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Saudi Aramco: Goal to Produce 11 Mln Tons of Blue Ammonia Remains Unchanged

Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
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Saudi Aramco: Goal to Produce 11 Mln Tons of Blue Ammonia Remains Unchanged

Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)
Aramco dismissed claims of pausing blue hydrogen plans. (Asharq Al-Awsat)

Saudi Aramco has clarified that the reports claiming it was pausing blue hydrogen plans are inaccurate.

The company’s goal of producing up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030 remains unchanged, it said in a statement on Thursday.

"Aramco continues to work with potential customers and other stakeholders around the world and is making real progress across the blue hydrogen value chain.”

“This includes receiving the world’s first independent certification with Sabic for blue ammonia and blue hydrogen production, as well as delivering three shipments of blue ammonia to customers in Asia," the statement added.

Meanwhile, Saudi Aramco is pushing back a planned Riyadh initial public offering of its energy-trading business, people with knowledge of the matter told Bloomberg.

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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)
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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)

Mohammad Yaqoub, Assistant Director General for Business Development at Kuwait’s Direct Investment Promotion Authority (KDIPA), announced that Kuwait is actively working to boost investments in emerging sectors such as the management of government facilities, hospitals, and ports, including Mubarak Al-Kabeer Port.

He added that his country is collaborating with Saudi Arabia on joint projects, notably the development of a railway linking the two nations.

Speaking at the 28th Annual Global Investment Conference in Riyadh, Yaqoub highlighted the 650-kilometer railway project, which is expected to cut travel time between Saudi Arabia and Kuwait to under three hours. He clarified that this initiative is separate from the broader GCC railway network under development.

The official further emphasized Kuwait’s commitment to offering streamlined processes and incentives to attract foreign investment in critical sectors such as oil and gas, healthcare, education, and technology.

Since January 2015, the Gulf country has attracted cumulative foreign investments valued at approximately 1.7 billion Kuwaiti dinars ($5.8 billion). During the 2023–2024 fiscal year, KDIPA reported foreign investment inflows amounting to 206.9 million Kuwaiti dinars ($672 million).

Yaqoub stressed that KDIPA is focused on creating an investor-friendly environment by offering flexible incentives to attract international companies. He noted Saudi Arabia’s achievements in this area and highlighted his country’s efforts to provide comparable benefits to foreign investors.

He also expressed optimism about the potential for growth in foreign investments in Kuwait, emphasizing their role in advancing economic development in line with the United Nations’ Sustainable Development Goals (SDGs).

Yaqoub also underscored the strong synergy between the Kuwaiti and Saudi markets, which he said will help accelerate economic progress across the region.