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ACWA Power: Necessary Studies Underway for Green Hydrogen Project in Egypt

Hydrogen is an important source of clean energy to reduce greenhouse gas emissions and mitigate the effects of climate change. (Reuters)
Hydrogen is an important source of clean energy to reduce greenhouse gas emissions and mitigate the effects of climate change. (Reuters)
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ACWA Power: Necessary Studies Underway for Green Hydrogen Project in Egypt

Hydrogen is an important source of clean energy to reduce greenhouse gas emissions and mitigate the effects of climate change. (Reuters)
Hydrogen is an important source of clean energy to reduce greenhouse gas emissions and mitigate the effects of climate change. (Reuters)

Vice Chairman and Managing Director of ACWA Power Saudi Arabia Raad Al-Saady revealed that necessary studies to develop the green hydrogen project in Egypt were underway.  

In remarks to Asharq Al-Awsat, Al-Saady stressed that Saudi Arabia has enormous potential to export hydrogen thanks to its strategic location and rich natural resources, including vast areas, an abundance of solar energy and wind power, which all make it a leading force in producing and exporting green hydrogen to all parts of the world.  

In December, ACWA Power signed a framework agreement with Egypt to develop the first phase of the green hydrogen project in the Suez Canal Economic Zone, with a total investment exceeding $4 billion.  

Al-Saady explained that the first phase of the project includes developing green ammonia with a capacity of 600,000 tons annually, with the aim to reach a production of two million tons per year in the second phase of the project.  

He added that ACWA Power aims to become a major exporter of green hydrogen in the world, with a special focus on Europe and the Middle East.  

He noted that the Kingdom was progressing steadily towards achieving sustainability goals and diversifying energy sources, through the implementation of major projects within the framework of Vision 2030 with the aim to reach net zero emissions by 2060.  

He added that Saudi Arabia has all the elements that will push it to achieve great success in the green hydrogen sector in the near future, citing the NEOM green hydrogen project, which has a production capacity of 1.2 million tons annually of green ammonia.

Al-Saady stressed that ACWA Power was seeking to reach zero emissions by 2050, explaining that the company is working to develop multiple projects to generate solar energy in different parts of the Kingdom, which contribute significantly to attaining the goals of sustainability and development in the region.  

He added that such projects create new job opportunities, in addition to helping in the development of local content in the energy, water desalination, and green hydrogen sectors.  

ACWA Power, which was established in 2004, is currently present in 12 countries, and its portfolio includes 81 stations under operation or construction, or in advanced stages of development, with an investment value of SAR 317.8 billion ($84.7 billion).

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Business

Oil Prices Rally, Stocks Mixed after Trump's Latest Iran Threat

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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Oil Prices Rally, Stocks Mixed after Trump's Latest Iran Threat

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

Oil prices rose Tuesday while equities were mixed as investors assessed Donald Trump's latest deadline for Iran to reopen the strategic Strait of Hormuz or be "decimated".

As the Middle East war entered its sixth week, the US president warned Tehran that its civilian infrastructure would be destroyed if it did not let ships through the waterway, through which a fifth of global crude and gas passes.

The remarks came as he and Iran said a proposal touted by international mediators for a 45-day ceasefire was not yet ready, AFP reported.

Trump told a news conference that "the entire country" of Iran "could be taken out in one night and that night might be tomorrow night", if his ultimatum to reopen the Strait by 0000 GMT Wednesday was not met.

"We have a plan... where every bridge in Iran will be decimated by 12 o'clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding and never to be used again," Trump said, brushing aside accusations that such a move would be a war crime.

"I mean complete demolition by 12 o'clock, and it'll happen over a period of four hours -- if we wanted to."

The threat came after a profanity-laced social media post on Easter Sunday in which he vowed Iran would be "living in Hell" if it didn't reopen the Strait.

Tehran said that if such an attack went ahead, it would retaliate by striking energy infrastructure in the Gulf, which could deal a further blow to already thin oil supplies and hammer the global economy.

Both main oil contracts rose Tuesday, with West Texas Intermediate topping $115 -- its highest in a month -- and Brent sitting around $111.

Equity markets fluctuated, with Tokyo, Singapore, Manila and Jakarta down while Shanghai, Sydney, Seoul, Wellington and Taipei rose. Hong Kong was closed for a holiday.

That followed a positive start to the week on Wall Street.

"Financial markets are oscillating in a narrow, uneasy range as traders sized up the countdown to Donald Trump's Iran deadline," wrote Stephen Innes at SPI Asset Management.

"Tentative ceasefire optics (were) offering brief relief but never fully offsetting the lingering risk of escalation," he added.

"For now, the rhetoric has tightened, the threats sharpened, and yet the market is not capitulating, conditioned by repetition to expect de-escalation just before the edge.

"Traders are no longer reacting to what is said, but to when it is usually walked back."

The hit to fuel supplies from the Middle East has forced governments around the world to unveil economic support measures amid fears of another spike in inflation.

On Tuesday, the Philippines said inflation jumped to a forecast-topping 4.1 percent in March, its highest level in nearly two years.

US figures last week showed growth in the country's services activity cooled last month as companies monitored the higher energy prices and braced for supply chain disruptions.

In company news, Samsung rallied around one percent after estimating first-quarter profit soared 755 percent to an all-time high of $37.9 billion thanks to strong sales of chips crucial for artificial intelligence.

It also said sales were expected to surge 68 percent on-year to hit $88 billion in January-March.

Business

Iraq Could Restore Oil Exports to Pre-war Level within a Week if Hormuz Reopens, Basra Oil Chief Says

A cargo ship in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo
A cargo ship in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo
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Iraq Could Restore Oil Exports to Pre-war Level within a Week if Hormuz Reopens, Basra Oil Chief Says

A cargo ship in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo
A cargo ship in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the US-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. REUTERS/Stringer/File Photo

Iraq could restore crude oil exports to around 3.4 million barrels per day within a week provided the Iran war ends and the Strait of Hormuz reopens, the head of the country’s state-run Basra Oil Company said.

Among Gulf oil producers, Iraq has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait, a Reuters analysis has found, because it lacks alternative shipment routes.

But the country, the second biggest producer in the Organization of the Petroleum Exporting Countries, can quickly restore output to levels before US-Israeli attacks on Iran at the end of February led to the effective closure of the waterway. The Strait typically is the route for about a fifth of global oil and LNG flows.

SO FAR IRAN HAS MADE ONLY VERBAL PROMISES

Bassem Abdul Karim said Iran has so far provided only verbal guarantees that would allow Iraqi tankers permission to transit the Strait.

“We have not received any formal documents regarding permission for Iraqi tankers to pass,” he said in an interview with Reuters.

He said production from Iraq's southern oilfields was around 900,000 barrels per day, but if the war ends and safe passage through the Strait is guaranteed exports could reach 3.4 million bpd within a week.

US President Donald Trump has threatened to rain "hell" on Tehran unless it makes a deal by the end of Tuesday that would allow traffic to move through the Strait of Hormuz.

STEEP DROP IN IRAQI OIL OUTPUT

Last month, Iraq’s oil production dropped by about 80% to around 800,000 barrels per day, Iraqi energy officials told Reuters last month as the war meant Iraq could not export and storage tanks filled.

With limited outlets for Iraqi oil, production from the Rumaila field fell to around 400,000 bpd, down from about 1.35 million bpd before the conflict, and at the Zubair field the level was about 300,000 bpd, down 340,000 bpd before the war, Abdul Karim said.

Several smaller fields are being operated at limited levels to ensure continued production of associated gas, used in domestic power generation, while shutdowns at other sites have been used as an opportunity to carry out maintenance work, he added.

Production from Iraq's fields was around 4.3 million bpd before the war, which should leave enough leeway to export 3.4 million bpd even allowing for war-related damage.

Gas output from fields in Basra has dropped to around 700 million standard cubic feet per day, compared with about 1.1 billion standard cubic feet mscf per day before the war, largely because of the reduced oil production, Abdul Karim said.

MEETING REFINERY DEMAND

To supply domestic demand, BOC is sending around 400,000 bpd of crude to northern Iraq. That includes about 150,000 bpd by truck and roughly 250,000 bpd via a domestic pipeline, to supply refineries that have demand of around 500,000 bpd.

Production from the northern Kirkuk fields is roughly 380,000 barrels per day, Abdul Karim said.

Asked about the impact of drone attacks, Abdul Karim said strikes on oil facilities had caused “major losses to the continuity of production and oil operations,” adding that both foreign and Iraqi service companies had been targeted.

A two-drone attack that targeted the Rumaila oilfield on Saturday wounded three Iraqi workers, security and energy sources told Reuters.

Abdul Karim said the attack on the northern part of the Rumaila field hit sites used by US oilfield services companies Schlumberger and Baker Hughes, causing a fire that was later brought under control.

Neither Schlumberger nor Baker Hughes immediately responded to requests for comment.

Business

Gold Holds Nearly Steady with Focus on US-Iran Tensions

Gold jewelry in a Korean gold exchange store in Seoul (AFP)
Gold jewelry in a Korean gold exchange store in Seoul (AFP)
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Gold Holds Nearly Steady with Focus on US-Iran Tensions

Gold jewelry in a Korean gold exchange store in Seoul (AFP)
Gold jewelry in a Korean gold exchange store in Seoul (AFP)

Gold prices were nearly steady on Monday, as market participants stayed cautious and awaited further signals on the evolving US-Iran situation and its impact on global interest rates.

Spot gold was little changed at $4,669.13 per ounce by 9:26 a.m. ET (1326 GMT) after falling 1% earlier in the session. US gold futures rose 0.3% to $4,694.20 per ounce, Reuters reported.

On the eve of a US deadline, the United States and Iran were weighing the framework of a plan to end their five-week-old conflict, even as Tehran pushed back against pressure to swiftly reopen the Strait of Hormuz. President Donald Trump has threatened to rain "hell" on Tehran if it did not make a deal by the end of Tuesday.

"Focus is likely to remain on the war and interest rates. If the conflict drags on, oil will grind higher amid tightening supply conditions, adding to inflationary pressures," said Bart Melek, global head of commodity strategy at TD Securities.

"That leaves central banks, particularly the Federal Reserve, with less room to ease policy and could even revive discussions about higher rates if energy prices rise further, which is negative for gold."

Oil prices fell in choppy trading on Monday, though they have risen sharply since the conflict began.

Gold is widely regarded as a hedge against geopolitical risks and inflation, but because it yields no interest, it tends to be less attractive when interest rates are high. Other items on investors’ radar include minutes of the Fed’s March policy meeting due on Wednesday, US Personal Consumption Expenditures (PCE) data due on Thursday, and the Consumer Price Index (CPI) on Friday.

The US central bank held rates steady last month and a majority of traders now see no chance of the Fed cutting interest rates this year, according to CME’s FedWatch tool. Among other metals, spot silver fell 0.4% to $72.67 per ounce, platinum lost 1% to $1,969.81, and palladium was down 1% at $1,488.58.