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ENGI Energiser Investments Plc

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Share Name Share Symbol Market Type Share ISIN Share Description
Energiser Investments Plc LSE:ENGI London Ordinary Share GB00B06CZD75 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.65 0.60 0.70 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
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Energiser Investments Share Discussion Threads

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Engie: Goldman Sachs goes long and marginally adjusts its target from EUR 16.10 to EUR 16.30.
French group wins geothermal project for cooling in Martinique

Alexander Richter
3 Aug 2021

French consortium of Engie, TLS Geothermics and Storengy wins a project to develop a geothermal project aimed for cooling in the Caribbean territory of Martinique.

Already announced early last month, French companies Storengy, TLS Géothermics and ENGIE Solutions have won the call for expressions of interest launched by the partners of the Territorial Energy Management Program for the development of geothermal energy in Martinique, a Caribbean territory of France.

This regional development project, launched at the end of 2020 by ADEME and the Territorial Collectivity of Martinique, will make it possible to create a new cold distribution network by developing natural resources and greening the island’s energy mix.

A first in overseas France

For the first time in France, a geothermal project will supply a cooling distribution network and will be used for various purposes, such as air conditioning for the Fort de France urban area.

Storengy and TLS Geothermics have filed a research permit to explore the subsoil and the potential of geothermal energy. Storengy’s teams will be responsible for working on and managing the underground part of the project, i.e. underground studies and exploration in conjunction with TLS Geothermics, as well as permitting and associated drilling. Engie Solutions is bringing its expertise in heating and cooling networks to the project.

The geothermal doublet will allow geothermal water to be drawn off and reinjected to ensure the sustainability of the resource and limit the impact on the environment. The heat energy extracted will be used to power an absorption refrigeration unit for cold production, or to meet heating needs.

Source: Storengy

Natural Gas

Engie raises 2021 guidance with better first-half results

Jul 30, 2021 9:35:am


The French company is also making progress towards a simpler, lower-carbon future.

by: William Powell

Shrugging off the first-quarter losses in Texas, French energy company Engie announced improved first-half results July 30 as Europe's economy continued its recovery from the effects of COVID-19 and its own operations improved. It also raised its guidance for the year as its asset sales continue.

And although Nord Stream 2 was not mentioned, as one of the five lenders to the project it can also expect to see its loan repayments start this year – if the pipeline flows then as planned.

First-half Ebitda was €5.4bn, up 23.1% on an organic basis while Ebit was €3.1bn up 44.4% on an organic basis. Of that, half (€1.514bn) came from networks and a sixth (€492mn) came from renewables, down just 1.7% year-on-year despite the losses in Texas. And after a mild H1 202o, the cold winter the following year led to a gain of €284mn for its networks and supply businesses. It has sold a stake in French network operator GRTGaz for a large premium to its regulated value.

Foreign exchange losses amounted to €107mn mainly driven by the depreciation of the Brazilian real and, to a lesser extent, of the US dollar.

CEO Catherine MacGregor said the company had also made progress with its reorganistion, asset sales and development of renewable energy. "For the full year, taking into account the strong performance in H1 and improved expectations for the full year, we are upgrading our guidance for 2021,” she said.

Its Belgian nuclear assets have delivered high levels of availability and the freeze in France and strong power prices are are also expected to contribute to a stronger financial performance than previously anticipated. As a result, Engie now expects profits of €2.5bn-2.7bn – €200mn more than at the time of its Q1 results – based on indicative 2021 Ebitda range of €10.2 -10.6bn and Ebit between €5.5bn and €5.9bn.

Engie expects growth capital expenditure of between €15bn-€16bn in the 2021 to 2023 period and for this capex to be "more evenly phased across this period," with €5bn to be spent this year. It is still aiming for €9bn-€10bn of disposals over the three years, with €2.5bn achievable this year. Engie said it remains committed to a strong investment grade credit-grade rating.

Engie Lifts 2021 Guidance on Stronger 1st Half Results; Selling Stake in French Gas Operator
07/30/2021 | 07:56am BST

By Cecilia Butini

Engie SA said Friday that it has raised its outlook for 2021 as earnings and revenue grew in the first half; separately, it said that it has agreed to sell part of its stake in French gas operator GRTgaz SA.

The French power utility company posted net profit of 2.34 billion euros ($2.78 billion) for the first half, up from EUR24 million in the same period a year earlier, when the company's business was hit by the coronavirus pandemic. Revenue grew to EUR31.26 billion in the period, from EUR27.43 billion the year prior.

The company raised its outlook for the full year, saying it now expects net recurring income in the range of EUR2.5 billion and EUR2.7 billion. The guidance is based on an indicative 2021 earnings before interest, tax, depreciation and amortization range of EUR10.2 billion and EUR10.6 billion, as well as on an earnings before interest and tax range of EUR5.5 billion to EUR5.9 billion.

Separately, Engie said that it has agreed to sell 11.5% of GRTgaz stake to Caisse des Depots and CNP Assurances. The sale is part of Engie's execution of a strategic plan to rebalance its exposure from gas networks toward renewables and other infrastructure assets, it said.

Engie currently holds a 75% stake in the gas operator.

Write to Cecilia Butini at

(END) Dow Jones Newswires

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U.S., Germany strike a deal to allow completion of controversial Russian Nord Stream 2 pipeline

Published Wed, Jul 21 20212:54 PM EDTUpdated 3 Hours Ago

Amanda Macias

Key Points

The United States and Germany reached an agreement to allow completion of the $11 billion Nord Stream 2 pipeline, a thorny, long-standing point of contention between the otherwise stalwart allies.

The agreement reached between Washington and Berlin, which was announced Wednesday, aims to invest more than 200 million euros in energy security in Ukraine as well as sustainable energy across Europe.

la forge
Why Russia Is Refusing To Send Europe More Natural Gas

By Vanand Meliksetian - Jul 15, 2021, 5:00 PM CDT

Rising commodity prices have strengthened the economic outlook of resource-rich countries. Russia is taking advantage of this in a major way, with a particular focus on crude oil and natural gas. As Europe’s most important supplier of gas, Gazprom is well-positioned to reap major dividends. However, the state-controlled energy behemoth's lukewarm response to sending additional volumes to Europe could be a sign that the company’s strategy has changed.

In 2020, Gazprom’s exports decreased from 199 bcm in 2019 to 170 bcm. The majority of this gas transits through Soviet-era pipelines from Russia to Belarus and Ukraine. Another 55 bcm capacity was added in 2011 with Nord Stream’s completion and will be double to 110 bcm when the heavily contested Nord Stream 2 pipeline starts pumping gas at some point in the next two years.

The restart of the European economy has increased demand for commodities and led to substantially higher prices. Although LNG imports have increased over the years, the bulk of the natural gas is still transported through pipelines. Of these exporters, Russia is by far the largest and most influential country due to its sizeable energy industry and excess capacity. Although prices are favorable, Gazprom doesn't seem to be in a hurry to send extra volumes on top of the running contracts with European customers.

After an exceptionally cold heating season, European storages are historically low which further boosts demand to prepare for the coming winter. Also, some parts of Europe are experiencing an unusually warm summer leading to higher demand for electricity to run air-conditioners. Under normal circumstances, coal-fired powerplants would fill the gap, but the price of CO2 on Europe’s ETS has doubled to €52 since November. Therefore, natural gas-fired powerplants, which emit almost 50 percent less, are in higher demand.

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In the past, Gazprom would have quickly ramped up exports to satisfy additional needs with the ultimate goal of increasing market share. However, the Russian company has held off from booking extra transit capacity through Ukraine’s pipeline system. According to Nick Campbell, director at consultancy Inspired Energy, “so far this summer Gazprom has yet to purchase any capacity in the (Ukraine’s) monthly auctions.



one could see this as a strategy to push Nord Stream 2 to completion.”

Elena Burmistrova, director-general of exports at Gazprom, has denied the change in strategy although she has acknowledged the request from customers for additional volumes. According to critics her statement that more gas would flow with “the commissioning of the Nord Stream 2 pipeline” has confirmed Moscow’s intention regarding the pressing of Europe to finish the pipeline this year.

The project has been delayed by U.S. sanctions. Nevertheless, Gazprom has remained firmly committed to Nord Stream 2's completion. Two Russian pipelaying ships have been working non-stop. One of the two strings is already finished and according to Nord Stream 2’s CEO Matthias Warnig the second string will be completed in August.


Another theory behind Gazprom’s reluctance to send additional volumes is a new profit-focused strategy from Gazprom. In the past, increasing market share was the main objective which sometimes went at the expense of profitability. Natural gas was, therefore, used as a political weapon in several crises with heavily dependent eastern Europe. State-owned Gazprom could now be prioritizing profitability over political influence. In that sense, the company's role would be more like OPEC’s with the difference that its influence is limited to Europe where it enjoys good connectivity with customers. The EU’s heavy focus on sustainability and decarbonization could have swayed the Russians into maximizing the value of their natural gas while there is a sizeable market.

However, it could also be short-term opportunism. The price of natural gas on the European market has increased from $130 per 1,000 cubic meters in 2020 to $400 currently. The European market will almost certainly be undersupplied in the next few months, which could lead to sustained higher prices and few good options from the EU's perspective.

By Vanand Meliksetian for


ENGIE brings EV charging to Farnham
Waverley Borough Council connects into GeniePoint network
13 July 2021

Electric vehicle rapid chargers have been installed in the Surrey town of Farnham as part of an expansion of the ENGIE GeniePoint network.

Richard Homewood, head of environmental and regulatory services at Waverley Borough Council, said: “We hope that by increasing publicly accessible electric vehicle (EV) charging points we can encourage wider adoption of electric vehicles in our towns, working towards improving both general air quality for residents and overall environmental...

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Nord Stream 2 construction work to be finished next month, CEO says
Jul. 12, 2021 1:14 PM ETOGZPY, RDS.A...By: Carl Surran, SA News Editor9 Comments

Construction of the Nord Stream 2 gas pipeline from Russia to Germany should be completed by the end of August and the link operational this year, with 98% of the pipeline now finished, CEO Matthias Warnig says.

One 27.5B cm/year string has been completed with the remaining 2% of work to be carried out on the second 27.5B cm/year string, with another 2-3 months needed for pressure tests and certification, Warnig tells Handelsblatt.

"The U.S. sanction threats have made our work much more difficult in every respect, and this also applies to certification," but in the end, "we will have a pipeline that meets all certification requirements and international industry standards," Warnig says.

The Gazprom-led (OTCPK:OGZPY) project includes Western partners Royal Dutch Shell (RDS.A, RDS.B), BASF's (OTCQX:BASFY) Wintershall, Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).

The Biden administration decided not to impose sanctions against the Switzerland-based Nord Stream 2 company and its CEO, issuing waivers for both.

russian news agency

12 July 2021

12 Jul, 15:48

Second string of Nord Stream 2 almost ready — German Economy Ministry

Nord Stream 2 gas pipeline construction activities can be completed in August, and the goal of the company is to launch the pipeline as early as this year

BERLIN, July 12. /TASS/. The second string of the Nord Stream 2 gas pipeline is almost ready, and the technical expert examination and acceptance will follow, the German Economy Ministry says in its statement released on Monday.

All permits to build Nord Stream 2 issued — German Economy Ministry

"The so-called "technical acceptance" process is currently underway. Construction of the first string has been completed, and the second string is almost finalized. The technical expert review and acceptance will follow," the Ministry said. The permit for construction in German waters in the Baltic Sea, including the exclusive economic zone, was issued, it noted.

"Issue of a permit for gas intake is in the competence of the Mining Authority of Stralsund. The technical expert review and acceptance are currently implemented as part of this process," the Ministry added.

Nord Stream 2 gas pipeline construction activities can be completed in August, and the goal of the company is to launch the pipeline as early as this year, Managing Director of Nord Stream 2 AG Matthias Warnig, the pipeline project operator, said in the interview with Handelsblatt newspaper earlier.

la forge
ENGIE restructures with four business units and a technical service arm

Clarion Energy Content Directors -


To ensure greater simplicity in the way the multinational energy company is managed, ENGIE has rearranged its organizational structure with the establishment of four energy business units and a technical services arm.

The new organizational structure, which came into effect on 1 July 2021, will help ENGIE increase its focus on core businesses to better operational performance, a statement from the group’s COO Catherine MacGregor states.

MacGregor says the new structure will help the company better its global position in the energy transition.

The new structure comprises:

4 Global Business Units: Renewables, Energy Solutions, Networks, Thermal & Supply. The units reflect the Group’s core businesses and will have accountability for their respective financial performance.

A geographical platform structured with regional hubs for pooling the support functions, coordinating the entities at country level, in charge of managing Group’s local stakeholders and leveraging synergies across activities.

Technical services arm EQUANS which operate as an autonomous entity within ENGIE, managed by its CEO Jérôme Stubler and his management team. With 74,000 employees in 17 countries and an annual revenue of over €12 billion, EQUANS will provide multi-technical services in growing markets. The arm aims to help ENGIE clients to speed up their energy, industrial and digital transformations by providing services in the Electrical, HVAC, Cooling, Mechanical, Digital & IT, Facility management sectors.

Catherine MacGregor, ENGIE CEO, said: “Today marks an important step forward in the implementation of our strategic roadmap. We are very proud to announce the creation of EQUANS, an autonomous entity within ENGIE, known in recent months under the project name “Bright”.

We are on track to deliver on our simplification plan through the positioning of EQUANS as a leader in multi-technical services and reaffirmming ENGIE as a leader in the energy transition, refocused on its growth markets and with a more industrial approach.”

Jérôme Stubler, EQUANS CEO, added: “I would like to acknowledge the incredible work which has been accomplished during the last 6 months to create EQUANS.”

[France] ENGIE (ENGI)

Cours en temps réel. Temps réel Euronext Paris - 09/07 17:35:09

11.606 EUR +0.68%

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ENGIE, Sigma & SHC unveil Three hundred new Sheffield homes

By Kenneth Booth
July 9, 2021
9:09 am

More than three hundred Sheffield families now have the comfort of a brand new home as building work draws to a close on two major housing schemes in the city.

Delivered by an award winning partnership – regeneration specialists ENGIE, Sigma and Sheffield Housing Company (SHC) – the duo of developments at Prince’s Gardens in Manor and East Hill in Norfolk Park are part of a £43 million housing investment.

The success of the developments contributed to the partnership achieving Public Private Collaboration of the year at the recent Insider Property Industry Awards.

The £32 million scheme at Prince’s Gardens includes 163 three and four bedroomed homes for private rent under Sigma’s Simple Life brand, and a further 93 three and four bedroomed homes for open market sale, through Sheffield Housing Company.

The development has a strong connection with nature with a large recreational open space area at Woodthorpe Ravine to the rear of the site where natural ponds which provide natural management of surface water have been encouraged to form and in which wild-flowers thrive.

The 77 homes at East Hill, a project with a value of £10 million, are a combination of 19 three and four bedroomed homes for open market sale through Sheffield Housing Company and 58 three and four bedroomed homes for private rent through Sigma’s Simple Life brand.

The new developments have recently been given the seal of approval by Sheffield City Council’s Deputy Lord Mayor and Manor Castle Ward Member, Councillor Sioned-Mair Richards, who visited Prince’s Gardens to see the new homes first hand and to hear more about the benefits the development has brought for the community.

Councillor Paul Wood, Executive Member for Housing, Roads and Waste Management at Sheffield City Council, said: “Good quality, affordable homes are vital to meeting the growing need for housing in Sheffield and in ensuring that residents have access to comfortable places to live in well-designed neighbourhoods. We’re working with our partners across the city to create high quality communities such as Prince’s Gardens that are well-located, close to amenities and offer the ability to both rent and buy. I am pleased to see the completion of this project and wish everyone the best of luck in their new homes.”

Nathan Brough, Regional Director at ENGIE, said: “It is a real pleasure to work alongside our partners to help breathe new life into the area surrounding these schemes.

“I’m thrilled that we have inspired a new generation of construction workers and that we have been able to make a difference to those who are moving in and those who are a longstanding part of the community.”

The Prince’s Gardens and East Hill developments contributed to creating seven apprenticeship posts. Throughout the course of the work, in the region of £25.1 million has been spent with local suppliers, boosting local employment and the economy.

Lee Catterall, Senior Project Manager for Sigma on behalf of Simple Life Homes, commented: “We’re delighted with the quality and demand for the homes across these sites. The success of both developments has been testament to the different strengths and expertise that each party has brought to the table, from quality of build and specification, property management, regeneration and community building.

“As a landlord, Simple Life will be present on these developments for many years to come and we’re committed to supporting the new local community to flourish well into the future.”

Steve Birch, Interim Project Director with SHC, a partnership between Sheffield City Council, Keepmoat Homes and Great Places Housing Group, added: “It is fantastic to see the addition of more homes, of all tenures to the city’s housing stock.

“We have many more similar projects in the pipeline which are not only improving the quality and choice of housing but providing job and training opportunities and work for Shefield regional businesses that supply materials and development services.”

Additionally, funding from the Department of Education, ENGIE and Sheffield City Council has enabled local young people to get a taste of the world of construction through the Building Block project. Building Block is a four-week progamme where participants sit a Construction Skills Certification Scheme health and safety test before completing a site-based placement, where they gain hands-on experience in a working environment. Altogether, 400 candidates have been a part of the course and 200 have progressed to secure long term employment.

Activities to engage residents near to Prince’s Gardens have included an £8,000 donation to local primary school, St Theresa’s, which has been used to build a new library and purchase new books for the children. The library has been transformed with a new sensory roof, reading pods, a den and mezzanine area. A further £5,000 was donated to the school to create a relaxation and sensory room for the children.

la forge
Umicore and ENGIE sign a long-term PPA to supply renewable electricity to Umicore’s cathode materials plant in Poland

July 08, 2021 02:30 ET | Source: Umicore


Umicore and ENGIE sign a long-term PPA to supply renewable electricity to Umicore’s cathode materials plant in Poland

ENGIE and global materials technology group Umicore have entered into a long-term corporate Power Purchase Agreement (PPA) to supply Umicore’s greenfield plant with renewable electricity in Nysa, Poland. It will be the first plant in Europe to produce cathode materials, key ingredients of rechargeable Li-ion batteries for electric vehicles.

ENGIE will provide green electricity from its existing 100%-owned wind park in Pągów, Opole province, located 80 km from Nysa. The wind park was commissioned in 2012.

This is the first PPA signed by ENGIE with an industrial company in Poland. The PPA will allow ENGIE to secure the economic viability of the wind park beyond the end of the current subsidy scheme. At the same time, the PPA will contribute to Umicore’s roadmap towards carbon neutrality by 2035 and secure long-term renewable electricity supply for the plant in Nysa. Umicore is leading the charge in sustainability by driving renewable energy projects and its commitment contributes to maximizing the lifetime of renewables on the Polish grid.

Umicore’s Nysa plant is the first industrial cathode materials production plant in Europe and is soon to be commissioned. Initial commercial production volumes are expected year-end. Umicore will be using 100% green power on site as of the start of the operations.

Eric Stab, CEO of ENGIE North, South and Eastern Europe, said: “As one of the most industrialized countries in Europe, Poland will be key for Europe’s carbon neutrality objectives. ENGIE, as a major renewable energy producer, sees many opportunities to develop green corporate PPAs in Poland in the coming years, considering the carbon reduction commitments taken by many international and Polish companies. ENGIE’s purpose and strategy are fully aligned with this target and ENGIE is ready to support Umicore, one of its historical customers in Belgium, in reaching its carbon neutrality objective in Poland.”

Marc Grynberg, CEO of Umicore, said: “We are very proud that our cathode materials production plant, the first in Europe, will be carbon neutral as of the start of production. This sets Umicore well ahead of its peers and is an important step in our race to achieve net zero GHG emissions by 2035.”


Umicore is a global materials technology and recycling group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organized in three business groups: Catalysis, Energy & Surface Technologies and Recycling. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life.

Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore’s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life.

Umicore’s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base. The Group generated revenues (excluding metal) of € 3.2 billion (turnover of € 20.7 billion) in 2020 and currently employs 10,800 people

More information:

Investor Relations
Saskia Dheedene +32 2227 72 21
Eva Behaeghe +32 2 227 70 68

Media Relations
Marjolein Scheers +32 2 227 71 47

About ENGIE :

Our Group is a global reference in low-carbon energy and services. Together with our 170,000 employees, our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose (“raison d’être”), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers.

Turnover in 2020: 55.8 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe, Euronext Vigeo Eiris - Eurozone 120/ Europe 120/ France 20, MSCI EMU ESG, MSCI Europe ESG, Euro Stoxx 50 ESG, Stoxx Europe 600 ESG, and Stoxx Global 1800 ESG).

Aker Offshore Wind A/S said Thursday it has formed a partnership with Ocean Winds to develop floating offshore wind generation sites in Scotland.

Currently partnering in California, U.S., and Korea, the companies will join forces to bid in the ScotWind leasing round, which is making new seabed leases available for the development of offshore wind in Scottish waters.

The two companies will jointly submit the bid by July 16 to Crown Estate Scotland.

Ocean Winds is a 50/50 partnership between EDP Renovaveis S/A and ENGIE S.A., which was established last year to develop offshore wind technology. The partnership has 4 gigawatts in construction and operation, including the 950 megawatt Moray East and Moray West fixed offshore wind projects in the U.K.

Write to Dominic Chopping at

(END) Dow Jones Newswires

July 08, 2021 03:46 ET (07:46 GMT)

Jennifer Gnana

June 23,2021

Engie-led consortium reaches financial close on Jubail desalination plant

The plant, which is based on reverse osmosis technology, will produce 570,000 cubic metres per day of potable water supply

The Jubail Desalination Plant at the Jubail Industrial City, located about 95 kilometres north of Dammam in Saudi Arabia's eastern province overlooking the Gulf.

The planned project will produce 570,000 cubic metres per day of potable water supply.

The Jubail Desalination Plant at the Jubail Industrial City, located about 95 kilometres north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. The planned project will produce 570,000 cubic metres per day of potable water supply. AFP

A consortium led by France's Engie 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 per cent stake in the project, Nesma Company Limited (30 per cent) and Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investment Company (30 per cent). The parties did not disclose the value of the transaction.

The plant, which is based on reverse osmosis technology, will produce 570,000 cubic metres per day of potable water supply.

Acciona awarded $384m contract to build desalination plant in Saudi Arabia

Saudi Arabia could raise 50bn riyals from privatisations in next five years

Reverse osmosis is a process in which water flows through a membrane that separates out heavier sediments and salts. Desired minerals like calcium and magnesium are also added to the filtered water before packaging or transporting it for consumption. Many Gulf countries have switched to using the process over the past decade as it is less energy intensive than the thermal method currently in use for desalinating water.

The Jubail 3A Independent Water Project is one of the largest public-private partnerships for a desalination scheme in the world.

The consortium, led by Engie, signed a 25-year water purchase agreement with the SWPC after emerging as the preferred bidders for the desalination project.

The SWPC will look to "enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to participate in the implementation of these projects", Khalid Al Quraishi, chief executive of SWPC, said.

The consortium was awarded the project in April after submitting a successful bid of 1.591 halalas per cubic meter of potable water.

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, Engie said in a statement.

The desalination scheme is being built on the basis of a build, own, operate contract, with commercial operation on the project expected to begin in 2024.

Published: June 23, 2021 01:12 PM

the grumpy old men
Putin Says That First Line Of Nord Stream 2 Is Now Complete
By RFE/RL staff - Jun 05, 2021, 4:00 PM CDT
Trade Oil Futures And Energy Stocks

Russian President Vladimir Putin has announced that laying the pipes for the first of two lines of the prospective Nord Stream 2 pipeline to Germany has now been "successfully completed."

Addressing an economic forum in St. Petersburg on June 4, Putin also said that "work on the second line is continuing."

While the underwater section still needs to be linked to the section on German territory, Russian energy giant Gazprom "is ready to start filing Nord Stream 2 with gas," he added.

Gazprom shares went up 0.6 percent after Putin's comments, reaching 273.80 rubles ($3.74) -- their highest level since mid-2008.

The United States, which has strongly opposed construction of the new Russian pipeline, last month announced new sanctions against Russian companies and ships involved in the project.

But the administration of President Joe Biden decided to waive sanctions against the company overseeing the project and its CEO.

In Washington, the move was met with criticism from Republicans and some Democrats, while the Kremlin hailed it as a "positive signal" ahead of a June 16 summit between Biden and Putin.

The Baltic Sea pipeline was at the center of a political tussle between Berlin and Washington during the previous administration of former U.S. President Donald Trump. Since coming into office in January, Biden has sought to heal relations with Europe after they were bruised under his predecessor.

U.S. officials have warned the pipeline will make Europe more dependent on Russian energy supplies and bypass Ukraine, which relies on gas transit fees.

The German government has refused to halt the project, arguing that it is a commercial venture and sovereign issue.

Putin told the St. Petersburg International Economic Forum that Russia will continue pumping 40 billion cubic meters of gas via Ukraine a year in line with the existing five-year contract.

Kyiv is locked in a confrontation with Moscow over Russia's 2014 seizure of Ukraine's Black Sea Crimean Peninsula and the Kremlin's support of separatists in eastern Ukraine.

Describing the U.S. use of the dollar as a political weapon, Putin also said that European states should pay for Russian gas in euros, a day after Moscow said it would remove dollar assets from its National Wealth Fund while increasing the share of the euro, Chinese yuan, and gold.

"The euro is completely acceptable for us in terms of gas payments. This can be done, of course, and probably should be done," he said.

Russia has long moved to reduce the dollar's share in its hard-currency reserves as it has faced waves of U.S. sanctions amid heightened tensions with the West over issues including the conflict in Ukraine, cyberattacks allegedly by Russian hackers, and Russia's treatment of jailed opposition activist Aleksei Navalny.

In an interview with state-run Channel One television on the sidelines of the St. Petersburg forum, Putin said he expected "no breakthrough" from his meeting with Biden, but expressed hope that the talks will be held in a "positive atmosphere."

"But the very fact of our meeting, that we will speak about possibilities for restoring bilateral relations, about matters of mutual interest, and, by the way, there are a lot of them, is quite good as such," he added.

Late last month, Biden said he would press his Russian counterpart to respect human rights when the two leaders meet.

The U.S. president in March said he believed Putin was a "killer," which prompted a diplomatic row that led to Moscow recalling its ambassador to Washington for consultations.


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