Sinopec plans to spend $4.6bn on hydrogen energy by 2025

Sinopec plans to spend $4.6bn on hydrogen energy by 2025
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Updated 30 August 2021

Sinopec plans to spend $4.6bn on hydrogen energy by 2025

Sinopec plans to spend $4.6bn on hydrogen energy by 2025
  • Plans 200,000 tons per year hydrogen refueling capacity by 2025

BEIJING/SINGAPORE: China’s Sinopec Corp. plans to spend 30 billion yuan ($4.6 billion) on hydrogen energy by 2025 as the state oil and gas major pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050.

Asia’s biggest oil refiner said on Monday it plans to become China’s largest company to produce hydrogen for use as a transportation fuel, targeting annual capacity of 200,000 tons of hydrogen refueling by 2025.

“Sinopec will expand forcefully into making hydrogen from renewable energy, and zero in on hydrogen for transportation fuel and using green hydrogen for refining,” acting Chairman Ma Yongsheng said.

The company aims to produce more than 1 million tons of so-called green hydrogen from renewable energy sources between 2021 and 2025, as well as add 400 megawatts of solar power generation capacity for supplying electricity to charge vehicles.

Sinopec has so far built 20 hydrogen filling stations, with another 60 under construction or in the planning and approval stage.

The company produces about 3 million tons per year of hydrogen from non-renewable energy sources that is mainly used in oil refinery and petrochemical processes.

The company on Sunday reported its highest first-half net profit since 2018, at $6.05 billion, on rebounding oil and gas prices as well as steady domestic fuel demand.


Square Plans to Build New Bitcoin Mining System: Crypto wrap

Square Plans to Build New Bitcoin Mining System: Crypto wrap
Updated 17 sec ago

Square Plans to Build New Bitcoin Mining System: Crypto wrap

Square Plans to Build New Bitcoin Mining System: Crypto wrap

RIYADH: Following the latest report from the University of Cambridge showing that the US has the largest share of bitcoin mining in the world, the CEO of Twitter and Square, Jack Dorsey has announced that Square is considering building a bitcoin mining system based on custom silicon.

Dorsey has been a supporter of bitcoin for years, and recently made it clear that Square is in the midst of building a bitcoin hardware wallet in order to make bitcoin custody more mainstream, he also said that bitcoin will be a big part of Twitter’s future.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

ETF

As the first bitcoin futures ETF could begin trading as early as next week in the US, the owner of the NBA team Dallas Mavericks, Mark Cuban shared his thoughts on bitcoin exchange-traded funds (ETFs).

Cuban said in an interview with CNBC that he has no plans to invest in bitcoin-based exchange-traded funds (ETFs), and sees no reason for him to invest in a bitcoin ETF, asserting that he can buy the cryptocurrency directly.

While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without owning any actual currencies.

Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained: "The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing.

Mexico won’t adopt bitcoin as legal tender

The President of Mexico, Andres Manuel Lopez Obrador, has denied that there is any interest in adopting cryptocurrencies as legal tender in the country.

"No. We are not going to change in this aspect. We see fit to maintain the orthodoxy in managing finances. We are not going to try to innovate a lot in the financial system," he said.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Sunday, falling by 0.12 percent to $60,928 at 5 p.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, traded at $3,857, down by 1.51 percent, according to data from Coindesk.

 


US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO
Updated 5 min 26 sec ago

US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO

RIYADH: US-based digital asset firm Bakkt will go public after completing its merger with global investment firm VPC Impact Acquisition Holdings.

Its shares will be traded on the New York Stock Exchange, and it will be called BKKT.

Approximately 85.1 percent of VPC Impact's shareholders voted to approve the business merger between the two companies at a general meeting held on Oct. 14. 


Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market
Updated 8 min 38 sec ago

Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market

RIYADH: The Tadawul All Share Index on Sunday rose by 0.6 percent, after increases in banking, petrochemical and real estate stocks.

The index was up 74 points, closing at 11,773 points. 

Shares of ACWA Power, Petro Rabigh and Kayan traded heavily during the day.
Jabal Omar shares rose by 5.8 percent which jacked up the market. NCB shares followed the lead by moving up 1 percent, which is the highest closing since its listing on the stock market.
However, the major gainers on Sunday were MESC (6.6 percent), Petro Rabigh (6.2 percent), Jabal Omar (5.8 percent), Walaa (5.3 percent), and AlHokair Group (4.6 percent). 

Saudi Arabia’s parallel stock market index, Nomu, also gained 64.97 points, up by 0.27 percent and closed at 24,064.45 points. 


Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline
Updated 17 October 2021

Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline

RIYADH: Aqaba Special Economic Zone Authority and Fly Aqaba on Sunday signed a joint Saudi-Jordanian investment agreement to establish a privately-owned airline with a capital of $20 million, Reuters reported quoting Petra.

The airline will be have its headquarters in the city of Aqaba.


Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary
Updated 17 October 2021

Market’s ‘negative’ response to Saudi Building Code is temporary

Market’s ‘negative’ response to Saudi Building Code is temporary

RIYADH: The recently amended and implemented Saudi Building Code has slowed down the market, but experts and stakeholders see this downturn as a transitory period.

Ali Al-Saif, CEO of Tabuk Cement Co., said the negative impact is temporary and once the sector overcomes teething issues, the new regulations will have a positive impact on the construction sector.

Saudi Arabia’s Commerce Ministry amended the code last Friday to streamline the mechanism governing penalties against violators. It came into effect on Oct. 15, according to Umm Al-Qura newspaper. 

SBC National Committee General Secretary Saad bin Shuail told CNBC Arabia in an interview that the effective implementation of the amended code would guarantee the quality of buildings and construction work.