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Saudi Arabia Orders Investors to Maintain Environmental Standards, Develop Local Infrastructure

The Ministry of Investment is working to attract foreign investments and facilitate their entry into the Saudi market (Asharq Al-Awsat)
The Ministry of Investment is working to attract foreign investments and facilitate their entry into the Saudi market (Asharq Al-Awsat)
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Saudi Arabia Orders Investors to Maintain Environmental Standards, Develop Local Infrastructure

The Ministry of Investment is working to attract foreign investments and facilitate their entry into the Saudi market (Asharq Al-Awsat)
The Ministry of Investment is working to attract foreign investments and facilitate their entry into the Saudi market (Asharq Al-Awsat)

Saudi Arabia has asked investors to maintain environmental and social standards and contribute to social responsibility.

Following the new investment law, Riyadh asserted that new investors must work from their headquarters inside the Kingdom, provided that the Ministry of Investment facilitates the required procedures.

Asharq Al-Awsat learned that the Federation of Saudi Chambers had directed all the industrial and commercial chambers in the Kingdom to submit their observations and suggestions through the National Competitiveness Center (NCC) platform.

According to the new law, a copy of which was reviewed by Asharq Al-Awsat, the investor must abide by all laws and regulations in force in the Kingdom.

They must also maintain independent accounting records for the facility and provide any information requested by the ministry and relevant authorities to enable them to exercise their statutory powers.

The new investment must meet corporate governance national standards according to the related sector and pay all taxes and fees within the specified time under the laws and regulations in force in the Kingdom.

The new law will assign a ministerial committee to determine the approved activities in line with national security and vital economic interests and preserve public order.

An investor, who is a party to any dispute, including that which arises with a competent authority, may resort to the court or other alternative jurisdiction to settle disputes in a manner that does not contradict the laws and regulations in the country.

The competent authority may resort to international arbitration after obtaining the necessary approvals, following a contract concluded with the investor before the dispute arose, or according to the conditions agreed upon by the two parties.

Concerning the penalties, the ministry informs the investor in writing when the provisions and regulations are violated to remove them within a specified period.

In case of persistent violations, the investor shall be penalized with a fine of no more than $133,000 and asked to remove the offense. In addition, the registration or license will be revoked along with all or some of the granted facilities.

The regulation determines the procedures for detecting violations and the penalties for committing them.

The penalties are applied by the minister or his authorized representative, taking into account the gravity of the violation and its recurrence.

The law aims to attract direct investments, enhance the environment, preserve rights, and increase confidence to enter the Kingdom’s market.

The ministry is working to facilitate the procedures for attracting and protecting direct investments, enhancing the investment environment, preserving investor rights, increasing their confidence in local assets, and ensuring equal opportunities for direct public and private investments.

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Business

Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
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Taiwan Says It Has Assurances over LNG Supplies from 'Major' Country

The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)
The Taipei 101 skyscraper is seen lit up before the Earth Hour in Taipei, Taiwan, Saturday, March 28, 2026. (AP Photo/ Chiang Ying-ying)

Taiwan has received ‌supply assurances from the energy minister of a "major" liquefied natural gas-producing country, the island's economy minister said on Saturday, speaking about the Iran war's impact on Middle East energy imports.

Taiwan, a major semiconductor producer, had relied on Qatar for around a third of its LNG before the conflict, and has said it has secured alternate supplies for the months ahead from countries including Australia and the United States, said Reuters.

Speaking to ‌reporters in Taipei, ‌Economy Minister Kung Ming-hsin said that ‌because ⁠Taiwan has good ⁠relationships with its crude oil and natural gas suppliers, neither adjusting shipment origins nor purchasing additional spot cargoes would be a problem.

Kung said that about two weeks ago the energy minister of a certain "major energy-producing country" proactively contacted him.

The person "explained to us that they ⁠would fully support our natural gas needs. ‌If we have any ‌demand, we can let them know," he added.

"Another country even ‌said that some countries have released strategic petroleum ‌reserves, and they could also help coordinate matters if Taiwan needs assistance," Kung said.

"This shows that Taiwan has in fact earned considerable goodwill internationally through the long-term trust ‌it has built over the years," he said.

He declined to name the countries involved.

Angela ⁠Lin, ⁠spokesperson for state-owned refiner CPC, said at the same news conference that crude oil inventories were being maintained at pre-conflict levels and overall petrochemical feedstock supplies have remained stable.

CPC Chairman Fang Jeng-zen said that to reduce dependence on the Middle East, a new contract with the US will see 1.2 million metric tons of LNG supplied annually, with even more to come in the future, including eventually from Alaska.

However, Taiwan is not considering importing crude or LNG from Russia, he added.

Business

India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.

Business

From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 
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From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 

Governments worldwide are moving swiftly to contain the fallout from a sharp rise in energy costs, as global supply disruptions linked to the US-Israeli war on Iran rattle markets.

Surging fuel and electricity prices have prompted urgent steps to protect consumers and secure supplies, with mounting pressure on economies.

In Asia, India has taken measures to safeguard domestic supply, signaling a potential review of fuel exports if needed while prioritizing the local market. Requests from neighboring countries for fuel will be met only if surplus is available.

Authorities have also barred consumers connected to piped gas networks from using liquefied petroleum gas cylinders to manage demand. New Delhi has invoked emergency powers, directing refiners to maximize cooking gas output while cutting industrial supplies to meet household needs.

South Korea is boosting domestic energy production by easing restrictions on coal-fired plants and increasing nuclear utilization to 80 percent of capacity. It is also considering additional support vouchers for vulnerable households. To bolster supply, Seoul has begun implementing a ban on naphtha exports.

China has imposed restrictions on refined fuel exports as a precaution against domestic shortages, while allowing drawdowns from fertilizer reserves to support agriculture ahead of the spring season.

In Southeast Asia, Singapore will accelerate previously announced budget support measures to ease pressure on households and businesses. Indonesia aims to increase coal output, is weighing export taxes, and plans a biofuel program using a diesel–palm oil blend. Cambodia is importing additional fuel from Singapore and Malaysia to offset shortages.

Japan will temporarily ease restrictions to expand coal-fired power generation for one year and has called for coordination through the Group of Seven and the International Energy Agency to stabilize markets. It has also asked Australia to boost liquefied natural gas output.

Elsewhere, the Philippines has suspended wholesale spot electricity trading due to price volatility and supply risks, while activating a 20 billion peso emergency fund.

Vietnam is accelerating a shift to ethanol-blended gasoline, and Australia is drawing on fuel reserves to address shortages, particularly in rural areas, while warning of prolonged economic impacts. Authorities have urged reduced fuel use, including greater reliance on public transport.

Europe acts

European Union institutions have called for temporary measures, including cuts to electricity taxes and network charges, alongside direct support for households.

Italy is considering reducing fuel levies and may impose windfall taxes on companies benefiting from the crisis. Spain is preparing aid and tax relief for households and hard-hit sectors.

In Eastern Europe, Romania has cut diesel excise duties. Serbia has reduced fees on crude oil and extended a ban on exports of oil and derivatives. Slovenia has imposed temporary limits on fuel purchases.

Greece announced 300 million euros in support for fuel and fertilizers, along with reduced maritime transport costs to ease pressure on consumers and farmers.

Americas, Africa respond

In Latin America, Argentina has postponed fuel tax increases. Brazil has scrapped federal diesel taxes, imposed a levy on oil exports and unveiled plans to support fuel imports at the state level.

In Africa, South Africa has temporarily reduced fuel taxes, Ethiopia has increased subsidies, and Namibia has cut fuel levies by 50 percent for three months. Other countries are considering similar steps.

In the Middle East and North Africa, Egypt has capped prices for unsubsidized bread and raised procurement prices for local wheat to strengthen strategic reserves.

Other measures include tax cuts in North Macedonia, energy-saving steps in Mauritius, efforts to secure additional supplies in Sri Lanka and a possible reduction in value-added tax on fuel in Poland.

The breadth of these actions underscores the scale of the global response, as governments seek to cushion households and economies from rising energy costs. Amid persistent geopolitical tensions, policymakers continue to adjust strategies to manage supply risks and price volatility.