Boeing sees sustainable fuel key to reducing emissions as airlines bill hits $1tr

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Updated 17 May 2022

Boeing sees sustainable fuel key to reducing emissions as airlines bill hits $1tr

Boeing sees sustainable fuel key to reducing emissions as airlines bill hits $1tr

RIYADH: As global airlines increase their spending to meet their net-zero carbon targets, Boeing is investing to find new solutions.
The American aircraft manufacturer is working hard to find better fuel blends that will not only reduce emissions but also help airlines become more efficient, according to a top company’s executive.

International airlines have invested around $1 trillion in the last 10 years to reduce carbon emissions and cut dependence on traditional fuel, said Brian Moran, the vice president of global sustainability policy and partnerships for Boeing.
“In the next 20 years, the world needs 43,000 new airplanes. So it’s on us to make sure that we continue this descend of emissions reduction that we have been on,” Moran told Arab News on the sidelines of the Future of Aviation Forum in Riyadh last week.

Investment
“The airlines are buying new, more efficient aircraft. Every generation is about 15 to 25 percent more efficient than the airplane it replaces. At Boeing, we’ve invested $60 billion over 10 years in research and technology to build and design these products,” he added.
Moran said sustainability has become even more important following the outbreak of the pandemic.
“The airlines agreed to reach net-zero emission by the middle of the century. My particular role was looking for new partnerships and supporting the customers on their journey to net-zero,” Moran explained.

Sustainability
One of the main themes at the forum was sustainability and reduction of carbon emissions as speakers from different companies highlighted the efforts of their firms to meet these targets in the future.
A key area where Boeing is investing is sustainable aviation fuel, which Moran considers a vital area for the industry.
“It’s not one silver bullet, but (SAF) sustainable aviation fuel and low carbon fuels on the road to sustainable aviation fuels play a really vital role. And that’s why we’re so invested there,” he added.

Aviation fuel
Moran explained that sustainable aviation fuels are those that are made from different feedstock like biomass residue, different cooking oils, or waste gases.
There are different pathways that have been created to convert recycled carbon by combining it with hydrogen to produce a new fuel, he said.
Sustainable aviation fuel development is part of a larger strategy for Boeing to tackle the issue of sustainability.
Boeing looks at different strategies to do that, Moran added.
First is fleet replacement and renewal. The second is about advanced technology.
The third is operational efficiency, and this is about flying more efficient using digital tools in the cockpit that help the airlines make better choices and to use less fuel.


Boeing's top executive talks to Arab News in an interview on the sidelines of the Future Aviation Forum in Riyadh. AN

Boeing's top executive talks to Arab News in an interview on the sidelines of the Future Aviation Forum in Riyadh. AN


“And here we have an interesting way to look at where fuel is consumed. Fifty percent of flights today are under 1,000 kilometer, but they only emit about 15 percent of the emissions. And on the flip side, 50 percent of the emissions come from 2800 kilometers or more.
“So in the low end, battery electric technology where we’re investing in electric and hybrid propulsion, may have a role.”
“But on the higher end and on the longer ranges, that’s where sustainable aviation fuels come in. And here Boeing has done a lot over the last 15 years.”
“We were there for the first flight in 2008. We started to help certify the first fuel in 2011. We were the first company to fly on 100 percent sustainable aviation fuel on a triple seven and 2018.” 
“Last year, we committed that every one of our products by 2030 will be capable of flying on 100 percent SAF. So you can see it’s a suite of options. It’s an all of the above approach.”
The quest for reducing emissions is non-ending for Boeing, Moran believes.
“If you think back since the 1960s, the dawn of the jet age, we have reduced emissions by 85 percent. Since 1990, alone, we’ve reduced emissions by 50 percent. So going forward, we want to keep on that trajectory.”


Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold
Updated 13 sec ago

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

Commodities Update — Gold prices edge up; G7 leaders to agree on import ban on Russian gold

RIYADH: Gold edged up on Friday as the dollar retreated and recession fears buoyed its safe-haven appeal, but looming interest rate hikes set the non-yielding asset on course for a weekly dip.

Spot gold rose is currently priced at $1,826.88 per ounce, while US gold futures are priced at $1,830.30.

Biden, G7 leaders to ban Russian gold imports: sources

US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday.

The US has rallied the world in imposing swift and significant economic costs on Russia to deny President Vladimir Putin the revenue he needs to fund his war.

According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.

Soy, Grains up

US soybean futures rose on Friday, snapping a streak of four negative sessions, on a round of bargain buying and short-covering, traders said.

Corn also was higher, with bargain buying featured after the market fell 3.3 percent over the previous four sessions.

Gains in the new-crop contracts outpaced the nearby contract as traders unwound some bull spreads as they monitored crop development in the US Midwest.

Wheat futures fell, pressured by the ongoing harvest in winter wheat-growing areas of the US.

Chicago Board of Trade July soybean futures settled up 17-1/2 cents at $16.10-3/4 a bushel.

Strength in the crude oil market added support to soybeans.

CBOT July corn futures were up 3-1/2 cents at $7.50-1/4 a bushel. The December contract gained 18-1/2 cents to $6.74.

Stress from dryness could spread to about 40 percent of US corn and soy next week before showers curb driest areas to less than one-third of the belt, Commodity Weather Group said in a note.

CBOT July soft red winter wheat was down 13-1/2 cents at $9.23-3/4, and hard red winter wheat for July delivery was 12 cents lower at $9.93 a bushel.

(With input from Reuters)


Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony
Updated 20 min 3 sec ago

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.93 percent to $21,420.15 as of 8:10 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,237.88, rising by 1.38 percent, according to data from Coindesk.

Celsius Network hires advisers to prepare for bankruptcy 

The Wall Street Journal reported Friday that Celsius Network LLC hired restructuring experts from Alvarez & Marsal to advise on a potential bankruptcy filing.

Early this month, the New Jersey-based cryptocurrency lending company froze withdrawals and transfers due to “extreme” market conditions.

CoinDesk reported that Goldman Sachs plans to raise $2 billion from investors to buy Celsius’ distressed assets.

If the cryptocurrency lender files for bankruptcy, investors can buy the assets at potential discounts, according to a report citing two sources.

As of last month, Celsius had assets worth $11.8 billion.

Investors have dumped risky assets amid fears that rate hikes could plunge the economy into recession, leading to extreme volatility in digital assets in recent months.

A $100 million heist hits US crypto firm Harmony

In the latest cyber heist on a long-targeted sector, US-based crypto firm Harmony said hackers stole around $100 million in digital coins from one of its key products, Reuters reported.

The company develops blockchains for decentralized finance, peer-to-peer sites offering loans and other services without banks’ traditional gatekeepers, and non-fungible tokens.

According to the company, the heist targeted its Horizon bridge, which transfers crypto between different blockchains.

According to Harmony, it has been working with forensic experts and national authorities to identify the culprit and retrieve the stolen funds.

Harmony said its global team was “working around the clock to address the issue.”

According to Elliptic, which tracks publicly visible blockchain data, the hackers stole Ether, Tether, and USD Coin from Harmony, which they later traded for ether using decentralized exchanges.

(With inputs from Reuters)

 

 


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

Here’s what you need to know before Tadawul trading on Sunday
Updated 23 min 56 sec ago

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

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

RIYADH: Saudi Arabia's stock market declined to one of its lowest levels in months last week due to concerns that rising interest rates could push the global economy into recession.

TASI, the main index, fell for a second consecutive day on Thursday to end 0.1 percent lower at 11,311 points, while the parallel Nomu market added 0.4 percent to 20,728.

Qatar led the fall in the Gulf with a 1.6 percent decline, followed by a 1.1 percent drop in Dubai’s stock index.

Stock exchanges of Abu Dhabi, Bahrain, Oman, and Kuwait all lost between 0.2 and 0.7 percent.

Outside the Gulf, Egypt’s index EGX30 closed 01.8 percent lower.

Oil prices rose on Friday, buoyed by tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.

Stock news

Mouwasat Medical Services Co. closed a SR295 million ($79 million) deal with Tareg Al-Jaafari Contracting Co. for the construction of a hospital in Yanbu industrial city

Methanol Chemicals Co. said it would pay SR273 million in total as an early loan repayment to the Saudi Industrial Development Fund and lending banks

The Saudi Stock Exchange will launch futures trading on single stocks on July 4, as its second derivatives product after introducing index futures in late 2020

Calendar

June 26, 2022

Rabigh Refining and Petrochemical Co.’s subscription to new shares ends

June 27, 2022

End of Alamar Foods’ IPO book-building

Retal Urban Development Co. will start trading its shares on TASI

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering

July 4, 2022

Start of single-stock futures trading on Tadawul


Saudi Exchange to allow single-stock futures in July on selected shares to bolster liquidity

Saudi Exchange to allow single-stock futures in July on selected shares to bolster liquidity
Updated 57 min 47 sec ago

Saudi Exchange to allow single-stock futures in July on selected shares to bolster liquidity

Saudi Exchange to allow single-stock futures in July on selected shares to bolster liquidity

RIYADH: Saudi Arabia’s stock exchange will launch futures trading on single stocks on July 4, amid efforts to bolster liquidity and lure investors into the region’s biggest bourse.

It added that the first tranche of the futures contracts will include Al Rajhi Bank, Saudi Aramco, Saudi National Bank, Alinma Bank, SABIC, Saudi Kayan, Saudi Telecom Co., Saudi Electricity Co., Almarai, and Ma’aden. 

A single-stock future is a type of futures contract between two parties to exchange a specified number of stocks in a company for a price agreed today with delivery occurring at a specified future date.

The move will “enable local and international investors to hedge and manage portfolio risks more effectively as well as diversify products available for trading and hedging in the market,” Tadawul said in a statement.

Single-stock futures will be the second derivatives product on the Kingdom’s bourse, after the launch of index futures in late 2020.


Oil Updates — Oil settled up; G7 considering ways of capping Russian oil price; US drillers add oil and gas rigs for a record 23 months

Oil Updates — Oil settled up; G7 considering ways of capping Russian oil price; US drillers add oil and gas rigs for a record 23 months
Updated 26 June 2022

Oil Updates — Oil settled up; G7 considering ways of capping Russian oil price; US drillers add oil and gas rigs for a record 23 months

Oil Updates — Oil settled up; G7 considering ways of capping Russian oil price; US drillers add oil and gas rigs for a record 23 months

RIYADH: Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession.

Brent crude settled up $3.07, or 2.8 percent, at $113.12 a barrel by 12:10 p.m. EDT. US West Texas Intermediate crude settled up $3.35, or 3.2 percent, at $107.62.

No government guidance on pricing policy: Incoming Petrobras CEO 

The incoming CEO of Brazil’s state-run oil company Petrobras told a corporate committee he has not received any guidance from the government on changing the firm’s fuel pricing policy, a document showed on Saturday.

Caio Mario Paes de Andrade, a former economy ministry official appointed by President Jair Bolsonaro to run Petrobras, was approved by the eligibility committee on Friday, a key step for him to take the reins of the company.

The minutes of the meeting, published by Petrobras on Saturday, showed the committee had asked Andrade about the company’s pricing policy, a topic that helped bring down three CEOs during Bolsonaro’s tenure as price hikes created tensions with the far-right leader.

“I have no specific or general guidance from the controlling shareholder or any other shareholder in the sense of changing the company’s pricing policy,” Andrade said.

He is on the verge of taking over as CEO a month after he was named by Bolsonaro, awaiting a board vote on June 27.

G7 considering ways of capping Russian oil price

Leaders of the Group of Seven rich democracies are having “very constructive” discussions on a possible cap on Russian oil imports, a German government official said on Saturday shortly before the start of the annual three-day G7 summit.

The proposal is part of broader G7 discussions on how to further crank up the pressure on the Kremlin over its invasion of Ukraine without stoking global inflationary pressures.

The Ukraine war, energy and food shortages and the darkening global economic outlook are expected to dominate the agenda of the summit that is taking place this year in Schloss Elmau, an alpine castle resort in southern Germany.

The US, Canada and Britain have already banned imports of Russian oil while EU leaders have agreed on an embargo that will take full effect by the end-2022 as part of sanctions on the Kremlin over its invasion of Ukraine.

With energy prices soaring though, the West fears such embargoes will not actually put a dent in Russia’s war chest as the country earns more from exports even as volumes fall.

A price cap could solve that dilemma, while also avoiding further restricting oil supply and fueling inflation, officials say, but for it to work, it requires buy-in from heavy importers like India and China.

“We are on a good path to reach an agreement,” the official said.

The official said the G7 was also discussing the need to combine ambitious climate goals with the need for some countries to explore new gas fields as Europe rushed to wean itself off Russian gas imports.

US drillers add oil and gas rigs for a record 23 months

US energy firms this week added oil and natural gas rigs for a second week in a row, in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the well pad.

The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, its highest since March 2020, energy services firm Baker Hughes Co. said in its closely followed report on Friday.

Baker Hughes said that puts the total rig count up 283, or 60 percent, over this time last year.

US oil rigs rose 10 to 594 this week, their highest since March 2020, while gas rigs gained three to 157, their highest since September 2019.

That put the overall oil and gas rig count up for a record 23 months in a row, gaining 26 in June. It also put the count up for seven quarters in a row, the longest streak of gains since 2011.

The oil rig count was up for a record 22 months in a row, rising 20 in June. It also increased for the seventh quarter, the most quarters since 2012.

The gas rig count rose by six in June, rising for a 10th month in a row, tying the record set in May 2010. It also put the gas count up for seven quarters in a row, matching the record set in 2004.

(With inputs from Reuters)