Saudi-listed MESC appoints new CEO to replace Fawaz Al-Muqbil

Saudi-listed MESC appoints new CEO to replace Fawaz Al-Muqbil
Middle East Specialized Cables Co was founded in Riyadh in 1993 (MESC)
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Updated 05 April 2022

Saudi-listed MESC appoints new CEO to replace Fawaz Al-Muqbil

Saudi-listed MESC appoints new CEO to replace Fawaz Al-Muqbil

RIYADH: Saudi-listed Middle East Specialized Cables Co. has appointed Fadhil Fawzan Alsaadi as CEO, following the resignation of Fawaz Al-Muqbil in December.

Alsaadi will take charge immediately, having received the board’s approval, according to a bourse filing.

With over 20 years of experience in business leadership, Alsaadi is expected to bring his expertise and capability in developing business strategies and boosting organizational visibility and financial stability to peak levels, the company said.

Months earlier, Al Muqbil submitted his resignation due to personal circumstances, after serving the company for nearly two years.


NEOM’s energy plant first to produce green hydrogen in commercial quantities, says expert

NEOM’s energy plant first to produce green hydrogen in commercial quantities, says expert
Updated 9 sec ago

NEOM’s energy plant first to produce green hydrogen in commercial quantities, says expert

NEOM’s energy plant first to produce green hydrogen in commercial quantities, says expert

RIYADH: The hydrogen plant in NEOM, Saudi Arabia's $500-billion futuristic city, will be the first of its kind to produce green hydrogen at a level that can be sold, according to Alicia Eastman, co-founder and managing director at Intercontinental Energy. 

“I think NEOM is going to be the first plant to produce green hydrogen in commercial quantities,” said Eastman while speaking at a virtual conference during the MENA Energy Week.

Eastman added that Intercontinental Energy is working together with countries in the Middle East to assist them in providing green hydrogen, and to deliver green ammonia. 

“Our focus is on large projects. We have signed a memorandum of understanding with Saudi Aramco to make both blue and green hydrogen. I look forward to seeing Aramco materializing their plans in hydrogen,” she further added. 

Eastment also made it clear that digital solutions and the adoption of technology are very much needed to go sustainable in the future. 


Aramco exploring options to reduce cost of hydrogen production, says official

Aramco exploring options to reduce cost of hydrogen production, says official
Updated 2 min 40 sec ago

Aramco exploring options to reduce cost of hydrogen production, says official

Aramco exploring options to reduce cost of hydrogen production, says official

RIYADH: Transition to low-carbon alternatives including green and blue hydrogen demands huge investments and a marketplace that needs collaboration between different nations, said Nabil Nuaim, Saudi Aramco’s chief digital officer.

While speaking at a virtual conference during the MEA Energy Week, Nuaim said that Saudi Aramco, being a carrier, needs to optimize the projects and make them cost-efficient.

He also added that energy generation using green hydrogen is still in the adoption phase.

Nuaim further noted that digital transformation is very much necessary to enable a hydrogen economy, where Aramco will supply and become a source of fuel.

“Hydrogen has a huge significance in the energy sector. It is a very good energy source. It has a significant energy value in the transportation sector,” he said.

Nuaim also said that Aramco is looking at options to reduce the cost of hydrogen production and transport, and the company is checking whether existing pipelines and infrastructure are sufficient enough for the future.

He added: “We are involved with blue hydrogen with very specific targets. Transportation of the fuel is very important, and the safety should be checked and assured.”

 


‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant
Updated 8 min 31 sec ago

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

‘Worst case’ is Europe cutting renewable investment due to Ukraine war: Energy consultant

RIYADH: Europe turning its back on renewable energy investment as the fuel crisis bites is a “worst-case scenario”, according to energy consultant Pierre Samaties, partner at consultancy firm Roland Berger.

Speaking at a virtual conference during the MEA Energy Week, Samaties speculated that western countries could turn back to traditional forms of energy production in response to Russia’s invasion of Ukraine.

“The worst-case scenario is that Europe will go back to the use of coal and gas instead of developing renewables due to shortage or fuel prices going up, but I’m optimistic,” said Samaties.

He added that traditional energy still has its investment potential as it is needed until sufficient renewable sources are available,

“You need traditional technology until you reach a point where you have enough renewable resources. Traditional energy is still a place of investment. You need to still have conventional power,” said Samaties, adding that Saudi Arabia and the UAE are spearheading energy transition in the region.

“Saudi Arabia’s NEOM is having the biggest hydrogen project that is very promising. UAE is also heavily exploring hydrogen export opportunities,” added Samaties.

During his speech, he noted budgets for energy transition is a very tough issue.

According to Samaties, policymakers should first think about the available power options and should go ahead by accelerating investments in renewable sources.

Talking about the vitality of investing in technology in the sector he said: “Technologies to invest in include advancing storage technology, achieving a renaissance of nuclear power, and decarbonization storage.”

He further noted that the energy sector can move much faster than the initial forecast. Samaties also added that the usage of solar energy on glass technology will contribute a lot to the energy transition.


Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike
Updated 16 min 4 sec ago

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

Petro Rabigh’s rights issue yields $2.1bn in proceeds amid 91% capital hike

RIYADH: Saudi-listed Rabigh Refining and Petrochemical Co.’s rights issue has generated SR7.65 billion ($2 billion) in proceeds amid a 91-percent capital hike plan.

The company, better known as Petro Rabigh, offered 795 million shares, out of which 96.26 percent were subscribed, according to a bourse filing.

This allowed the company to increase its capital to SR16.7 billion from SR8.8 billion.

The decision to offer new shares comes in a bid to raise additional capital, strengthen equity, and cut debt.


NEOM's circular energy production plan key to sustainability, says NOMAC’s official

NEOM's circular energy production plan key to sustainability, says NOMAC’s official
Updated 16 min 30 sec ago

NEOM's circular energy production plan key to sustainability, says NOMAC’s official

NEOM's circular energy production plan key to sustainability, says NOMAC’s official

RIYADH: Circularity in electricity production is crucial for ensuring sustainability in Saudi Arabia's 500-billion futuristic city of NEOM, said Thorsten Schwarz from First National Operation and Maintenance Co., also known as NOMAC. 

Power will be generated using both water and hydrogen in the city.

While speaking at a virtual conference during the MEA Energy Week, Schwarz — who is  executive director of grid technology and projects at the firm — said that sustainability is not just about environmental protection, but is also a human need. 

He admitted that NOMAC, a wholly-owned subsidiary of ACWA Power, is seeing some disruptions coming up due to the traditional design of grids, which are challenging to NEOM’s concept. 

NOMAC is spearheading independent operations and maintenance services for the power and desalination industry in Saudi Arabia. 

He further noted that NEOM has currently positioned itself as a human progress destination. 

Schwarz revealed that the renewable energy transition in NEOM will happen in phases, and will finally reach the 100 percent renewable target in 2030. 

Talking about the usage of renewable energy sources in NEOM, he said: “In NEOM, we will start 50 percent renewable from day one,  up to 100 percent in 2030 or earlier as possible.” 

He also added that blockchain technology should be also activated in NEOM to achieve sustainability goals. 

NEOM is one of Saudi Arabia’s flagship projects aimed at transforming the Kingdom, as it plans to move away from an oil-dependent economy, outlined in its Vision 2030. 

Aimed at functioning as a tourist destination, NEOM will be a smart city, adopting all advanced technologies.

One of the main highlights of the NEOM project is The Line, a 170-kilometer linear city which will have 1 million citizens without conventional cars, no streets, and no carbon emissions.

Other notable highlights in the NEOM project include NEOM Bay, NEOM Bay Airport, and NEOM Industrial City.