Aramco, KAUST to Form Consortium for Nonmetallics and Composites in Energy Applications

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
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Aramco, KAUST to Form Consortium for Nonmetallics and Composites in Energy Applications

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. (Reuters)

The King Abdullah University of Science and Technology (KAUST) has signed an agreement with Aramco to establish a technology consortium focusing on performance and integrity management of nonmetallics and composites in energy applications (ENERCOMP), said KAUST in a statement.

Aramco has joined ENERCOMP as a founding member and first research sponsor to further advance nonmetallic materials in the energy sector.

"The five-year technology consortium represents a significant university-based R&D investment in nonmetallics and composites in the Kingdom, setting an example of bringing a new technology value chain together to strengthen the Kingdom’s position in the energy and materials transitions," said the statement.

The joint investment aims to support the Kingdom’s vision toward sustainability and diversification through the development of less energy-intensive and lower carbon-footprint materials.

Aramco will leverage its experience from relevant initiatives such as the Rice University Carbon Hub in the US and the Nonmetallic Innovation Center (NIC) in the UK to support ENERCOMP in transforming fundamental science into deployable integrity management solutions. This will increase industry confidence in the long-term role that nonmetallics and composites can play as an integral part of the materials transition.

Similar to the NIC model, the initiative will encourage other energy sector players to join the consortium and utilize KAUST’s cutting-edge research capabilities in engineering solutions, AI and material science.

Aramco Senior Vice President of Technology Oversight and Coordination Dr. Ali Al-Meshari said: "Through this collaboration, we aim to create an innovation hub for advanced composites in the Kingdom. By focusing on the development and integration of smart and cost-effective sensors in composite materials and applying emerging AI solutions, we can deploy novel integrity management technologies to the energy industry at large."

Director of ENERCOMP and KAUST Professor of Mechanical Engineering Prof. Gilles Lubineau highlighted the significance of this step, saying that ENERCOMP represents a new era of collaboration between KAUST and energy sector leaders.

The ambitious industry-focused partnership aims to establish a specialized team at KAUST to support engineering applications of nonmetallics and composites throughout the energy value chain. By supporting the Kingdom's nonmetallic and composite agenda, ENERCOMP will deliver innovative solutions crucial for a sustainable future, he added.



Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Steady as Investors Shift Focus to Demand Signals

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in the United States.

Brent crude futures rose 34 cents, or 0.5%, to $68.02 a barrel by 1055 GMT US West Texas Intermediate crude gained 35 cents, or 0.5%, to $65.27 a barrel.

Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient. US demand. Brent futures are trading below their close of $69.36 on June 12, the day before Israel started air strikes on Iran, Reuters reported.

Investors are shifting their focus to macroeconomics and oil balances, while monitoring the Israel-Iran truce, said PVM analyst Tamas Varga.

UBS analyst Giovanni Staunovo said oil prices had tracked equity markets so far on Thursday, while ANZ analysts said the US driving season had started slowly but was now stoking demand.

US crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration said on Wednesday.

Crude inventories fell by 5.8 million barrels, the EIA said, exceeding analysts' expectations in a Reuters poll for a 797,000-barrel draw.

Gasoline stocks unexpectedly fell by 2.1 million barrels, compared with forecasts for a 381,000-barrel build as gasoline supplied, a proxy for demand, rose to its highest level since December 2021.

On Saturday, Igor Sechin, the head of Russia's largest oil producer Rosneft, said OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, could bring forward its output hikes by around a year from an initial plan.

Meanwhile, US President Donald Trump hailed the swift end to war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.

Trump also said on Wednesday that the US was maintaining maximum pressure on Iran - including restrictions on sales of Iranian oil - but signalled a potential easing in enforcement to help the country rebuild.