Finance World Magazine| Edition: February 2024

Energy News
Oman Energy Ministry Signs Concession with CC Energy in Lebanon
Oman’s energy ministry recently
sealed a pivotal concession
agreement with Lebanon’s CC
Energy Development, paving
the way for collaborative efforts in oil
and gas exploration. The focus lies on
concession areas 38 and 74 in Dhofar
province, underscoring a strategic
partnership between the two nations.
This move aligns with Oman’s proactive
stance in enhancing its energy sector and
leveraging international expertise. The
agreement is anticipated to stimulate
exploration activities in the specified
areas, contributing to the overall energy
landscape in Dhofar province. As both
entities join forces, the collaboration
signifies a step towards fostering
growth and development in Oman’s
vital energy sector through shared
exploration endeavours.
Saudi Energy
Ministry and NEOM
Company Ink Energy
Collaboration Deal
The Saudi Ministry of Energy
and NEOM company solidified
their dedication to enhancing
collaboration in the energy
sector through the formal signing of a
Memorandum of Understanding (MoU).
This agreement symbolises a strategic
partnership between the governmental
ministry and NEOM, a key player in the
development of the innovative NEOM
City. The MoU serves as a foundation
for cooperative endeavours, paving
the way for joint initiatives to advance
various facets of the energy industry.
According to reports from the Saudi
state news agency, this step underscores
the nation’s unwavering commitment to
fostering innovation and progress in the
pivotal realm of energy, harmonising
with their broader economic and developmental
goals.
Taqa Consortium Secures $408M Reservoir Project
in Makkah Bid
Taqa, Vision Invest, and the
Gulf Investment Corporation
(GIC) consortium, led by the
Abu Dhabi National Energy
Company (Taqa), clinched the bid for a
$408M water reservoir project in Saudi
Arabia’s Makkah region. Tasked with
constructing, owning, and operating the
Juranah Independent Strategic Water
Reservoir Project (ISWR-1) for 30 years,
the consortium will later transfer ownership
to the Saudi Water Partnership
Company (SWPC). This initiative aims
to meet emergency municipal water
demands across the kingdom, with a
specific focus on handling peak demands
in Makkah and Madinah during
the Hajj season. Taqa will spearhead
operations and maintenance activities
through a jointly-owned company with
Vision Invest, holding a 35% share in the
project and a 50% stake in operations
and maintenance.
Saudi Arabia launches bids for 7200MW plants
with CCU
The Saudi Power Procurement
Company (SPPC) has opened
bids for the establishment of
four power plants, totalling
7,200MW, across the kingdom. These
plants, situated in the central (Rumah1
& Rumah2) and eastern (Nairyah1
& Nairyah2) regions, each boast an
1800 MW capacity. SPPC highlights
their commitment to operating all
plants with natural gas combined cycle
technology and readiness for carbon
capture units, aligning with the Saudi
Green Initiative. Aligned with the
circular carbon economy approach,
these projects contribute to the goal
of achieving greenhouse gas net zero
by 2060. Integral to Saudi Vision 2030,
they signify strides in improving generation
efficiency, cost reduction, and
realising a balanced energy mix of
50% renewable energy and 50% gas in
electricity production.
42 www.thefinanceworld.com February 2024