Saudis commit US$101 million for Pakistan

The Saudi Fund for Development (SFD), Chief Executive Officer, Sultan Abdulrahman Al-Marshad and Secretary of the Ministry of Economic Affairs of Pakistan Dr. Kazim Niaz signed two strategic development loan agreements totaling US$101 million to bolster Pakistan's clean energy sector.

These agreements, valued at US$66 million for the Shounter Hydropower Project and US$35 million for the Jagran-IV Hydropower Project, aim to significantly enhance Pakistan's renewable energy infrastructure by adding a combined total of 70MW hydropower capacity to the national grid.

The funding will facilitate the construction of essential infrastructure, including dams, water diversion systems, powerhouses, and transmission lines, marking a significant step forward in Pakistan's transition towards sustainable energy sources.

These projects not only aim to address the environmental and financial challenges associated with conventional energy sources but also underscore the critical role of clean energy in promoting sustainable development, economic growth, and social welfare across Pakistan.

This move reinforces the SFD's long-standing commitment to supporting Pakistan's development goals, having financed 41 development projects and programs since 1976 with soft loans and grants exceeding US$1.4 billion, aimed at fostering growth in various critical sectors throughout the country.

Saudi energy minister visits liquefied hydrogen carrier

Saudi Minister of Energy Prince Abdulaziz bin Salman made a visit to the world’s first liquefied hydrogen carrier at the Jeddah Islamic Port on Wednesday. He watched the functioning of the giant Japanese ship Suiso Frontier.

During the visit, Prince Abdulaziz was accompanied by Minister of Investment Eng. Khaled Al-Falih, Assistant Minister of Transport and Logistics Ahmed Al-Hassan, and the Japanese Consul General in Jeddah Izuru Shimura.

The ministers were briefed on the innovative technologies that were used by the Japanese ship manufacturer Kawasaki Heavy Industries (KHI) in building the carrier Suiso Frontier. Saudi Arabia has focused on hydrogen production as part of its plans to become global leader in the clean hydrogen production and export sector.

The ship arrived at the port on the occasion of the official visit of Japanese Prime Minister Fumio Kishida to Saudi Arabia recently, of which the main mission was to introduce Japanese technology. It also paved the way for societies that will use hydrogen (clean energy), to cooperate with the company, to transport large quantities of hydrogen at a low cost through its tankers that it developed and would support its distribution. This is within the framework of its efforts to establish global supply chains on a large-scale, fully commercial using it as a preferred carrier.

The ship was built and developed with the support of the Japanese government to transport large quantities of liquefied hydrogen by sea. It is 116 meters long, 19 meters wide, and carries a double tank with a capacity of 1,250 cubic meters to retain hydrogen and maintain it at a temperature of -253 degrees Celsius.

The ship’s arrival comes within the framework of supporting the efforts made by Saudi Arabia to stimulate the green hydrogen economy, and to enhance its global leadership in the energy sector. It is also to confirm the high readiness of its ports to receive this type of ship, which dedicates its position as a global logistics center, and confirms the high competitive capabilities possessed by the Jeddah Islamic Port and its role in supporting the logistical system.

It is noteworthy that the company successfully completed the first shipment and transportation of liquefied hydrogen from Australia to Japan in February 2022, and stressed the need to use technology to transport large quantities of hydrogen efficiently and safely, and to benefit from it as a viable next-generation energy.

Communities depend mostly on energy such as petroleum or natural gas, which causes a serious environmental problem represented in global warming and the risk of depleting natural resources. To avoid these effects, it is essential to invest in alternative sources such as hydrogen energy to secure a stable supply of energy and preserve the global environment.

"Ultimate clean energy" is the name given to hydrogen, and it can be used like petroleum as a fuel to operate cars, and like natural gas to generate electricity. What distinguishes hydrogen is that it does not emit carbon dioxide when it is burned to produce energy, unlike fossil fuels.

Kawasaki built the first LNG carriers in Japan and Asia in 1981 and has since become a leader in refrigerated technology for marine transportation. More than 40 years later, it built the world’s first liquefied hydrogen carrier, with an upgraded system to contain pressurized refrigerated cargo specifically for LH 2, and a carrier design based on safety requirements approved by the International Maritime Organization. Suiso Frontier carried from Australia to Japan its first cargo in February 2022. The 8,000 tons ship can transport large quantities of LH2 over long distances by sea.

It is noteworthy that Prince Abdulaziz bin Salman had recently signed a memorandum of understanding with Minister of Transport and Logistics Eng. Saleh Al-Jasser with the aim of redoubling efforts towards reducing carbon emissions in the railway sector, promoting the use of green hydrogen applications in transportation paths, and employing modern technologies to build safe, sustainable and environmentally friendly transport systems in accordance with the goals of Saudi Vision 2030.

Iran: Copper can earn US$10 billion

The development of the copper industry and the support of the development plans for the sector can lead to earning US$10 billion of income for the country, the chairman of Iran Copper Association stated.

Regarding the amount of copper reserves and mining capacity of Iran, Bahram Shakouri said the reserves discovered in the country are 54 million tons, of which usually 50% can be extracted, underlining, “With this amount of reserve, we have a good position in the world.”

“Now, with the new discoveries, our position in terms of copper reserves in the world has improved, in a way that today we have reached 6% of the world's reserves from 4% in the past, and our position in the world has increased from the 8th to the 5th place”, he continued.

The chairman of the Iran Copper Association further said, “There is no balance between our reserves and production”, and continued, “We must go in the direction of extracting 3% to 5% of the reserves in accordance with our position. If we propose today that the industry can earn US$10 billion, it should be able to produce one million tons of copper cathodes, which is based on global norms.”

“Considering 54 million tons of reserves in the country, of which at least 27 million tons can be extracted, and we have 3% to 5% of the world's copper reserves, it is reasonable and logical to reach one million tons of copper cathode production, and if this does not happen, we have failed”, Shakouri reiterated.

“The world's movement towards the use of clean technologies and innovations will increase the consumption of non-ferrous metals such as copper, and in the coming years, there will be a need to supply copper up to four times today,” Shakouri had said last November.

The increase in demand will increase the price of copper, and accordingly, we must move towards completing the copper chain in Iran, he added.

“Today, the copper chain is complete with cathode production in the country, while more than 50% of the copper cathode is being exported, and if we can create more added value in this sector, we will have more exports and gain more revenue,” Shakouri concluded.

Copper cathode is the primary raw material input for the production of copper rods for the wire and cable industry.

Being located on the Alpine-Himalayan orogenic belt, of which about 12.5% is located in Iran, the country should contribute greatly to the fourfold increase in the world’s copper production by 2050, Shakouri has stated.

Stressing the need for planning to increase Iran's share in the world’s copper production, he added: "To increase our share in the global copper production in the 2050 horizon, we must develop both exploration and extraction and discover new world-class reserves.”

Also in mid-March, the head of the National Iranian Copper Industries Company (NICIC) said the country’s copper production is going to reach one million tons in the next six years.

Ali Rostami noted that in the case of reaching the above-mentioned output, the country’s copper export is also going to hit US$10 billion.