INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Saudi Arabia to use cooking oil to fuel transport in Red Sea Project

     

    • It has teamed up with the region’s largest biofuel producer to help fuel the site’s transportation network

    • This is part of kingdom’s commitment to renewable energy

     

    Saudi Arabia will adopt a novel way of running transport in its Red Sea Project by the use of old cooking oil. In this regard, Saudi Arabia’s ACWA Power has signed an initial agreement with Neutral Fuels for the supply of biofuels to the Kingdom’s vast Red Sea Project.
    The ACWA Power-led consortium was awarded The Red Sea Development Company’s highest value contract to design, build, operate and transfer the project’s sustainable utilities infrastructure in November 2020.
    Now it has teamed up with the region’s largest biofuel producer to help fuel the site’s transportation network. The biofuel is made from used vegetable cooking oil that is processed in a local facility. “The scale of the project is impressive but the real news here is the massive scale of the commitment that Saudi Arabia is making to renewable energy,” said CEO of Neutral Fuels, Karl W Feilder.
    Neutral Fuels is developing a biorefinery in Saudi Arabia to serve the project. Work remains on track to welcome its first guests by the end of 2022, when the international airport and first hotels are due to open.