meed-logo

line1 line2 line3
SIGN IN / REGISTER

EVM secures Yanbu plant investment partner

21 August 2024

Australia-headquartered battery and chemicals firm EV Metals Group (EVM) has signed a strategic partnership agreement with RCF Management, the manager of US-based private equity firm Resource Capital Funds (RCF), which specialises in the global mining and minerals sector.

The agreement outlines a strategic collaboration whereby "RCF will leverage its global platform to work with EVM and its wholly owned subsidiary, EV Metals Arabia Company for Industry (EVM Arabia), in considering avenues to secure investment for EVM Arabia’s Lithium Chemicals Plant (LCP) project in Yanbu Industrial City in Saudi Arabia".

According to EVM, the LCP project is at an advanced stage, ready to commence construction for the first two processing trains, which will have a production capacity of 50,000 tonnes a year of high-purity lithium hydroxide monohydrate for customers across Europe and the Middle East.

Yanbu lithium plant

In March 2023, EVM appointed US/India-based Synergy Consulting as financial adviser to raise debt and equity for its planned lithium chemicals plant in Saudi Arabia.

The planned integrated battery chemicals complex at Yanbu Industrial City is expected to house a lithium chemicals plant, a nickel chemicals plant and a cathode active materials plant.

The project's estimated budget is $1.3bn, according to an industry source.

EVM is understood to have signed an agreement with the Royal Commission for Jubail & Yanbu for the allocation of 127 hectares of land, and with Saudi Arabia's Energy Ministry for gas and power allocation.

The location of the complex is expected to enable it to become a global hub for the midstream processing of critical raw materials required to foster a clean energy future.

Balthaga project

In July, EVM announced the successful completion of an initial exploration programme at the Balthaga lithium project in Saudi Arabia.

UK-listed Power Metal Resources and EVM’s special purpose subsidiary, Riwaq Al-Awarid for Mining, led the initial exploration programme, which is "an important milestone in unlocking value from the Balthaga project’s tenement package".

The Balthaga project is located 450 kilometres east of Jeddah in the south-east of the Arabian Shield. It comprises 13 tenements, covering a total area of approximately 1,200 square kilometres.

According to the global battery chemicals and technology company, all 13 tenements already have exploration licences, with the final two having been granted in April.

It said: "Previous work conducted to date indicates the prospects of lithium and rare earths. Riwaq also holds two separate tenements, which are prospective for nickel and copper/ molybdenum porphyry systems, respectively. These are both pending final grant."

https://image.digitalinsightresearch.in/uploads/NewsArticle/12379700/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Saudi authority awards Salboukh data centre contract

    8 July 2025

     

    The Saudi Data and Artificial Intelligence Authority (SDAIA) has awarded a contract to build a new data centre in the Salboukh area north of Riyadh.

    The contract was awarded to the local construction firm Albawani.

    MEED understands that the tender notice was first issued in August last year. The bids were submitted on 31 October.

    The planned data centre facility is expected to have an overall IT load capacity of 20MW.

    The project is anticipated to cost $140m-$150m.

    Saudi Arabia is experiencing an increase in data centre project activity as the government and private enterprises prepare to meet the demand arising from artificial intelligence (AI) applications.

    The SDAIA is leading the kingdom’s drive to become a major AI player by attracting AI-related investments into the country and fostering an AI startup ecosystem.

    The SDAIA’s research unit, the National Centre for AI, has developed a 7 billion-parameter large language model, known as Allam, which is designed to be an enabler of government services.

    Major Saudi enterprises, including Saudi Aramco, are also developing AI applications to boost the efficiency and productivity of their assets and employees.

    Evolving data sovereignty laws, which require personal and customer data to be stored within servers located in the kingdom, are further driving data centre construction activity.

    READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

    UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

    Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

    > PROJECTS MARKET: GCC projects market collapses
    > GULF PROJECTS INDEX: Gulf projects index continues climb
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14218516/main.jpg
    Yasir Iqbal
  • Second train commissioned at Iraqi oil field

    8 July 2025

    A second oil processing train has been successfully put into production at Iraq’s West Qurna-2 oil field, according to a statement from China Petroleum Engineering & Construction Corporation (CPECC).

    US-based ExxonMobil awarded a $316m engineering, procurement and construction (EPC) contract for the second and third crude processing trains at the field to CEPCC in February 2022.

    ExxonMobil has since exited Iraq, handing over its stake in the West Qurna-1 field to PetroChina, the listed arm of state-controlled China National Petroleum Corporation (CNPC).

    In its latest statement, CPECC said that the project to develop the second train, which it calls OT2, included a total of 46 systems and 174 subsystems, involving 16,613 checklists.

    It said: “The project department has overcome multiple challenges such as the harsh natural environment by carrying out labour competitions and strengthening management.”

    The company stated that during the project’s execution, it completed 13 screw cast-in-place piles a day and poured more than 500 cubic metres of concrete a week for eight consecutive weeks.

    It also said that it welded 1,000 inches of pipe a day and hoisted five modules of large pipe gallery modules a day.

    The flare of the oil processing train was lit on 28 June 2025 after more than 900 days of work by 1,000 workers, according to CPECC.

    The company said that on 29 June, all of the units of the facility were connected and it became fully functional.

    It added: “At present, the OT2 unit is running stably, with a daily crude oil output of 60,000 barrels, and will gradually increase to 105,000 barrels per day.”

    CPECC’s project department in West Qurna-1 is now expected to focus on the production and operation of OT2, as well as the trial operation and commissioning of the third oil processing train, known as OT3.

    After OT3 is put into production, the crude oil processing project is expected to achieve a daily crude oil output of 210,000 barrels.

    READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

    UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

    Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

    > PROJECTS MARKET: GCC projects market collapses
    > GULF PROJECTS INDEX: Gulf projects index continues climb
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14217387/main.png
    Wil Crisp
  • Slow year for Maghreb power and water awards

    7 July 2025

     

    The Maghreb region has experienced a slow 2025 in terms of power and water project contract awards. Hopes for the year now rely on a strong second half if the sector is to match the performance of previous years.

    As of early July, the total value of power project contract awards had reached $663m, according to regional projects tracker MEED Projects. This means that by the end of the year, the market is expected to fall significantly short of the peaks of $3.8bn in 2023 and $4.5bn in 2024. 

    Libya’s recovery was a major driver in 2023, accounting for $2.9bn of the total for that year, while Algeria contributed $430m and Morocco $210m. There are no recorded power contract awards for Algeria or Libya in 2025. Morocco and Tunisia contributed $353m and $310m, respectively. 

    The total value of contract awards for water projects has also declined significantly. For the first six months of 2025, the total reached $189m, which is tracking behind the $815m of water project contract awards recorded in 2024.

    Both 2025 and 2024 are far behind the peak of $3.6bn registered in 2022, when Algeria alone accounted for $1.8bn of contract awards, followed closely by Morocco with $1.6bn. 

    For upcoming power and water contract awards, there are over $6bn of contracts in the bid or prequalification stage that are expected to be awarded within the next year. 

    In the water sector, Libya leads with $210m of soon-to-be-awarded contracts, followed closely by Tunisia at $260m. In the power sector, Morocco stands out with an impressive projected contract value of $5.3bn, while in Tunisia, there are $300m of upcoming power contract awards.

    Xlinks disappointment

    There have been some notable project developments in the power and water sectors across the Maghreb region over the past year. Most recently, at the end of June, the UK government withdrew its support for the Xlinks Morocco-UK power project.

    The UK Department for Energy Security and Net Zero decided not to consider a contract for difference for this large-scale renewable energy initiative, which aimed to deliver 3,600MW of renewable energy from Morocco to the UK via a 4,000-kilometre high-voltage direct current cable system.

    Sir Dave Lewis, chair of Xlinks, expressed disappointment, emphasising the project’s potential to significantly lower wholesale electricity prices in the UK.

    Power progress

    Other projects in Morocco are proceeding. The Ministry of Energy Transition & Sustainable Development has issued an invitation for expressions of interest for a major liquefied natural gas (LNG) infrastructure project at Nador West Med Port. This project includes an LNG import terminal, pipelines and a gas power station with a capacity of approximately 1,200MW. The project aims to enhance Morocco’s energy security and diversify its energy sources.

    Additionally, Morocco’s National Office for Electricity and Drinking Water has invited firms to submit expressions of interest for contracts to build three gas-fired power stations with a total capacity of between 300MW and 450MW. These plants are expected to be commissioned by the summer of 2026, further contributing to the country’s energy infrastructure.

    Water advancements

    In the water sector, Algeria has inaugurated the El-Tarf desalination plant, which has a production capacity of 300,000 cubic metres a day. This facility is part of Algeria’s broader desalination programme, which aims to address water scarcity issues exacerbated by climate change. The Algerian government has allocated $3bn for the second phase of its desalination capacity expansion, with plans to build six new plants by 2030.

    Morocco is also advancing its water infrastructure, with Veolia undertaking the detailed design for a new seawater reverse osmosis plant near Rabat. This facility is expected to treat up to 822,000 cubic metres of seawater daily and will cater to regions particularly affected by drought.

    Policy focus

    For policy, governments have been manoeuvring as they respond to the global challenge of climate change. 

    Morocco is progressing with its green hydrogen initiatives, which are closely linked to its water projects. The country has set ambitious targets to produce 52% of its energy from clean sources by 2030, with plans to develop large-scale green hydrogen projects. These projects will require significant water resources for electrolysis, further intertwining the power and water sectors.

    Morocco also aims to increase its renewable capacity to 10,000MW by 2030, with a focus on solar, wind and hydroelectric power. Despite the recent Xlinks setback, the country is also exploring opportunities for exporting electricity to Europe, which could significantly enhance its energy market.

    Algeria is pursuing other avenues in its quest to diversify its energy sources. In April, Algerian Minister of Energy, Mines and Renewable Energies, Mohamed Arkab, met with Wang Yongge, president of the China National Nuclear Corporation (CNNC), in Algiers. The two reviewed the ongoing cooperation between Algeria’s Commissariat for Atomic Energy (Comena) and CNNC, focusing on the peaceful use of nuclear energy, its medical applications and prospects for future development.

    The Algerian government also plans to invest heavily in desalination projects to ensure a sustainable water supply, with desalinated water expected to account for 60% of drinking water by 2030.

    Main image: Noor electric power station close to Ouarzazate, Morocco
     

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14212527/main.gif
    Colin Foreman
  • Iraq to retender Baghdad Metro PPP project contract

    7 July 2025

    Iraq intends to retender the contract to develop and operate the Baghdad Metro project, following the award of the estimated $2.5bn contract last year.

    According to local media reports, Nasser Al-Assadi, adviser to Prime Minister Mohammed Sudani, stated that the previous developers had overestimated the project budget; therefore, the government will relaunch the entire process to implement the project.

    Iraq’s National Investment Commission (NIC) awarded an estimated $2.5bn contract to develop and operate the Baghdad Metro project in July last year.

    The contract was awarded to a consortium comprising France’s Systra, Societe Nationale des Chemins de fer Francais (SNCF) and Alstom; Spain’s Talgo and Sener; and Turkish contractors.

    Germany’s Deutsche Bank was the project finance adviser.

    The project will be developed as a public-private partnership (PPP) scheme using a design, build, operate, maintain, finance and transfer model.

    Malaysian consulting firms ConsultantHSS and HSS Engineering were working on the project.

    Project scope

    The Baghdad Metro project is one of the largest infrastructure schemes in Iraq.

    It will comprise seven main lines totalling 150 kilometres (km), 64 metro stations, four workshops and depots for trains, two metro train control and management centres and power generation stations.

    The Green Line will extend 19km and run from the Al-Alawi terminal to the Doura terminal. The Red Line will be 27.7km long and will run from the Al-Alwai terminal to Maisaloun Square.

    The Blue Line will run 22km from the Al-Shaab terminal to Al-Zafaraniya. The Purple Line will be 14.5km long and will connect Al-Tayaran Square to Al-Shaab.

    The Yellow Line will extend 30km from Al-Baladiyat to Adan Square. The White Line will be 23km long and will run from Al-Kadhimiya to Al-Bayaa, while the Airport Line will run 12km from Baghdad airport to Al-Qadisiya.

    Each line will comprise a total of eight stations.

    The trains will include a gold-class cabin, a special cabin for women and children, and tourist cabins.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14211465/main.jpg
    Yasir Iqbal
  • Ibri 3 construction deal implies Masdar win

    7 July 2025

     

    A Chinese consortium of China Energy Engineering International Corporation (CEEC), China Power Construction Group East China Survey & Design Institute Company (East China Institute) and China Energy Construction Group Hunan Thermal Power Construction Company (Hunan Thermal Power) says it has won an early works contract to build the Ibri 3 solar independent power plant (IPP) in Oman.

    The engineering, procurement and construction (EPC) contract was awarded by Abu Dhabi Future Energy Company (Masdar), implying it has won the IPP’s development concession.

    Masdar, alongside Korea Midland Power (Komipo) and the local Al-Khadra Partners, was one of four groups to bid for the contract to finance, construct and operate the IPP in February.

    Under the terms of the EPC contract, the CEEC consortium will build the 500MW solar photovoltaic (PV) power plant together with an associated 150MWh battery energy storage unit. 

    It will also install a 400kV substation and two 400kV overhead transmission lines as part of the deal, it says.

    The client, Nama Power & Water Procurement Company (Nama PWP), received prequalification applications for the Ibri 3 solar PV IPP contract in March last year.

    Previous projects

    The sultanate’s first 500MW solar IPP scheme, Ibri 2, came onstream in September 2021 and was officially inaugurated in January 2022.

    The Manah 1 and Manah 2 solar IPP projects, each with a capacity of 500MW, were recently inaugurated. 

    A team comprising France’s EDF and South Korea’s Korea Western Power Company (Kowepo) won the contract to develop the Manah 1 solar PV IPP project.

    A team of Singapore’s Sembcorp Industries and China-headquartered Jinko Power Technology was awarded the second 500MW solar PV IPP contract.

    In September last year, Nama PWP tendered the contracts to develop two wind IPPs.

    The Jalan Bani Bu Ali wind IPP will cater to Oman’s Main Interconnection System (MIS), while the Dhofar 2 wind IPP will cater to the smaller Dhofar Power System (DPS).

    Three other wind IPPs are expected to be tendered separately. They are:  

    • Duqm wind IPP: Located in Ras Madrakah in Duqm, the project will have a capacity of 234MW-270MW, with commercial operations expected in Q4 2027
    • Mahoot wind 1 IPP: Located in Mahoot in the Al-Wusta Governate, the wind farm will have a capacity of 342MW-400MW, with a commercial operation target of Q4 2027 
    • Sadah wind IPP: Located in Sadah in the Dhofar Governorate, it will have a capacity of 81MW-99MW and is due for commercial operation in Q4 2027

    READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

    UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

    Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

    > PROJECTS MARKET: GCC projects market collapses
    > GULF PROJECTS INDEX: Gulf projects index continues climb
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14211645/main.gif
    Edward James