Germany to triple number of hydrogen fuel stations

Germany to triple number of hydrogen fuel stations
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Updated 29 March 2022

Germany to triple number of hydrogen fuel stations

Germany to triple number of hydrogen fuel stations
  • New installations will be focussed along a number of key “high-traffic corridors” criss-crossing the central European powerhouse

Paris: Germany will significantly expand its hydrogen refueling network as it seeks to wean lorries and buses off fossil fuels and decarbonize its transport network.


The number of stations in Europe’s largest economy will more than triple to 300 by 2030, the network operator H2 mobility and financial backers said in a statement on Tuesday.


Hydrogen produces only steam and no carbon dioxide when burnt, making it an attractive possible alternative to dirtier fossil fuels.


The expansion is being funded by a 70-million-euro ($77-million) cash injection from the specialist investment fund Hy24, which will also take a 40 percent stake in the project.


Existing shareholders in the network, including Air Liquide, Daimler Truck, Hyundai, Linde, OMV, Shell, and TotalEnergies, will invest a further 40 million euros.


The backers hope Germany, which already boasts Europe’s densest web of hydrogen refueling stations, will become the “backbone” of the European transport network, where hydrogen is key to reducing emissions.


New installations will be focussed along a number of key “high-traffic corridors” criss-crossing the central European powerhouse.


Unlike in passenger vehicles, battery-powered engines are currently not considered strong enough to be used in heavy-goods vehicles.


Hydrogen is better adapted to lorries and buses, allowing them to “refuel quickly and cover long distances without sacrificing payload,” the parties said.


Founded in 2021 by the French companies Air Liquide, TotalEnergies and Vinci together with the private investment house Ardian, the Hy24 fund specifically targets hydrogen infrastructure projects.


TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell
Updated 11 sec ago

TASI starts almost flat as investors monitor oil prices: Opening bell

TASI starts almost flat as investors monitor oil prices: Opening bell

RIYADH: Saudi stocks opened almost flat on Tuesday as investors worried about oil prices’ instability.

The main index, TASI, fell 0.02 percent to 11,425, while the parallel market, NOMU, dropped 0.11 percent to 20,225.87 as of 10:07 a.m. Saudi time.

In energy trading, Brent crude settled at $117.02 a barrel and US West Texas Intermediate reached $111.43 a barrel, as of 10:18 a.m. Saudi time.

Bawan Co. gained 4.61 percent to lead the gainers, following its announcement that it intends to buy back up to 3 million shares as treasury stock.

Ataa Educational Co. fell 1.94 percent to lead the fallers, followed by National Co. for Learning and Education, which fell 2.70 percent.

Retal Urban Development Co. shed 0.17 percent, after its first-quarter profit increased by 62 percent to SR63.4 million ($17 million).

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.27 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.12 percent, while Arab National Bank fell 1.94 percent.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 28 June 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi stocks dropped on Monday amid a continued fluctuation in oil prices and inflation fears that weighed on investor sentiment.

TASI fell 0.8 percent to end the day at 11,427 following the debut of Saudi developer Retal Urban Development, while the parallel Nomu market lost 2.1 percent to 20,248.

Unlike Saudi Arabia, most stock markets of gulf peers rebounded on Monday, except for the Omani index which closed flat.

Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all added between 0.1 and 0.5 percent.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 slipped 2 percent.

Oil prices edged up on Tuesday, with Brent crude rising to $116.97 a barrel and US West Texas Intermediate reaching $111.2 a barrel by 9:15 a.m. Saudi time.

Stock news

Retal Urban Development posted a 62 percent increase in profit to SR63.4 million ($17 million) for the first quarter of 2022

Saudi Cable Co. submitted a filing to the Capital Market Authority to decrease its capital by SR196 million

Saudi Real Estate Co. made early repayment to settle the remaining balance of its SR535 million loan with Riyad Bank

Petro Rabigh’s rights issue was 96 percent subscribed, generating SR7.65 billion in proceeds

solutions by stc secured banking facilities worth SR1 billion to finance its acquisition of Egypt’s Giza Systems

Alinma Investment Co. will distribute SR10 million in cash dividends to unitholders of Alinma Saudi Government Sukuk ETF Fund

Bawan Co. intends to buy back up to 3 million shares to keep them as treasury shares

National Gas and Industrialization Co. received shareholders’ approval for cash dividends of SR1.5 per share for 2021

Calendar

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering


Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI
Updated 28 June 2022

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

Saudi developer Retal Urban posts 62% profit growth after debuting on TASI

RIYADH: Retal Urban Development Co. has posted a 62 percent profit surge for the first quarter of 2022, a day after it was listed on Saudi Arabia’s main stock market.

Profits of the Saudi developer rose to SR63.4 million ($17 million) in the first quarter, from SR39.3 million in the same period a year earlier, according to a bourse filing.

The company attributed the profit growth, along with a 27 percent jump in revenue, to “the increase in development contracts revenues and sales of developed lands.”

Retal Urban, which offered 12 million shares, representing 30 percent of its capital, raised SR1.44 billion in an initial public offering.

The offer price was set at SR120 per share and rose 0.83 percent to SR121 as the firm made its market debut on Monday, amid trading of more than four million shares.


Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank
Updated 28 June 2022

Saudi developer Al Akaria settles $142m loan with Riyad Bank

Saudi developer Al Akaria settles $142m loan with Riyad Bank

RIYADH: Saudi Real Estate Co., also known as Al Akaria, said that it made an early payment to settle the remaining balance of its SR535 million ($142 million) loan with Riyad Bank.

This came as part of the developer's plan to reduce lending and financing costs, the company reported in a bourse filing. 

This will boost the financial solvency of the company and enhance its financial position, it added.


UAE producing near to its maximum oil production capacity: Energy minister

UAE producing near to its maximum oil production capacity: Energy minister
Updated 27 June 2022

UAE producing near to its maximum oil production capacity: Energy minister

UAE producing near to its maximum oil production capacity: Energy minister

ABU DHABI: The UAE is producing near to its maximum oil production capacity based on its current OPEC+ production baseline, Emirates News Agency (WAM) reported on Monday.

“In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd) which UAE is committed by until the end of the agreement,” Suhail bin Mohammed Al-Mazrouei, Emirati Minister of Energy and Infrastructure, said.