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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
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IRAN SANCTIONS DOWN

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IRAN - S.KOREA OIL DOWN ANEW

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Chronicle:

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, October, 15, 12:01:00

GAZPROM - SHELL: BALTIC LNG

GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, October, 15, 12:00:00

U.S. RIGS UP 11 TO 1,063

BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, October, 12, 11:40:00

OIL PRICE: NEAR $81

REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

SAUDI'S RENEWABLE INVESTMENT: $50 BLN
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

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