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2017-04-17 17:30:00

SAUDI'S RENEWABLE INVESTMENT: $50 BLN

SAUDI'S RENEWABLE INVESTMENT: $50 BLN

BLOOMBERG - Saudi Arabia will develop 30 solar and wind projects over the next 10 years as part of the kingdom's $50 billion program to boost power generation and cut its oil consumption.

The world's biggest exporter of crude oil will produce 10 percent of its power from renewables by 2023, Energy Minister Khalid Al-Falih said Monday at a conference in Riyadh. It also plans to generate electricity from nuclear plants.

Saudi Arabia will offer a tender in the fourth quarter for 400 megawatts of wind power at a project in the northern area of Domat al-Jandal, he said.

The projects are part of a plan to transform the Saudi economy by weaning it off oil and creating new industries. Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion, Al-Falih said in January. The country generated 30 megawatts to 50 megawatts of power from renewables in November, Ziyad Al-Shiha, chief executive officer of Saudi Electricity Co., said at the time.

Saudi Arabian Oil Co., which generates 6 gigawatts of electricity per year, is interested in participating in the second round of bidding for renewable projects, Abdulaziz Al-Judaimi, senior vice president, said at the conference. Generating capacity will increase to 10 gigawatts next year, he said.

The government plans to privatize the power industry, Al-Falih said. Saudi Electricity will be restructured, with its generation, transmission and distribution businesses all operating independently, he said.

"There are no dates established yet, but the process has been moving and we are working on that," Saudi Electricity's Al-Shiha said on the sidelines of the conference.

Al-Falih said four generating companies under Saudi Electricity will be privatized. The kingdom will create a new company to trade power locally and wants to sell electricity to other countries, he said.

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Earlier: 

SAUDI SELL ARAMCO 

SAUDI'S OIL BALANCE 

SAUDI'S ENERGY INVESTMENT $124 BLN 

SAUDI BEGIN SALES: $2 BLN 

CHINA'S INVESTNENT TO SAUDI

 

 

Tags: SAUDI, INVESTMENT, RENEWABLE

Chronicle:

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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