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Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
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Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has met in London with Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, the Saudi Press Agency reported.

Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining, SPA said Wednesday.

Both sides explored investment opportunities in the industrial and mining sectors, and strengthened ongoing collaboration.

The Kingdom's total non-oil exports to the United Kingdom amount to SAR1.53 billion whereas its total non-oil imports from the United Kingdom amount to SAR10.50 billion.

According to the SPA, the ministers emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom's Vision 2030 objectives aimed at diversifying the economy.

With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted.

The Kingdom's mineral wealth is estimated to be worth $1.3 trillion. Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors.

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Indian State Refiners May Buy Mideast Spot Oil to Replace Russian Shortfall

A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
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Indian State Refiners May Buy Mideast Spot Oil to Replace Russian Shortfall

A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO
A worker rides a bicycle at the Bharat Petroleum Corporation refinery in Mumbai, April 24, 2008. REUTERS/Punit Paranjpe/FILE PHOTO

Indian state refiners are considering tapping the Middle East crude market as spot supply from their top supplier Russia have fallen, three refining sources said, in a move that could support prices for high-sulphur oil.
The three large state refiners- Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum- are short of 8-10 million barrels of Russian oil for January loading, the sources told Reuters.
The refiners fear continued problems in securing Russian oil in the spot market could continue in coming months as Moscow's own demand is rising and it has to meet commitments under the OPEC pact.
However, they added that they can draw from their inventories to meet crude processing needs in March.
Two of the sources said their company may lift more crude from Middle East suppliers under optional volumes in term contracts or to float a spot tender for high-sulphur oil.

IOC, the country's top refiner, previously floated spot tenders to buy sour grades in March 2022.
The companies did not immediately respond to requests for comment.
India became the largest importer of Russian crude after the European Union, previously the top buyer, imposed sanctions on Russian oil imports in response to the 2022 invasion of Ukraine. Russian oil accounts for more than a third of India's energy imports.
Russia's spot crude exports since November as its refineries resumed operations after the maintenance season and poor weather disrupted shipping activities, traders said.
“We have to explore alternative grades as Russia's own demand is rising and it has to meet its commitments under OPEC,” said another of the three sources.
Russia, an ally of the Organization of the Petroleum Exporting Countries, promised to make extra cuts to its oil output from the end of 2024 to compensate for overproduction earlier.
Also, most supplies from Russia's state oil firm Rosneft are tied up in a deal with Indian private refiner Reliance Industries, Reuters reported earlier this month.
The new deal accounts for roughly half of Rosneft's seaborne oil exports from Russian ports, leaving little supply available for spot sales, sources told Reuters earlier this month.
India has no sanctions on Russian oil, so refiners there have cashed in on supplies made cheaper than rival grades by the penalties by at least $3 to $4 per barrel.
Sources said there are traders in the market that are willing to supply Russian oil for payments in Chinese Yuan but noted that state refiners stopped paying for Russian oil in the Chinese currency after advice from the government last year.
“It is not that alternatives to Russian oil are not available in the market but our economics will suffer,” the first source said.
Oil prices rose on Tuesday, reversing the prior session's losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday.
Brent crude futures were up 42 cents, or 0.6%, to $73.05 a barrel, and US West Texas Intermediate crude futures rose 38 cents, or 0.6%, to $69.62 a barrel at 0742 GMT, Reuters reported.
FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in the paper markets decreases during the holiday season and market participants stay on the sidelines until they get a clearer view of 2024 and 2025 global oil balances.”
Supply and demand changes in December have been supportive of their current less-bearish view so far, the analysts said in a note.
“Given how short the paper market is on positioning, any supply disruption could lead to upward spikes in structure,” they added.
Some analysts also pointed to signs of greater oil demand over the next few months.
“The year is ending with the consensus from major agencies over long 2025 liquids balances starting to break down,” Neil Crosby, Sparta Commodities' assistant vice president of oil analytics, said in a note.
Also supporting prices was a plan by China, the world's biggest oil importer, to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, as Beijing ramps up fiscal stimulus to revive a faltering economy.
China's stimulus is likely to provide near-term support for WTI crude at $67 a barrel, said OANDA senior market analyst Kelvin Wong.