Opinion Renewable Energy Oman is on a steady path to a hydrogen-powered future The sultanate is off to a roaring start – now it needs to stay on course July 17, 2024
Energy Saudi Aramco bolsters blue hydrogen portfolio Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen. NewsletterGet the Best of AGBI delivered straight to your […] July 17, 2024
Renewable Energy PIF ties up with China to meet renewable energy targets Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […] July 17, 2024
Energy World is off track to meet Cop28 renewables goal The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […] July 12, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Opinion Renewable Energy Despite EVs, the ICE Age will last longer than expected Transition to electric transport will be slow and evolutionary July 11, 2024
Renewable Energy Masdar-backed UK wind farm clears further hurdle An Abu Dhabi-backed offshore wind farm project in the UK has taken a big step forward after a development consent order application was accepted into examination by UK planning inspectors. The Dogger Bank South wind farm, more than 100km off the northeastern coast of England, is split across two sites, DBS East and DBS West. […] July 11, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Sustainability Adnoc secures $3bn to advance decarbonisation plan State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives. The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported. The facility is part of […] July 5, 2024
Renewable Energy BP joins Masdar in Egyptian green hydrogen project BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt. The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […] July 2, 2024
Renewable Energy Masdar and Acwa Power vie for Oman solar project The UAE’s Masdar and Saudi Arabia’s Acwa Power have been shortlisted to develop Oman’s 500-megawatt (MW) Ibri III solar project. The plant, launched by Nama Power and Water Procurement Company, will be built at a cost of OR155 million ($401 million). NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the […] July 1, 2024
Renewable Energy Saudi adds 5,500MW to meet its renewable energy target Saudi Arabia has launched three new mega solar PV projects with a total capacity of 5,500 megawatts (MW). State-owned Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three projects with Acwa Power Company, Water & Electricity Holding Co. (Badeel), a wholly owned unit of Public Investment Fund, and Saudi Aramco Power Company. […] June 27, 2024
EXCLUSIVE Sustainability Adnoc, Emirates Global Aluminium and the outlook for net zero It is a tall order. The UAE is striving to develop its industrial capacity while also decarbonising in a world that needs a 40 percent-plus reduction in emissions by the end of the decade to avoid devastating climate change. Two of the country’s biggest state-owned enterprises – Adnoc and Emirates Global Aluminium (EGA) – are […] June 26, 2024
Mining Saudi’s Almar Water explores lithium venture in Chile Almar Water Solutions, a water infrastructure developer and part of Saudi Arabian company Abdul Latif Jameel Energy, plans to partner with Chile’s state-backed Codelco in the Maricunga lithium mining project. The Spain-based company aims to leverage its technology to extract battery-metal lithium, Reuters reported, quoting CEO Carlos Cosin. Chile is the world’s second-largest lithium producer […] June 26, 2024
Energy Saudi Arabia ‘is and will remain the kingdom of energy’ Saudi Arabia will sustain its status as a global leader in oil and gas while spearheading green energy initiatives, the country’s minister of investment Khalid bin Abdulaziz Al Falih has said. The country “is and will remain the kingdom of energy,” Al Falih, who was previously CEO and president of state oil giant Aramco, told […] June 26, 2024
Renewable Energy 1,200 sites to be surveyed for Saudi solar and wind power drive A survey involving 1,200 sites to find the best places for future solar and wind power projects has been launched in Saudi Arabia, as the kingdom tries to meet its clean energy targets. Energy minister Abdulaziz bin Salman Al Saud, who has signed contracts for Saudi companies to conduct the survey, said it was the […] June 25, 2024
Energy Masdar buys Greece’s biggest investor in renewables The UAE’s state-owned clean energy company Masdar is to acquire a majority share in Terna Energy of Greece. The initial deal – one of the largest in the European renewables market and the biggest ever energy transaction on the Athens Stock Exchange – is for a 67 percent stake. The price of €20 ($21.45) per […] June 21, 2024
Mining Saudi Arabia targets Chile for lithium investments Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […] June 18, 2024
Tech US firm to invest $50m in Mena climate tech A US venture capital firm backed by Hollywood actor Leonardo DiCaprio plans to invest $50 million in Mena climate tech startups over the next five years. Princeville Capital is targeting mature startups with strong growth potential, facilitating quick exits and a clear path to profitability, its co-founder Joaquin Rodriguez Torres told AGBI. The firm has […] June 14, 2024
Analysis Renewable Energy Saudi summons energy to unearth geothermal potential A Saudi Arabian university has completed drilling a research well as the kingdom steps up efforts to harness its geothermal potential – which industry experts estimate could free up to 1 million barrels of oil a day for export. The 400m deep observation well was drilled by a team from King Abdullah University of Science […] June 13, 2024
Renewable Energy Acwa Power to raise $2bn in rights issue Saudi Arabia’s green energy developer, Acwa Power, plans to raise SAR7 billion ($1.9 billion) in new capital through a rights issue to help treble its assets under management by 2030. The company, which is owned by the government’s Public Investment Fund, said the new shares issued to current shareholders would allow Acwa to “anchor its […] June 11, 2024
Renewable Energy Clean energy spend rising but fossil fuels still dominate Investment in clean energy is rising in the Middle East but spending on hydrocarbon production still dominates, the International Energy Agency (IEA) has said. In its World Energy Investment report published on Thursday, the Paris-based watchdog said that for every $1 invested in fossil fuels in the region, only 20 cents was allocated to clean […] June 6, 2024
