Red Sea Global to Use Sustainable Fuel for its Fleet

Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
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Red Sea Global to Use Sustainable Fuel for its Fleet

Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)
Red Sea Global self-driving vehicles for sustainable transportation (Red Sea Global)

Red Sea Global (RSG) announced using low-carbon biofuel in all its delivery trucks.

According to a press statement, RSG's entire fleet of land vehicles now runs on electricity or biofuels, making it the first Saudi company to operate such an eco-conscious supply chain.

The company, wholly owned by the Public Investment Fund (PIF), currently operates a fleet of six 8-ton refrigerated trucks and three 3.5-ton refrigerated trucks running on biofuel.

The vehicles serve many facilities and are active in the long-range supply chain network. It ensures a smooth transportation of goods to all the company's projects and facilities in the implementation of Red Sea Global's vision for a greener future.

The biofuel is produced from used cooking oil sourced within Saudi Arabia.

The type of fuel RSG has adopted emits only 0.17 kilograms of carbon dioxide equivalent per liter, compared with 2.7kg CO2e per liter from regular diesel usage.

Sustainable biofuel operates all cargo delivery trucks to the company's four destination hotels: Turtle Bay, Six Senses, Southern Dunes, St. Regis Red Sea Resort, and Nujuma, a Ritz-Carlton Reserve.

The transition from using conventional to biofuels reduces carbon emissions and increases the life of vehicle engines, bringing environmental and operational benefits.

RSG's Supply Chain and Logistics Leader, Michael Stockdale, explained that by using sustainable biofuel produced from locally sourced cooking oil, the company is significantly reducing carbon emissions and contributing to the circular economy.

Stockdale pointed out that this is the first step towards a fully sustainable logistics network, saying the company is already looking at new technology and innovations that can further reduce the impact of its supply chain.

Red Sea Global launched advanced technologies equipping each vehicle with a chip measuring the amount of biofuel used daily.

The data allows fleet managers to analyze and optimize fuel consumption, which enhances the sustainability of the company's operations to preserve the environment.

Red Sea Global already uses electricity sourced 100 percent from solar energy to operate its electric vehicles. The company's land transportation fleet emits only a minimal amount of carbon.

The recent announcement also aligns with RSG's long-term strategy to transition to green hydrogen throughout its mobility sector.

By 2030, RSG aims to have between 700 and 800 vehicles in its sustainable fleet, which will create a qualitative shift in how goods are transported in the Kingdom and set a new standard for sustainable supply chains.

Notably, Red Sea Global is one of Vision 2030 pillars and contributes a pivotal role in the Kingdom's transformation process towards anticipating new economic horizons and enhancing the country's rich environmental and cultural heritage.



Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
TT

Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

OPEC+ members Iraq, Saudi Arabia and Russia agreed in a meeting in Iraq on Tuesday on the importance of maintaining stable oil markets and fair prices, Iraq's Prime Minister Office said on Tuesday.

The talks come ahead of Sunday's meeting of OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, where OPEC+ sources say it will weigh a possible further delay to plans to raise oil output.

Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak attended the meeting.

They discussed "the conditions of global energy markets and matters related to the production of crude oil, its flow to markets, and meeting demand," the prime minister's office said, Reuters reported.

"The importance of maintaining stability, balance, and fair prices was emphasised, while stressing the vital role played by the OPEC+ group in this regard," the office added.

Russian energy minister Sergei Tsivilev and deputy energy minister Pavel Sorokin were also present, according to a photo posted on the X account of the Iraqi prime minister's media office.

OPEC+, which pumps around half the world's oil, has already delayed a plan to gradually lift production by several months this year because of falling prices, weak demand and rising production outside the group.

Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday were trading below $74 a barrel, not far above a 2024 low reached in September.

Azerbaijan's Energy Minister Parviz Shahbazov told Reuters on Monday OPEC+ may at Sunday's meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said.