Page 12 - MEOG Week 15 2022

MEOG NEWS IN BRIEF MEOG

POLICY to maximize financial revenues, in a way that the Dorra field.
supports the national economy. On March 21, His Royal Highness the
Iraqi Oil Minister affirms the problems and close the gap left by the past Minister of Energy of the Kingdom of Saudi
H.E referred to the joint work to solve all
Arabia and His Excellency the Deputy Prime
importance of reviewing years disputes, and to launch a new phase of Minister, Minister of Oil and Minister of
Electricity, Water and Renewable Energy of
cooperation in a way that serves the public
KRG contracts interest. The Minister of Oil added that the the State of Kuwait agreed in the Meeting
Minutes that they signed to begin to work
delegation of the region will return to consult
The Minister of Oil confirmed his ministry’s with his government, in order to start another on exploiting the Dorra field, located in the
(MoO) commitment to the basic principles round of dialogues and discussions, praising Submerged Divided Zone. The Kingdom of
that the ministry was previously proposed to the understanding of the members of the Saudi Arabia and the State of Kuwait affirm
manage the oil issue in Kurdistan region. The delegation for the topics addressed in the their right to exploit the natural resources in
Minister of Oil, Ihsan Abdul-Jabbar Ismail, meeting. this area and that they will continue working
said in a joint press conference with the head On his part, the head of the regional to enforce what was agreed upon under the
of KRG delegation, Khaled Shwani, that the delegation, Khaled Shwani, said that the Meeting Minutes signed on 21/03/2022.
basic principles included sending all contracts meetings were characterized by frankness, In this regard, the Kingdom of Saudi
and agreements concluded by KRG with as it was agreed to put in place mechanisms Arabia and the State of Kuwait had previously
countries and oil companies for the purpose that could form a future plan of action to invited the Islamic Republic of Iran to
of being reviewed, amended and improved, address the oil problem in all its aspects in a negotiate the delimitation of the eastern
as well as transferring the contracting party radical way, stressing that the oil and gas law boundary of the Submerged Divided Zone
from the Ministry of Natural Resources to an is the best solution to solve all problems, and but these calls were not met. The Kingdom
oil company to be established for this purpose that this meeting was a good beginning for of Saudi Arabia and the State of Kuwait, as a
under a resolution issued by the Council of cooperation between the Ministry of Oil and single negotiating party, renew their invitation
Ministers. the KRG. to the Islamic Republic of Iran to hold these
This company is to be based in Erbil, The meeting was attended by the ministry negotiations.
owned by the federal authority, and deputies and a number of officials and SPA
authorized to manage the entire oil activity committees concerned in the National Oil
in accordance with the powers, standards Company and the relevant departments in the
and protocols prepared and evaluated by Ministry of Oil headquarter. The delegation COMPANIES
the National Oil Company and the Federal of the region included a number of officials
Ministry of Oil. in the KRG and the Ministry of Natural Honeywell appoints new
The Minister of Oil indicated that the basic Resources, including three officials with the
principles also include opening an escrow rank of minister. Saudi president
bank account in any international banks MOO
for the purpose of depositing all revenues Honeywell has announced the appointment
of selling and exporting crude oil from the Saudi, Kuwait renew call to of Abdullah Abdulrahman Al-juffali as
region. This account shall be owned by Honeywell country president of Saudi Arabia
the Ministry of Finance and would secure Iran to delimitate boundary and Bahrain.
payments for the region in case the Federal As the country leader, Al-juffali will
Ministry of Finance is late in sending it. The Ministry of Foreign Affairs announced spearhead Honeywell’s regional strategy
The Minister of Oil stressed that the that the Kingdom of Saudi Arabia and the for Saudi Arabia and Bahrain, focused on
ministry is keen on developing the oil and State of Kuwait have agreed, under the the Company’s growth pillars of shaping a
gas industry in all parts of Iraq, according Memorandum of Understanding signed diversified portfolio of products and solutions
to international technical and professional in Kuwait City on December 24, 2019, to tailored for the local market, driving key
mechanisms and standards, and on working expedite the development and exploitation of customer engagements, and building the

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