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ACWA Power Signs MoU to Supply Saudi Arabia’s Red Sea Project with Net Zero Biofuel

MoU signed to supply net zero biofuel for the Red Sea Project. (Asharq Al-Awsat)
MoU signed to supply net zero biofuel for the Red Sea Project. (Asharq Al-Awsat)
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ACWA Power Signs MoU to Supply Saudi Arabia’s Red Sea Project with Net Zero Biofuel

MoU signed to supply net zero biofuel for the Red Sea Project. (Asharq Al-Awsat)
MoU signed to supply net zero biofuel for the Red Sea Project. (Asharq Al-Awsat)

Saudi Arabia’s ACWA Power signed a memorandum of understanding (MoU) with Neutral Fuels for future collaboration on the supply of its net zero biofuel for the Kingdom’s regenerative tourism project on the Red Sea coast.

The ACWA Power-led consortium was awarded the Red Sea Development Company’s highest value contract to design, build, operate and transfer the Red Sea Project’s sustainable utilities infrastructure in November 2020.

Once complete, the destination will become the world’s first project to be entirely powered by a range of renewable and sustainable energy sources, including biofuel, the ideal alternative energy source.

According to the agreement, Neutral Fuels biofuel is set to fuel the site’s entire transportation network.

“This was a hugely significant moment in the climate change issue,” said CEO of Neutral Fuels Karl Feilder.

“The scale of the project is impressive, but the real news is the massive scale of the Kingdom’s commitment to use renewable energy.”

Saudi Arabia is not only minimizing harm but also actively reducing its dependence on fossil fuel and enhancing the environment as it contributes to sustaining and regenerating it for years to come, he explained.

Feilder further pointed out that the given the Red Sea Project’s commitment, other companies “have no excuse for continuing to contribute to climate change.”

“Net zero biofuel is a very easy and clean plug-in replacement for the fossil fuels that are causing so much trouble to the environment. Any transportation fleet can make the switch overnight.”

He expressed hope that the Red Sea Project proves to be an inspiration for other companies to follow Saudi Arabia’s steps.

President & CEO of ACWA Power Paddy Padmanathan said as the world seeks to satisfy the rising demand for affordable power and water, ACWA Power remains committed to being at the forefront of the energy transition and providing transformative solutions, including the early adoption of emerging energy solutions like biofuels, to deliver power responsibly.

“We are delighted to be collaborating with Neutral Fuels, which is enabling us to accelerate our commitment to support the Kingdom’s ambitions to deliver a tourist destination that limits the environmental impact through the provision of zero-carbon emitting utility services.”

The project is expected to prevent an estimated 500,000 tons of carbon dioxide emissions each year by using renewable energy and has already surpassed significant construction milestones.

Work is underway to welcome its first guests by the end of 2022, when the international airport and first hotels are due to open.

Neutral Fuels has begun setting up a biorefinery in Saudi Arabia to serve the project. The site will very quickly begin to resemble a city, dovetailing with the Neutral Fuels city-scale local business model, in which biofuel is made from local used vegetable cooking oil in a local facility for use by local customers.

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Business

Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

FILED - 27 December 2011: FILE PHOTO - A satellite picture provided by the National Aeronautics and Space Administration (NASA), shows the Arabian Gulf, the Strait of Hormuz, and the Gulf of Oman. Photo: -/The Visible Earth/NASA/dpa
FILED - 27 December 2011: FILE PHOTO - A satellite picture provided by the National Aeronautics and Space Administration (NASA), shows the Arabian Gulf, the Strait of Hormuz, and the Gulf of Oman. Photo: -/The Visible Earth/NASA/dpa
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Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

FILED - 27 December 2011: FILE PHOTO - A satellite picture provided by the National Aeronautics and Space Administration (NASA), shows the Arabian Gulf, the Strait of Hormuz, and the Gulf of Oman. Photo: -/The Visible Earth/NASA/dpa
FILED - 27 December 2011: FILE PHOTO - A satellite picture provided by the National Aeronautics and Space Administration (NASA), shows the Arabian Gulf, the Strait of Hormuz, and the Gulf of Oman. Photo: -/The Visible Earth/NASA/dpa

Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports.

The rebound came following a recovery in exports via the Strait of Hormuz, ⁠which were set ⁠to hit about 7.4 million bpd this month, as Saudi Arabia diverted oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline, the preliminary data showed.

While exports from the region - which includes Saudi Arabia, the United Arab Emirates, Iraq, Oman, ⁠Qatar, Kuwait, Iran - have rebounded, they were still about 6 million bpd down from 18.8 million bpd in February, according to Kpler.

The region's top exporter Saudi Arabia was on track to ship about 5.4 million bpd this month, rebounding from 2.446 million bpd in August, the data showed, according to Reuters.

September shipments from the Ras Tanura port in the Gulf jumped to about 3.6 million bpd, from 929,000 bpd in August, but still lower than the 6.411 million bpd ⁠recorded in ⁠February, according to the data.

A total of 19 very large crude carriers, carrying 2 million barrels of Saudi oil each, exited the Strait of Hormuz last week, Kpler data showed.

The figures exclude any vessels that might have crossed the strait with their Automatic Identification System transponders turned off to avoid detection.

Before the Iran war started on February 28, the strait typically handled about 125 large commercial vessels per day, including tankers, gas carriers, bulkers and container vessels, accounting for some 20% of the world’s daily crude oil and liquefied natural gas supply.

Business

Syria Central Bank Expects More Than $1 Billion to Establish New Banks

President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X) 
President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X) 
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Syria Central Bank Expects More Than $1 Billion to Establish New Banks

President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X) 
President Ahmad al-Sharaa issued a decree appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. (X) 

Syria expects more than $1 billion in foreign capital to flow into the country to establish new banks, Central Bank Governor Mohammad Safwat Raslan said, as the bank seeks to encourage investment, protect customers’ rights and open secure money-transfer channels through official institutions.

Raslan told state news agency SANA on Sunday that licensing requirements already exist for both Islamic and conventional banks. Key criteria include applicants’ experience and reputation and the founders’ financial solvency, as well as a requirement for a strategic banking partner to hold at least a 10 percent stake in the new bank.

The timeframe for granting licenses depends on applicants submitting the required documents and meeting the stipulated conditions, he explained. The Central Bank is working to ensure that preliminary licenses are issued within three to four months of receiving all requirements.

Raslan dismissed concerns about financial risks, noting that the law allows foreign investors to retain 60 percent of their paid-in capital in foreign currency. Investors’ rights to profits and their transfer are also protected, he added, pointing to the removal of all restrictions on buying, selling or transferring foreign currency.

On regulatory risks, Raslan stressed that the Central Bank issues its regulatory and supervisory decisions in accordance with international risk and accounting standards, meaning investors should find no difference between standards applied in Syria and those in their home countries.

The Central Bank is also encouraging international money-transfer providers to enter the Syrian market through Syrian financial institutions to create secure transfer channels for Syrians and foreigners and protect their rights and interests.

Daily and monthly transfer limits will be determined by agreements between Syrian financial institutions and banks or service providers abroad, according to the official.

Separately, President Ahmad al-Sharaa issued Decree No. 176 of 2026 appointing Nebras Mohammad Wahid Khayyata as first deputy governor of the Central Bank of Syria. The decree also repealed any provisions conflicting with its terms.

Business

Riyadh to Host Global Energy Leaders for Talks on Markets, Supply

The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)
The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)
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Riyadh to Host Global Energy Leaders for Talks on Markets, Supply

The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)
The Saudi Energy Minister during the opening ceremony of the 24th World Petroleum Congress in Calgary, Canada, in 2023 (Reuters)

Saudi Arabia will bring together some of the world’s most influential energy leaders in Riyadh from Oct. 11-15 for high-level talks on energy security, oil and gas markets, investment and the technologies reshaping the global energy industry.

At the heart of Riyadh Energy Week will be the 25th WPC Energy Congress, hosted by Saudi Arabia for the first time in the event’s nearly 90-year history. Held under the theme “Pathways to an Energy Future for All,” the congress will feature more than 30 ministerial, strategic and leadership sessions spanning global energy markets, investment and financing, artificial intelligence, critical minerals, carbon management, natural gas and the future energy mix.

The congress will run from Oct. 11-15 at the Riyadh Front Exhibition & Conference Center, with its official opening ceremony on Oct. 12. Organizers expect more than 25,000 participants, including 100 ministers, 500 CEOs and around 800 speakers, as well as representatives from about 1,000 companies. The exhibition will cover more than 50,000 square meters.

Riyadh Energy Week will also include an International Energy Forum ministerial meeting, Clean Energy Ministerial and Mission Innovation events, along with other sessions bringing together governments, international organizations and companies from across the energy value chain.

The Saudi Energy Minister upon his arrival to participate in the World Petroleum Congress in Calgary, Canada in 2023 (Reuters)

Global Government and Industry Leaders

Saudi Energy Minister Prince Abdulaziz bin Salman will formally open the congress on Oct. 12 alongside WPC Energy President Pedro Miras.

The executive program will include Saudi Economy and Planning Minister Faisal Alibrahim and Investment Minister Fahad Abduljalil Al-Saif, as well as Egyptian Petroleum and Mineral Resources Minister Karim Badawi, OPEC Secretary General Haitham Al Ghais, World Energy Council Secretary General and CEO Angela Wilkinson and International Energy Forum Secretary General Jassim Al Shirawi.

Leading industry speakers include ExxonMobil Chairman and CEO Darren Woods, TotalEnergies Chairman and CEO Patrick Pouyanne, Shell CEO Wael Sawan, BP CEO Meg O’Neill, Baker Hughes Chairman and CEO Lorenzo Simonelli, Siemens Energy CEO Christian Bruch, SLB CEO Olivier Le Peuch and ConocoPhillips President and CEO Andy O’Brien.

Prominent energy-market analysts will also participate, including S&P Global Vice Chairman Daniel Yergin, RBC Capital Markets’ Helima Croft, Carlyle senior adviser Jeffrey Currie, Energy Aspects founder and Director of Market Intelligence Amrita Sen and Rapidan Energy Group founder and President Bob McNally.

Energy Security and Markets

Energy security and global oil and gas markets will be among the congress’s main themes, with ministerial sessions bringing together representatives of producing and consuming countries to discuss market developments and the future of supply.

The agenda extends beyond oil and gas, with discussions on forces reshaping the industry, including AI and digitalization, critical minerals, energy-project financing, carbon management and renewables.

AI and digital transformation will feature prominently, with companies including Aramco, Siemens Energy, SLB, Hitachi Energy, Microsoft and Samsung E&A discussing the impact of digital technologies on energy operations, productivity and efficiency.

The discussions come as AI moves from experimental uses toward applications in operations, maintenance, data analysis and process optimization, while also driving increased demand for electricity and infrastructure to support expanding data centers.

A panel discussion at the 24th World Petroleum Congress in Calgary Canada in 2023

Saudi Arabia’s Economic and Energy Transformation

The congress will hold a ministerial session titled “Vision 2030: Economic Transformation and Global Competitiveness,” focusing on Saudi Arabia’s economic transformation and its growing role in the global energy system.

The agenda covers critical minerals and supply chains, carbon capture, utilization and storage, carbon markets, renewable energy and hydrogen, broadening the discussion from security of conventional fuel supplies to the technology, infrastructure and materials required for the future energy system.

The congress will also feature a technical program with more than 30 research and technical forums across five areas: primary energy supply, infrastructure, fuels and molecules, energy technologies and industry leadership.

Riyadh Energy Week will include specialized programs on the circular carbon economy, women in energy, young professionals, social responsibility, AI and digital transformation, as well as an Energy Hackathon and knowledge-sharing and networking events.