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Iraq Announces New Investment in Nasiriyah, Gharraf Gas Fields

Oil field in Iraq (Reuters)
Oil field in Iraq (Reuters)
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Iraq Announces New Investment in Nasiriyah, Gharraf Gas Fields

Oil field in Iraq (Reuters)
Oil field in Iraq (Reuters)

The Iraqi Oil Ministry announced that it would launch a gas investment project in the Nasiriyah and al-Gharraf fields with the US company Rico Hughes in Dhi Qar in southern Iraq.

The Oil Ministry stated that the project has a capacity of 200 million standard cubic feet per day, explaining that this project is one of Iraq's most significant strategic projects in the gas investment sector associated with crude oil.

Over the past months, Iraq has embarked on implementing giant gas investment projects with Chinese companies and France's Total to achieve record levels of gas production to meet the requirements of operating power plants.

Iraq aspires to launch new projects for gas investment in the Akkas field in the al-Anbar governorate and Mansouriya in the Diyala governorate.

Gas prices rose recently due to seasonal and circumstantial factors, in addition to an increase in oil prices. However, the prices fell on Friday as energy companies in the US Gulf of Mexico region resumed production after two successive hurricanes in the area halted production.

Brent crude futures fell 33 cents to settle at $75.34 a barrel. US West Texas Intermediate crude futures fell 64 cents to settle at $71.97 a barrel.

Over the week, Brent increased 3.3 percent, and US crude rose 3.2 percent, supported by tight supplies due to the hurricane outages.

The decline on Friday came after five consecutive sessions of rises for Brent crude.

On Wednesday, Brent hit its highest level since late July, and US crude hit its highest level since early August.

Gulf crude oil exports are flowing again after hurricanes Nicholas and Ida took out 26 million barrels of offshore production.

Reuters reported on Thursday that the resumption of activities continued with the suspension of about 28 percent of US Gulf of Mexico crude output.

Last week, US energy firms added oil and natural gas rigs for the second week in a row, although the number of offshore units in the Gulf of Mexico remained unchanged after hurricane Ida hit the coast more than two weeks ago.

Energy services firm Baker Hughes said 14 offshore rigs in the Gulf of Mexico had closed two weeks ago due to the continuing shutdown caused by Ida.

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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.