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Saudi Fund for Development Signs $77 Million Loan Agreement to Establish Solar Power Plant in Belize

The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
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Saudi Fund for Development Signs $77 Million Loan Agreement to Establish Solar Power Plant in Belize

The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA
The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize. SPA

The CEO of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Marshad, signed on Saturday a development loan agreement with the Prime Minister of Belize, John Antonio Briceño. The agreement, provided by the Saudi Fund for Development for $77 million, aims to finance the construction of a solar power plant in Belize.

The signing ceremony was attended by Christopher Coy, the Belizean Minister of Finance, Economic Development, and Investment, along with several officials from both sides.

The agreement reflects the Fund's commitment to supporting sustainable development in developing countries and small island states globally. Since its establishment in 1975, the SFD has successfully implemented over 700 projects and development programs in 90 countries.

The project's primary objective is to build a 60-megawatt solar power plant, complete with the supply and equipment of solar panels, to reduce emissions in the energy sector by an estimated 60,000 tons of carbon dioxide annually through system efficiency and consumption. Moreover, the project is expected to have a significant impact on stimulating social growth and creating direct and indirect job opportunities. It will also enhance the quality of electricity and promote environmental sustainability by addressing climate change through the reduction of greenhouse gas emissions.

"The solar power plant project comes at the right time, as Belize deems it necessary to increase its production of solar energy due to economic inflation, and most importantly, the project is in line with our country's policy to focus on supporting renewable energy, and this brings many benefits to Belize including cost savings, energy independence, environmental sustainability, job creation, and improved access to electricity for rural communities,” The Belizean Prime Minister said.

For his part, SFD CEO Sultan bin Abdulrahman Al-Marshad said that the agreement strengthens the development cooperation between the Fund and Belize, “to contribute to the development of the clean energy sector in Belize, and to meet the basic needs of the population in enhancing access to electricity, and limiting the effects of global climate change, as well as promoting Belize's economic and social growth."

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Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)
An employee at the Riyadh Infrastructure Projects Center (SPA)
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Riyadh Implements More Than 8,000 Infrastructure Projects

An employee at the Riyadh Infrastructure Projects Center (SPA)
An employee at the Riyadh Infrastructure Projects Center (SPA)

The Riyadh Infrastructure Projects Center said it coordinated and delivered more than 8,000 infrastructure projects across the Saudi capital in 2025 under a comprehensive master plan launched last year.

The center explained that the plan is built on an integrated spatial and scheduling methodology designed to unify efforts, improve planning and execution efficiency, and reduce conflicts between projects.

The approach helped cut infrastructure project delivery times by 24 percent and generated cost savings through stronger governance, reduced unnecessary road resurfacing, and fewer service disruptions.

The methodology allows projects to be managed within a single regulatory framework that links spatial planning with implementation timelines and provides a centralized source of data.

This framework supports informed decision-making and improves coordination among the energy, water, telecommunications and road sectors.

According to the center, implementation of the master plan led to the resolution of 9,550 spatial conflicts and the management of 82,627 scheduling overlaps, in addition to addressing 436 conflicts related to major public events. These measures reduced project clashes, accelerated delivery, improved operational stability, and minimized the impact of construction on traffic flow and surrounding activities.

The center said the comprehensive master plan is one of its core strategic mandates and has become a unified regulatory reference that strengthens integration among government entities and raises the level of institutional coordination.

Working with more than 22 relevant stakeholders, the center exceeded its first-year targets by 108 percent.

It added that the achievements reflect a commitment to sound regulatory practices that support the sustainability of infrastructure projects, enhance service quality, and maximize developmental impact across the Riyadh region.

Business

Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
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Syria Opens its Energy Sector to Global Oil Majors

A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)
A man walks past oil pumps in the oil-rich city of Rmelan in Syria (Reuters)

Syria is moving swiftly to reclaim its role as a regional energy player, as the head of the Syrian Petroleum Company, Youssef Qiblawi, outlined ambitious plans to open the country’s oil and gas sector to major international firms, including Chevron, ConocoPhillips, TotalEnergies and Eni.

In comments to The Financial Times, Qiblawi said Syria has explored less than a third of its hydrocarbon potential. He noted that trillions of cubic meters of gas remain untapped in largely untouched areas, awaiting international expertise and technology to be brought into production.

Strategic alliances and offshore exploration

Signs of a new energy map are already emerging. Chevron has signed an agreement with Qatar’s Power International Holding to begin exploration in an offshore block, with field operations expected to start within two months.

Plans extend beyond that first project. QatarEnergy and TotalEnergies are considering participation in a second offshore block, while talks are under way with Italy’s Eni over a third.

ConocoPhillips has also strengthened its presence through a previously signed memorandum of understanding, reflecting what Qiblawi described as growing confidence among global energy companies in the commercial potential of Syria’s energy sector.

The production challenge

After years of conflict, the Syrian government has reasserted control by force over oilfields in the northeast that were previously held by Kurdish forces. Qiblawi described the condition of these fields as poor, saying production has fallen from about 500,000 barrels a day to roughly 100,000.

He attributed the decline to sabotage and the use of explosives to boost short-term output at the expense of long-term reservoir health.

Qiblawi said he would offer international companies existing fields to rehabilitate, allowing them to use the revenues to fund exploration elsewhere. “That would be costly, but I will give them some pieces of cake to generate money,” he said.

Closing the technology gap

Syria is seeking to bridge a significant technical gap, particularly in deep-water exploration. While seismic surveys and preliminary mapping of potential fields have been completed, advanced technology is lacking. Talks are planned with BP in London, while the government says it remains open to cooperation with Russian and Chinese firms.

Industry estimates suggest Syria holds proven reserves of around 1.3 billion barrels of oil, alongside vast unexplored areas, especially offshore.

Separately, Reuters reported that a large consortium is preparing to launch extensive exploration and production operations in northeastern Syria.

The group includes Saudi Arabia’s TAQA alongside US energy and oilfield services companies Baker Hughes, Hunt Energy and Argent LNG.

The consortium aims to develop four to five exploration blocks in areas previously under Kurdish control, with executives framing the effort as a step toward unifying the country’s resources and delivering tangible economic gains.

Toward energy stability

With around 2,000 engineers currently assessing damage in the northeast, the Syrian government hopes to publish a full recovery timetable by the end of February.

Officials at the Syrian Petroleum Company say they are optimistic that gas production can be doubled to 14 million cubic meters a day by the end of 2026, supported by renewed regional investment led by Saudi and US firms in energy and infrastructure projects.

Business

TotalEnergies Tells Trump ‘Too Expensive’ to Reinvest in Venezuela

FILE PHOTO: A logo of French oil and gas company TotalEnergies is seen on the eve of the opening of the 2025 Paris International Agriculture Fair (Salon International de l'Agriculture) at the Porte de Versailles exhibition center in Paris, France, February 21, 2025. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A logo of French oil and gas company TotalEnergies is seen on the eve of the opening of the 2025 Paris International Agriculture Fair (Salon International de l'Agriculture) at the Porte de Versailles exhibition center in Paris, France, February 21, 2025. REUTERS/Sarah Meyssonnier/File Photo
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TotalEnergies Tells Trump ‘Too Expensive’ to Reinvest in Venezuela

FILE PHOTO: A logo of French oil and gas company TotalEnergies is seen on the eve of the opening of the 2025 Paris International Agriculture Fair (Salon International de l'Agriculture) at the Porte de Versailles exhibition center in Paris, France, February 21, 2025. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A logo of French oil and gas company TotalEnergies is seen on the eve of the opening of the 2025 Paris International Agriculture Fair (Salon International de l'Agriculture) at the Porte de Versailles exhibition center in Paris, France, February 21, 2025. REUTERS/Sarah Meyssonnier/File Photo

The CEO of French oil major TotalEnergies said it was “too expensive and too polluting” to return to Venezuela, despite calls from US President Donald Trump for oil giants to invest billions in the country.

The company quit Venezuela in 2022 but the Trump administration has urged oil majors to return since the US military operation to capture the country’s president, Nicolás Maduro, on Jan. 3.

Speaking on Wednesday, TotalEnergies CEO Patrick Pouyanné told reporters the company quit the country “because it clashed with our strategy. It was too expensive and too polluting and that is still the case,” according to Reuters.

The Trump administration has called on US energy giants to invest $100 billion to rebuild Venezuela’s oil industry.

Trump has pledged to support American oil companies that invest in Venezuela with government security assistance, saying last month that energy firms previously had problems “because they didn’t have Trump as a president.”

Venezuela boasts the world’s largest oil reserves but some US oil firms have expressed caution about rushing to re-enter — including Exxon Mobil.

Exxon CEO Darren Woods recently made headlines for saying at a White House meeting with Trump that the Venezuelan market is “uninvestable” in its current state.
Trump subsequently lashed out at Woods, threatening to sideline the oil giant and accusing the company of “playing too cute.”

Infrastructure Constraints
TotalEnergies started operating in Venezuela in the 1990s. Its departure followed a strategic shift away from heavy and high-sulfur crude and amid safety concerns.

Pouyanné has previously said that Venezuela is not high on the firm’s agenda.

TotalEnergies on Wednesday reported a slight drop in fourth-quarter profit and reduced share buybacks amid a weaker crude price environment.

Shares of the Paris-listed company rose nearly 2% during morning deals, notching a new 52-week high.