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Tunisia Becomes Self-Sufficient in Fuel

Chergui gas field concession of the UK-based oil company Petrofac on the island of Kerkennah in Tunisia. AFP file photo
Chergui gas field concession of the UK-based oil company Petrofac on the island of Kerkennah in Tunisia. AFP file photo
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Tunisia Becomes Self-Sufficient in Fuel

Chergui gas field concession of the UK-based oil company Petrofac on the island of Kerkennah in Tunisia. AFP file photo
Chergui gas field concession of the UK-based oil company Petrofac on the island of Kerkennah in Tunisia. AFP file photo

The Tunisian Ministry of Industry, Energy and Mines has announced a 4,000 barrels per day increase in the domestic production of oil since April 23, saying production has inched at 39,692 bpd compared with 35,400 in Feb.

The current output meets 103 percent of local needs amid a sharp drop in demand for oil in the past months.

Government sources hinted at an improvement in local production if maintenance works were completed at several Tunisian oil wells.

Experts say that by reaching its production peak, the Nawara Gas Field would be able to cover about 30 percent of the energy deficit by meeting around 17 percent of local gas consumption, and contributing by around 700,000 barrels of condensed oil.

The Ministry of Finance has set the oil barrel at $65 in this year’s budget, boosting its revenues and helping its economy that has been battered by the drop in global oil prices.

In March, demand on oil plummeted by 21 percent as the government imposed a lockdown, crippling the transportation sector. The demand on gasoline declined by 25 percent while that on aviation fuel by 56 percent.

Meanwhile, the Ministry of Industry, Energy and Mines decided to optimize all potentials in Tunisia to prioritize Tunisian oil in the short run. This aims to overcome the marketing woes facing the Tunisian Company of Petroleum Activities (ETAP) and Tunisian Company of Refining Industries.

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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.