Crystal hydrogen project nears investment decision
8 February 2024
The developer team for a 100MW electrolyser facility in Abu Dhabi's Ruwais industrial complex expects to reach a financial investment decision on the project imminently.
Project Crystal is being developed jointly by Abu Dhabi’s Masdar Green Hydrogen, France’s Engie and Abu Dhabi-based petrochemicals firm Fertiglobe, which is also the offtaker of the green ammonia produced from the hydrogen derived from the electrolyser plant.
The developer consortium initially expected to reach a final investment decision on the project by the fourth quarter of 2023.
MEED reported in November that the developer team expects to receive bids for the project's engineering, procurement and construction (EPC) package.
MEED has yet to confirm the supplier of the plant’s electrolyser equipment.
It is understood that France’s Technip Energies completed the detailed design of the project last year.
The developer consortium plans to purchase renewable energy from Emirates Water & Electricity Company (Ewec) to power the electrolyser facility, unlike most of the planned green hydrogen projects in the region that include captive renewable energy plants.
The facility is expected to reach commercial operation by early 2026.
It will support green ammonia production and will be installed near Fertiglobe’s ammonia production plants, with Fertiglobe as the sole long-term offtaker.
It is the first project arising from a strategic alliance between Engie and Masdar that was announced in December 2021.
The two companies are looking to develop projects with a capacity of at least 2GW by 2030, with a total investment in the region of $5bn, Engie said at the time.
In addition to this project, Engie also serves as a carbon adviser to Emirates Steel’s low-carbon steel project.
In June last year, the French utility developer and investor, along with South Korea's Posco and several other partners, signed a concession agreement for the development of an integrated green hydrogen complex in Oman.
The South Korean/French-led team plans to develop a green hydrogen plant with an annual capacity of 220,000 tonnes will be located in Duqm, some 450 kilometers southwest of the Omani capital.
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Saudi Arabia completes SR2.4bn sukuk issuance
25 June 2025
The National Debt Management Centre (NDMC) has successfully completed investor requests for its June 2025 issuance as part of its Saudi riyal-denominated sukuk programme, raising a total of SR2.355bn ($630m).
The NDMC’s latest sukuk issuance was structured into five tranches. The first tranche, valued at SR25m, is set to mature in 2027. The second tranche, totalling SR1.175bn, will mature in 2029. The third tranche, amounting to SR500m, is scheduled to mature in 2032. The fourth tranche, valued at SR5m, will mature in 2036, while the fifth tranche, totalling SR650m, is set to mature in 2039.
This latest issuance follows the NDMC’s previous success in May 2025, when it secured SR4.08bn ($1.09bn). That issuance was structured into four tranches, with maturities ranging from 2029 to 2039, and reflected the government’s approach to financing its budget deficit, which reached SR58.7bn in the first quarter of 2025.
The Saudi Finance Ministry has indicated that the public debt has increased in both domestic and external components, with domestic debt closing at SR797bn and external debt at SR531.7bn. The NDMC’s ongoing sukuk issuances are part of a broader strategy to manage this debt effectively and ensure fiscal stability.
In April 2025, the NDMC announced the closure of its April sukuk issuance, which totalled SR3.71bn and was split into four tranches.
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Morocco seeks contractors for LNG terminal and power station
25 June 2025
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Morocco’s Ministry of Energy Transition & Sustainable Development has issued an invitation for expressions of interest in a major liquefied natural gas (LNG) infrastructure project.
The project includes an LNG import terminal, pipelines and a gas power station, according to documents released by the ministry.
Contractors have been set a bid deadline of 2pm on 23 July 2025.
The project is located at Morocco’s Nador West Med Port and will include a gas power station with a capacity of approximately 1,200MW, according to the newly released documents.
The power plant will be developed under Morocco’s independent power production (IPP) regime, in accordance with National Office of Electricity and Drinking Water (ONEE) Law, according to the ministry.
The project will also include a pipeline network that will supply industrial consumers in Nador, Kenitra and Mohammedia.
The scope of the LNG terminal portion of the project includes the design, construction, equipment, operation and maintenance of all offshore and onshore infrastructure elements of the terminal. It also includes all high-pressure gas systems.
A dedicated berth is expected to be developed at Nador West Med Port.
The terminal will either be a floating storage and regasification unit (FSRU) or a floating storage unit (FSU) that has the regasification element developed on the jetty.
Nador West Med Port is currently under construction and is expected to achieve commissioning by the end of 2026, according to the ministry.
The LNG terminal is expected to have the capacity to import 500 million standard cubic feet a day (mmscfd).
The pipelines are expected to have a diameter of 48” and the capacity to transport 750 mmscfd.
In the documents, the ministry said that “the launch of several procurement procedures is currently being considered”.
It said that Morocco’s updated gas roadmap provided for the “gradual development” of critical gas network infrastructure necessary to support the importation of LNG.
It also said that the roadmap provided for the development of infrastructure to boost domestic gas production and supply, and the delivery of natural gas to consumers throughout the country, “enabling the growth of the national gas market”.
Phase one of the roadmap is due to be executed from 2025 to 2027 and includes three modules.
These are:
- The tender, construction and commercial operation of the planned LNG terminal at Nador West Med Port
- The tender, construction and commercial operation start of natural gas pipelines from Nador West Med Port to the Maghreb Europe Gas Pipeline (GME) and from the GME to Mohammedia
- The update of a pre-feasibility study of an LNG regassification terminal on the Atlantic coast
Phase two of the roadmap is expected to be executed after 2030 and also includes three modules.
These are:
- Delivery of the Atlantic coast LNG regasification terminal
- The development of an LNG regasification terminal at Dakhla Atlantic port
- Construction of further pipelines to connect the gas network
Phase three is a long-term plan that includes connecting to the Mauritanian and Senegalese gas networks through the Gazoduc Afrique Atlantique pipeline.
It also includes the development of green hydrogen infrastructure.
The latest request for expressions of interest follows a memorandum of understanding (MoU) signed in March 2024.
The MoU was signed by five Moroccan governmental bodies in Rabat as part of the push to expand the country’s LNG infrastructure.
This MoU was followed by announcements by the Minister of Energy Leila Benali, who said the project would include a gas pipeline network to connect the new terminal to the Maghreb Europe Gas Pipeline.
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Saudi Arabia names Expo 2030 Riyadh Company CEO
23 June 2025
Saudi sovereign wealth vehicle the Public Investment Fund (PIF) has named Talal Al-Marri as the CEO to lead the newly-launched Expo 2030 Riyadh Company (ERC).
In an official statement published by the Saudi Press Agency, the PIF said that Al-Marri "is expected to lead the Expo 2030 Riyadh team in delivering a world-class exhibition that reflects the kingdom’s ambitions and rapid development, in alignment with the objectives of Saudi Vision 2030".
Al-Marri has previously held several senior executive roles at Saudi Aramco, including president and CEO of Aramco Europe, senior vice president of community services and senior vice president of industrial services.
The announcement follows the establishment of ERC as a wholly-owned subsidiary of the PIF that will build and operate facilities for Expo 2030.
In a statement, the PIF said: “During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64bn to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6bn to GDP.”
The masterplan for Expo 2030 Riyadh encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo. Situated to the north of the city, the expo site will be located near the future King Salman International airport, providing direct access to various landmarks within the Saudi capital.
Countries participating in Expo 2030 Riyadh will have the option to construct permanent pavilions, contributing to the event's legacy. This initiative is expected to create opportunities for business and investment growth in the region.
The expo is projected to attract over 40 million visitors. After the event concludes, ERC plans to convert the expo's secured area into a global village, to serve as a multicultural centre for retail and dining. This development will also include an international residential community with various amenities, with a focus on sustainable tourism practices.
Expo 2030 Riyadh will run from 1 October 2030 to 31 March 2031.
In mid-May, MEED reported that Riyadh had begun talks with stakeholders in preparation for the start of the construction works for the event.
The discussions were understood to have been held with the Royal Commission for Riyadh City and the PIF.
German architectural firm Lava Architects and US-based engineering firm Jacobs are assisting with the project masterplan and the design of infrastructure for the site.
READ THE JUNE 2025 MEED BUSINESS REVIEW – click here to view PDF
Gulf accelerates AI and data centre strategy; Baghdad keeps up project spending, but fiscal clouds gather; Banking stocks rise despite lower global oil prices
Distributed to senior decision-makers in the region and around the world, the June 2025 edition of MEED Business Review includes:
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Adnoc prepares tender for next Upper Zakum field expansion
23 June 2025
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Adnoc Offshore is preparing to start the tendering process for the next expansion phase of the Upper Zakum field development in Abu Dhabi, the objective of which is to increase the asset’s oil production potential to 1.5 million barrels a day (b/d).
MEED reported in November that the offshore oil and gas production business of Abu Dhabi National Oil Company (Adnoc Offshore) had awarded a contract for pre-front-end engineering and design (pre-feed) and feed services on the project to France-headquartered contractor Technip Energies.
A kick-off meeting between Adnoc Offshore and Technip Energies took place on 21 November, it was previously reported.
Pre-feed and feed works on the project, which is known as UZ 1.5MMBD, are in an advanced stage, according to sources. “Adnoc Offshore could be expected to issue the main engineering, procurement and construction (EPC) tender as early as July,” one source said.
Located 84 kilometres offshore in Abu Dhabi, Upper Zakum is the world’s second-largest offshore oil field and fourth-largest oil field.
The UZ 1.5MMBD project is the latest crude output expansion project that Adnoc Offshore has undertaken at the Upper Zakum field development.
Upper Zakum expansion
The first phase of the programme to raise the Upper Zakum offshore field development’s oil production capacity to 1.2 million b/d was launched in 2019. The initial goal was to increase the field’s output potential to 1 million b/d by 2024, which was later increased to 1.2 million b/d, with the project execution timeline eventually extended.
In April last year, MEED reported that Adnoc Offshore had awarded the main EPC contract for the UZ 1.2MMBD EPC-1 project to UAE-based Target Engineering Construction Company. The value of the contract was estimated to be $825m.
The project’s main scope involves the EPC of several surface facilities and plants at the Upper Zakum offshore development’s four main artificial islands: Al-Ghallan, Umm Al-Anbar, Ettouk and Asseifiya – also known as Central Island, West Island, North Island and South Island, respectively.
Spanish contractor Tecnicas Reunidas won the contract for the feed works on the UZ 1.2MMBD EPC-1 project in 2019. UK-headquartered Wood Group was appointed as the project management consultant for the EPC phase.
In November, MEED reported that Adnoc Offshore had also selected Target for the second phase of the Upper Zakum 1.2 million b/d project (UZ 1.2MMBD EPC-2). The value of the contract was estimated to be about $500m, according to sources.
Target began work on the project in December, MEED previously reported.
The scope of work on the UZ 1.2MMBD EPC-2 project covers the EPC of several structures on Assefiya Island.
Adnoc Offshore performed the feed work on the UZ 1.2MMBD EPC-2 project in-house.
Upper Zakum oil production
Adnoc Offshore has committed to a total capital expenditure budget of approximately $30bn, along with its operating partners in the Upper Zakum hydrocarbons concession, Japan Oil Development Company (Jodco) and US-based ExxonMobil.
The strategic objective is to first raise the asset’s oil output from 640,000 b/d to 750,000 b/d through the UZ 750 project, then to 1.2 million b/d through the two phases of the ongoing UZ 1.2MMBD project, and eventually to 1.5 million b/d.
Zakum Development Company (Zadco), which later merged into Adnoc Offshore, awarded EPC contracts for the UZ 750 project in 2012 and early 2013.
The $817m first package was awarded to a consortium of Abu Dhabi’s NMDC Energy (then known as National Petroleum Construction Company) and Technip Energies. Package two, the project’s largest EPC package, worth $3.7bn, was awarded to a consortium of UK-headquartered Petrofac and South Korea’s Daewoo Shipbuilding & Engineering.
EPC work on UZ 750 began in 2014 and was completed in 2022.
In October 2022, Adnoc Group subsidiary Adnoc Drilling set a world record for drilling the longest oil and gas well at the Upper Zakum concession, stretching 50,000 feet.
The extended-reach wells will tap into an undeveloped part of the Upper Zakum reservoir, potentially increasing the field’s production capacity by 15,000 b/d without expanding or building any new infrastructure, Adnoc said.
ALSO READ: Adnoc signs $60bn of agreements with US companies
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Beltone Leasing secures $20m funding from German investor
23 June 2025
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Beltone Leasing & Factoring has signed a $20m funding agreement with Germany-based Finance in Motion to expand lending to small businesses and support green finance initiatives across the Middle East and North Africa (Mena).
The funding is evenly split between two investment vehicles: $10m from the Sanad Fund for micro, small and medium enterprises, and $10m from the Green for Growth Fund. Both facilities have a tenor of five years.
Beltone said the funding will be used to provide finance for underserved businesses and low-income households, and to support renewable energy, energy efficiency and sustainable resource projects.
In 2021, the Egyptian Financial Regulatory Authority introduced mandatory environmental, social and governance (ESG) and climate-related financial disclosures for listed companies and non-bank financial institutions. The first reporting cycle began in 2023. The agreement comes as financial institutions in the region face growing pressure to meet environmental and social targets while expanding credit to the private sector.
Beltone Leasing & Factoring is a wholly owned subsidiary of Beltone Holding. The company offers financing solutions including leasing and factoring products to corporate and SME clients.
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