Strukton and Wagner Solar partnership to fit solar panels for Riyadh Metro depot

Riyadh Metro is the currently the largest metro project in the world, costing about $22.5 billion to build. (Courtesy Fast Metro Riyadh)
Updated 29 January 2018
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Strukton and Wagner Solar partnership to fit solar panels for Riyadh Metro depot

DUBAI: A partnership between Strukton and Wagner Solar has been awarded a $3.8 million contract (SR14.25 million) to install almost 4,300 solar panels on a Riyadh Metro depot serving the rail system’s lines 4 and 6.
The solar panels are expected to produce 2,452 megawatt hours per year, according to the contract provider Samsung C&T, which is undertaking the mechanical, electrical and plumbing works of Riyadh Metro’s line 4.
Saudi Arabia has embarked on an ambitious track to utilize renewable energy to power the more than 80 stations along the six rail lines spanning more than 176 kilometers.
Riyadh Metro is the currently the largest metro project in the world costing about $22.5 billion to build. The automatic and driverless metro system has been programmed to start operations by 2019.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.