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☆ Renewables are cheapest, fastest source of energy to build, ACWA Power CEO says
▼ + stars: | 2024-04-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRenewables are cheapest, fastest source of energy to build, ACWA Power CEO saysMarco Arcelli, the CEO of ACWA Power, commented on the affordability and speed at which renewables are being built in the Global South.

Persons: Marco Arcelli Organizations: ACWA

☆ ACWA Power to develop green hydrogen project in Indonesia
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi Arabia's ACWA Power to develop largest green hydrogen project in IndonesiaMarco Arcelli, ACWA Power CEO, says ACWA Power is responsible for delivering "70% of the renewable energy, new capacity" in Saudi Arabia, alongside the PIF and Aramco.

Persons: Indonesia Marco Arcelli Organizations: Saudi, ACWA Locations: Indonesia, Saudi Arabia, Aramco

☆ Saudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO says
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO saysMarco Arcelli, ACWA Power CEO, discusses Saudi Arabia's Vision 2030 with CNBC's Dan Murphy at COP28 in the United Arab Emirates.

Persons: Marco Arcelli, CNBC's Dan Murphy Organizations: Saudi, ACWA, United Locations: COP28, United Arab Emirates

The "Made in Italy" fund, which was approved in May, will have an initial endowment of 700 million euros ($756 million) in 2023 and an additional 300 million next year in state cash. Saudi Arabia will focus on energy, sustainability, supply chains and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said at the same event. Italian exports to Saudi Arabia totalled just over 4 billion euros in 2022, much from manufacturing, while imports totalled more than 7.4 billion euros, the bulk from oil products. Also at the Milan event, leading Italian energy company Eni (ENI.MI) and Saudi Acwa Power (2082.SE) agreed to jointly develop a green hydrogen project in the Middle East and Africa. Saudi Arabia has a well advanced project dubbed NEOM to produce green hydrogen at home while Italy so far has not developed yet any plan to produce it in significant quantity.

Persons: Adolfo Urso, Giorgia Meloni, Meloni, shrugging, Urso, Khalid al, Falih, Power, De Nora, Giuseppe Fonte, Keith Weir, Angus MacSwan, Alexander Smith Organizations: Energy, Italy's Industry, Reuters, Italy's, Investment, European Union, EU, Saudi, Eni, Saudi Acwa, Thomson Locations: Italy, MILAN, Saudi Arabia, Saudi, Rome, Riyadh, Milan, Kingdom, Meloni, East, North Africa, Russia, Africa

BASRA, Iraq, July 19 (Reuters) - Iraq secured its $27 billion oil deal with France's TotalEnergies (TTEF.PA) last week by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors. The new deal is designed to allow Total to take a portion of revenues from the Ratawi oil field in Iraq's oil-rich Basra region and use them to help finance three other projects, two senior Iraqi oil officials said. In the end, Total took a 45% share while the state-owned Basra Oil Company took 30% and QatarEnergy 25%. Revenues will be split according to those stakes, one of Iraq's senior oil officials said. Iraq's oil officials said the model could be replicated in the future but that would be considered on a project-by-project basis.

Persons: France's, Aref Mohammed, Silvia Aloisi, Timour Azhari, Elaine Hardcastle Organizations: Exxon Mobil, Shell, BP, Total, Reuters, Basra Oil Company, Thomson Locations: BASRA, Iraq, U.S, Basra, Ratawi, Saudi, Iraqi, Timour Azhari, Baghdad, Paris

☆ Iraq, TotalEnergies sign massive oil, gas, renewables deal
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BAGHDAD, July 10 (Reuters) - Iraq and French oil major TotalEnergies (TTEF.PA) on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day". "I hope that this will be a strong signal to other investors to come to Iraq," Pouyanne said. Exxon Mobil, Shell and BP have all scaled back their operations in Iraq in recent years, contributing to a stagnation in oil production. Iraq's oil production capacity has remained at around 5 million barrels per day in recent years.

Persons: TotalEnergies, QatarEnergy, Patrick Pouyanne, Hayan Abdel, Ghani, we'll, Abdel, Pouyanne, Maher Nazeh, Nadine Awadalla, Timour, Louise Heavens, Jason Neely, Christina Fincher Organizations: Monday, Exxon Mobil, Shell, BP, Thomson Locations: BAGHDAD, Iraq, Baghdad, Basra, Saudi, U.S, Saudi Arabia, Dubai

☆ Saudi companies to invest $51 billion under government-backed plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 2 (Reuters) - Saudi Arabia has launched 192 billion riyals ($51.2 billion) of investments led by local companies, including oil giant Aramco (2222.SE), SABIC (2010.SE) and Ma'aden (1211.SE), under a government-backed initiative, state news agency SPA reported. Other investments in the telecommunications and logistics will also receive Shareek support. Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund (PIF) and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts. ($1 = 3.7524 riyals)Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ Saudi's ACWA Power signs $1.5 bln agreement with Power China - Al-Arabiya
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: 1 min

K3 Capital said on Thursday it was in advanced talks to sell itself to U.S. private-equity firm Sun Capital Partners Group in a deal valuing the British professional services firm at 257.3 million pounds ($314 million). December 8, 2022

☆ Factbox: Saudi-China energy, trade and investment ties
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +4 min

Below are some details about oil, trade and security relations between China and Saudi Arabia. OIL TRADEChina is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. Chinese exports to Saudi Arabia reached $30.3 billion, while China's imports from the kingdom totalled $57 billion. REFINERIESAramco in early 2022 made a final investment decision to build a $10 billion refinery, petrochemical complex in northeast China, marking its single largest investment in China. Named Huajin Aramco Petrochemical Company, the joint venture groups Aramco, Huajin Chemical Industries Group Corporation (000059.SZ) -- a unit of defence conglomerate Norinco-- and Panjin Xincheng Industrial Group.

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