عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia to Become Global Hydrogen Supplier, Hub for Green Minerals

Deputy Minister of Industry and Mineral Resources Khalid al-Mudaifer during the 9th session of Saudi-South African Joint Committee in Pretoria (SPA)
Deputy Minister of Industry and Mineral Resources Khalid al-Mudaifer during the 9th session of Saudi-South African Joint Committee in Pretoria (SPA)
TT
TT

Saudi Arabia to Become Global Hydrogen Supplier, Hub for Green Minerals

Deputy Minister of Industry and Mineral Resources Khalid al-Mudaifer during the 9th session of Saudi-South African Joint Committee in Pretoria (SPA)
Deputy Minister of Industry and Mineral Resources Khalid al-Mudaifer during the 9th session of Saudi-South African Joint Committee in Pretoria (SPA)

Saudi Arabia is on its way to becoming a global supplier of hydrogen and a hub for green minerals and highly competitive manufacturing.

Deputy Minister of Industry and Mineral Resources Khalid al-Mudaifer revealed Saudi Arabia is boosting the development of mineral industries in the region by attracting investment, spreading digital and advanced technologies, and applying high standards on sustainability performance.

During a roundtable meeting held on the sidelines of the 9th session of the Saudi-South African Joint Committee in Pretoria, Mudaifer pointed out that Saudi Arabia's experience in the mining sector is relatively new compared to South Africa's long history in extracting minerals and its rich expertise in this field.

The deputy minister stressed that the Kingdom has excellent potential in oil and petrochemicals, which would provide opportunities for exchanging expertise and strengthening cooperation between the two countries.

He emphasized the promising fields of cooperation not only in exploration, technology, and operations but in other areas such as negotiations, administrating relations with major global companies for commerce, trade, and value development in products and businesses related to the production of minerals.

He stated that Saudi Arabia's geographical location is a strategic gateway where the East meets the West, allowing European and Asian industries access.

The Saudi official said South Africa is the gateway to the southern African continent, linking the two Americas and the Indian and Pacific Oceans.

He indicated that the required minerals would be unprecedented over the coming 10, 20, and 30 years due to the transformation of energy and strategic industrial sectors, such as electric and military vehicles and outer space.

The Kingdom seeks to develop mega projects for refining and processing iron, steel, and green minerals in integration with the hydrogen factories established by the Saudi ACWA Power Company, one of the world's largest and most environmentally responsible companies.

Most Viewed

 
 
Business

Oil Slips as Investors Eye Trump Move on Russian Export Curbs

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
TT
TT

Oil Slips as Investors Eye Trump Move on Russian Export Curbs

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia's energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 16 cents, or 0.2%, to $80.63 a barrel by 0453 GMT after closing down 0.62% in the previous session.
The more active US West Texas Intermediate crude April contract fell 6 cents to $77.33 a barrel. The front-month contract, which expires on Tuesday, was at $78.03 a barrel, up 15 cents, or 0.19%, after settling down 1.02% on Friday.
Trump, who will be inaugurated later on Monday, is widely expected to make a flurry of policy announcements in the first hours of his second term, including an end to a moratorium on US liquefied natural gas export licences - part of a wider strategy to strengthen the economy.
"There is a fair amount of uncertainty across markets coming into this week given the inauguration of President Trump and the raft of executive orders he reportedly is planning to sign," ING analysts said in a note.
"This combined with it being a US holiday today, means that some market participants may have decided to take some risk off the table."
Both contracts gained more than 1% last week in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.
While the new sanctions could impact the supply of nearly 1 million barrels per day of oil from Russia, recent price gains could be short lived depending on Trump action, ANZ analysts said in a client note.
Trump has promised to help end the Russia-Ukraine war quickly, which could involve relaxing some curbs to enable an accord, they said.
Analyst Tim Evans said the new sanctions are seen curtailing supply, at least in the near term.
"Higher tanker rates on unencumbered vessels and a widening backwardation in crude oil calendar spreads have been among the notable ripple effects, reinforcing the concern over supplies," he said in his newsletter Evans on Energy.
Backwardation refers to prompt prices being higher than those in future months, indicating tight supply.
The prompt Brent monthly spread <LCOc1-LCOc2> widened in backwardation by 5 cents to $1.27 a barrel on Monday. The WTI spread <CLc1-CLc2> was at 63 cents a barrel, up 14 cents.
Easing tension in the Middle East also kept a lid on oil prices.
Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war.
Separately, investors are watching out for the impact from a cold snap in Texas and New Mexico which may affect US oil production, analysts at ANZ and ING said.