Value of NWC’s water projects exceeds SR25bn

Updated 10 May 2015

Value of NWC’s water projects exceeds SR25bn

The National Water Company (NWC) has stated that it has 301 water projects valued at SR25.2 billion in the fields of service, infrastructure development and water treatment in Makkah, Riyadh, Taif and Jeddah.
The number of projects implemented in these cities stand at 174 involving a total cost of SR19.7 billion, while those in the contract signing stage stand at 127 with a cumulative value of over SR5.5 billion.
NWC said this is within the framework of its strategic plan covering the four cities. The data is based on the master plan for each city in the light of the feasibility study involving the cost of various projects.
The company said these projects aim to raise the operational efficiency and increase coverage ratios in populated areas taking into account the water demand and provide services in accordance with the best international standards.
“The most important of these projects are the water tanks in the cities of Makkah, Riyadh and Jeddah as well as the rehabilitation, removal and treatment lines, networks and major sub-coverage. It also seeks to increase household water and sanitation connections ratios and transfer station meters,” NWC stated.
NWC added that the plan of the new package of projects in 2015, involving infrastructure and sanitation, which keep pace with current needs, is nearly SR1.8 billion, which will ensure the continued development of services offered to its customers.
The company says it is keen to implement these projects according to the highest technical specifications used in water and environmental services sector within the time periods by taking advantage of past experience and successful outcomes in the major projects carried out in record times. The results were commended by a number of local and international forums.
It confirmed its success in implementing a number of mega projects and supporting operational programs before the advent of summer this year, including the first phase of the storage facilities in Riyadh and Jeddah, in addition to the operation of triple environmental remediation of the SR400 million sewage plant in Riyadh.
The NWC operates in accordance with regulatory procedures to offer projects on the local and global level. This is done with a view to localizing new technologies in the implementation of projects and ensuring the rehabilitation of contractors in accordance with the best international standards mechanisms. The measure will help achieve quality projects with better standards of performance in the water and environmental services sector.

OPEC sees small 2020 oil deficit even before latest supply cut

Updated 12 December 2019

OPEC sees small 2020 oil deficit even before latest supply cut

  • OPEC keeps its 2020 economic and oil demand growth forecasts steady and is more upbeat about the outlook

LONDON: OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought.

In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next year. OPEC pumped less oil in November than the average 2020 requirement, having in previous months supplied more.

The report retreats further from OPEC’s initial projection of a 2020 supply glut as output from rival producers such as US shale has grown more slowly than expected. This will give a tailwind to efforts by OPEC and partners led by Russia to support the market next year.

OPEC kept its 2020 economic and oil demand growth forecasts steady and was more upbeat about the outlook.

“On the positive side, the global trade slowdown has likely bottomed out, and now the negative trend in industrial production seen in 2019 is expected to reverse in 2020,” the report said.

Oil prices were steady after the report’s release, trading near $64 a barrel, below the level some OPEC officials have said
they favor.

The Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, have since Jan. 1 implemented a deal to cut output by 1.2 million bpd to support the market. At meetings last week, OPEC+ agreed to a further cut of 500,000 bpd from Jan. 1 2020.

The report showed OPEC production falling even before the new deal takes effect.

In November, OPEC output fell by 193,000 bpd to 29.55 million bpd, according to figures the group collects from secondary sources, as Saudi Arabia cut supply.

Saudi Arabia told OPEC it made an even bigger cut in supply of over 400,000 bpd last month. The Kingdom had boosted production in October after attacks on its oil facilities in September briefly more than halved output.

The November production rate suggests there would be a 2020 deficit of 30,000 bpd if OPEC kept pumping the same amount and other factors remained equal, less than the 70,000 bpd surplus implied in November’s report and an excess of over 500,000 bpd seen in July. OPEC and its partners have been limiting supply since 2017, helping to revive prices by clearing a glut that built up in 2014 to 2016. But higher prices have also boosted US shale and other rival supplies.

In the report, OPEC said non-OPEC supply will grow by 2.17 million bpd in 2020, unchanged from the previous forecast but 270,000 less than initially thought in July as shale has not grown as quickly as first thought.

“In 2020, non-OPEC supply is expected to see a continued slowdown in growth on the back of decreased investment and lower drilling activities in US tight oil,” OPEC said, using another term for shale.