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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
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OIL PRICE: NEAR $79 STILL

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RUSSIA'S OIL PRODUCTION: 11.3 MBD

SAUDI'S RENEWABLE INVESTMENT: $50 BLN September, 21, 10:45:00

UNEXPECTED OIL PRICES

SAUDI'S RENEWABLE INVESTMENT: $50 BLN September, 21, 10:40:00

OIL MARKET UNCERTAINTY

SAUDI'S RENEWABLE INVESTMENT: $50 BLN September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

SAUDI'S RENEWABLE INVESTMENT: $50 BLN September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »