Saudi Aramco says reports on SABIC stake ‘entirely speculative’

Media reports on a potential transaction between Saudi Aramco and the Saudi Arabian Basic Industries Corp. (SABIC) were “entirely speculative,” the state energy firm said on Thursday. (Screenshot)
Updated 13 September 2018

Saudi Aramco says reports on SABIC stake ‘entirely speculative’

  • Saudi Aramco tweeted media speculation was "entirely speculative"
  • It follows media speculation in recent weeks about a potential deal involving the purchase of the petrochemicals giant by Aramco

LONDON: Media reports on a potential transaction between Saudi Aramco and the Saudi Arabian Basic Industries Corp. (SABIC) were “entirely speculative,” the state energy firm said on Thursday.
It follows media speculation in recent weeks about a potential deal involving the purchase of the petrochemicals giant by Aramco.
“Saudi Aramco will provide updates when appropriate,” the national oil company tweeted, without mentioning which reports it referred to or the media outlets concerned.

Saudi Aramco in July denied interest in acquiring an ownership position at SABIC in July, but said it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire a stake in SABIC via a private transaction.
“Saudi Aramco has no plans to acquire any publicly held shares of SABIC,” it had said, adding that appropriate announcements would be made in compliance with “applicable regulations.”

 


Global renewable power capacity to rise by 50% in five years

Updated 21 October 2019

Global renewable power capacity to rise by 50% in five years

  • Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent
  • Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment

LONDON: Global renewable energy capacity is set to rise by 50 percent in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.
Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent, the IEA’s annual report on global renewables showed.
The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today.
Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.
“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.
“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.
Solar PV generation costs are expected to decline a further 15 percent to 35 percent by 2024, making the technology more attractive for adoption, the IEA said.
However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.