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Saudi Aramco awards contract to develop $690m seawater desalination plant
/node/2226626/business-economy


SAUDI ARAMCO AWARDS CONTRACT TO DEVELOP $690M SEAWATER DESALINATION PLANT

By 2023, the plant is expected to have a power capacity of 270-320 megawatts
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Updated 04 January 2023
Arab News
January 04, 2023 14:20
3750



SAUDI ARAMCO AWARDS CONTRACT TO DEVELOP $690M SEAWATER DESALINATION PLANT


Updated 04 January 2023
Arab News
January 04, 2023 14:20
3750



RIYADH: Saudi Aramco has awarded a contract to Lamar Holding to develop a
seawater desalination plant valued at SR2.6 billion ($693 million).

The seawater reverse osmosis desalination plant includes a water distribution
network, and is a part of the Jafurah gas development scheme. 

The project has a design capacity of 80,000 cubic meters a day, and includes
power and utility facilities, according to a MEED report. 

It also contains an extensive water distribution network component, identified
to extend 200 km.  

By 2023, the plant is expected to have a power capacity of 270-320 megawatts.  

In addition to Lamar Holding, the local utility developer Mowah Co. is also
investing in the seawater desalination plant.  

SEPCO Electric Power Construction Corp., a Chinese company, will be the assigned
engineering, procurement and construction contractor for the project.  

Jafurah sits in the southeast of the world’s biggest conventional oil field,
Ghawar. Its gas development scheme is part of Aramco’s $3.2 billion
unconventional resources program that plans to endorse shale gas in 3 regions.  

Kamco, the South Korean utility developer and investor, officiated the contract
to create an independent steam and power plant to provide for the gas
development project in July.  

Sumitomo Mitsui Banking Corp. has been appointed by Aramco to be the financial
adviser for the independent utility schemes providing for the project. 


Topics: Saudi Aramco Aramco desalination

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SAUDI PRIVATE SECTOR TO DRIVE WATER INDUSTRY GROWTH AS KINGDOM UPS DESALINATION
CAPACITY 

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Oil Updates — Crude rebounds; Exxon sees oil earnings ease in Q4
/node/2226986/business-economy


OIL UPDATES — CRUDE REBOUNDS; EXXON SEES OIL EARNINGS EASE IN Q4


Updated 05 January 2023
Nirmal Narayanan 
January 05, 2023 08:57
827



OIL UPDATES — CRUDE REBOUNDS; EXXON SEES OIL EARNINGS EASE IN Q4


Updated 05 January 2023
Nirmal Narayanan 
January 05, 2023 08:57
827


RIYADH: Oil prices rebounded on Thursday amid dollar weakness and as investors
emerged to buy dips after two sessions of steep losses, though economic concerns
capped recovery. 

Brent crude futures had climbed 95 cents, or 1.22 percent, to $78.79 a barrel by
08.30 a.m. Saudi time, while US West Texas Intermediate crude futures rose 94
cents, or 1.29 percent to $73.78 a barrel. 

Big declines in the previous two days were driven by worries about a potential
global recession, especially since short-term economic signs in the world’s two
biggest oil consumers, the US and China, appeared shaky. 

China, Philippines to promote cooperation on oil, gas projects 

The Philippines and China will promote cooperation on oil and gas exploration in
non-disputed areas, Beijing’s ambassador to the Philippines said on Thursday. 

Ambassador Huang Xilian made the comment in a post on Facebook after a meeting
between Chinese President Xi Jinping and Philippine President Ferdinand Marcos
Jr. 

Xi pledged to work with the Philippines on properly handling maritime issues
through friendly consultation, resume negotiations on oil and gas exploration,
promote cooperation on oil and gas exploration in non-disputed areas, and
conduct green energy cooperation on photovoltaics, wind power, and new energy
vehicles, Huang said. 

Exxon sees oil and gas earnings ease in fourth quarter 

Exxon Mobil Corp. said on Wednesday that it expected earnings from its oil and
gas production to slow down in the fourth quarter from the prior quarter. 

The largest US oil producer posted earnings of $12.4 billion from the unit in
the third quarter, according to a securities filing. 

(With input from Reuters) 


Topics: OPEC Oil China

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3044
Business & Economy

OPEC OIL OUTPUT RISES DESPITE PRODUCTION TARGET CUTS

--------------------------------------------------------------------------------

Update 3805
Business & Economy

OIL UPDATES — PRICES FALL FURTHER OVER GLOBAL ECONOMY CONCERNS; IRAQ EXPORTS
OVER $115BN OF OIL IN 2022 

--------------------------------------------------------------------------------

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OPEC oil output rises despite production target cuts
/node/2226741/business-economy


OPEC OIL OUTPUT RISES DESPITE PRODUCTION TARGET CUTS


Updated 04 January 2023
Reuters
January 04, 2023 19:10
3044



OPEC OIL OUTPUT RISES DESPITE PRODUCTION TARGET CUTS


Updated 04 January 2023
Reuters
January 04, 2023 19:10
3044


LONDON: OPEC oil output rose in December, a Reuters survey found on Wednesday,
despite an agreement by the wider OPEC+ alliance to cut production targets to
support the market.
The Organization of the Petroleum Exporting Countries pumped 29 million barrels
per day last month, the survey found, up 120,000 bpd from November. In
September, OPEC output had been its highest since 2020. 
December’s rise was led by recovering output in Nigeria, which has been battling
for months with crude theft and insecurity in its oil-producing region.
Many Nigerian crude streams produced more in December, sources in the survey
said, with some companies citing improving security.
OPEC+ had been boosting output for most of 2022 as demand recovered. For
November, with oil prices weakening, the group made its largest cut to
production targets since the early days of the COVID-19 pandemic in 2020.
Its decision from November called for a 2 million bpd cut to the OPEC+ output
target, of which about 1.27 million bpd was meant to come from the 10
participating OPEC countries. The same target applied in December.
With the rebound in Nigerian output in December, compliance with the agreement
weakened slightly to 161 percent of pledged cuts, according to the survey, down
from 163 percent in November.
Output is still undershooting targeted amounts because many producers - notably
Nigeria and Angola - lack the capacity to pump at the agreed levels.
The 10 OPEC members required to cut production pumped 780,000 bpd below the
group’s December target, the survey found. The shortfall in November was 800,000
bpd.


Topics: OPEC Oil Production OPEC+

RELATED

Update 3805
Business & Economy

OIL UPDATES — PRICES FALL FURTHER OVER GLOBAL ECONOMY CONCERNS; IRAQ EXPORTS
OVER $115BN OF OIL IN 2022 

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Attracting foreign investment is Egypt’s top priority, says PM
/node/2226731/business-economy


ATTRACTING FOREIGN INVESTMENT IS EGYPT’S TOP PRIORITY, SAYS PM


Updated 04 January 2023
Gobran Mohamed
January 04, 2023 18:29
2874



ATTRACTING FOREIGN INVESTMENT IS EGYPT’S TOP PRIORITY, SAYS PM


Updated 04 January 2023
Gobran Mohamed
January 04, 2023 18:29
2874


CAIRO: Egyptian Prime Minister Mostafa Madbouly on Wednesday reviewed measures
to boost investment opportunities in various economic sectors and stressed the
need for concerted efforts to create an environment conducive to investments and
friendly for foreign investors.

He described boosting domestic and foreign investments top priority of the
government. The prime minister chaired a meeting attended by various ministers
of the Cabinet to discuss preparations for the upcoming investment promotion
conference in the North African country, said Cabinet spokesperson Nader Saad.

Major international institutions, investment banks, representatives of
international companies, and business leaders are scheduled to be invited to the
business event.

Saad said the meeting focused on the mechanisms for the implementation of a
policy recently approved by President Abdel Fattah El-Sisi. It lays emphasis on
increasing the private sector’s role in the economic development of the country.

The meeting also discussed the global and regional developments that are
affecting the world economies. The ministers also highlighted the issues the
North African country is currently facing due to geopolitical tensions such as
the Ukraine war, fluctuating oil prices, and the declining value of the Egyptian
pound against the US dollar.

Egypt’s economy was hit hard after Russia’s invasion of Ukraine last February
unsettled global investors and led them to pull billions out of the North
African country.

The war sent wheat prices spiraling, heavily impacting Egypt, one of the world’s
largest grain importers, and piling pressure on its foreign currency reserves.

With costs driven up further by soaring global energy prices, official inflation
topped 18 percent in November, while billions of dollars worth of imported goods
remain locked in Egypt’s ports.

As the foreign currency crunch continues, the Egyptian pound has plummeted,
losing 70 percent of its value over 10 months.

The most recent dip — just over 8 percent — came Wednesday, the same day experts
rang alarm bells when two state-owned banks announced one-year saving
certificates with a whopping 25 percent interest rate.

Egyptian Minister of Supply and Internal Trade Ali Moselhi faced harsh criticism
from parliamentarians.

The minister told the meeting the prices of commodities will go down within two
months. He said more than 60 percent of the country’s food items are imported
and prices are going up due to an increase in the prices of imported raw
materials.

He said his ministry was preparing a new law to regulate random markets and
control prices.


Topics: Egypt economy Inflation Investment

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FIFA World Cup 2022 bolsters Qatar’s retail and service sectors
/node/2226721/business-economy


FIFA WORLD CUP 2022 BOLSTERS QATAR’S RETAIL AND SERVICE SECTORS


Updated 04 January 2023
Arab News
January 04, 2023 18:18
1877



FIFA WORLD CUP 2022 BOLSTERS QATAR’S RETAIL AND SERVICE SECTORS


Updated 04 January 2023
Arab News
January 04, 2023 18:18
1877


RIYADH: Qatar Financial Center’s latest Purchasing Managers Index survey reveals
rapid growth in business activity in December and November due to the FIFA World
Cup.

Wholesale, retail, and service providers in Qatar registered huge expansion
activity driving a record overall increase in prices charged for goods and
services.

Qatar’s PMI is a composite single-figure indicator of non-energy private sector
performance that is derived from new orders, output, employment, suppliers'
delivery times, and stock of purchases.

The PMI rose for the second month running from 48.8 in November to 49.6 in
December pointing to a near-stabilization in overall non-energy private sector
business conditions at the end of 2022.

Non-oil private sector output rose for the thirtieth consecutive month in
December. 

The rate of growth was little-changed since November and is well above the
long-run survey average.

The output index in November was 62.8 which was countered by a
construction-driven pause in new work and improving supply chains.

The index trended at 69.0 throughout the entire year which represented the
highest figure in the survey’s history compared to a long-run trend of 54.8.

“The FIFA World Cup Qatar 2022 makes its mark on the Qatari economy in December,
with another rapid increase in business activity fueled by the retail and
services sectors. The December data round off a stellar 2022 with the Output
Index and headline PMI trending at 69.0 and 57.7 respectively, the highest
annual averages since the survey began in 2017,” Yousuf Al-Jaida, CEO at QFC
Authority, said in a statement.

The financial services sector also recorded a massive increase in business
activity in the last month of 2022 demonstrating the strongest growth in the
near-six-year period.

Input prices paid by financial services companies rose only fractionally in
December, while charges imposed for services increased for the first time in six
months.

“The tournament's legacy is also looking secure, with widespread reports from
companies of post-competition business opportunities and an expected permanent
boost to tourism. The Future Activity Index, tracking the 12-month outlook, rose
to a 29-month high in December,” Al-Jaida added.

The QFS is a business center located in Doha that provides a platform for firms
to do business in Qatar offering a legal, regulatory, tax and business
environment.


Topics: FIFA World Cup 2022 Qatar

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Saudi water reforms hand Kingdom’s economy a head start as global supply
problems increase /node/2226706/business-economy


SAUDI WATER REFORMS HAND KINGDOM’S ECONOMY A HEAD START AS GLOBAL SUPPLY
PROBLEMS INCREASE


Updated 04 January 2023
Arab News
January 04, 2023 17:52
1550



SAUDI WATER REFORMS HAND KINGDOM’S ECONOMY A HEAD START AS GLOBAL SUPPLY
PROBLEMS INCREASE


Updated 04 January 2023
Arab News
January 04, 2023 17:52
1550


RIYADH: Reforms to Saudi Arabia’s water sector are set to give the Kingdom a
“competitive advantage” over other countries which face supply problems,
according to a new analysis by the Saline Water Conversion Corp..

The report from the organization highlights how Saudi Arabia — one of the most
water-stressed countries in the world — is taking a range of measures to ensure
its water security as a foundation to achieve the socioeconomic transformation
targeted in the Vision 2030 plan.

The actions include reducing water demand by optimizing use in agricultural
production, increasing water supplies by increasing desalination and storage
capacity, and improving the resilience of the water system by boosting
transmission and interlinkage projects.

SWCC notes that at least 112 countries are facing high or even extreme water
stress entirely or in parts of their territory, with countries in the Middle
East and North Africa, among the hardest hit.

“With increasing water stress across the world, water will soon emerge as a key
limiting factor to socioeconomic development, giving countries that have
invested in creating a water-resilient system a competitive advantage,” the
report said.

As Saudi Arabia has limited natural water sources, with most of its total water
supply sourced from non-renewable groundwater, the Kingdom is ramping up
investment in desalination plants and strategic storage.

“SWCC is investing in increasing its capacity to desalinate, transmit, and store
water to meet increasing demand and further enhance water supply security.
Today, Saudi Arabia can store 21 million cubic meters, which is equivalent to
2.2 days of current municipal water demand,” said the report.

The analysis further pointed out that projects are ongoing in the Kingdom to
expand storage capacity by 14 percent, and the expansion of a further 225
percent is planned to reach seven days of strategic storage by 2030.

The Kingdom is also planning to increase desalination capacity by an additional
17.4 percent by 2030.

Saudi Arabia is also reducing water demand by optimizing water usage in
agricultural production.

In the past, farmers in Saudi Arabia who primarily cultivate wheat mostly relied
on non-renewable groundwater, which ultimately resulted in its depletion.

To combat this, it was decided to change the policy and phase out the production
of water-intensive crops – such as wheat and alfalfa – between 2008 and 2016,
said SWCC in its report.

The Kingdom also aims to increase treated wastewater and reuse it for
irrigation.

“Vision 2030 targets achieving 100 percent treated wastewater, of which 70
percent will be reused. In 2021, 86 percent of wastewater is being treated, and
26.12 percent is being reused,” SWCC said in the report.

The full report can be read here.


Topics: Saline Water Conversion Corporation (SWCC) desalination water supply

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Business & Economy

SAUDI ARAMCO AWARDS CONTRACT TO DEVELOP $690M SEAWATER DESALINATION PLANT

--------------------------------------------------------------------------------

841
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SAUDI PRIVATE SECTOR TO DRIVE WATER INDUSTRY GROWTH AS KINGDOM UPS DESALINATION
CAPACITY 

--------------------------------------------------------------------------------


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