UK invests $135m in EDF’s nuclear plant; Wind turbine prices set to rise: NRG matters

UK invests $135m in EDF’s nuclear plant; Wind turbine prices set to rise: NRG matters
Image: Shutterstock. landscape view of Sizewell B Nuclear Power Station
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Updated 27 January 2022

UK invests $135m in EDF’s nuclear plant; Wind turbine prices set to rise: NRG matters

UK invests $135m in EDF’s nuclear plant; Wind turbine prices set to rise: NRG matters

RIYADH: On a macro level, countries including Lebanon, Denmark, and Germany are pursuing initiatives to help ease the problem of energy shortages and cost inflation. On the other hand, investments in the sector continue to flow in on a micro level

Looking at the bigger picture:

  • Lebanon sealed deals on Wednesday to secure electricity from Jordan through Syria to alleviate the pain of the energy crunch the Middle Eastern country is going through. Thanks to the deals, Lebanon is set to reach 250 megawatts of electricity per day within the span of two months. However, industry experts have told Arab News the deal still has numerous hurdles to clear
  • Danish manufacturer, seller, installer, and servicer of wind turbines, Vestas, anticipates the wind energy sector to be heavily influenced by cost inflation in 2022, CNBC reported. The corporation will, accordingly, have to raise prices of its wind turbines to combat the volatile business environment, according to Reuters.
  • Germany is considering the establishment of government owned natural gas storage sites to curb future shortages of the fuel in the winter to follow, Bloomberg reported, citing economy minister, Robert Habeck. The Western European country is also contemplating another option of having local gas storage plants commit to a specific volume of the fuel to be available at all times.

Through a micro lens:

  • British manufacturer and maker of luxury cars and SUVs Bentley Motors will allocate £2.5 billion ($3.4 billion)  to fully shift its lineup to electric vehicles, or EVs, by 2030. The carmaker’s first EV is set to launch in 2025. 
  • The UK government invested £100 million ($135 million) to propel the advancement of French multinational electric utility firm Electricite de France SA’s Sizewell C nuclear project residing in the UK, Bloomberg reported. The funds aim to bring the project to a final funding decision soon regarding how much the government along with private investors will inject into the plant.

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah
Updated 14 sec ago

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

Diriyah Gate will contribute $7.2bn to Saudi GDP, says Abdullah Taibah

RIYADH: Saudi Arabia’s historic city development project, The Diriyah Gate, will contribute SR27 billion ($7.2 billion) to Saudi Arabia’s gross domestic product upon its completion, according to Abdullah Taibah, senior advisor to CEO, the Royal Commission for Riyadh City. 

While talking at the Saudi-Thai Economic Forum on May 16, Taibah said that the project will also create around 120,000 jobs, and will surely emerge as one of the most popular destinations in Saudi Arabia. 

Known as Saudi’s cultural capital, Diriyah is located just 20 minutes northwest of Riyadh’s city center. The plan is to transform the historic city into one of the world’s leading “lifestyle destinations for culture and heritage, hospitality, retail, and education,” according to a government website. 

Taibah spoke of some of the other ambitious projects that are set to transform the Kingdom into a land of global attraction as Saudi moves ahead with achieving Vision 2030 goals.  

Calling the King Salman Park, the “Lungs of Riyadh,” he revealed that this site will have plenty of green space, with lots of arts and sports activities. 

Talking about the Qiddiya project, Taibah said, “This place will be developed over 316 square km. It will include eight family-friendly theme parks. It will include the longest Formula One track of about 7.8 km and it’s supposed to be attracting 48 million visitors.” 

He added that the Riyadh Art project will install more than 1,000 public art installations from local and international artists. 

Talking about improving city transport infrastructure, Taibah noted that the King Abdulaziz metro project will cover 176 km in Riyadh with 85 stations. 

“These stations will be spread around the city covering the most populated areas connecting King Khalid (International Airport) from the north, all the way to King Abdullah Financial District and other populated areas,” he added. 

 


Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq
Updated 7 min ago

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

Bahraini oil refineries’ profit margin rises to an all time high, oil minister tells Asharq

RIYADH: The profit margin of Bahraini oil refineries has risen to its highest historical level in the industry, the country's minister of oil and gas said in an interview with Asharq.

Mohammed bin Khalifa bin Ahmed Al-Khalifa also added that Bahrain Petroleum Co. refinery’s expansion is over 80 percent complete. 

Expansion of the main oil refinery is in progress which will raise the total capacity to around 400,000 barrels per day, he added. 

The Bahrain Petroleum Co. refinery expansion project will raise the current production capacity from 267,000 barrels to 360,000 barrels per day, according to Asharq.

Bahrain has more than 30 trillion cubic feet of gas reserves, and imports about 80 percent of its crude oil from Saudi Arabia.


Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI
Updated 12 min 14 sec ago

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi crude oil exports fall 1% in March, biggest monthly decline in year: JODI

Saudi Arabia's crude oil exports fell by 72,000 barrels per day (bpd), or 1 percent month-on-month in March, data from the Joint Organisations Data Initiative, also known as JODI, reveal. 

Exports decreased to 7.235 million bpd from 7.307 million bpd in February. The decline is the biggest since March 2021 when exports fell 3.5 percent.

The volume of crude oil output has continued to grow for the eleventh month in a row. 

The output grew by 75,000 bpd in March to 10.300 million bpd. Production rose by 0.7 percent from 10.225 million bpd in February. 


Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban
Updated 31 min 58 sec ago

Wheat prices hit record high after India export ban

Wheat prices hit record high after India export ban

Wheat prices surged to a record high on Monday after India decided to ban exports of the commodity as a heatwave hit production.

The price — which was already high in the wake of Russia’s invasion of major wheat exporter Ukraine — jumped to 435 euros ($453) per ton as the European market opened.
 


Shares in Saudi Tadawul gain despite a decline in profits

Shares in Saudi Tadawul gain despite a decline in profits
Updated 46 min 21 sec ago

Shares in Saudi Tadawul gain despite a decline in profits

Shares in Saudi Tadawul gain despite a decline in profits

RIYADH: Saudi Tadawul Group’s stock gained in the afternoon trading session on Monday, despite the company posting lower first-quarter profit yesterday.

As of 2:04 p.m. Saudi time, the Kingdom’s bourse operator had seen its shares rise 3.15 percent to SR209.80 ($56), up from SR203.2 at the previous close.

The company reported lower profits yesterday, dropping 21 percent to SR141 million in the first quarter, from SR180 million for the same quarter last year.