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Riyadh, Dushanbe Eye Joint Investments in Industrial, Mining Sectors

Tajikistan seeks to strengthen economic relations with Saudi Arabia. Akram Karimi, the ambassador of Tajikistan in Riyadh (AFP)
Tajikistan seeks to strengthen economic relations with Saudi Arabia. Akram Karimi, the ambassador of Tajikistan in Riyadh (AFP)
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Riyadh, Dushanbe Eye Joint Investments in Industrial, Mining Sectors

Tajikistan seeks to strengthen economic relations with Saudi Arabia. Akram Karimi, the ambassador of Tajikistan in Riyadh (AFP)
Tajikistan seeks to strengthen economic relations with Saudi Arabia. Akram Karimi, the ambassador of Tajikistan in Riyadh (AFP)

Coordination is underway between officials in the Saudi Investment Ministry and the State Committee on Investment in Tajikistan for arranging meetings of the Saudi-Tajik joint committee and a business forum during the coming period, a Tajik diplomat revealed.

Moreover, coordination is in full swing to hold the Saudi-Tajik Business Sector Forum in Riyadh in the second half of 2022, with the participation of representatives of the private sectors in the two countries.

“We are preparing to hold the third session in the coming months in Tajikistan, in the presence of Eng. Khalid Al-Falih, the Saudi Minister of Investment and co-chair of the joint committee,” Tajikistan’s Ambassador to Saudi Arabia Akram Karimi told Asharq Al-Awsat.

“We look forward to holding the businessmen forum on the sidelines of the next session of the joint committee to establish partnerships between the private sectors of the two countries,” added Karimi.

According to the diplomat, Saudi Industry and Mineral Resources Minister Bandar Alkhorayef had held a virtual meeting with his Tajikistani counterpart lately to discuss cooperation opportunities in the industry and minerals sectors.

The two ministers agreed to form a joint team and put in place a plan for the future of cooperation.

Karimi predicted that joint investments in the two sectors would be launched soon.

Tajikistan’s Economic Development and Trade Minister Zavqi Zavqizoda had also held a virtual meeting with the Islamic Development Bank Chairman Muhammed Al-Jasser.

In their meeting, the two officials discussed ways of cooperation between the bank and the Saudi Fund for Development in the development of hydropower projects in Tajikistan.

Tajikistan currently has five free economic zones in which there are favorable conditions for the establishment of investment projects and the conclusion of agreements between foreign investors and these zones.

Karimi announced the preparation of an agreement for the encouragement and mutual protection of investments. Sponsored by the Saudi Investment Ministry and the Tajikistani State Committee on Investment, the deal is expected to be signed soon during Al-Falih's visit to Tajikistan.

An agreement to avoid double taxation between the two countries was signed in 2014, along with a package of existing bilateral agreements covering various fields.

“For our part, we believe that it is time to establish the Saudi-Tajik Businessmen Council, especially since there is a memorandum of understanding between the Federation of Saudi Chambers and the Tajik Chamber of Commerce and Industry,” said Karimi, explaining that the MoU verifies the two countries’ desire to establish such a council.

“We are currently working to celebrate the thirtieth anniversary of the establishment of diplomatic relations between Saudi Arabia and Tajikistan,” he added.

Karimi pointed out that the Kingdom is an important development partner for Tajikistan.

He noted that the King Salman Humanitarian Aid and Relief Center has made remarkable efforts in developing social and humanitarian programs in Tajikistan, with a value exceeding $12 million.

Karimi acknowledged that economic, investment and trade cooperation between the Kingdom and Tajikistan is still at the beginning of the road.

The ambassador emphasized that there is a sincere desire on both sides to strengthen relations.

He indicated that the areas nominated for economic cooperation between the two countries in the future are in the sectors of energy, industry, mining, and agriculture.

Saudi Arabia and Tajikistan would also work on raising the balance of bilateral trade.

On the most pressing challenges facing the movement of trade and investments between the two countries, Karimi explained that his country is a landlocked country that does not have any seaports.

The diplomat pointed out that there are feasible attempts by some commercial companies to overcome this logistical challenge.

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Business

Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
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Largest Global Maritime Congress Kicks Off in Dammam

The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)
The President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey, at the inauguration of the maritime congress (Asharq Al-Awsat)

The fourth edition of the Saudi Maritime Congress, the Kingdom’s largest and most important global maritime event, has successfully opened its doors at the Dhahran Expo in Dammam.

Several senior officials and representatives from leading international tech companies attended the event on Wednesday.

Under the patronage of the Ministry of Transport and Logistic Services, the President of MAWANI, Omar Hariri, and CEO of Bahri Ahmed al-Subaey officially inaugurated the opening ceremony with keynote addresses at the two-day event.

The event is supported by founding strategic partners Bahri & Seatrade Maritime, with prominent partners MAWANI & Transport General Authority (TGA) and strategic partners Saudi Aramco and IMI.

Deputy for Maritime Transport at the Transport General Authority Abdulrahman al-Thonayan stated that the Saudi Maritime Conference is being held when the maritime transport industry is experiencing significant changes and developments.

Al-Thonayan underscored the importance of keeping pace with these changes and enhancing cooperation and collaboration among all countries worldwide to achieve common goals in this critical industry.

The conference will also address pressing issues and tackle the challenges facing the maritime sector in Saudi Arabia, he said.

- Showcase of Products and Services

Al-Thonayan highlighted that the conference serves as a crucial platform, bringing together key regional technological companies in the maritime sector to showcase their latest products and services to conference attendees and visitors, thus adding value to the event and its accompanying exhibition.

Also at the conference, the Group Director of organizer Seatrade Maritime, Chris Morley, announced that day one has been what the company hoped for and more.

“We were anticipating a great day based on the pre-registration figures, which far exceeded previous editions. The event has been really exciting and reflects the eagerness of the global industry to be part of Saudi Arabia’s commitment to developing its maritime trade and doing business on an international scale,” Morley indicated.

Morley noted that Saudi Arabia scored the highest regional progress in the Maritime Connectivity Index in 2021 and ranked 20th globally in the maritime transport industry.

- Discussion Sessions

Day one saw broad participation in discussion sessions with a selection of international experts addressing crucial topics for the maritime sector.

Bahri and MAWANI signed two strategic Memorandum of Understanding (MOU) deals on the show floor.

The Saudi maritime sector now has 53,000 ships operating within its borders, is registered in 150+ countries, and carries 11 billion tons of cargo annually, making Riyadh a robust and promising regional and global trade partner.

Day two of the conference agenda includes several activities and events, starting with a session on “Energy Transition and the Strategy for Sustainability in the KSA and GCC – Outlook for Investment and Business in the Region.”

Saudi Arabia focuses more on developing a circular carbon economy (CCE), which essentially seeks to reduce, reuse, recycle, and remove carbon to keep its hydrocarbon industry relevant.

The session explores developments and opportunities for key partners in this field.

Business

Oil Falls as US Rate Hike Expectations Offset Tight Supply Outlook

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
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Oil Falls as US Rate Hike Expectations Offset Tight Supply Outlook

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo

Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as US interest rate hike expectations offset the impact of drawdowns in US crude stockpiles.
Brent futures for November delivery were down 71 cents, or 0.76%, to $92.82 a barrel by 0608 GMT. US West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14.
"The Fed kept rates unchanged at yesterday's FOMC meeting, as widely expected. However, it was still seen as a hawkish pause, which put some pressure on risk assets" such as oil, said ING analysts in a client note.
The US Federal Reserve maintained interest rates after its Federal Open Market Committee (FOMC) meeting, but stiffened its hawkish stance with a rate increase projected by year-end which could dampen economic growth and overall fuel demand, Reuters reported.
Fed policymakers still see the bank's benchmark overnight rate range peaking this year at 5.50% to 5.75%, a quarter of a percentage point above the current range.
The hawkish stance also led to the US dollar surging to its highest since early March, placing downside pressure on oil prices. A stronger dollar typically makes commodities such as oil more expensive for buyers using other currencies.
Energy markets reacted little to data from the US Energy Information Administration (EIA) on Wednesday showing crude inventories fell in line with expectations last week, with some analysts saying the decline was smaller than they expected.
"EIA data showed US stockpiles fell 2.14 million barrels last week, well short of the 5.25 million barrel drop reported by the American Petroleum Institute. The disappointing inventory drawdown gave impetus for traders to lock in profits following the 10% gain since the start of the month," ANZ analysts said in a note.
The stock draw was mainly driven by strong oil exports, while gasoline and diesel inventories were drawn down as refiners began annual autumn maintenance, the EIA said in a weekly report.
However, price falls were limited by continuous concern on tight supply globally entering the fourth quarter, with crude stocks at Cushing - the WTI delivery hub - at their lowest since July 2022 and production cuts continuing by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+.

Business

OECD Expects Economic Growth in Saudi Arabia to Reach 3.1% in 2024

The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
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OECD Expects Economic Growth in Saudi Arabia to Reach 3.1% in 2024

The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)
The OECD expected Saudi economic growth to accelerate to 3.1% next year. (Photo: Reuters)

The Organization for Economic Cooperation and Development (OECD) expected the global economy to slow next year, affected by interest rate increases and the disappointing outlook for the Chinese recovery.

On the other hand, the OECD said Saudi economic growth was likely to accelerate to 3.1 percent next year, with the real gross domestic product achieving a growth of 1.9 percent in 2023.

According to its latest forecasts issued on Tuesday, the organization said that the annual inflation rate in the Kingdom was expected to remain stable at 2.5 percent this year, and to decline to 2.1 percent in 2024.

Based on the latest data issued by the Saudi General Authority for Statistics (GASTAT), the Kingdom’s economy grew 1.2 percent in the second quarter of 2023 compared to the same period last year. The annual inflation rate fell to 2 percent last August, compared to 2.3 percent in July.

Earlier this month, the International Monetary Fund (IMF) said that the prospects for the Saudi economy were positive, in light of expectations that the Kingdom’s non-oil GDP growth momentum will remain strong.

In contrast to the promising expectations for the Saudi economy, the OECD said that the growth of the US economy would help curb the global slowdown this year, but added that the weakness of the Chinese economy would constitute a greater obstacle in 2024.

The Paris-based organization said: “Global GDP is anticipated to decline after a stronger-than-expected start to 2023, aided by reduced energy prices and China’s reopening.”

It added: “The effects of tighter monetary policy are becoming more apparent, consumer and corporate confidence are declining, and China's recovery is losing steam.”

The organization expected Chinese economic growth to slow from 5.1 percent this year to 4.6 percent in 2024, as momentum from the end of Covid-19 restrictions is fading and the real estate market suffering.

In June, the OECD forecast growth of 5.4 and 5.1 percent in 2023 and 2024, respectively.

The organization lowered growth expectations in the euro zone this year from 0.9 to 0.6 percent, but expected that next year - with Germany's return to growth - it would rise to 1.1 percent, down from a forecast of 1.5 percent in June.

The OECD advised against easing monetary policy prematurely, emphasizing the need for restrictive measures until there are clear signs that underlying inflation pressures have substantially diminished.

Business

Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
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Saudi Arabia to Host World Petroleum Council

Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz Bin Salman with the President of the World Petroleum Council, Pedro Miras (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz Bin Salman signed a memorandum of understanding (MoU) with the President of the World Petroleum Council, Pedro Miras, outlining plans for Saudi Arabia to host the 25th edition of the Conference in 2026.

The World Petroleum Conference accepted Saudi Arabia's bid to host and organize the 25th edition of the Conference and its accompanying exhibition in Riyadh in 2026.

The decision was made during the Youth Conference organized by the World Petroleum Council in Almaty, Kazakhstan, last October.

Saudi Arabia's bid to host the Conference received substantial international support, with the Ministry of Energy playing a pivotal role in the nomination process.

The World Petroleum Conference is held once every three years. It is a prominent global event that brings together countries and international organizations to foster cooperation across various energy sectors and address key challenges facing this critical industry.

The Conference draws considerable attention from experts, journalists, and the general public.

Established in 1933, the World Petroleum Council serves as the organizing body of the Conference, providing a balanced platform for stakeholders worldwide to engage in discussions concerning the oil and gas sector.

The Council's core focus is on harnessing scientific advancements within the oil and gas industries, facilitating technology transfer, and promoting the sustainable utilization of petroleum resources worldwide for the collective benefit.

Saudi Arabia, represented by the Ministry of Energy, is actively participating in the 24th edition of the World Petroleum Conference in Calgary, Canada, from Sep. 17 to 21, 2023.

Business

Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)
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Kenya Extends Oil Supply Agreement with Aramco, ADNOC, ENOC

A worker at an oilfield in Africa. (Getty)
A worker at an oilfield in Africa. (Getty)

The head of the Energy and Petroleum Regulatory Authority (EPRA) said Tuesday that Kenya extended to December 2024 an oil supply deal with three Gulf-based companies.

"There was an extension up to December 2024, so this is basically arising out of negotiations that have been happening to drive down the freight and the premium (costs)," said Daniel Kiptoo, the head of EPRA.

The deal had helped lower the cost of transporting oil to Kenya and the premium it pays to suppliers, he added.

In mid-March, Saudi Aramco, Emirates National Oil Company (ENOC), and Abu Dhabi National Oil Company (ADNOC) won bids to supply petroleum products to Kenya, a move designed to curb demand for dollars and secure oil imports.

Bloomberg cited Kenya Energy Minster Davis Chirchir as saying that Aramco will supply the African country with diesel for six months, ADNOC will supply Kenya with diesel and jet fuel, and ENOC will supply it with gasoline.

The Trade Development Bank (TDB) provides consultation to Kenya regarding acquiring a credit facility to pay for the fuels.

Business

US National Debt Hits $33 Trillion for First Time

The debate over the debt has grown louder this year (Reuters)
The debate over the debt has grown louder this year (Reuters)
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US National Debt Hits $33 Trillion for First Time

The debate over the debt has grown louder this year (Reuters)
The debate over the debt has grown louder this year (Reuters)

The US national debt exceeded $33 trillion for the first time on Monday, providing a stark reminder of the country’s shaky fiscal trajectory at a moment when Washington faces the prospect of a government shutdown this month amid another fight over federal spending.

The Treasury Department noted the milestone in its daily report detailing the nation’s balance sheet.

It came as Congress appeared to be faltering in its efforts to fund the government ahead of a Sept. 30 deadline. Unless Congress can pass a dozen appropriations bills or agree to a short-term extension of federal funding at existing levels, the United States will face its first government shutdown since 2019.

Over the weekend, House Republicans considered a short-term proposal that would slash spending for most federal agencies and resurrect tough Trump-era border initiatives to extend funding through the end of October.

But the plan had little hope of breaking the impasse on Capitol Hill, with Republicans still divided on their demands and Democrats unlikely to support whatever compromise they reach among themselves, The New York Times reported on Tuesday.

It said the debate over the debt has grown louder this year, punctuated by an extended standoff over raising the nation’s borrowing cap.

“That fight ended with a bipartisan agreement to suspend the debt limit for two years and cut federal spending by $1.5 trillion over a decade by essentially freezing some funding that had been projected to increase next year and then limiting spending to 1 percent growth in 2025,” it said.

But the debt is on track to top $50 trillion by the end of the decade, even after newly passed spending cuts are taken into account, as interest on the debt mounts and the cost of the nation’s social safety net programs keeps growing.

Slowing the growth of the national debt continues to be daunting.

Some federal spending programs that passed during the Biden administration are expected to be more costly than previously projected.

The Inflation Reduction Act of 2022 was previously estimated to cost about $400 billion over a decade, but according to estimates by the University of Pennsylvania’s Penn Wharton Budget Model it could cost more than $1 trillion thanks to strong demand for the law’s generous clean energy tax credits, the newspaper said.

Pandemic-era relief programs are still costing the federal government money. The Internal Revenue Service said last week that claims for the Employee Retention Credit, a tax benefit that was originally projected to cost about $55 billion, have so far cost the federal government $230 billion.

At the same time, several of President Joe Biden’s attempts to raise more revenue through tax changes have been met with resistance.

In late 2022, the Internal Revenue Service (IRS) delayed by one year a new tax policy that would require users of digital wallets and e-commerce platforms to start reporting small transactions to the agency. The policy was projected to raise about $8 billion in additional tax revenue over a decade.

Business

SAMA Launches First Edition of Cyber Anti-Fraud Program

Logo of the Saudi Central Bank
Logo of the Saudi Central Bank
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SAMA Launches First Edition of Cyber Anti-Fraud Program

Logo of the Saudi Central Bank
Logo of the Saudi Central Bank

The Saudi Central Bank (SAMA) has launched the first edition of the Cyber Anti-Fraud Program (CAFP).

The program spans for a period of three-months and aims to train and develop a cohort of trainees, drawn from SAMA and local banks, through intensive cyber fraud education and on-the-field training.

The CAFP, one of the most significant initiatives, adopts best international standards and practices in the field of cyber fraud training.

This program is designed to support the national talent within the financial sector in collaboration with a leading British university and renowned global entities specializing in cyber fraud prevention and detection.

Business

Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA
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Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA

Saudi Arabia is taking part in the Global Entrepreneurship Congress (GEC), held in Melbourne, Australia, between September 19 and 22, under the umbrella of the General Secretariat of the Gulf Cooperation Council (GGC).

The Small and Medium Enterprises General Authority (Monshaat) Vice Governor for Entrepreneurship Saud Al-Sabhan heads the Kingdom’s delegation that is made up of representatives of several public institutions and Saudi entrepreneurs.

Participating in the congress is bound to boost Saudi Arabia’s status as an important supporter of SMEs, as well as highlight efforts that the authority exerts in support of entrepreneurs and SMEs. It will also give an opportunity to entrepreneurs to network with global experts and specialists, and benefit from their expertise, through various programs and initiatives that Monshaat organizes.
The delegation, which includes several government institutions, including the ministries of investment, communications and information technology, environment, water and agriculture, and industry and mineral resources, is slated to discuss with representatives of international institutions important opportunities for SMEs and means to boost cooperation to develop entrepreneurship in the Kingdom.
The delegation is expected to visit Melbourne Entrepreneurial Center and the Hatch Quarter incubator and accelerator, which provide support and consultations to SMEs to help them expand and participate in global markets to attract investments.

Business

Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)

Saudi Arabia launched The Garage, the region's largest business accelerator, in an event at the King Abdulaziz City for Science and Technology in Riyadh.

The Garage's new headquarters opened on an area of 28,000 square meters on the main campus of King Abdulaziz University for Sciences and Technology (KAUST) in the presence of Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Municipal and Rural Affairs and Housing Majed al-Hogail, and Minister of Media Salman al-Dossary.

The Garage is a startup district focusing on local and international startups, scouting and inviting them to join its programs and events. It encompasses over 300 startups, features 24 meeting rooms, an event space accommodating over 1,000 attendees, and dedicated training workshop areas.

The Garage began fostering startups since its inception in April 2022 in collaboration with various partners, including Google for Startups and the National Technology Development Program, KAUST Destination Deep Tech, and the Ministry of Investment.

The accelerator offers six distinct programs: Garage Plus, ACCESS Disability Technologies Accelerator, Garage Incubator, MVP Lab, GAIA Business Accelerator, and the Middle East's first iteration of the Antler program.

Garage has supported ten batches throughout these programs, encompassing over 230 startups and 450 founders from more than 50 countries.

The startups have achieved significant milestones, earning combined revenues of $6.5 million, securing investments exceeding $57.3 million, and engaging in extensive training programs.

Moreover, The Garage hosted over 40 events, with the participation of 150 local and international startups and attendance surpassing 3,500 guests, including partners, investors, entrepreneurs, and industry experts.

The inauguration of Garage marks a significant step in the startup ecosystem, locally and globally, as it allows entrepreneurs to join a comprehensive community of partners and founders.

Garage was first introduced at the inaugural Leap Conference in 2022, positioning itself as a primary hub for Saudi and global promising ventures from the heart of Riyadh.

Business

Egypt to Enhance Production at Zohr Gas Field with New Wells

Zohr's offshore petroleum and natural gas production (Egyptian Presidency)
Zohr's offshore petroleum and natural gas production (Egyptian Presidency)
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Egypt to Enhance Production at Zohr Gas Field with New Wells

Zohr's offshore petroleum and natural gas production (Egyptian Presidency)
Zohr's offshore petroleum and natural gas production (Egyptian Presidency)

Egypt's Petroleum Company (PETROBEL) announced that in the fiscal year 2022/2023, the Zohr field produced an annual amount of 2.4 billion cubic feet of natural gas, accompanied by about 3,700 barrels per day of condensates.

During the company's general assembly to discuss the annual operational results, which was attended by Petroleum Minister Tarek el-Molla, Chairman Khaled Mowafy announced that plans are underway to put well number 20 into production by the end of October 2023, in line with the increasing gas production from the Zohr field in the Mediterranean Sea.

The Zohr field, the largest gas field in the Mediterranean, represents about 38 percent of Egypt's gas production. Its discovery in 2018 enabled Egypt to cease gas imports and become a net natural gas exporter.

Mowafy further added that the project connecting the Zohr field's processing station with the compressors of the Jamil station has been completed, which will significantly enhance the field's recovery rate.

He noted that preparations are also underway to drill several new wells during 2024-2025, continuously studying ways to maximize production rates and increase the recovery factor.

Molla stressed that the partnership between Petrobel, a subsidiary of the Egyptian General Petroleum Corp., and the Italian energy company Eni represents a successful model of cooperation and integration within Egypt's petroleum industry.

Meanwhile, Eni's Natural Resources Chief Operating Officer Guido Brusco announced that Algeria, Egypt, and Libya will be Italy's leading gas suppliers for the next few years.

Brusco told Reuters that Eni Energy group would invest heavily in Africa in exploration and new low-carbon projects.

Regarding the Zohr field, Brusco said its performance aligns with the company's plans and is better than bigger fields in Russia.

He added that Eni plans to invest around $3.5 billion over four years in activities including exploring and managing existing fields in Egypt.

Egypt's Petroleum Minister stressed the need to intensify drilling activities, implement feasible engineering and technical solutions, and employ the latest technologies to boost production rates.

He further highlighted the state's readiness to support this project entirely, one of Egypt's largest and most significant gas production projects.

Molla reaffirmed a promising opportunity to increase oil and gas production rates through enhancing operational efficiency and intensifying research and exploration efforts.

Tel: