ARGAS CEO expects explorations to lift Saudi Arabia’s mineral wealth estimates

Moath Al Rawi, CEO of Arabian Geophysical and Surveying Co.

Exploration operations will increase the estimates of the recently announced mineral wealth, as the value of scientific information contributes to the detection of vast quantities of mineral ores in Saudi Arabia, Arabian Geophysical and Surveying Co.’s (ARGAS) CEO Moath Al Rawi to Argaam in an interview.

Speaking on the sidelines of the Future Minerals Forum (FMF), Al Rawi said that the company has carried out surface surveys covering over three million square kilometers since its establishment in the Kingdom 60 years ago.

He added that  ARGAS is working on 700 projects to develop oil, gas and minerals in nine countries outside the Kingdom.

The CEO pointed out that the geological survey is an essential basic step for developing any natural source in oil and gas, thermal and geothermal energy, as well as mineral exploration.

ARGAS is owned by the Industrialization Energy Services Co. (TAQA), a subsidiary of the Public Investment Fund (PIF), and has several partnerships in countries outside the Kingdom, which are very important for the development of the greater region to cover market requirements, Al Rawi noted.

On the listing plans in the Saudi market, Al Rawi said that ARGAS is working to increase the value of the company to be ready for the offering and the decision will be taken in a timely manner, taking into account that the listing contributes to improving governance and raising the company's productivity.

According to data available on Argaam, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef recently said that the Kingdom revised upward estimates for its mineral resources from $1.3 trillion (SAR 4.9 trillion) in 2016 to $ 2.5 trillion (SAR 9.4 trillion) for phosphate, gold and rare earths.