MoU Signed to Build New Generation of Desalination Plant Powered by Renewable Energy in NEOM

ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
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MoU Signed to Build New Generation of Desalination Plant Powered by Renewable Energy in NEOM

ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)

ENOWA, the energy, water, and hydrogen subsidiary of NEOM, signed a Memorandum of Understanding (MoU) with Japanese trading company, ITOCHU, and Veolia, a global leader in water, waste, and energy management solutions.

As part of the MoU, the companies have agreed to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON, NEOM's advanced manufacturing and innovation city.

Set to produce its early-water in 2024, the new facility will be key to realizing ENOWA's ambitions to create a sustainable, abundant water supply for residential, industrial, and commercial use.

Aligned with NEOM's commitment to developing a circular economy, the new state-of-the-art plant will use advanced membrane technology to produce separate brine streams. This enables ENOWA to produce brine-derived products, which will be developed and monetized downstream. Brine, which is usually considered a waste output of desalination, will be used to produce significant quantities of valuable industrial materials that can be used locally or exported internationally.

Commenting on the MoU, CEO of ENOWA, Peter Terium said: "Partnering with global leaders in sustainable water solutions is key to NEOM's ambition to become a global benchmark for integrated sustainable water systems. At ENOWA, our vision is to create a sustainable abundance of life's most essential elements, all in harmony with nature."

"We will be producing, treating, and reusing water in one of the most water-stressed regions in the world, through sustainable, innovative and integrated solutions. This new desalination plant is one example of the type of sustainable infrastructure and circular economy we are developing to meet our zero-carbon footprint and zero-waste goals."

The new plant will meet the water needs of NEOM with a production capacity of 500,000m3 of desalinated water per day by project completion in 2025, approximately 30% of NEOM’s forecasted total water demand.

In line with NEOM’s environmental goals, it will use advanced and innovative membrane separation technologies to produce water, as well as concentrated brine streams. This enables the brine to be classified as a product, rather than waste, therefore minimizing the plant’s environmental impact and redefining the entire business model for desalination facilities of the future.

Brine generated from the desalination plant will be treated by ENOWA to feed industries utilizing High Purity Industrial Salt, Bromine, Boron, Potassium, Gypsum, Magnesium and Rare Metal feedstocks.

CEO for Middle East Bloc of ITOCHU, Kenji Otsuka, said: "ITOCHU is honored and proud to collaborate with ENOWA and Veolia to develop this landmark desalination plant in NEOM which advances the concept of Zero Liquid Discharge."

"With our global experience, ITOCHU will enhance our contribution to sustainable living in line with the Kingdom’s and NEOM’s goal of creating a decarbonized, recycling-oriented and innovative society."

CEO of Near and Middle-East, Veolia Pascal Grante, said: "Veolia is delighted to partner with ENOWA and ITOCHU to support the development of NEOM. The project is aligned with the circular economy model that Veolia aims to deploy in all its projects worldwide."

The MoU supports ENOWA's ambition to develop advanced green desalination systems and create future water solutions to tackle global water scarcity. ENOWA's water team is changing the future of water supply through pioneering desalination systems and technologies.

Gavin Van Tonder, Executive Director of ENOWA Water Sector, commented: “ENOWA aims to provide a blueprint for green, sustainable water production, management, and treatment, which can be scaled throughout the world. The technology developed as part of this MoU and used in NEOM to provide water could be exported to other countries to tackle global water scarcity."

Launched in March 2022, ENOWA is committed to transforming nature’s abundance through design and technology by taking advantage of NEOM’s clean slate approach and establishing energy, water and hydrogen production and regulation using circular systems and sustainable economic framework, realizing substantial return on investment with zero footprint.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
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Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
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Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
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Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.