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2017-01-30 18:55:00

SAUDI'S RENEWABLE INVESTMENT: $50 BLN

SAUDI'S RENEWABLE INVESTMENT: $50 BLN

BLOOMBERG - Saudi Aramco, the world's largest oil company, is considering as much as $5 billion of investments in renewable energy firms as part of plans to diversify from crude production, according to people with knowledge of the matter.

Banks including HSBC Holdings Plc, JPMorgan Chase & Co. and Credit Suisse Group AG have been invited to pitch for a role helping Aramco identify potential acquisition targets and advising on deals, the people said, asking not to be identified as the information is private. The energy company is seeking to bring foreign expertise in renewable energy into the kingdom, the people said, adding that first investments under the plan could occur this year.

Saudi Arabia is planning to produce 10 gigawatts of power from renewable energy sources including solar, wind and nuclear by 2023 and transform Aramco into a diversified energy company. The kingdom also plans to develop a renewable energy research and manufacturing industry as part of an economic transformation plan announced by Deputy Crown Prince Mohammed bin Salman in April.

Saudi Aramco, HSBC, Credit Suisse and JPMorgan declined to comment.

The kingdom intends to become a global "powerhouse" of renewable energy including solar, wind and nuclear power, the country's Energy Minister and chairman of Aramco, Khalid Al-Falih, said at the World Economic Forum in Davos, Switzerland. By 2030 the kingdom wants to produce 30 percent of its power from renewable energy sources.

Energy Program

OPEC's biggest crude producer is embarking on a domestic renewable-energy program costing $30 billion to $50 billion. The country's only solar plant in operation, aside from a limited pilot project, is a 10-megawatt facility on top of a parking lot at Saudi Aramco's headquarters. The national utility, Saudi Electricity Co., is seeking bids for two solar plants to generate a combined 100 megawatts.

Saudi Arabia previously had longer-term targets for renewable power when crude prices were about double current levels. Its earlier solar program forecast more than $100 billion of investment in projects to produce 41 gigawatts of power by 2040. The government delayed the deadline for meeting that capacity goal by nearly a decade in January 2015, saying it needed more time to assess the relevant technologies.

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Earlier:

SAUDI: 

OIL PRODUCTION CUTS 1.5 MBD 

SAUDI'S CHANGES PRICE: $2 TLN 

SAUDI'S INVESTMENT: $334 BLN 

SAUDI VISION 2030 

SAUDI'S DEFICIT 20%

 

RENEWABLE: 

MEXICO'S POTENTIAL: $415 BLN 

LETTERONE IS LOOKING 

RENEWABLE ENERGY: GROWING RISKS

 

 

 

 

 

Tags: SAUDI, RENEWABLE, ENERGY, OPEC

Chronicle:

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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