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Saudi Arabia Signs 3 MoUs to Develop Local Water Valve Industry

The Saudi National Water Strategy 2030 aims to address major challenges by benefitting from previous and ongoing studies. Asharq Al-Awsat
The Saudi National Water Strategy 2030 aims to address major challenges by benefitting from previous and ongoing studies. Asharq Al-Awsat
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Saudi Arabia Signs 3 MoUs to Develop Local Water Valve Industry

The Saudi National Water Strategy 2030 aims to address major challenges by benefitting from previous and ongoing studies. Asharq Al-Awsat
The Saudi National Water Strategy 2030 aims to address major challenges by benefitting from previous and ongoing studies. Asharq Al-Awsat

As part of Saudi Arabia’s endeavor to support, strengthen and develop the local industry for the production of water valves, the National Water Company (NWC) concluded on Tuesday MoUs with three national companies, namely Saudi Amicon, Saudi Pipe Systems (SPS) and the AVK Saudi Valve Manufacturing Company.

The MoUs were signed by Eng. Nemer Alshebl, CEO-designate of the National Water Company, with Firas Al-Harbi, CEO of Amicon Saudi Arabia Ltd., Mohammed Al-Enezi, General Manager of the Saudi Pipe Systems Factory Ltd., and Mads Helge, General Manager of the AVK Saudi Valves Manufacturing Company Ltd.

Alshebl said that the MoUs concluded with the three companies would contribute to strengthening the local content, supporting the national industry of water valves, and raising quality efficiency, in accordance with the company's standards and procedures.

He added that the agreements came in line with the national water strategic directions, which give priority to national factories to meet the company’s needs, project components, and supply chains, in a way that benefits the national economy through local goods, assets and technology.

The Saudi National Water Strategy 2030 aims to address major challenges by benefitting from previous and ongoing studies, and to reform the water and sanitation sector by ensuring the sustainable development of resources in the Kingdom, while providing high quality services at reasonable prices.

Meanwhile, representatives from the Saline Water Conversion Corporation (SWCC), participated in the Cairo International Water Week, where they presented the Corporation’s innovative solutions for resource sustainability and environmental security, as well as recent initiatives to shift to clean energy and green hydrogen.

SWCC representatives also highlighted the importance of green hydrogen as an essential element in any de-carbonization strategy, which they said would become competitive in terms of cost by mid-2030, according to official international indicators.

SWCC revealed that the demand for green hydrogen was expected to witness a rapid increase, to reach 21% of the world’s total final energy consumption by 2050.

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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.