Page 17 - DMEA Week 20 2022

DMEA NEWS IN BRIEF DMEA

were neutralized with assorted weapons and The kingdom, one of the world’s top company is working with other partners,
different calibers of ammunitions captured oil exporters, wants to become the biggest contractors and offtakers to navigate the
from the terrorists. supplier of green hydrogen, aiming to produce issues as well as others caused by lockdowns
VANGUARD around 4 million tonnes by 2030 as part of in China.
Crown Prince Mohammed bin Salman’s drive “We kind of pass (the) risk, if you like, to
to diversify the economy. other parties who are better able to manage
PETROCHEMICALS “We should be sharing good news during (it),” he said.
Q3,” ACWA’s CEO Paddy Padmanathan told ACWA brought 10 projects online last year
Petro Rabigh gets nod to Reuters when asked about closing the project and expects between seven and 10 to begin
finance facility for the expected $5 billion
production this year.
increase capital plant which is being built in the planned REUTERS
futuristic city NEOM.
Rabigh Refining and Petrochemical Co., In a previous interview in October,
known as Petro Rabigh, has received Padmanathan had expected to have the TERMINALS & SHIPPING
shareholders’ approval for a 91-percent financing in place in the first quarter.
increase in capital through an offering of 795 Procurement for and construction of the Somo signs oil transport
million shares. green hydrogen plant are underway and it is
This will allow the company to increase its expected to be operational in the first quarter deal with railway firm
capital to SR17 billion ($4.5 billion) from SR9 of 2026, Padmanathan said.
billion, according to a bourse filing. Several more plants are expected to follow Based on the directives of the Minister of Oil
The prospectus for its capital increase will as Saudi Arabia seeks to gain a first mover’s in supporting government sector companies,
be issued through SR8 billion rights issue, advantage and dominate the industry. and in order to maximize the financial
after receiving the Capital Market Authority’s ACWA Power also expects to secure revenues generated through the conclusion
approval, it added. financing this year for the 700-megawatt Ar of contracts that come in the context of
ARAB NEWS Rass photovoltaic solar plant in Al Qassim supporting the national carrier, which aim
province, Padmanathan said. to enhance the participation of national
ACWA expects NEOM the Black Sea following Russia’s invasion of companies in the transportation of petroleum
The CEO said the effective blocking of
products and to increase the quantities
hydrogen plant financing in Ukraine has caused issues in delivering large transported for export purposes through
equipment to ACWA projects in countries like
tankers that Floating tanks are working at the
Q3 Uzbekistan and Azerbaijan. anchorage area in Iraqi waters, and to reduce
“The projects are getting stressed due to
traffic congestion and traffic on land roads.
Saudi Arabia’s utility developer ACWA supply chain constraints. It’s not just about The course with an amount of (1000 tons
Power, partly owned by the sovereign Public even inflation anymore, it’s also availability,” per day) to the southern ports for a period of
Investment Fund, expects to close financing Padmanathan said of ACWA projects one year.
for a multi-billion dollar green hydrogen plant generally. SOMO
in the third quarter, its chief executive said on Expected delays of roughly one to three
Thursday. months are manageable, he said, and the

Week 20 19•May•2022 www. NEWSBASE .com P17