Latest news with #Saudi Arabia
Zawya
3 days ago
- Business
- Zawya
GE Vernova's H-Class gas turbines to expand Qurayyah power plant
GE Vernova has announced it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units – from Técnicas Reunidas and Orascom Construction (TR & Orascom Construction). The two companies have signed, under a 50-50 joint venture, the engineering, procurement and construction (EPC) contract for Qurayyah Independent Power Plant (IPP) Expansion Project in the Eastern Province in Saudi Arabia. This expansion project, a 3 gigawatt (GW) combined cycle gas-fired power plant with readiness to build a carbon capture unit, aims to bolster electricity production capacity and enhance operational efficiency in Saudi Arabia. Expanding Saudi Arabia's fleet of combined cycle power plants plays a crucial role in Saudi Arabia's plan to generate half of its electricity from gas by 2030 and half from renewables, paving the way to net-zero greenhouse gas (GHG) emissions by 2060, a statement said. Hajr Two Electricity Co, a company owned by ACWA Power, the Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co signed a Power Purchase Agreement (PPA) for the Qurayyah Independent Power Plant (IPP) Expansion Project with the Saudi Power Procurement Company (SPPC – Principal Buyer) in February 2025. Hajr Two Electricity Co commented: 'The QIPP Expansion Project is a very ambitious project and we are proud to support its development. We look forward to working with TR & Orascom Construction and GE Vernova to contribute to Saudi Arabia's enhancement of its electricity supply as the Kingdom transitions its power generation mix to incorporate more renewable energy in alignment with Saudi Vision 2030 and its ambitious sustainability targets.' 'QIPP project is evidence of Saudi Arabia's strong belief in the future of gas as it emits less CO2 and other pollutants than oil-fueled power plants,' said Joseph Anis, President & CEO of GE Vernova's Gas Power business in Europe, Middle East & Africa. 'We have developed a productive and successful relationship with TR & Orascom Construction building on our proven expertise in natural gas combined cycle plant engineering, operability, and plant integration, and we are delighted to deploy some of our most advanced power generation technologies, with the potential to integrate carbon capture solutions to help significantly reduce carbon dioxide emissions in QIPP's and other gas power plants in Saudi Arabia.' GE Vernova has been playing a pivotal role in fostering the evolution of the Kingdom's energy infrastructure for almost 90 years, supporting economic diversification, localization, high value exports, and talent development efforts and still does so today in support of Saudi Vision 2030. The company currently employs approximately 850 people in Saudi Arabia. GE Vernova's investments in the Kingdom include the Khobar Integration Facility (KIF) for grid solutions, as well as the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which encompasses a Services and Repairs Center for gas turbines, the GE Saudi Advanced Turbines (GESAT) facility for the manufacturing of gas turbines, components and accessory modules, the GE MENA Decarbonization Center of Excellence, and a Monitoring & Diagnostics Center for the remote monitoring of power generation assets. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
4 days ago
- Business
- Trade Arabia
GE Vernova's H-Class gas turbines to expand Qurayyah power plant
GE Vernova has announced it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units – from Técnicas Reunidas and Orascom Construction (TR & Orascom Construction). The two companies have signed, under a 50-50 joint venture, the engineering, procurement and construction (EPC) contract for Qurayyah Independent Power Plant (IPP) Expansion Project in the Eastern Province in Saudi Arabia. This expansion project, a 3 gigawatt (GW) combined cycle gas-fired power plant with readiness to build a carbon capture unit, aims to bolster electricity production capacity and enhance operational efficiency in Saudi Arabia. Expanding Saudi Arabia's fleet of combined cycle power plants plays a crucial role in Saudi Arabia's plan to generate half of its electricity from gas by 2030 and half from renewables, paving the way to net-zero greenhouse gas (GHG) emissions by 2060, a statement said. Hajr Two Electricity Co, a company owned by ACWA Power, the Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co signed a Power Purchase Agreement (PPA) for the Qurayyah Independent Power Plant (IPP) Expansion Project with the Saudi Power Procurement Company (SPPC – Principal Buyer) in February 2025. Hajr Two Electricity Co commented: 'The QIPP Expansion Project is a very ambitious project and we are proud to support its development. We look forward to working with TR & Orascom Construction and GE Vernova to contribute to Saudi Arabia's enhancement of its electricity supply as the Kingdom transitions its power generation mix to incorporate more renewable energy in alignment with Saudi Vision 2030 and its ambitious sustainability targets.' 'QIPP project is evidence of Saudi Arabia's strong belief in the future of gas as it emits less CO2 and other pollutants than oil-fueled power plants,' said Joseph Anis, President & CEO of GE Vernova's Gas Power business in Europe, Middle East & Africa. 'We have developed a productive and successful relationship with TR & Orascom Construction building on our proven expertise in natural gas combined cycle plant engineering, operability, and plant integration, and we are delighted to deploy some of our most advanced power generation technologies, with the potential to integrate carbon capture solutions to help significantly reduce carbon dioxide emissions in QIPP's and other gas power plants in Saudi Arabia.' GE Vernova has been playing a pivotal role in fostering the evolution of the Kingdom's energy infrastructure for almost 90 years, supporting economic diversification, localization, high value exports, and talent development efforts and still does so today in support of Saudi Vision 2030. The company currently employs approximately 850 people in Saudi Arabia. GE Vernova's investments in the Kingdom include the Khobar Integration Facility (KIF) for grid solutions, as well as the GE Manufacturing and Technology Center (GEMTEC) campus in Dammam, which encompasses a Services and Repairs Center for gas turbines, the GE Saudi Advanced Turbines (GESAT) facility for the manufacturing of gas turbines, components and accessory modules, the GE MENA Decarbonization Center of Excellence, and a Monitoring & Diagnostics Center for the remote monitoring of power generation assets. – TradeArabia News Service
Zawya
5 days ago
- Business
- Zawya
GE Vernova to supply gas turbines for Qurayyah IPP expansion project in Saudi Arabia
GE Vernova announced on Wednesday that it has secured an order for five 7H-Class gas turbines - three 7HA.03 and two 7HA.02 units for 3,000 megawatts (MW) Qurayyah Independent Power Plant (IPP) expansion project in Saudi Arabia. The contract was awarded by the Engineering, Procurement and Construction (EPC) consortium comprising Técnicas Reunidas and Orascom Construction, according to the press statement issued by the NYSE-listed company. The combined cycle gas-fired power plant is designed to be carbon-capture ready. The project is being developed by Hajr Two Electricity Co., a joint venture between ACWA Power, Saudi Electricity Company (SEC), and Haji Abdullah Alireza & Co. The Power Purchase Agreement (PPA) was signed with Saudi Power Procurement Company (SPPC – Principal Buyer) in February 2025. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
Arab News
06-05-2025
- Business
- Arab News
Saudi, Egypt step up investment ties with incentives across key sectors
RIYADH: Egypt's non-oil private sector contracted further in April according to S&P Global, while Lebanon saw its economic decline slow across the month. The north African country's Purchasing Managers' Index hit 48.5 in the period, down from 49.2 in March. This contraction was driven by a reduction in domestic and foreign demand, which caused new orders to fall for the second consecutive month. Any figure below 50 indicates a decline, while above that number shows growth. Lebanon's PMI report, produced by S&P Global in association with BLOMINVEST Bank, showed a rise in April to 49, up from 47.6 in March. Despite this marginal increase, the figure is still lower than earlier this year, when the country registered a healthy reading of 50.6 in January and 50.5 in February. The figures for the countries come as PMI figures across the Middle East and North Africa have generally been reflecting the rapid expansion and growth of private firms. In April, Saudi Arabia's PMI stood at 55.6, while it was 54 in the UAE and 54.2 in Kuwait. Reflecting on Egypt's decline, David Owen, senior economist at S&P Global Market Intelligence, said: 'Business activity weakened for the second month running in April as firms highlighted an additional drag from falling sales.' He added: 'Some companies signalled that weakness in international markets had hit business confidence and spending, amid wider concerns that rising global economic uncertainty and changing trade policy could soften demand across several markets.' Business optimism up in Egypt In January, Egypt's non-oil business activities entered the expansion zone, with the PMI hitting 50.7. It was followed by another healthy month of growth in February, where the PMI stood at 50.1. According to the survey, the rate of contraction of non-energy business activity quickened from March and was the fastest seen in four months. The report revealed that lower levels of activity and new work led non-oil companies to rein in input purchases for a second month in a row. Due to limited business activities, companies in Egypt were also keen to limit headcounts, with the latest data signalling a decline in employment for the third successive month. S&P Global further said that input prices in the country's non-oil economy rose at their fastest pace in four months in April, marking a notable reversal from March, when inflation dropped to a 58-month low. 'Subdued pressure on input costs in recent months helped firms to steady their own prices in April, which should bring some reassurance that inflation headwinds are easing,' said Owen. He added: 'Although input costs rose at a much sharper pace over the month, this was mainly attributed to the roughly 15 percent uplift in fuel prices, rather than underlying inflationary pressures.' Regarding the future outlook, non-oil firms in Egypt expressed more confidence, with optimism ticking up to a three-month high. Firms that expressed future confidence hoped that market conditions at home and abroad would strengthen in the coming months. In February, global credit rating agency Moody's affirmed Egypt's Caa1 long-term foreign and local currency issuer rating with a positive outlook, driven by prospects for improvement in the country's debt service burden. The report said that the positive outlook was given due to the country's strengthening foreign exchange buffers. Moody's awards a Caa1 rating to countries with poor quality and very high credit risks. Private sector activity in Lebanon falls at slower pace According to the latest report, Lebanon's private sector economy remained under pressure at the start of the second quarter, as new orders and business activity shrank. Purchasing activity and stock levels also dipped slightly in April, while firms' expectations for the next 12 months fell into pessimistic territory for the first time since November. 'The BLOM Lebanon PMI recorded 49.0, implying a decline in private sector business activity for the second month in a row, but at a slower pace. This decline was mainly down to the marginal decline in new orders, reflecting weaker export demand,' said Helmi Mrad, senior research analyst at BLOM Bank. The latest study also indicated a reduction in the volume of incoming new business received by private sector companies in Lebanon, due to factors including market conditions, security concerns, regional instability, and weak customer purchasing power. 'The debate regarding the surrendering of Hezbollah's weapons escalated in the last couple of weeks as some of Hezbollah's leaders stated that no one can forcefully remove their weapons. In the meantime, Israel's breaches of the ceasefire agreement continue,' said Mrad. He added: 'This stalemate is having negative effects on business activity in the short-run, despite the progress made on the enactment of laws essential for financial restructuring.' S&P Global also highlighted a fractional decline in employment across the Lebanese private sector at the start of the second quarter.
