Abdulaziz bin Salman: Saudi Arabia Plans to Enrich, Sell Uranium

Prince Abdulaziz bin Salman speaking at the forum (X)
Prince Abdulaziz bin Salman speaking at the forum (X)
TT

Abdulaziz bin Salman: Saudi Arabia Plans to Enrich, Sell Uranium

Prince Abdulaziz bin Salman speaking at the forum (X)
Prince Abdulaziz bin Salman speaking at the forum (X)

Saudi Arabia is actively pursuing investments in mineral resources, including uranium enrichment and sales, as part of its broader strategy to achieve 130 gigawatts of renewable energy capacity, ensuring a 20% energy reserve.

Saudi Energy Minister Prince Abdulaziz bin Salman announced these plans during the eighth edition of the In-Kingdom Total Value Add (IKTVA) Forum and Exhibition, organized by Aramco. The event witnessed the signing of 145 agreements and memorandums of understanding worth approximately SAR 33.75 billion ($9 billion), with the aim to promote localization of goods and services, foster collaboration, and strengthen local content in supply chains.

The IKTVA 2025 forum, held under the theme “Ecosystem of Opportunities,” showcased the growth of local supply chains, the progress of key enabler projects, and cooperation to further develop the local supply ecosystem.

During his address, the Energy Minister stated: “Saudi Arabia will enrich, sell, and produce uranium yellowcake,” a refined uranium concentrate used as fuel for nuclear reactors.

He emphasized the nation’s wealth of rare minerals, including uranium, saying: “For anyone doubting our mining capabilities, we will mine, process, and enrich uranium—and achieve even more.”

He highlighted that ensuring the availability of critical materials is essential for energy security, as Saudi Arabia continues to prioritize the stability of oil supply.

The minister also stressed the Kingdom’s goal of reaching 130 gigawatts of renewable energy capacity to meet its anticipated economic growth, which he said is expected to exceed current projections. “Without energy, there can be no prosperous or productive future,” he said.

Prince Abdulaziz emphasized the importance of expanding oil and gas operations, stating that Saudi Arabia is entering a fourth phase of gas system development in collaboration with Aramco. He highlighted efforts to localize advanced technologies developed over the past few years.

The petrochemical industry, he noted, will play a pivotal role in the future, stating: “Its significance extends beyond plastics to include a wide range of materials and polymers that will be produced.”

He also underscored the importance of localizing energy supply chains to boost the national economy through collaboration and innovation, creating new opportunities that align with national goals.

Regarding the IKTVA program, the minister described it as a model initiative that has transitioned from local content development to full-fledged localization. He also touched on Saudi Arabia’s Sustainability Program for Petroleum, launched in 2020, which aims to sustain and grow demand for hydrocarbons as a competitive energy source while ensuring an efficient and sustainable energy transition.

Saudi-Egyptian Cooperation

Prince Abdulaziz also highlighted ongoing efforts to establish a roadmap for cooperation with Egypt in electricity. Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat previously announced that the Saudi-Egyptian electricity interconnection project would begin operations before the summer of 2024.

Esmat noted that efforts are underway to complete the project, with a task force formed to resolve any obstacles. The two nations are working together to expand investments in renewable energy, particularly solar and wind, and to exchange technical expertise in electricity generation, transmission, and distribution.

Strengthening Local Industries

Aramco President and CEO Amin Nasser revealed plans to increase energy production by 70%, which will contribute to job creation in Saudi Arabia. He highlighted the establishment of over 500 factories since 2015, which have collectively generated $250 million in revenue.

Nasser emphasized Aramco’s extensive industrial projects in Ras Al-Khair and its plans to launch new facilities specializing in mining and manufacturing. He noted that these initiatives will significantly enhance local industries.

He also mentioned that IKTVA operates 16 training centers, having trained over 2,500 individuals in specialized programs and equipped 7,000 citizens with the skills required for the labor market.

Aramco signed 145 agreements and memorandums of understanding valued at SAR 33.75 billion ($9 billion) during the forum. These agreements aim to localize goods and services and strengthen local content in the supply chain.

Since the launch of IKTVA in 2015, localization rates have risen from 35% to 67% by 2024. Wael Al-Jaafari, Aramco’s Executive Vice President for Technical Services, emphasized that IKTVA has created cutting-edge business systems, unlocked new opportunities, and generated jobs for Saudi citizens while building a world-class supply chain.

He added that the program aims to achieve a localization rate of 70%, increase exports of locally manufactured goods and services, and create direct and indirect jobs for Saudi youth. As part of this initiative, 210 localization opportunities across 12 sectors—valued at SAR 105 billion ($28 billion) annually—have been identified.

Since its inception, IKTVA has facilitated the establishment of 350 manufacturing facilities with capital expenditures exceeding SAR 33.75 billion ($9 billion), Al-Jaafari remarked. These facilities cover various sectors, including chemicals, non-metallic materials, IT, electrical equipment, drilling systems, and more. The program has enabled the production of 47 products for the first time in Saudi Arabia.

On the opening day of IKTVA 2025, several key projects were announced, including the launch of Asmo—a joint venture between Aramco Development and DHL in Riyadh aimed at revolutionizing procurement and supply chains in the Middle East and North Africa.

Additionally, Navel Non-Metallic Solutions inaugurated its facility in King Salman Energy City, while the marine manufacturing facility by NMDC began operations in Ras Al-Khair.



Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)
TT

Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)

Kurdistan broadcaster Rudaw quoted the ​vice president of Iraq's state oil company SOMO as saying ‌on Saturday that ‌the ‌oil ⁠export ​deal ‌between Baghdad and Erbil is set to be renewed with ⁠out issues, Reuters reported.

In September, ‌Iraq restarted ‍the ‍export of ‍oil from its Kurdish region to Türkiye after ​an interruption of more ⁠than two years following a deal between Baghdad and the Kurdish regional government.


Musk Wins Appeal that Restores 2018 Tesla Pay Deal Now Worth about $139 Billion

FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
TT

Musk Wins Appeal that Restores 2018 Tesla Pay Deal Now Worth about $139 Billion

FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo

Elon Musk's 2018 pay package from Tesla, once worth $56 billion, was restored by the Delaware ​Supreme Court on Friday, nearly two years after a lower court struck down the compensation deal as "unfathomable." The ruling overturns a decision that had prompted a furious backlash from Musk and damaged Delaware's business-friendly reputation. It assures Musk greater control over the company, which he has said is his main concern, even after shareholders recently approved a new pay package that could be worth $878 billion if Tesla meets certain targets, Reuters reported.

The Supreme Court said a 2024 ruling that rescinded the pay package had been improper and inequitable to Musk. The remedy of total rescission "leaves Musk uncompensated for his time and efforts over a period of six years," the 49-page ruling issued on Friday stated.

The 2018 pay package is now worth about $139 billion based on the price of Tesla's stock at the close of trading on Friday. "For ‌Elon, this is ‌a win because he gets control faster," said Gene Munster, managing partner at Tesla ‌investor ⁠Deepwater ​Asset Management.

If Musk ‌exercises all the stock options from the 2018 package, his stake in Tesla would grow from about 12.4% to 18.1% of an expanded share base. The company is issuing shares tied to his new pay package, although he must earn them by hitting performance goals.

Tesla shares were up less than 1% in after-hours trading following the ruling.

Tesla did not immediately respond to a request for comment. Musk posted on X that he was "vindicated." Lawyers who challenged the pay package said in a statement that they were considering their next steps and were "proud to have participated in the historic verdict below, calling to account the Tesla board and its largest stockholder for their breaches of fiduciary duty." The pay package was by ⁠far the largest ever until Tesla shareholders approved the new pay plan in November. If Tesla’s appeal had failed, it could have triggered a $26 billion hit to profit over two ‌years to account for the replacement stock-compensation package it had promised Musk – at ‍today’s much higher stock price.

The 2018 pay deal provided Musk options ‍to acquire about 304 million Tesla shares at a deeply discounted price if the company hit various milestones, which it did. ‍The options represent around 9% of Tesla's outstanding stock. Musk never collected his stock options because soon after shareholders approved the 2018 compensation, the board was sued by Richard Tornetta, an investor with nine Tesla shares.

UNFRIENDLY TO BUSINESS?

In 2024, after a five-day trial, Delaware Judge Kathaleen McCormick concluded that Tesla's directors were conflicted and key facts were hidden from shareholders when they voted to approve the plan. She ordered that the 2018 plan be rescinded.

Musk ​accused Delaware judges of being activists who are hostile to tech founders and he urged businesses to follow Tesla and reincorporate elsewhere. Dropbox, Roblox, Trade Desk and Coinbase were among the handful of large companies that moved ⁠their legal homes to Nevada or Texas. However, Delaware remains by far the most popular legal home for U.S. public companies.

Tesla's board had warned that Musk, the world's richest person who also leads the SpaceX rocket venture and artificial intelligence startup xAI, could leave the electric car company if he did not get the pay he wanted and an increase in his voting power. The Delaware Supreme Court may have been reluctant to annul Musk's pay package because shareholders had overwhelmingly voted in favor of it, said Brian Dunn, director of the Institute for Compensation Studies at Cornell University’s School of Industrial and Labor Relations. "I think that there's some belief that maybe the courts shouldn't get between the shareholders and the decisions that they make," said Dunn. Shareholders approved the new pay package in November and Tesla has taken steps to reduce the risk that a shareholder could tie up the 2025 package in the courts.

The Austin-based company is now incorporated in Texas, which allows Tesla to require that any investor or group of investors must own 3% of the company stock before suing for an alleged corporate law violation. A ‌stake of that size would be worth around $30 billion and Musk is the only individual with that much stock.


Maersk Tests Red Sea Route as Gaza Ceasefire Offers Hope

Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
TT

Maersk Tests Red Sea Route as Gaza Ceasefire Offers Hope

Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P
Containers are seen on the Maersk Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain, January 20, 2023. REUTERS/Jon Nazca/File Photo P

Danish shipping company Maersk said that one of its vessels had successfully navigated the Red Sea and Bab el-Mandeb Strait for the first time in nearly two years, as shipping companies weigh returning to the critical Asia-Europe trade corridor.

The company stated that while it had no firm plans to fully reopen the route, it would take a "stepwise approach towards gradually resuming navigation" via the Suez Canal and the Red Sea. Maersk declined to further elaborate on its plans, according to Reuters.

Maersk ‌and rivals, ‌including Germany's Hapag-Lloyd , rerouted vessels around Africa's Cape ‌of ⁠Good ​Hope from December ‌2023 after Houthis attacked ships in the Red Sea in what they said was a show of solidarity with Palestinians in Gaza.

The Suez Canal is the fastest route linking Europe and Asia and until the attacks had accounted for about 10% of global seaborne trade, according to Clarksons Research.

CMA HAS MADE LIMITED PASSAGES THROUGH THE SUEZ CANAL

French shipping firm CMA CGM has already made limited passages through the Suez Canal when ⁠security conditions allowed, with other operators similarly exploring resumption plans. "Most carriers appear to be adopting a wait-and-see approach, monitoring ‌developments, and any meaningful reopening would likely unfold gradually," said ‍Nikos Tagoulis, analyst at Intermodal Group.

The potential ‍return of Maersk to the Suez Canal could ripple through the shipping sector, ‍where freight rates have risen because the alternative route added weeks to transit times between Asia and Europe. A recent ceasefire in the Gaza conflict has renewed hope of normalizing Red Sea traffic, though analysts note the fragility of the truce. "By the end of 2026, we estimate ​things will start to look like they were before the Houthis attack started," said Simon Heaney, a container industry analyst at Drewry Shipping Consultants. "The ⁠risk level has reduced, so they're prepared to test the waters. But the Houthis aren't particularly reliable." Maersk confirmed that one of its smaller vessels, Maersk Sebarok, had completed the first test transit through the Red Sea on Thursday and Friday, while stressing that no additional sailings were currently planned.

"Whilst this is a significant step forward, it does not mean that we are at a point where we are considering a wider East-West network change back to the trans-Suez corridor," it said.

Niels Rasmussen, chief shipping analyst at ship-owner association BIMCO, projected that broader resumption of Suez Canal transits could result in a 10% drop in ship demand.

"The possibility of a return to Suez Canal routings looms large over ‌the market outlook," he said in a note published on Thursday.