RIYADH: Kuwait has rejected Iran’s “claims” over the Al-Durra gas field, stressing that it owns exclusive rights to its natural resources along with Saudi Arabia, state news agency KUNA has reported.
Kuwait has also called on Iran to start negotiations over the demarcation of its maritime borders after Tehran said it was ready to begin drilling in the Al-Durra field.
“We categorically and totally reject Iran’s planned activities around the premises of the Durra offshore gas field,” said Kuwaiti Oil Minister Saad Al-Barrak, KUNA reported.
Al-Barrak said he was surprised by the Iranian plan and added that the move from Tehran contradicts the basic principles of international relations.
According to KUNA, a close source to Kuwait’s Foreign Ministry said that the “maritime area where Al Durra offshore field lies is part of the State of Kuwait’s sea territories, and the natural resources therein are shared between Kuwait and Saudi Arabia.”
The source added: “Only the State of Kuwait and Saudi Arabia have exclusive rights to the natural resources of the Al-Durra field.”
Earlier in March, Kuwait and Iran had held joint negotiations in Tehran regarding the demarcation of their maritime borders, where both sides stressed the need to settle the matter according to international laws.
In 2022, Kuwait and Saudi Arabia signed an agreement to develop the field despite strong objections from Iran.
Controversies surrounding the field operations have emerged as Mohsen Khojsteh Mehr, managing director of the National Iranian Oil Co., announced last week that Iran had allocated considerable resources to explore the offshore field.
“Considerable resources have been allocated to the board of directors of the National Iranian Oil Co. for the implementation of the development plan for this field,” said Mehr, Iranian state media reported.
Iran and Kuwait have been holding several unsuccessful talks for years to resolve the dispute surrounding the maritime border, which is rich in natural gas.
The field lies in the shared neutral zone between Kuwait and Saudi Arabia, and it is expected to produce 1 billion cubic feet of gas daily and 84,000 barrels per day of condensate.
Kuwait rejects Iranian drilling plans on Al-Durra gas field: KUNA
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Kuwait rejects Iranian drilling plans on Al-Durra gas field: KUNA
Work suspended on Riyadh’s massive Mukaab megaproject: Reuters
RIYADH: Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project's financing and feasibility, four people familiar with the matter said.
The Mukaab was planned as a 400-meter by 400-meter metal cube containing a dome with an AI-powered display, the largest on the planet, that visitors could observe from a more than 300-meter-tall ziggurat — or terraced structure —inside it.
Its future is now unclear, with work beyond soil excavation and pilings suspended, three of the people said. Development of the surrounding real estate is set to continue, five people familiar with the plans said.
The sources include people familiar with the project's development and people privy to internal deliberations at the PIF.
Officials from PIF, the Saudi government and the New Murabba project did not respond to Reuters requests for comment.
Real estate consultancy Knight Frank estimated the New Murabba district would cost about $50 billion — roughly equivalent to Jordan’s GDP — with projects commissioned so far valued at around $100 million.
Initial plans for the New Murabba district called for completion by 2030. It is now slated to be completed by 2040.
The development was intended to house 104,000 residential units and add SR180 billion to the Kingdom’s GDP, creating 334,000 direct and indirect jobs by 2030, the government had estimated previously.
(With Reuters)
