Saudi Arabia Prepares for Nuclear Power Plant License to Produce Electricity

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
TT

Saudi Arabia Prepares for Nuclear Power Plant License to Produce Electricity

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz speaking at the IAEA 66th General Conference (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz announced that the Kingdom is considering requesting a license for a Saudi nuclear power plant for electricity production.

Prince Abdulaziz also stressed to the Kingdom's contribution to supporting the International Atomic Energy Agency (IAEA) nuclear and radiological laboratories within the framework of the ReNuAL2 Initiative.

- Saudi support

The Saudi Minister stressed the Kingdom's support for the Agency's initiative in the integrated work of the qualitative development of nuclear technologies.

Saudi Arabia is looking forward to the contributions of developed countries with their expertise and capabilities to support the Agency in implementing its programs.

- Energy resources

Speaking at the 66th General Conference of the International Atomic Energy Agency in Austria, Prince Abdulaziz discussed the Saudi strategy aimed at diversifying energy sources and its national project to build a nuclear power plant to produce electricity.

He explained that currently, Saudi Arabia wants to request a license for the nuclear plant site after preparing the plant's technical specifications, which were put up in an international competition.

The Minister stressed the Kingdom's commitment, under its national decisions, to use the Agency's standards for nuclear safety and security as a basis for its criteria.

Saudi Arabia stresses the importance of concerted international efforts to implement the treaty and the importance of not politicizing non-proliferation issues while maintaining countries' rights to obtain peaceful nuclear technology.

- Exhibition

Prince Abdulaziz, with IAEA Director General Rafael Grossi, inaugurated the Saudi exhibition accompanying the conference, highlighting the Kingdom's activities in the nuclear and radiological regulatory commission and the importance of solid regulations.

- Desalinization industry

The Saline Water Conversion Corporation (SWCC) has announced the implementation of a project of photovoltaic solar cells systems (PV), including parts on water surfaces with a generation capacity of 110 megawatts.

It aims at enhancing applications of renewable energy in the desalination industry and reducing energy consumption used from the grid to less than 2.16 kilowatts per cubic meter and over 20 percent of the consumption average of design energy, which stands at an average of 2.7 kilowatts per hour for one cubic meter for the desalination system that is being established in the al-Jubail area with a production capacity of more than one million cubic meters per day.

- Standard units

The project is part of several schemes that the corporation works on to provide 300 million Metric Million British Thermal Units (MMBTU) of the consumption of natural gas, in addition to reducing fluid fuel to 10 million tons annually by 2024.

It will contribute to reducing operational costs, realizing the highest environmental standards, and reducing carbon emissions to 34 million tons, in line with the ecological standards and the Saudi Green Initiative.

SWCC has mobile plants that were designed and manufactured by the corporation itself, which rely on solar energy with a consumption rate not exceeding 2.27 kilowatts for one cubic meter, which is a new world record for this category, where the corporation seeks to reduce power consumption in these mobile plants to reach 2 kilowatts.

- New navigation line

The Saudi Ports Authority (Mawani) introduced a new line connecting Jeddah Islamic Port with ten global ports.

Mawani announced that the Mediterranean Shipping Company (MSC), a global transport and logistics service, will introduce the new shipping line as part of the company's direction towards enhancing its services.

The new addition will link Jeddah Islamic Port with ports of Colombo, Nhava Sheva, Mundra, Salalah, King Abdullah Port, Valencia, Felixstowe, Rotterdam, Hamburg, and Antwerp.

At the same time, the service will include 11 mother ships with a capacity of 14,000 TEUs for each vessel, with its first vessel sailing expected to arrive at Jeddah Islamic Port on 23rd October.

- Operational efficiency

The cooperation will enhance Saudi ports' performance on the investment and logistical fronts and fulfill its aim of providing direct services to clients by strengthening connectivity between the Kingdom and the world.

It will reflect positively on the operational efficiency to align with the National Transport and Logistics Strategy (NTLS) objectives of positioning Saudi Arabia as a global logistics hub.

The Jeddah Islamic Port derives its prominence from various attributes, which make it one of the world's major trade gateways.

The port remains the region's leading hub for trade and transshipment, as it was listed 8th on the Container Port Performance Index, issued by the World Bank in its 2021 edition.



King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
TT

King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
TT

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
TT

Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".