratory gas fields such as the Akkas gas field.

The Saudi-Iraqi Joint Coordination Council (SICC) has taken significant steps in developing Saudi-Iraqi ties, he noted, namely steps regarding investment in oil and gas.

The deputy minister stated that the work is underway to suggest investment in the sector of gas and oil in Iraq before Saudi companies.

Zawbai assured Saudi investors willing to enter the Iraqi market that the security condition is stable.

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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.