REGIONAL UPDATE
Against the continued backdrop of the ongoing energy transition the market continues to pick up. In stark contrast to this time last year, with a low oil price and the continued impact of the coronavirus pandemic, the current oil price of ~US$76 bbl is the highest level seen since 2018 and close to breaching a seven-year record at the time of writing. Hence without getting ahead of ourselves, perhaps there is scope for a sense of optimism creeping into the industry as we enter into the back end of 2021.
Our team hear is keen to build on this sense of optimism where our ongoing series of virtual events have continued, with our recent Oman Market Update (featuring PDO and Petrofac) and cybersecurity events proving to be extremely popular. We were also delighted to make a ‘soft return’ to a physical event with our evening reception at The Club Abu Dhabi, where it was great to see so many of you make the effort to join us which is hopefully the start of things to come.
We will be hosting more ‘Business Opportunities with’ webinars in the weeks ahead with presentations from ENEC and Kentech confirmed. Check our website for full details.
Our inaugural Qatar Connect event is scheduled for October 2021 where I would be delighted to hear from any member companies based in Qatar who would like to be part of the advisory committee, please email me if you are interested in this opportunity.
New members continue to join us from across the region where we welcomed Aegion Corp. Our recently launched membership referral scheme is a great opportunity for your organisation to obtain complimentary exposure at our many webinars via our global digital supporter initiative. Further information can be found by contacting anand.kumar@the-eic.com or dina.abieva@the-eic.com
We are delighted to once again be running the UK pavilion at ADIPEC taking place from 15-18 November 2021, stand space is currently 80% full, thus do not delay if you would like to join us. We will also be running a webinar on 17 August entitled ‘ADIPEC – What to Expect’ where alongside organisers DMG Events, we will provide an overview of the event, what the UK pavilion will be offering and the support available to EIC members.
In the interim please continue to enjoy your summer and let me know if any of the team here can be of assistance to you and we will do our utmost to help.
Ryan McPherson | Regional Director, Middle East, Africa, Russia & CIS | ryan.mcpherson@the-eic.com
REGIONAL NEWS
Masdar signs deal to develop 2GW of solar projects in Iraq
Masdar will develop new solar projects in Iraq as the Abu Dhabi-based company continues to expand its renewable energy portfolio. The UAE company signed an agreement with Iraq’s National Investment Commission to develop photovoltaic projects with a minimum capacity of 2GW. This agreement with Masdar, a global leader in renewable energy, is an important step in the development of the clean energy investment sector and the exploitation of solar energy in Iraq.
ENGIE-led consortium reaches financial close on Jubail desalination plant
A consortium led by ENGIE has reached financial close on the 3B independent water project in the Kingdom that will supply potable water for the cities of Jubail and Dammam. The Saudi Water Partnership Company (SWPC) reached financial close on the project alongside developers ENGIE, which has a 40% stake in the project, Nesma Company Limited (30%) and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment Company (30%). The plant, which is based on reverse osmosis technology, will produce 570,000 cubic metres per day of potable water supply. The plant will include storage facilities for one operational day in addition to in-house renewable energy capacity to reduce grid electricity consumption throughout the desalination process. The desalination scheme is being built on the basis of a build, own, operate contract, with commercial operation of the project expected to begin in 2024.
For more information about the energy sector, please read our Inside Energy monthly publication.