Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
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Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Georgiadis. (Asharq Al-Awsat)

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority.

He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended.

In this regard, Georgiadis stressed that all European countries would try to find many other sources of energy, to stop depending on Russian gas, revealing a plan to launch natural gas carriers to Europe through his country, in addition to the Azerbaijan pipeline.

In an interview with Asharq Al-Awsat on the sidelines of the Future Investment Initiative forum in Riyadh, the Greek minister said that Saudi Arabia, as part of the Group of Twenty, could play a major role in stabilizing the global economy.

He added that Greece respected the recent OPEC+ decision, saying it was imperative to work towards maintaining market balance.

“We have to find a way to avoid recession… A good partnership will achieve possible solutions to curb the recession, which will be very bad for Western societies, because it will hamper investments, reduce consumption and harm the economy,” he remarked.

Saudi-Greek cooperation

Georgiadis noted that trade exchange between Riyadh and Athens was close to 1.4 billion euros annually, excluding oil.

“Our main ambition is to reach at least 2 billion euros over the next three years, and we are working hard in this direction. This year, we established the Greek-Saudi Business Council, the first meeting of which will be held in Athens on Nov. 7-8,” he told Asharq Al-Awsat.

The Greek minister pointed to a number of bilateral agreements that were signed during the visit of Saudi Crown Prince Mohammed bin Salman to Greece in July, asserting that the two countries would reach their desired goals through these partnerships.

With regards to investments, Georgiadis said his country would present many investment opportunities, stressing that the Saudi-Greek Business Council has focused its efforts on diverse investments.

“We are certain that our cooperation with the Kingdom will serve Vision 2030,” he said. “It is a great vision for the Kingdom, and we want to participate in some of its vital achievements.”

The minister revealed that Greece would witness a record value of exports and tourism income, noting that the country was open for business and enjoyed many opportunities.

Future Investment Initiative

Regarding his participation in the Future Investment Initiative (FII) forum, he said: “First, I would like to say that I was very pleased to be in Saudi Arabia and to be among the participants in the main sessions of the conference… I believe that the Future Investment Initiative conference was a great success for Saudi Arabia, as it brought together people from all over the world… to exchange views on all important international and domestic issues.”

He continued: “Most importantly, it has set a great ground for promoting the new vision of Saudi Arabia, which has something to offer the world, so I would like to congratulate all the people who contributed to making this event a success.”

Georgiadis emphasized that Saudi Arabia was turning into a renewable energy producer at a very high speed, in the same way that Greece was becoming a major regional hub for energy and purification of environmental pollution, in addition to renewable energy and the distribution of liquefied and natural gas.

He pointed to the building of a data cable between Saudi Arabia and Greece, noting that negotiations were underway to sign a memorandum of understanding on energy and electricity cables between the two countries.

Energy scarcity challenges

Georgiadis touched on the ability of Europe in general and Greece in particular to overcome the challenges of energy and gas scarcity, saying: “Diversification of energy sources is now the most important priority in the European Union.”

“Even if the war stops tomorrow, we will never go back to the world we were in before the Russian-Ukrainian war,” he remarked.

He added: “All EU countries will try to find many other sources of energy, so that they do not have to depend on Russian sources. This will not happen again.”



Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
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Unprecedented Participation Expected at International Mining Conference in Riyadh on Tuesday

Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)
Ali Al-Mutairi, general supervisor of the conference (Asharq Al-Awsat)

Riyadh is preparing to host the fourth edition of the International Mining Conference on Tuesday under the patronage of King of Saudi Arabia Salman bin Abdulaziz.
This year’s event has drawn an unprecedented number of participants, with over 20,000 registrations. It will feature the attendance of global CEOs, industry leaders, and executives from related sectors, who will gather to tackle the mining sector’s key challenges and offer innovative, sustainable solutions to advance the industry’s future.
Ali Al-Mutairi, general supervisor of the conference, told Asharq Al-Awsat that the conference, running from January 14 to 16, will kick off with the fourth International Ministerial Meeting on Mining Affairs. The meeting will host senior government representatives from 85 countries, along with 50 leaders from multilateral organizations, NGOs, and business associations.
This year’s edition introduces several groundbreaking initiatives, including a “Knowledge Exchange Day,” which will serve as a platform to share the latest advancements in geology, technology, and sustainability.
Al-Mutairi also revealed that the event will host the first “Centers of Excellence and Technology Meeting,” designed to establish a regional network to develop expertise and accelerate innovation in mining.
Additionally, the second meeting of leaders from international geological survey organizations will take place, featuring prominent institutions such as the US Geological Survey, the British Geological Survey, the French Geological Survey, and the Finnish Geological Survey. This meeting aims to enhance global collaboration and leverage advanced technologies to drive sector development.
The conference is expected to see the signing of several agreements and memorandums of understanding between local and international stakeholders, reflecting Saudi Arabia’s commitment to establishing itself as a global mining hub. The event further supports efforts to foster international cooperation and sustainable development in this vital sector.
Over 250 prominent speakers, including senior executives and experts, will participate in this year’s conference. Their contributions will open avenues for international partnerships and help explore strategic investment opportunities in mining.
Under the theme “Achieving Impact,” the conference continues the international dialogue on the future of mining and minerals, with the aim to strengthen global cooperation to meet energy transition goals and advance modern industries.
Aligned with Saudi Arabia’s vision to position mining as a cornerstone of its national economy, the event will address critical topics such as exploration, technological innovation, sustainability, and value-added chains. The event highlights the country’s ongoing efforts to empower the mining sector and ensure it serves as a key pillar of economic growth and diversification.