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ACWA Power Wins Makkah Excellence Award for Rabigh 3

Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
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ACWA Power Wins Makkah Excellence Award for Rabigh 3

Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo

ACWA Power announced receiving the Makkah Excellence Award for Rabigh 3 for water desalination based on reverse osmosis technology.

The new desalination plant is designed with a capacity of 600,000 m³ / day of potable water.

It is considered one of the largest desalination stations through reverse osmosis in the world, with an innovative design that guarantees efficiency and confidentiality compared to any other station.

Prince Khalid Al-Faisal bin Abdulaziz, the advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region, handed the award to ACWA Power Chairman Mohammad Abunayyan during the award distribution ceremony.

The award sheds light on the company’s commitment to maintaining the highest levels of operating excellence and economic feasibility.

It also stresses the company’s contribution to achieving the sustainability goals in Saudi Arabia.

“Rabigh 3” supports the accomplishment of the Saudi Vision 2030 goals.

It aims to nationalize industrial projects and create a strong domestic economic impact. It further seeks to create local job opportunities for the Saudi youths.

The ultimate goal is to boost transformation and development in the water and energy sectors in a way that embodies the role of ACWA Power as one of the pioneering Saudi firms in this domain.

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Gold Hits Over 3-month High

Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
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Gold Hits Over 3-month High

Jewelry display at the Korea Gold Exchange store in Seoul (AFP)
Jewelry display at the Korea Gold Exchange store in Seoul (AFP)

Gold prices hit their highest level in more than three months on Monday as a subdued dollar lent support, while focus shifted to key US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.

Spot gold was up 0.8% at $4,641.27 per ounce, as of 0427 GMT, after hitting its highest level since May 15 earlier in the session. Prices gained more than 5% last ⁠week.

US gold futures ⁠edged 0.4% higher to $4,697.70, Reuters reported.

A wavering dollar teetered near multi-month lows in a market unsettled by the US Treasury's promise to buy back more long bonds. A weaker US dollar makes greenback-priced bullion more affordable for holders of other currencies.

Gold is looking sprightly to start the week and has ⁠stepped back into bid mode and is taking its cues primarily from the softer dollar and focusing on what higher yields may be signaling about underlying economic strains and policy uncertainty, said Tim Waterer, chief market analyst at KCM Trade.

The July Personal Consumption Expenditures (PCE) price index data and Fed Chair Warsh's speech at the Jackson Hole symposium this week will be watched for fresh clues on the US interest rate outlook.

"Traders will be listening closely for any shift in tone on the ⁠policy path ⁠and how it sits with recent bond-market developments. A balanced or cautious tone that leaves room for flexibility would likely keep the door open for gold to extend its gains," Waterer said.

On the geopolitical front, the US threatened Iran with what it called "the greatest financial offensive ever marshalled" as it prepared to roll out economic sanctions that target Iran's trade partners. Oil prices slipped more than $1 a barrel as investors took profits ahead of the expected announcement.

Among other metals, spot silver steadied at $68.98 per ounce. Platinum rose 0.1% to $1,878.88, while palladium was flat at $1,350.00.

Business

Iraq’s SOMO, QatarEnergy Offer Crude for Loading Inside Hormuz via Tenders

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
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Iraq’s SOMO, QatarEnergy Offer Crude for Loading Inside Hormuz via Tenders

FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo
FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. REUTERS/Essam Al-Sudani/File Photo

Iraq’s state oil marketer SOMO and QatarEnergy are offering crude through rare tenders that require buyers to load cargoes inside the Strait of Hormuz, multiple trade sources ⁠said on Monday.

SOMO offered ⁠September-loading Basrah Medium and Basrah Heavy crude from Iraq’s Basrah oil terminal or single point mooring ⁠and their associated facilities, said the sources, who participate in the Middle Eastern crude market.

QatarEnergy offered al-Shaheen, Qatar Marine and Qatar Land crude for loading in September and October on ⁠a ⁠free-on-board basis at their respective loading ports in Qatar, the people said, according to Reuters.

The tender is valid until August 25.

Business

Exxon, Lyondell Reportedly Among Suitors for Shell's US Chemical Assets

FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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Exxon, Lyondell Reportedly Among Suitors for Shell's US Chemical Assets

FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
FILE PHOTO: The logo of American multinational oil and gas corporation ExxonMobil is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo

Oil major Shell has drawn interest from potential bidders, including ExxonMobil and LyondellBasell, for its US chemical assets that could fetch up to $8 billion, the Financial Times reported on Monday.

Private equity firm Apollo Global Management and the chemicals arm of state-owned Kuwait Petroleum Corporation have also expressed interest in the assets, the report said, ⁠citing people familiar with ⁠the matter, as Shell seeks to divest underperforming underperforming chemical plants.

Shell, ExxonMobil, LyondellBasell, Apollo, and Kuwait Petroleum did not immediately respond to Reuters requests for comment outside regular business ⁠hours.

Shell's US chemicals business includes plants at four sites in Louisiana, Texas and Pennsylvania that produce chemicals used in plastics, detergents and pharmaceuticals, the FT added.

Potential buyers submitted non-binding offers last month, the newspaper said, with bids ranging from proposals for the entire business to parts of it.

The reported price ⁠represents ⁠a steep discount to the amount of capital Shell has invested in the facilities, according to the FT.

Earlier this month, Shell agreed to sell its onshore renewables power business in Europe to TotalEnergies, as the British energy major continues to scale back its low-carbon investments and sharpen its focus on upstream operations and trading.