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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
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Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)
Ministers and officials during the annual ceremony of the National Industrial Development and Logistics Program. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has unveiled the first-ever natural gas storage project in Al-Hawiyah, Unaizah.

With a storage capacity of 2 billion cubic feet, this project is a flagship initiative under the National Industrial Development and Logistics Program (NIDLP), a cornerstone of Saudi Vision 2030.

Key to this vision is Saudi Arabia’s strategic intent to leverage its geographical advantage and natural resources to foster an economy open to foreign investment and ripe for competitive growth.

Alkhorayef - who is also the chairman of NIDLP - noted during the annual celebration of the program in the attendance of several ministers and officials that NIDLP has witnessed the signing of five new renewable energy projects of production capacity up to 6 gigawatts.

He indicated that these projects would produce energy at competitive prices.

The mining sector has witnessed a record revenue surge of more than SAR 1.5 billion ($400 million), under the program’s influence, the minister reiterated.

He further noted that the Kingdom has won the award of the best state in enhancing the legislative and investment environment in mining.

The Saudi minister continued that the program has attained many achievements, the most important of which is the launch of four new economic zones by Prince Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Also speaking at the same event, Saudi Minister of Transport and Logistics Sector Saleh Al-Jasser said: “In cooperation with NIDLP, we are continuing to achieve the national transport strategy.”

CEO of NIDLP Suliman Al-Mazroua shed light on the program’s executive performance during 2023.

“The program’s executive performance increased to 87 percent and by more than 17 degrees since the beginning of the year,” Al-Mazroua disclosed.

As for job creation in 2023, he projected it would be the highest, standing at more than 200,000 jobs.

Economic indicators of the NIDLP reveal a contribution of 35% to the non-oil GDP, with non-governmental investments surpassing SAR 97 billion ($25.8 billion).

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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)

Turkish stocks jumped on Monday, bonds climbed and the lira rallied against the euro as news the Kurdistan Workers Party (PKK) militant group was ending its four decade-long insurgency in the country added to US-China trade cheer.

Global share markets were enjoying a strong surge after the US and China agreed to slash tariffs, but Turkish equities outstripped most other bourses as they jumped more than 3%.

A PKK member said it was ceasing all military operations "immediately" following the group's decision to disband, a move that could boost NATO member Türkiye's political and economic stability.

The lira was up 1.3% against the euro and steady against the dollar, while its international market bonds, which have been losing ground for the last six months, were up nearly 0.7 cents.

The PKK decision followed an appeal from its jailed leader Abdullah Ocalan in February to disband. It is set to have far-reaching political and security consequences for the region, including in neighboring Iraq and also in Syria, where Kurdish forces are allied with US forces.

Omer Celik, spokesperson for President Recep Tayyip Erdogan's ruling AK Party, said the PKK's decision to dissolve was "an important step toward a terror-free Türkiye".

There have been intermittent peace efforts over the years, most notably a ceasefire between 2013 and 2015 that ultimately collapsed.

The PKK's move should now give Erdogan the opportunity to boost spending in the mainly Kurdish southeast of Türkiye, where the insurgency has handicapped the regional economy for decades.

Analysts welcomed the PKK move but added a note of caution.

"It can only be good news," said Christopher Granville, managing director of EMEA & Global Political Research at investment advisory firm TS Lombard. "But is it decisive for the difficult Turkish investment case?"

He said the PKK issue was ultimately "secondary" to questions about Türkiye's recent arrest of Erdogan's main political rival, Istanbul Mayor Ekrem Imamoglu, and the broader direction of its macroeconomic policy.

Those concerns have weighed on Turkish markets this year.

MSCI's Türkiye equities index is down more than 13% compared to a near 8% rise in its pan-emerging market index., while lira-denominated government bonds have cost investors more than 8% on a total returns basis.

The cost of insuring Ankara's government debt using Credit Default Swaps (CDS) has also shot up, although Monday's rally saw that ease back.

"A continuation of the pullback (in CDS levels) ... may support banking stocks, which have been the negatively differentiated sector in BIST (Turkish stocks index) in the last 2 months," Garanti BBVA Yatirim's Director Ozgur Yurtdasseven said.

Turkish banking stocks were up 3.8% on the day, but remain more than 16% down on the year in lira terms and more than 20% in dollar terms.