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Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA
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Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA

The third edition of the Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources, has witnessed the signing of several memoranda of understanding (MoU) between a number of government agencies, companies and institutions participating in the forum. New exploration sites were announced as well as other incentives to promote mining exploration.
The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security (JOGMEC) signed MoU for cooperation in the fields of mining and mineral resources, with a special focus on the supply of vital minerals, which play an important role in global energy transitions.
The Ministry of Industry and Mineral Resources and the Ministry of Investment also signed MoU with Jiangxi Copper Co. Ltd. to cooperate in evaluating and exploring investment opportunities in the Kingdom's copper value chain, covering the initial, middle and final stages, SPA reported.
Furthermore, the Innovation Mining Oasis Initiative was launched in cooperation between the Ministry of Industry and Mineral Resources, King Abdulaziz City for Science and Technology (KACST), the National Industrial Development and Logistics Program, the Geological Survey Authority, the Saudi Arabian Mining Company (Ma’aden).
The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion, and the unveiling of new incentives to boost mining exploration by about SAR685 million ($182 million) in cooperation with the Ministry of Investment.
The forum witnessed the submission of the exploration license competition for the Jabal Sayid mineral belt, which contains a large wealth of base and precious metal ores, with an area of more than 4,000 square kilometers. Also, 33 new exploration licenses were submitted through competition within the upcoming licensing rounds for 2024.

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Saudi Minister of Energy Signs Energy Cooperation MoUs with Kuwait, Qatar and Egypt

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. (SPA)
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Saudi Minister of Energy Signs Energy Cooperation MoUs with Kuwait, Qatar and Egypt

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim. (SPA)

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz signed on Sunday three memoranda of understanding with ministers from Kuwait, Qatar and Egypt, expanding cooperation across a broad range of energy fields.

Prince Abdulaziz signed an MoU on electricity and renewable energy cooperation with Kuwait’s Minister of Electricity, Water and Renewable Energy Dr. Subaih Abdulaziz Abdulmohsen Al-Mukhizim.

The MoU establishes a framework for cooperation between Saudi Arabia and Kuwait in electricity, renewable energy, power grid interconnection and electricity exports, as well as energy efficiency, energy storage and smart grids. It also covers related areas including digital transformation, innovation, cybersecurity and artificial intelligence.

The two countries will also work to develop strategic partnerships between their institutions, localize energy-related materials, products and services, and strengthen cooperation between companies operating in these fields.

The MoU further provides for cooperation on technologies and solutions related to climate change mitigation, including Circular Carbon Economy technologies and solutions.

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Egypt’s Minister of Petroleum and Mineral Resources Eng. Karim Badawi. (SPA)

Prince Abdulaziz signed an MoU on energy cooperation with Qatar’s Minister of State for Energy Affairs Eng. Saad bin Sherida Al-Kaabi.

The MoU establishes a framework for cooperation between Saudi Arabia and Qatar across oil and petroleum products, gas and its derivatives, refining, petrochemicals, electricity, clean hydrogen and its derivatives, renewable energy, energy efficiency and energy storage.

It provides for the two countries to explore opportunities for joint projects involving pipelines for the transportation and export of oil and gas; the development and use of sustainable petrochemical materials in construction and other sectors; and cooperation on infrastructure to support access to energy.

The MoU covers cooperation in international negotiations, forums and organizations addressing energy transitions and climate change, including the United Nations Framework Convention on Climate Change, the Paris Agreement and the Intergovernmental Negotiating Committee tasked with developing an international legally binding instrument on plastic pollution, among others.

Prince Abdulaziz also signed an MoU with Egypt’s Minister of Petroleum and Mineral Resources Eng. Karim Badawi on cooperation in oil, gas and their derivatives.

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Qatar’s Minister of State for Energy Affairs Eng. Saad bin Sherida Al-Kaabi. (SPA)

The MoU establishes a framework for Saudi-Egyptian cooperation in crude oil, petroleum products and natural gas, including their trade, handling, transportation, storage and distribution, as well as the development of related infrastructure and logistics.

The cooperation will strengthen energy market integration and supply chain resilience and reliability, enhance energy security, and help meet demand across domestic, regional and international markets. Activities will be carried out in accordance with the laws and regulations of both countries and on commercial terms that advance their mutual interests.

The agreement also covers the exchange of Saudi expertise in fuel station and service center qualification, operation and maintenance, as well as the Kingdom’s experience in opening the liquefied petroleum gas sector to competition. It expands cooperation in petrochemicals and investment in ongoing and planned projects.

Business

Abdulaziz bin Salman: Riyadh is the Capital of Energy Security

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh (Turki Al-Agili)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh (Turki Al-Agili)
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Abdulaziz bin Salman: Riyadh is the Capital of Energy Security

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh (Turki Al-Agili)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh (Turki Al-Agili)

Saudi Energy Minister Prince Abdulaziz bin Salman stressed on Sunday that Riyadh represents the capital of energy security, noting that this status reflects the Kingdom's efforts, as well as those of the men and women working in the energy sector, to ensure reliable energy supplies and fulfill Saudi Arabia’s commitments to the world.

Achieving energy security requires cooperation among all countries, he said.

Speaking at the opening of the ministerial meeting of the International Energy Forum (IEF) in Riyadh, at the start of Riyadh Energy Week, the minister expressed hope that the gathering would help direct attention toward the most important issues that energy stakeholders should focus on.

He noted that the current period makes dialogue on energy security more important than ever and that in-person meetings enable participants to exchange assessments directly, discuss concerns, and build the understanding necessary for practical cooperation among nations.

He emphasized that Saudi Arabia will continue implementing its plans, meeting its domestic needs, and honoring its commitments to the world regardless of circumstances, stressing the Kingdom’s resilience and ability to continue advancing toward its objectives.

Prince Abdulaziz said that Saudi Arabia’s commitment to energy security is one of its defining characteristics and expressed hope that the event would help more participants understand the depth of that commitment.

“I am proud to say that this country, and the city of Riyadh, is the capital of energy security,” he said, attributing this standing to the efforts of the women and men working in the energy sector and to the work they undertake to ensure the continuity of supplies and the fulfillment of the Kingdom’s obligations.

He pointed to the significant amount of work Saudi Arabia has accomplished over the past eight months, stressing that the Kingdom continues to reassure its partners that it will meet its commitments to the world and will not fail to do so.

Abdulaziz bin Salman also noted that Saudi Arabia has demonstrated its ability to support the reliability of energy supplies under challenging circumstances through investment, preparedness, and decisive action.

He cited the East-West Pipeline as a clear example, explaining that it connects production centers in the Eastern Province with export facilities in Yanbu on the Red Sea, providing an alternative route for oil to reach international markets.

He further spoke about ongoing work on additional pipeline routes, expressing hope that the Kingdom’s commitments in this area would become clearer soon, ensuring the continuation of its efforts and strengthening its role in global energy markets.

Business

International Energy Forum: Security of Supply Requires Ensuring Energy Access for Consumers

International Energy Forum (IEF) Secretary General Jassim Alshirawi speaks with Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat
International Energy Forum (IEF) Secretary General Jassim Alshirawi speaks with Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat
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International Energy Forum: Security of Supply Requires Ensuring Energy Access for Consumers

International Energy Forum (IEF) Secretary General Jassim Alshirawi speaks with Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat
International Energy Forum (IEF) Secretary General Jassim Alshirawi speaks with Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat

International Energy Forum (IEF) Secretary General Jassim Alshirawi stressed on Sunday that supply security remains a top priority amid growing global energy demand, driven by population growth, industrial expansion, and the increasing needs of data centers and artificial intelligence applications.

He emphasized that the challenge goes beyond producing energy and includes ensuring that it is delivered reliably to consumers.

In remarks to Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum in Riyadh, Alshirawi praised Saudi Arabia for hosting Riyadh Energy Week, which opened with the forum's ministerial meeting.

He noted that these gatherings provide an opportunity to strengthen dialogue between energy-producing and energy-consuming nations and to explore ways of safeguarding energy security amid the ongoing transformations in the energy sector.

He explained that the forum comprises around 70 countries representing the majority of the world's energy producers and consumers. It also includes an industry advisory board that enables companies to participate in the dialogue between governments, helping to bridge perspectives among stakeholders and address challenges related to energy availability.

Alshirawi added that population growth, industrial needs, and the new demand generated by the expanding use of artificial intelligence are increasing the importance of ensuring adequate energy supplies and the infrastructure needed to transport them to consumers.

He stressed that energy security is not only about a country's ability to produce energy, but also about ensuring that supplies reach their destinations in order to meet the needs of economies and industries.