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Prime Minister Mr. Mohammed S. Al-Sudani, received the Saudi Minister of Commerce, Mr. Majid bin Abdullah Al-Qasabi, and his accompanying delegation.

The meeting focused on discussing prospects for cooperation between the two countries and ways to develop bilateral relations to serve the interests of the two brotherly peoples.

During the meeting, the Prime Minister reaffirmed Iraq's openness to developing partnerships with the Kingdom of Saudi Arabia in various economic and investment sectors. They also discussed cooperation in the energy and coordination in facing the effects of climate change and the measures taken to mitigate its impact on the region.

For his part, the Saudi Minister of Commerce, Mr. Al-Qasabi, conveyed the regards of the Custodian of Two Holy Mosques, King Salman bin Abdulaziz Al Saud, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince to Prime Minister Al-Sudani emphasizing that the Kingdom of Saudi Arabia is keen to continue joint work at the Iraqi-Saudi Coordination Council, which includes cooperation between the two countries in economic, investment, tourism, security, and other sectors.

(Source: Media Office of the Prime Minister)

By John Lee.

The Iraqi Cabinet has approved the recommendation of the Ministerial Energy Council regarding a settlement agreement with the South Korean company Kogas, the operator of the Akkas gas field.

The agreement includes a payment of USD 49 million in crude oil, to be made by the State Oil Marketing Organization (SOMO).

According to a statement from the Media Office of the Prime Minister, Kogas will transfer its contractual rights and obligations to a qualified global company or consortium of companies, in accordance with Ministry of Oil standards.

The contract will remain in force for one year after signing, and Kogas will provide technical support to the project without any other financial or contractual obligations.

The agreement also allows for the termination of the contract after the end of the one-year period without obtaining an alternative operator.

Rights to the field were originally awarded to a consortium of Kogas and KazMunaiGas (KMG), but KMG pulled out, leaving Kogas as sole investor and operator on new contract terms.

In 2014 it was reported that Kogas was planning to sell its interest in the field.  In 2021 it was rumoured that Saudi Arabia's Delta Oil Company was interested in buying a stake.

(Source: Media Office of the Prime Minister)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Deep Dive: Iran inks security accord with Iraq as regional diplomacy revved up

The secretary of Iran's Supreme National Security Council (SNSC) has capped off a busy month of dialogue with Arab states with the signing of a security agreement in Baghdad. The accord aims to address concerns about Iranian Kurdish opposition groups based in northern Iraq.

This comes as Ali Shamkhani's recent talks in China to restore relations with Saudi Arabia and visit to the United Arab Emirates (UAE) have raised questions about the foreign ministry's role in Iran's diplomacy. While Iranian Foreign Minister Hossein Amir-Abdollahian has publicly insisted that all state institutions are on the same page, few are convinced.

The full article can be viewed here (registration required).

Iran and Iraq on Sunday signed a bilateral agreement on security cooperation.

The agreement was signed by Secretary of Iran's Supreme National Security Council Ali Shamkhani and Iraq's National Security Adviser Qasim al-Araji in Baghdad at a meeting attended by Iraqi Prime Minister Mohammed Shia' Al Sudani.

Accompanied by the governor of the Central Bank of Iran (CBI) and two Foreign Ministry deputies, Shamkhani has traveled to Baghdad to hold talks on economic and political subjects and sign the document on mutual security cooperation, which was being prepared for months.

The agreement commits Iran and Iraq to safeguarding the principles of good neighborliness and protecting the common border.

According to a statement from Iran's state-controlled Tasnim News Agency, the deal is expected to have a significant role in ending what it called "the illegal presence of anti-Iranian armed groups and the elements affiliated with the Zionist regime in the Iraqi areas adjacent to Iran's northwestern border regions."

Shamkhani's visit to Iraq, made days after a landmark trip to the United Arab Emirates, comes after Iran and Saudi Arabia announced their decision to restore ties.

Following days of intensive talks in Beijing, Iran and Saudi Arabia agreed on March 10 to resume their diplomatic relations and reopen their embassies and diplomatic missions within at most two months.

Arab governments neighboring Iran have eagerly welcomed the rapprochement between the two regional heavyweights.

(Sources: Tasnim, under Creative Commons licence; Media Office of the Iraqi Prime Minister)

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Inside story: Amid 'witch-hunt' in Iraq, ex-PM considered as conduit in Iran

Iraqi ex-prime minister Mustafa Al-Kadhimi (2020-22)-a key proponent and prior host of talks between Iran and Saudi Arabia-is seemingly under fire at home, where several of his close associates face arrest warrants and asset freezes.

This follows an unannounced visit to Tehran by the former premier.

The full article can be viewed here (registration required).

By John Lee.

The Saudi Ports Authority (Mawani) has announced the addition of King Abdulaziz Port to the newly-launched India-Saudi-Iraq (ISI) shipping service by Singapore-based feeder operator Bengal Tiger Line (BTL).

Aimed at empowering importers and exporters with best-in-class offerings, the regional route further strengthens the Kingdom's maritime connectivity in its quest to establish itself as the world's leading logistics destination in alignment with the ambitions of the National Transport and Logistics Strategy (NTLS).

The ISI service links the Dammam-based hub to the Indian port of Mundra and the Iraqi port of Umm Qasr aboard a 929-TEU vessel.

A total of five cargo services linking Saudi Arabia to 43 global hubs were added to the rosters of Jeddah Islamic Port, King Abdulaziz Port, and Jubail Commercial Port during January 2023.

(Source: Mawani)

By John Lee.

The Iraqi Minister of Interior, Abdul Amir Al-Shammari, and its Saudi counterpart have signed a security memorandum of understanding, which is the first of its kind since 1983.

The agreement includes various forms of security cooperation, exchange of ideas, and joint security efforts to enhance security for both countries.

The signing was attended by several high-ranking officials from both countries, and the Iraqi Minister of Interior expressed gratitude towards his Saudi counterpart for the warm welcome.

(Source: Ministry of Interior)

By John Lee.

Iraq's Ministry of Construction, Housing and Public Municipalities has announced the completion of the Arar-Anaza road project.

The project was overseen by the Roads and Bridges Department of the Ministry and executed by the Ashur General Company for Construction Contracting.

This 29-km road, with a width of 6.3 meters, was completed at a cost of 23 billion Iraqi dinars ($15.7 million), and will serve as a crucial link in securing the border with the Kingdom of Saudi Arabia.

(Source: Ministry of Construction)

By John Lee.

The Saudi Ports Authority (Mawani) has announced the addition of Jubail Commercial Port to the India Gulf Service 1 (IG1) shipping route by ocean carrier Hapag-Lloyd.

Starting on 12th February, the weekly service will link the Kingdom to the ports of Jebel Ali, Karachi, Mundra, Sohar, Shuaiba, and Umm Qasar on board three containerships with an average carrying capacity of 2,400 TEUs.

(Source: Saudi Ports Authority)