Saudi Arabia to pioneer producers of green, blue hydrogen: Energy minister

Saudi Arabia to pioneer producers of green, blue hydrogen: Energy minister
Saudi Energy Minister, Prince Abdulaziz bin Salman, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. (Reuters)
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Updated 27 January 2021

Saudi Arabia to pioneer producers of green, blue hydrogen: Energy minister

Saudi Arabia to pioneer producers of green, blue hydrogen: Energy minister
  • We will be pioneering more of that blue hydrogen and green hydrogen: Prince Abdulaziz
  • He added that 50% of Saudi Arabia’s power sector fuel will be converted into gas and the rest will be coming from renewables

RIYADH: Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, said that Saudi Arabia is working with so many countries on green hydrogen and blue hydrogen.
“Easily and simply, I could say, that we will be pioneering more of that blue hydrogen and green hydrogen,” Prince Abdulaziz said.
He added that 50 percent of Saudi Arabia’s power sector fuel will be converted into gas and the rest will be coming from renewables.
“In tandem with that, we will be saving thousands and hundreds of thousands of barrels of oil that are going to waste... We have been progressively moving with our efficiency program and the efficiency program will continue,” the energy minister noted.
He pointed out that Saudi Arabia has also adopted a holistic approach along with its partners in OPEC and OPEC+, trying to mitigate the impact of the COVID-19 pandemic.
“I have to emphasize that it has been holistic approach including our partners in OPEC, OPEC+ along with our partners at the G20 for having to work with us in trying to mitigate the situation.”
“Obviously the situation is prevailing and still with us. It requires approaches with a cohesive coherent and collective efforts,” he added.
Moreover, the Kingdom is working in collaboration with international collaboration on the circular carbon economy (CCE), which will help it in two ways.
The Kingdom has a hydrocarbon sustainability program, which is to again rise up to the challenge of any potential reduction of the consumption of the conventional uses of hydrocarbon.
Elsewhere, Prince Abdulaziz said there is a great legacy of leftovers to be attended to, he said, adding “I remain cautious that we should sit, with our hands on until we are very comfortable that vaccines are spread and we go to a more way state of normalcy.


OPEC+ likely to be cautious on oil demand at upcoming meeting

OPEC+ likely to be cautious on oil demand at upcoming meeting
Image: Shutterstock
Updated 10 sec ago

OPEC+ likely to be cautious on oil demand at upcoming meeting

OPEC+ likely to be cautious on oil demand at upcoming meeting
  • Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations

RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said. 

The new variant, named Omicron, has rattled the oil market globally, pushing prices down to their biggest decline since April 2020. 

There are signs that demand may be weakening in some markets going into the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, as reported by Bloomberg.

The new coronavirus variant will probably lead to more flight cancellations this week, he said.

Several countries have tightened travel restrictions against a number of African countries, following the discovery.

Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations.

“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence.

“Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”

OPEC and its partners, including Russia, will meet next week to discuss whether it will implement a planned production increase of 400,000 barrels per day.

 


Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
Image: Shutterstock
Updated 41 min 53 sec ago

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
  • Goldman Sachs and Barclays are advising National Grid on the sale

RIYADH: Qatar Investment Authority (QIA),  the country’s sovereign wealth fund, may acquire assets of the UK’s National Grid, which operates electricity and natural gas transmission networks, CNBC Arabia reported, citing two unnamed sources.

QIA was part of a consortium of investors that acquired about 61 percent of the British company's gas pipeline assets five years ago.

Now the Qatari fund is competing with other global investment funds, including Macquarie and Equitix, to acquire the gas assets in an estimated $7 billion deal, the sources said. 

Goldman Sachs and Barclays are advising National Grid on the sale, the report added.

This comes amid a protracted energy crisis that has affected the UK and Europe significantly in recent months amid the disruption of global supply chains. 

The country earlier announced it reached an agreement with Qatar to secure its gas needs or 40 percent of the UK’s total energy mix. 

National Grid has a primary listing on the London Stock Exchange and a secondary listing in the form of its American depositary receipts on the New York Stock Exchange.


Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office
Updated 28 November 2021

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

 Amazon has partnered with Abu Dhabi Investment Office (ADIO) to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday


The project will create thousands of jobs, boosting Abu Dhabi's logistics sector and retail ecosystem and will be in line with the UAE's ambition to achieve net-zero emissions by 2050, the media office added.


Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister
Updated 28 November 2021

Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister

Countries in the Gulf Cooperation Council (GCC) are planning to set up an integrated industrial strategy, Bahraini Minister of Industry, Commerce and Tourism Zayed Alzayani said.

This will be done by creating a unified “Gulf strategy for industry,” Asharq Al-Awsat reported, citing him.

The Gulf countries are also trying to increase dependence on each other instead of importing raw materials from abroad, which Alzayani said could create jobs, diversify economies, and expand their exporting values. 

He added the region is heading towards the formation of a customs and economic union by 2025, and the integrated industrial system will help the Gulf to stand among global conglomerates as a single bloc.

When combined, Gulf countries are the 12th largest economy globally, the minister said, adding their aim to be among the top 10 biggest economies in the world.

 


Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
Image: Shutterstock
Updated 28 November 2021

Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
  • The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute

RIYADH: Lebanon has launched the second licensing round for eight offshore oil and gas blocks after two years of delay.

The government had agreed to launch the second round in April 2019 but it was postponed due to the pandemic, Bloomberg reported.

The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute over about 860 square kilometers of water.

The deadline for applications is June 15, according to the Lebanese Petroleum Administration.