Saudi Arabia Inaugurates Floating Desalination Plant

The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
TT

Saudi Arabia Inaugurates Floating Desalination Plant

The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)
The floating desalination water plant self-generates electricity based on advanced technologies to filter and treat seawater (SPA)

Saudi Arabia inaugurated the first floating desalination plant near al-Shuqaiq port on the western coast, as part of its water projects to enhance water security in all the Kingdom's regions.

Governor of Jazan Prince Mohammad bin Nasser bin Abdulaziz inaugurated the station in the presence of Minister of Environment, Water and Agriculture Abdul Rahman al-Fadhli, Saline Water Conversion Corporation (SWCC) governor Abdullah al-Abdulkarim.

The plant is an integrated project to generate electricity and supply the grid in the southern cities with energy.

The project is part of the privatization program, where the private sector will do the design, construction, and operation for 25 years.

The station is operating according to reverse osmosis, the leading technology for desalination of brackish water and seawater, and is equipped with a massive farm of solar panels to reduce oil dependency.

Bahri signed an agreement with SWCC to transport desalinated water from three floating stations to desalination tanks in Saudi Arabia for 20 years.

The barges would be transported according to the needs of each region across the Kingdom, ensuring consistently high availability levels and compliance with all applicable international and local codes and standards.

Once operational, each station will have a capacity of 50,000 cu m per day with a total capacity of 150,000 cu m a day.

The project will support the construction of floating water desalination plants to produce clean and safe water daily independently and reliably that supports and preserves marine life.

It will also support the promotion of innovation, the localization of the latest technologies, the empowerment of local content, and the provision of job opportunities for young people.

The project promotes the capabilities of the industrial sector in the country, maximizing its contribution to the total added value and making it more active and competitive.

SWCC seeks to boost its contribution by making a qualitative shift in the local content, encouraging national industries, and maximizing the business sector's contribution to economic development.

Abdulkarim said that SWCC receives unlimited support from the government to advance the most important factors of sustainable development and provide desalinated water.

He indicated that this achievement is within the National Water Strategy and aims to secure water resources under constant follow-up by the Minister of Environment, Water and Agriculture.

The governor stressed that the adopted high-efficiency technologies and increased production capacity would advance growth in the national economy.

For his part, the CEO of Bahri Abdullah al-Dubaikhi stated that this step is a significant achievement in terms of efforts towards business diversification in line with the long-term strategy that supports Vision 2030 to enhance national capabilities.

Dubaikhi stressed that the partnership with SWCC is a qualitative leap in this field at the regional level, noting that the expertise of Bahri will contribute to supporting the project and its implementation following the best international standards.



Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
TT

Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)

Oman’s Ministry of Energy and Minerals (MEM) has signed two memoranda of understanding with two companies – one from the US and the other from Oman – to assess the potential of geologic hydrogen exploration in the Sultanate.

The MoUs inked with American ‘Eden Geopower’ and the Omani Earth Sciences Consultancy Center represent a substantial stride in bolstering cooperation in this field.

These agreements have been meticulously designed to foster scientific dialogues, conduct in-depth preliminary studies, and pinpoint suitable locations for experimental research.

MEM Undersecretary Mohsen Hamad Al Hadrami underscored the strategic importance of geologic hydrogen within Oman’s comprehensive energy transition plan.

He expressed his enthusiasm for the expanding hydrogen sector, recognizing its significance not only from an economic standpoint but also for its potential contributions to environmental sustainability.

Hydrogen is poised to play an instrumental role in bolstering global energy security. Consequently, robust research and exploration in this sector are of paramount importance to attain the most favorable outcomes.

Moreover, Al Hadrami stressed the vital role of international collaboration and coordination with experts and partners in advancing the scientific and technical dimensions of geologic hydrogen.

These partnerships also serve as magnets for attracting investments, which are indispensable for unlocking the full potential of this clean energy source.

Oman’s aim is crystal clear: to establish itself as a leading and trusted player on the global stage in the domain of geologic hydrogen, added Hadrami.

He further elaborated that this workshop and the research agreements in the field of geologic hydrogen with the US have the potential to bolster economic opportunities and strategic partnerships related to geologic hydrogen, exploring its utility as a clean natural resource through further research and exploration.

The MoUs were signed on the sidelines of a workshop on the untapped potential of geologic hydrogen held by MEM and its American counterpart.

The workshop discussed various methods to stimulate the production of geological hydrogen and ongoing research related to this emerging field.

During the workshop, the Ministry of Energy and Minerals announced the acceptance of research and experimental proposals in the realm of geological hydrogen exploration within the Sultanate of Oman, welcoming submissions from interested parties.

Participants also acknowledged the significance of the positive measures undertaken by the Sultanate to promote environmental sustainability in a broader context, with a particular emphasis on advancing the renewable energy sector and clean hydrogen initiatives.

Oman has embraced ambitious plans to become one of the world's leading producers of clean hydrogen.

Substantial steps have already been taken in this direction, including the issuance of Royal Decree No. 10/2023 in February. This decree allocates land for the development of renewable energy and clean hydrogen projects.

In collaboration with the Department of Energy, private sector entities, and research institutions, the US is actively exploring the potential associated with Geologic Hydrogen production.

The US Department of Energy has recently announced that it has allocated funding for $20 million to support research and experimentation in the exploration and production of geologic hydrogen.


UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito
TT

UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

UAE's Alpha Dhabi to Buy Majority Stake in Water Project Developer Metito

United Arab Emirates-based conglomerate Alpha Dhabi said on Monday it plans to acquire a majority stake in the United Arab Emirates-based water and wastewater project developer Metito Holdings.

Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito's selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.

Alpha Dhabi has around 20 offices and 4,500 employees across the world.

The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday, Reuters reported.

Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed Al Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74% stake in the parent of Alpha Dhabi, the International Holding Company (IHC).


ADNOC, Abu Dhabi's TAQA Secure Financing for $2.2 Bln Water Project

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
TT

ADNOC, Abu Dhabi's TAQA Secure Financing for $2.2 Bln Water Project

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

State oil giant Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) said on Monday they secured the financing for a $2.2 billion project to provide sustainable water supply to ADNOC's onshore operations.

The project, which was announced in May, will comprise a centralized seawater treatment facility for ADNOC's operations at the Bab and Bu Hasa fields in Abu Dhabi, as part of the oil giant's efforts to decarbonize its business.

A group of nine local banks and international banks will finance the project, through a combination of commercial and Islamic finance facilities, ADNOC and TAQA said in a bourse statement.

The banks to finance the project are First Abu Dhabi Bank, Gulf International Bank, Natixis, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank and Warba Bank.

A consortium comprising Orascom Construction and Metito will construct a seawater treatment facility and transportation and distribution network.

ADNOC and TAQA each own a 25.5% stake in the project, resulting in a combined 51% majority, while the consortium will own the remainder under a build, own, operate and transfer model.


LG Chem, China's Huayou to Make Battery Materials in Indonesia, Morocco

LG Chem, China's Huayou to Make Battery Materials in Indonesia, Morocco
TT

LG Chem, China's Huayou to Make Battery Materials in Indonesia, Morocco

LG Chem, China's Huayou to Make Battery Materials in Indonesia, Morocco

South Korea's LG Chem Ltd has entered a partnership with China's Huayou Group's subsidiary Youshan, it said on Sunday, to build a joint electric vehicle (EV) battery material plant in Morocco to diversify its portfolio.

Huayou has joined the growing number of Chinese electric vehicle and battery companies seeking to expand overseas to get closer to their foreign clients and benefit from local incentives.

In a separate statement, Huayou's listed unit Zhejiang Huayou Cobalt Co said it intended to build plants with LG Chem in Indonesia and Morocco under a strategic partnership to promote international growth, Reuters reported.

The Morocco plant, set to start production in 2026, aims to produce 50,000 tonnes of lithium-phosphate-iron (LFP) cathode materials annually, enough to be installed in 500,000 entry-class EVs, the South Korean chemical maker said in a statement.

LG Chem, known for manufacturing more expensive nickel-cobalt-manganese (NCM) cathodes, is entering the LFP cathode business to meet growing demand for cheaper LFP batteries as the auto industry seeks to produce more affordable EVs, whose most expensive components are the batteries.

LG Chem said LFP cathodes produced at the Morocco plant will be supplied to the North American market and could be eligible to receive subsidies from the US Inflation Reduction Act (IRA) as Morocco is a free-trade partner with the United States.

The IRA is designed to wean the United States off the Chinese supply chain for EVs.

It requires at least 40% of the value of critical minerals used in an auto battery to be sourced from the United States or a free trade partner to qualify for a $3,750 tax credit per vehicle. South Korea has a free-trade agreement with the United States.

LG Chem and Youshan would need to adjust their respective equity share in compliance with the US Treasury Department's guideline of a "foreign entity of concern," a provision aimed at China, LG Chem said in the statement.

The US Treasury Department has not yet provided a precise definition of "foreign entity of concern" and how it would be applied.

LG Chem also announced an additional investment plan with Huayou Cobalt to build a lithium conversion plant in Morocco, with the aim of starting mass production by 2025 with an annual capacity of 52,000 tonnes of lithium.

In addition, LG Chem said it plans to build two other facilities in Indonesia - a precursor plant with an annual production capacity of 50,000 tonnes and a plant to extract mixed hydroxide from nickel ore for precursor production.

The size of LG Chem's investments for its four facilities with Huayou Group has not been finalised.


Oil Climbs with Tight Supply Back in Focus

FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, US, February 10, 2019. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, US, February 10, 2019. REUTERS/Nick Oxford/File Photo
TT

Oil Climbs with Tight Supply Back in Focus

FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, US, February 10, 2019. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, US, February 10, 2019. REUTERS/Nick Oxford/File Photo

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.

Brent crude futures climbed 32 cents, or 0.3%, to $93.59 a barrel by 0434 GMT after settling 3 cents lower on Friday.

US West Texas Intermediate crude futures extended gains for a second session, trading at $90.27 a barrel, up 24 cents, or 0.2%.

"Crude oil prices have started the week on the front foot, as the market continues to digest Russia's temporary ban on diesel and gasoline exports, into an already tight market, offset with the Fed's hawkish message that rates will stay higher for longer," IG Markets analyst Tony Sycamore said.

Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns, Reuters reported.

Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.

Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilize the domestic market, fanning concerns of low products supply especially for heating oil as the Northern Hemisphere heads into winter.

"The Russian fuel export ban news appears to be priced in for the time being but the undercurrent of global oil supply tightness runs deep, with an intense focus on diesel shortages and fears over unanticipated LNG supply disruptions likely to persist, especially in the European markets," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

In the United States, the number of operating oil rigs fell by eight to 507 last week, their lowest since February 2022, despite higher prices, a weekly report from Baker Hughes showed on Friday.

Expectations of better economic data this week from China, the world's largest crude importer, also lifted sentiment. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week.

China's manufacturing sector is expected to return to expansion mode in September, with the purchasing manufacturing index forecast to rise above 50 for the first time since March, Goldman Sachs analysts said.

In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.


Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
TT

Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA

Saudi Arabia stressed the importance of collective cooperation with OPEC+ for the stability of global oil markets, the Kingdom's Foreign Minister said on Saturday in his speech to the United Nations General Assembly.

"The Kingdom is keen on maintaining the stability, reliability, sustainability and security of global oil markets, and meet the needs of consumers to ensure a healthy global economy that benefits producers and consumers,” said Saudi Minister of Foreign Affairs Prince Faisal bin Farhan.

He added that "Saudi Arabia always underscores the importance of collective cooperation with OPEC+'' to stabilize the global oil markets and enhance their reliability, sustainability and security.

The OPEC+ policy of closely monitoring the markets and adopting a precautionary approach has contributed, he said, to the stability and balance of the oil markets, as was evident in the stability witnessed by the oil markets in 2022, compared to other energy markets, such as natural gas and coal markets.

 

 

 


Oman Refinery Exports First Shipment of High-quality Diesel

Duqm Refinery Project (from the OQ Group website)
Duqm Refinery Project (from the OQ Group website)
TT

Oman Refinery Exports First Shipment of High-quality Diesel

Duqm Refinery Project (from the OQ Group website)
Duqm Refinery Project (from the OQ Group website)

Oman's Duqm Refinery successfully exported its first shipment of high-quality diesel as per international specifications.

This coincides with the company getting closer to achieving commercial operation, with trial operations continuing to progress, exceeding 81 percent, while the percentage of construction work has exceeded more than 99 percent, Oman's state news agency reported.

The trial operations included testing all supply chains at the Duqm Refinery, including crude oil storage facilities at the Ras Markaz and an 80-kilometre-long crude oil transport pipeline.

In recent months, the Ras Markaz crude oil tanks received more than three million barrels of Omani and Kuwaiti crude oil, which were later pumped from Ras Markaz to the refinery complex in Duqm via the oil transportation pipeline.

The trial operations also included the export of the first shipments of naphtha and fuel oil via product storage and export dock at Duqm Port.

The Duqm Refinery Project is a joint project between the OQ Group and Kuwait Petroleum International Company and is located in the heart of the Special Economic Zone in Duqm.

The project includes three main packages capable of producing diesel, jet fuel, naphtha, liquefied petroleum gas, sulfur, and petroleum coal.

The Duqm Refinery has a capacity of 230,000 barrels per day and is capable of dealing with various types of crude oil, including Omani and Kuwaiti crude.


Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA
TT

Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA

Five member states of the Digital Cooperation Organization (DCO) including Saudi Arabia, Bahrain, Cyprus, Pakistan, and Rwanda have launched the “United Nations Group of Friends for Digital Cooperation” initiative at the United Nations headquarters in New York.

The event on Saturday was held on the sidelines of the 78th UN General Assembly meetings.

The initiative aims to lead global support and sustainable growth for the digital economy, enabling prosperity and social inclusivity for all on a global scale.

The group emphasized that digital technologies have transformed societies over the past two decades, connecting billions of individuals, governments, and businesses. It underscored the pressing need for digital empowerment makers to achieve the UN Sustainable Development Goals (SDGs). However, the group says, the digital divide still exists and hinders economic growth and sustainable development.

The “Group of Friends for Digital Cooperation” will support collective efforts aimed at enhancing the digital economy and will work on launching initiatives, projects, and events that can stimulate the development of the global digital economy.

The DCO, headquartered in Riyadh, supports the initiative of the group and the launch of its member states.

Secretary-General of the DCO Deemah Al-Yahya emphasized that the Group was established as an initiative from the DCO to facilitate international, multi-stakeholder action and cooperation in the realignment of the 2030 UN SDGs.


Arab Tourism Organization President, Omani Heritage Minister Discuss Cooperation

This picture shows a partial view of the area of Haramil in the Omani capital Muscat on September 18, 2020. (AFP)
This picture shows a partial view of the area of Haramil in the Omani capital Muscat on September 18, 2020. (AFP)
TT

Arab Tourism Organization President, Omani Heritage Minister Discuss Cooperation

This picture shows a partial view of the area of Haramil in the Omani capital Muscat on September 18, 2020. (AFP)
This picture shows a partial view of the area of Haramil in the Omani capital Muscat on September 18, 2020. (AFP)

Omani Minister of Heritage and Tourism Salem bin Mohammed Al-Mahrouqi received President of the Arab Tourism Organization (ATO) Bandar bin Fahd Al-Fahid and the accompanying delegation in Muscat, reported the Saudi Press Agency on Friday.

The officials discussed cooperation between the ATO and the Omani ministry.

The ATO provided an explanation of the existing and future cooperation aspects with the ministry on developing Oman’s Arab investments through the organization’s Itqan Tourism Development.

Cooperation aspects between the two sides also include the implementation of a number of events and programs.

The minister gave a presentation on Omani Sur city’s nomination to be named Arab Tourism Capital for 2024, which was submitted to the organization’s general secretariat.


EU Does Not Want to Decouple from China but Must Protect Itself, Says EU Trade Chief

 In this photograph taken on August 25, 2023, Valdis Dombrovskis, Executive Vice President & European Commissioner for Trade of The European Union, addresses the gathering on the first day of the three-day B20 Summit in New Delhi. (AFP)
In this photograph taken on August 25, 2023, Valdis Dombrovskis, Executive Vice President & European Commissioner for Trade of The European Union, addresses the gathering on the first day of the three-day B20 Summit in New Delhi. (AFP)
TT

EU Does Not Want to Decouple from China but Must Protect Itself, Says EU Trade Chief

 In this photograph taken on August 25, 2023, Valdis Dombrovskis, Executive Vice President & European Commissioner for Trade of The European Union, addresses the gathering on the first day of the three-day B20 Summit in New Delhi. (AFP)
In this photograph taken on August 25, 2023, Valdis Dombrovskis, Executive Vice President & European Commissioner for Trade of The European Union, addresses the gathering on the first day of the three-day B20 Summit in New Delhi. (AFP)

The European Union has no intention to decouple from China but needs to protect itself when its openness is abused, the bloc's Executive Vice President Valdis Dombrovskis said, as both sides look to cool rising tensions over geopolitics and trade.

Relations have become tense due to Beijing's ties with Moscow after Russian forces swept into Ukraine, and the EU's push to rely less on the world's second-largest economy.

The bloc posted record bilateral trade with China last year, but it is "very unbalanced", Dombrovskis said on Saturday in a speech at the annual Bund Summit conference in Shanghai, citing a trade deficit of almost 400 billion euros ($426.08 billion).

Dombrovskis, who is also the bloc's trade commissioner, is on a four-day visit to China seeking more balanced economic ties with the EU.

He arrived just over a week after the European Commission said it would investigate whether to impose punitive tariffs to protect European producers from cheaper Chinese electric vehicle imports it says are benefiting from state subsidies.

The trip is designed to renew dialogue with China after the COVID-19 pandemic with both sides looking to cool tensions over issues ranging from foreign investment, trade and geopolitics as well as Western criticism of Beijing's closer ties with Moscow following Russia's 2022 invasion of Ukraine.

"Creating an open market among its members was one of the EU's founding principles. We are also committed to free and fair global trade. And ‘fair’ is the key word here," he said.

Citing the bloc's trade deficit as an example, he added "the EU also needs to protect itself in situations when its openness is abused."

"This means minimizing our strategic dependencies for a select number of strategic products," but the EU's economic strategy was focused on de-risking, not decoupling, he said.

"The EU has no intention of decoupling from China."

Litmus test

The EU blames its 400-billion-euro trade deficit partly on Chinese restrictions on European companies.

A "thousand" barriers to market access have propelled the trade deficit to its "highest in the history of mankind", EU Ambassador to China Jorge Toledo lamented at a forum in Beijing on Thursday.

The economic and trade dialogue on Monday between Dombrovskis and Chinese Vice Premier He Lifeng, the 10th such discussion since 2008, will be a "litmus test" for the two sides, Chinese nationalist tabloid Global Times said on Thursday.

Dombrovskis told Reuters on the sidelines of the summit that "substantial technical work" preceded the EU probe into Chinese-made EVs and that they would look to engage both Chinese authorities and industry in the investigation.

"We are open for competition including for competition in the electric vehicles sector but competition has to be fair," he said. China has blasted the probe as protectionist and the Chinese Chamber of Commerce to the EU said the sector's advantage was not due to subsidies.

Asked if the EU was looking at other sectors, he added: "there are several areas where we are looking at possible trade irritants and barriers, and actually this is one of the topics I'm going to raise also with my Chinese counterparts... On one hand we must discuss how we advance our relationship, but also we need to be able to discuss if there are some issues or trade barriers to be addressed."

He declined to provide further details.

In his speech, Dombrovskis also said he believed that China faced a "challenging process of macroeconomic adjustment" but stressed that Beijing must broaden access for foreign businesses and maintain a stable business environment for fair trade relations.

He also urged China to take a stance against Russia's "tactic of weaponizing food" and use its influence in reviving the Black Sea Grain Initiative which expired in July after Moscow quit.