Saudi Arabia Tops Hydrocarbon Producers in Oil, Gas Emissions

Mining is one of the sectors targeted to attract investments and diversify sources of income in Saudi Arabia (Asharq Al-Awsat)
Mining is one of the sectors targeted to attract investments and diversify sources of income in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Tops Hydrocarbon Producers in Oil, Gas Emissions

Mining is one of the sectors targeted to attract investments and diversify sources of income in Saudi Arabia (Asharq Al-Awsat)
Mining is one of the sectors targeted to attract investments and diversify sources of income in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has been able to score higher than other hydrocarbon producers in many indicators related to the emissions performance of the oil and gas sector.

Over the past year, the six Gulf Cooperation Council (GCC) countries have updated their medium-term greenhouse gas emissions targets by submitting revised nationally determined contributions (NDCs) under the Paris Agreement.

The Kingdom, the UAE, and Bahrain announced their targets for zero-emissions neutrality in the middle of the century.

A recent study issued by the King Abdullah Petroleum Studies and Research Center (KAPSARC) focused on how the GCC countries manage their energy and emissions and how they are in a position to advance towards circular economies of carbon or zero neutrality.

The study indicated that the first version of the Circular Carbon Economy Index (CCE) showed that the GCC countries’ ranks range from the twelfth to the twenty-seventh, with the UAE ranking the highest and Oman the lowest.

The study found that although each country will have its unique pathway to net-zero and CCEs, the GCC countries share several structural and other similarities, which create opportunities for both sharing lessons and cooperating on the road to net-zero emissions.

The paper found that, although as a group, the GCC countries outperform their non-OECD peers and neighbors in the Middle East and Africa region in most areas measured by the CCE Index, they should undertake further efforts if they wish to improve their position in the global CCE transition.

A Fellow II in the Climate and Sustainability Program, and a co-author of the paper, Mari Luomi, said that using the circular carbon economy concept can help countries increase their ambition in their climate goals and targeted actions.

Luomi noted that it broadens the scope of the available technology options.

She indicated that the circular carbon economy in the Gulf region could help achieve buy-ins from many industries with limited and cost-effective options to decarbonize without using fossil fuels.

Fatih Yilmaz, another co-author, noted that a critical enabler of circular carbon economies, the GCC countries’ average is higher than their non-industrialized peers but lower than those of the world’s top 20 oil producers.

The third co-author, Thamir al-Shehri, stressed that Saudi Arabia achieves higher scores than other hydrocarbon producers in many indicators of the oil and gas sector’s emissions performance.

The Kingdom’s exports of hydrocarbons will enjoy a competitive advantage as the country pursues full circularity, or net-zero emissions, according to Shehri.

Meanwhile, Saudi Industrial Production Index (IPI) increased by 17.7 percent compared to July 2021 in light of favorable growth rates due to the high production in mining & quarrying, manufacturing activity, and electricity and gas supply.

The General Authority for Statistics (GASTAT) issued Sunday its monthly bulletin for July, showing that mining and quarrying grew by 14.1 percent compared to July 2021 as Saudi Arabia increased its oil production to its highest level by more than 10 million barrels per day in July 2022.

The manufacturing activity increased by 32.6 percent compared to the same month of the previous year. The electricity and gas supplies rose by 5 percent.

Compared to June 2022, the overall IPI increased by 1.6 percent mining and quarrying showed a month-on-month growth rate of 1.6 percent, while the manufacturing sector grew 0.3 percent, and electricity and gas supplies saw a 14.6 rise.

The impact of growth in the electricity and gas supplies index on the IPI was limited due to its small weight in the index.

The General Authority for Statistics issues several statistical products related to the industry, including the Industrial Production Index (IPI).

The IPI is an economic indicator that reflects the relative changes in the volume of industrial output. It is calculated based on the industrial production survey.

The IPI data is based on the International Standard Industrial Classification of Economic Activities (ISIC 4), and the index is published monthly.



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.