MUST-READS

• Russia’s high-flying gas exporter crippled as Europe stays away
  When the CEO of Russian state gas giant Gazprom, Alexei Miller, opened a lavish Italian palazzo-styled building in central St Petersburg to house the company's export arm 11 years ago, he augured a future funded by European sales. "This is symbolic," he said, referring to the modern new offices in Russia's most European city. "Europe will increasingly need Russian gas."  Instead, the opulent offices have come to symbolize Gazprom's rapid decline, dragged down by the almost total loss of European markets after the war in Ukraine ruptured Russia's ties with the West. Reeling under multi-billion-dollar losses and scrambling for savings, the company is now considering putting the palazzo up for sale along with other luxury properties it owns, according to a Gazprom executive and another source with knowledge of internal discussions at Gazprom.

• Mastercard research: Women in Saudi Arabia are driving the future of entrepreneurship

  Women in Saudi Arabia are increasingly stepping into the world of entrepreneurship, with 78% considering starting their own business, according to Mastercard’s latest research, released ahead of International Women’s Day 2025. As the country continues its economic transformation under Vision 2030, fostering an enabling environment for women entrepreneurs will further accelerate growth and innovation in the Kingdom. In Saudi Arabia, a significant proportion of men and women identify as entrepreneurs (42% men, 34% women), reflecting the Kingdom’s evolving business landscape. Among those who consider themselves entrepreneurs, 44% of female millennials identify with this role, demonstrating strong ambition among younger generations.

• Commentary: Saudi Arabia’s rise signals decline of Europe’s geopolitical centrality This article was published in thejakartapost.com with the title “”. Click to read: https://www.thejakartapost.com/opinion/2025/03/03/saudi-arabias-rise-signals-decline-of-europes-geopolitical-centrality

  It signals a shift away from Europe’s centrality in diplomacy and fits well with Trump’s broader policy of bilateral, pragmatic diplomacy that prioritizes economic and geopolitical gains. The US-Russia discussions in Saudi Arabia also indicate Trump’s strategic use of Saudi Arabia to secure swift diplomatic wins, furthering his domestic and international standing. Trump’s choice of Riyadh for the Ukraine peace talks also shows that Saudi Arabia has strategically positioned itself as a neutral intermediary, leveraging its strong relations with global powers including the US, Russia, China and European nations.

• Max Bergmann: Does Europe Matter in the Middle East?

  The larger question is though, can Europe develop a more cohesive foreign policy as essentially the European Union toward the Middle East? Because when you talk about these individual countries, they are of declining power on the world stage—the United Kingdom and France in particular. Europe collectively is 450 million people, an economy the size of the United States and China. The question is, can it really assert itself in the Middle East or have a presence in the Middle East that reflects its potential power?

• Investors Snap Up Saudi Arabia’s Debut Euro Green Bond

  Saudi Arabia sold a €1.5 billion ($1.58 billion) debut green euro bond after drawing in €7.25 billion of investor bids, as the country seeks to fund its ambitious economic-transformation plan. The transaction, the first such trade from a sovereign in the Middle East and North Africa, was sold alongside a €750 million 12-year conventional bond that priced 145 basis points over mid-swaps, the person said. Books for that tranche topped €2.7 billion.

• New Saudi Doctrine of “Positive Neutrality” Pays Off

  Since the onset of the Russian invasion of Ukraine three years ago as of February 24, the Saudi crown prince has found himself under enormous pressure from both Washington and Moscow to take a side in everything from votes at the United Nations to the battlefield inside Ukraine. In the former, Saudi Arabia supported resolutions in the General Assembly in 2022 and 2023 condemning the Russian invasion of Ukraine, demanding withdrawal of its troops and upholding the principle of territorial integrity.  But Saudi Arabia abstained in a similar resolution February 24, while the United States joined Russia for the first time in opposing it. At the same time, MBS has refused to follow the United States in imposing economic and financial sanctions on Russia, or isolating it diplomatically, to pressure Putin into suing for peace. From almost the start of the Ukraine war, MBS began crafting a role of mediator for himself. His first phone calls offering his services to Putin and Ukrainian President Volodymyr Zelensky date back to March 3, 2022, just a week after its onset. Since then, he has held multiple meetings or phone calls with both leaders. At first, the main issue was about exchanges of Russian and Ukrainian prisoners of war, which the crown prince helped to arrange on several occasions. One in September 2022 included two American POWs fighting on the Ukrainian side.

• Investors Snap Up Saudi Arabia’s Debut Euro Green Bond

  Saudi Arabia is on track to sell a €1.5 billion ($1.58 billion) debut green euro bond after drawing in €7.25 billion of investors bids as it seeks to fund its ambitious economic-transformation plan. The transaction, the first such trade from a sovereign in the Middle East and North Africa, is being sold alongside a €750 million 12-year conventional bond that is expected to price at 145 basis points over mid-swaps, the person said. Books on that tranche are over €2.7 billion. The green offering is a first for the Saudi central government as the world’s top crude-oil exporter looks to reach net zero emissions by 2060. The Saudi sovereign wealth fund known as the PIF started issuing green debt in 2022.

• Will Europe’s ‘green agenda’ push away Qatari gas?

  The European Union continues to strive to reduce its dependence on Russian natural gas by significantly increasing its purchases of liquified natural gas (LNG) from the US and other countries. However, the successful implementation of this plan might push EU member states to be more cautious and nuanced in implementing the European “green agenda” to avoid tensions with potential suppliers. Blunt statements by Qatar Energy Minister and head of QatarEnergy (QE) Saad Al-Kaabi late last year sparked a wave of controversy among market observers, which continues to resonate. Kaabi expressed unequivocally that he would rather shun the European LNG market if new environmental legislation is strictly applied to QE, as the energy giant would lose substantial revenues.

• Saudi Aramco to acquire 25% stake in Unioil Petroleum Philippines
  Saudi Arabia's Aramco (2222.SE), opens new tab has signed an agreement to acquire a 25% equity stake in Unioil Petroleum Philippines, the company said in a statement late on Wednesday. The company, however, did not disclose financial details of the transaction. Established in 1966, Unioil is a downstream fuels operator with a network of 165 retail stations and four storage terminals in the Philippines, the statement said. The deal follows Aramco's previous retail acquisitions in Chile and Pakistan. Aramco said the Unioil stake acquisition represents further progress in its strategic downstream expansion and growth of its global retail network. It added that the deal aims to capitalise on anticipated growth of the high-value fuels market in the Philippines, and it planned to extend its brand and retail offerings such as Valvoline-branded lubricants to select retail stations in the country.

• Energy, petroleum ministries trade blame as blackouts roil Tehran

  Unplanned power outages in Tehran have sparked a highly public blame game between Iran’s energy and petroleum ministries—leading both conservative and pro-reform media to call on the Reformist administration to stop evading responsibility. As Iran continues to grapple with an ongoing energy crisis, government justifications have done little to ease frustrations as blackouts roil an economy already under strain.

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