RIYADH: Saudi Steel Pipe Co. won a contract worth SR88 million ($24 million) from Uruguay-based Tenaris Global Services.
Under the contract, the Saudi company will provide oil and gas pipes to Tenaris, according to its bourse filing.
The financial impact is likely to appear toward the end of the year and the beginning of 2023, it said
In 2019, Tenaris, a global steel tube supplier, acquired 47.8 percent of Saudi Steel Pipe.
RIYADH: According to its CEO Robert Wilt, Saudi mining firm Ma’aden aims to grow its earnings before interest and tax 10 times by 2040.
“If you look at what Ma’aden wants to do over the next 18 years, by 2040, we want to grow our EBIT 10 times,” he said in a video entitled PIF Global Insights.
In his speech where he talked about how the metals and mining company is striving to become a role model for Environmental, Social, and Governance in Saudi Arabia with its sustainable business strategy, Wilt explained how Ma’aden will make this happen.
“We’ve got several strategic pillars to get there, but one of them is ESG leadership,” he said.
Ma’aden is going to unearth the potentials of the Kingdom and find the minerals and metals that are required to decarbonize the world, so as to be carbon neutral by 2050, he said.
• Ma’aden is going to unearth the potentials of the Kingdom and find the minerals and metals that are required to decarbonize the world, so as to be carbon neutral by 2050, official said.
• He said that Ma’aden will do these through a plan that makes sense for the future and a sustainable business model.
Wilt added that Ma’aden will do these through a plan that makes sense for the future and a sustainable business model.
“We’ve got to do it in a way that makes sense for the future, and that’s where another aspect of our ESG leadership has to come in,” Wilt said.
Ma’aden has set strategic pillars for these plans, mainly ESG, and the Kingdom is moving at a fast pace and wants to take a leadership role in the world, according to its top official.
Wilt added that the company will develop capabilities and build its infrastructure in emerging markets.
There is a great opportunity for business leaders in metals and mining, according to Wilt. Ma’aden is striving to become the role model for ESG in Saudi Arabia with its sustainable business strategy, he concluded.
LONDON: Formula Motorsport Limited (FML) signed on Friday a Memorandum of Understanding with Formula 1 Global Partner, Aramco, to introduce the use of sustainable fuels in both championships from 2023.
The deal demonstrates how the FIA Formula 2 and Formula 3 Championships are pioneers in this important area of development, while continuing to bring the F1 world champions of the future through the single-seater pyramid, a statement said.
The agreement is subject to FIA World Motor Sport Council approval.
It will form part of the wider sustainability strategy announced by the FIA and F1, which aims to make the sport net zero carbon by 2030.
By 2026, all FIA Championships will be required, by regulation, to power their cars with 100% sustainable fuels. A key milestone in the journey will be the introduction of a 100% sustainable fuel from the 2026 F1 season, alongside the next generation hybrid power units.
Aramco is working on the development of sustainable fuels as a “drop-in” technology, meaning they could be rolled out to the world’s existing automotive fleet — helping to reduce global transport emissions.
“Sustainability is at the top of the global motor sport agenda, and it is vital to see this work not only going on in Formula 1, but also in Formula 2, Formula 3 and throughout the entire ecosystem,” Mohammed Ben Sulayem, FIA President, said.
“Our sport is developing and evolving rapidly and it will continue to lead the way, pioneering the technologies, including sustainable fuels, that will be crucial to tackle climate change. We are a key part of the solution to the problems we are facing worldwide.”
Stefano Domenicali, president and CEO of F1, added: “Aramco is a leader in this space and, subject to the approval of the FIA World Motor Sport Council, will deliver our sustainable fuel ambitions, working closely with our colleagues in F2 and F3, who not only bring through the drivers of the future but offer a superb testing ground for the latest engineering in motorsport.
“In 2026, F1 will move to zero-emission sustainable fuel that offers a game-changing solution for the automotive sector and beyond. With the support of Aramco and all our manufacturers, we can accelerate the sector’s move to net zero.”
Ahmad Al Sa’adi, senior vice president of technical services at Aramco, said: “Aramco’s ambition is to achieve net-zero Scope 1 and Scope 2 emissions across our wholly-owned operated assets by 2050. Moreover, we recognize the need to work closely with our suppliers and customers to reduce emissions along the entire value chain of our products.
“This includes those in the transportation sector, where our approach includes redesigning internal combustion engines, and the fuels that power them.
“Our sustainable fuels partnership with F2 and F3 will be an extension of these efforts, and we are extremely enthusiastic about its potential,” he added.
And Ahmad Al-Khowaiter, chief technology officer at Aramco, continued: “Aramco is leveraging its unique scale, global network, and technological expertise to help deliver low-carbon transport solutions.
“We believe strongly in the power of partnerships and, through our collaboration with F2 and F3, we aim to demonstrate the significant potential of liquid synthetic fuels.
“We are exploring practical solutions that can enable decarbonization of the transport sector, from low-carbon fuels and more efficient engines to cutting-edge materials and carbon capture technology.
“By teaming up with F2 and F3 on this journey, we hope to make a positive impact by enabling emissions reduction in motorsport and, ultimately, the broader transportation sector.”
JEDDAH: A meeting between Saudi and Thai businesspeople was held in Jeddah on Thursday, Saudi Press Agency reported.
Jeddah Chamber of Commerce and Industry hosted a Saudi and Thai business delegation, in the presence of the chamber’s vice president, Khalaf Al-Otaibi and the acting consul general of Thailand, Pisoot Suwanrasami.
More than 80 Thai companies from various sectors, as well as more than 100 Saudi companies and institutions, joined the meeting.
The Saudi delegation discussed with their Thai counterparts the trade and economic exchange between the two countries in a number of economic and trade fields.
The volume of trade exchange between Saudi Arabia and Thailand amounted to about SAR130 billion ($34.5 billion) during the period (2017-2021). In 2021 alone, it amounted to SAR26.8 billion.
RIYADH: The Saudi Real Estate Refinance Co., wholly owned by the Public Investment Fund, is seeing its assets hitting SR20 billion ($5.3bn) after it completed a deal with Alinma Bank to acquire one of its real estate financing portfolios.
SRC has acquired in excess of SR20 billion in refinancing assets, through partnerships with major banks and mortgage providers in the Kingdom, a statement showed.
The deal signed with Alinma comes in line with SRC efforts to be an active supporter of the residential real estate sector through the expansion of its refinancing portfolio and by providing liquidity to create a stable secondary real estate market in the kingdom.
“As part of our ongoing drive to support Vision 2030 goals, we continue our focus on enabling a best-in class secondary mortgage market with the necessary liquidity to accelerate the delivery of affordable home ownership objectives,” CEO of SRC, Fabrice Susini, said.
“Signing this deal with Alinma Bank is a major milestone in our strategic efforts to onboard all the major real estate financing solutions providers in the Kingdom. It contributes significantly to accelerating the sector’s collective drive to deliver on the Vision’s 70 percent homeownership in the Kingdom,” he said.
We are pleased to announce the signing agreement to refinance a real estate portfolio with Alinma Bank @AlinmaBankSA and to continue our efforts to support the real estate finance sector. pic.twitter.com/rpKovgmIiB
The Vision 2030 housing program witnessed a significant increase over the past 4 years from 47 percent to 60 percent, according to the Ministry of Housing Majid Al-Hogail.
The increase exceeded the target of 52 percent by more than 8 percent driven by the combined efforts and partnerships within the private sector and the establishment of several government entities to cater specifically to the Saudi housing ecosystem, he said.
RIYADH: Saudi Basic Industries Corporation joined forces with European companies BASF and Linde to start the construction of the world’s first pilot plant for large-scale electrically heated steam cracker furnaces in Germany, the Saudi Press Agency reported.
The new technology uses electricity from renewable sources instead of natural gas, which allows it to reduce carbon emissions of one of the most energy-intensive production processes in the chemical industry by up to 90 percent, compared to technologies commonly used today.
The project includes huge potentials for all petrochemical industries around the world in light of the trend towards reducing carbon emissions in industrial processes, SABIC Vice-Chairman and CEO Yousef bin Abdullah Al-Bunyan said.
Al-Bunyan expressed his hope that this joint achievement will contribute to more cooperation between the three and other parties in order to put an end to greenhouse gas emissions, through the circular carbon economy.
The start-up of the demonstration plant, which will be fully integrated into one of the existing steam crackers at BASF’s Verbund site in Germany's Ludwigshafen, is targeted for 2023.
The plant will test two different heating concepts, processing around 4 tons of hydrocarbon per hour and consuming 6 MGW of renewable electricity/power, SPA said.
SABIC and BASF will handle the investment cost and BASF will be operating the plant.
Linde will be in charge of the engineering, procurement and construction of the project, and will commercialise the developed technologies in future.
The project has been granted €14.8m ($14.7m) by the German Federal Ministry for Economic Affairs and Climate Action under its Decarbonisation in Industry funding programme, to help overcome challenges caused by global conditions and energy costs.
With the new technology, BASF, Sabic and Linde aim to develop full-scale commercial production plants “that can achieve significant reductions in carbon dioxide emissions, compared with today’s technology.”