National Water Co. inks SR 100 m deal

Updated 08 April 2013
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National Water Co. inks SR 100 m deal

National Water Co. (NWC) and MEP Co. have signed a memorandum of understanding for treating 5,000 m3/day industrial wastewater.
The agreement was signed by the CEO of NWC Luay Al-Musallam and Vice Chairman of the Board of Directors of MEP Co. Emad Al-Muhaidib at the headquarters of NWC in Jeddah in the presence of senior executive of the two companies, according to a press release received here yesterday.
Al-Musallam confirmed that the deal provides for treatment of industrial wastewater with MEP connecting its plant to the industrial wastewater treatment plant in Alkhomrah in Jeddah NWC.
He said the company would treat about 5000 m3 per/day of industrial wastewater in an environmentally safe manner. The agreement covers a period of 20 years involving a cost of more than SR 100 million.
Al-Musallam pointed that the signing of such agreements is part of the strategic plans of NWC to preserve the environment by getting rid of industrial wastewater in an environmentally safe manner. “We can use this treated water for the development of vital areas like cooling systems on a commercial basis. In fact, treated water is the perfect choice for industrial, commercial and agricultural sectors, as it has the cost advantage compared to the desalinated water intended for drinking, and helps to maintain a strategic reserve of groundwater, as well as in protecting the environment after use optimally,” he added.
Al-Musallam called on the public and private sectors to treat wastewater and use it in the safe industrial environmental. NWC has the ability to treat large amounts of wastewater through processing it across its terminals in a number of Saudi cities and re-use it.
The NWC initiative taken earlier showed the advantage of treated water for multiple use purposes, including industrial, commercial, agricultural, and through the provision of large amounts of treated water as a source that can be relied on with high quality and competitive prices. Use of this water is also advantageous for protecting the environment by minimizing damage and sewage. With this new deal, the value of contracts signed by NWC in this regard exceeds SR 5 billion. The company seeks use of the proceeds for the development of water services and sanitation.


Oil prices gain on lower US crude inventories, Libyan output disruption

Updated 20 June 2018
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Oil prices gain on lower US crude inventories, Libyan output disruption

SINGAPORE: Oil prices recovered some day-earlier losses in Asia on Wednesday, supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya.
US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday.
Brent crude futures rose 18 cents, or 0.2 percent, to $75.26 per barrel at 0351 GMT, compared with their last close on Tuesday.
US West Texas Intermediate (WTI) crude futures gained 20 cents, or 0.3 percent, to $65.27.
Traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices.
Looming larger over markets, however, is a June 22 meeting in Vienna of the Organization of the Petroleum Exporting Countries (OPEC) with some other producers, including Russia, to discuss supply.
De-facto OPEC leader and top crude exporter Saudi Arabia, as well as Russia, which is not a member of the cartel but is the world’s biggest oil producer, are pushing to loosen supply controls introduced in 2017 to prop up prices.
Other OPEC-members, including Iran, are against such a move, fearing a sharp slump in prices.
“Saudi Arabia and Russia continued to push for a relaxation in production constraints, going against many other members’ wishes,” ANZ bank said on Wednesday.
“Iran rejected a potential compromise, saying it won’t support even a small increase in oil production. This puts Saudi Arabia in a tough position, as unanimity is needed for any accord to be reached,” it added.
Jack Allardyce, oil-and-gas research analyst at Cantor Fitzgerald Europe, said he had the “expectation that supply quotas will be increased, but probably more in line with the smaller range being quoted (300,000-600,000 barrels per day) given the lack of consensus among OPEC members.”
Allardyce said “we could see this knocking $5 per barrel off Brent and perhaps squeezing the WTI discount a little.”
Markets are also anxiously watching trade tensions between the United States and China, in which both sides have threatened to impose stiff duties on each other’s exports, including US crude oil.
A 25 percent tariff on US crude oil imports, as threatened by China in retaliation for duties Washington has announced but not yet implemented against Chinese products, would make American crude uncompetitive in China versus other supplies.
This would almost certainly lead to a sharp drop-off in Chinese purchases of US crude, which have boomed in the last two years to a business now worth around $1 billion per month.