Masdar + TotalEnergies explore SAF and green methanol production

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WHAT WE’RE TRACKING TODAY

TODAY: Green hydrogen news from Masdar and Oman + Lots of EBRD updates

Good morning, folks. It’s a busy start to the week with a pile of green hydrogen news, debt and investment updates, and earnings release from the region’s biggest industry players. Let’s get the ball rolling, but first…

EDITOR'S NOTE: We extend our apologies to our friends at Infinity Power and HSBC for a technical error that resulted in EnterpriseAM Climate landing in inboxes last Thursday with the incorrect masthead.

THE BIG CLIMATE STORY OUTSIDE THE REGION- Storm Debby is heading to Florida as Category 1 Hurricane: Tropical Storm Debby, which formed north of Cuba, is intensifying and is expected to become a hurricane as it moves through the Gulf of Mexico towards Florida. Debby was located about 65 miles (104.6 kms) west-northwest of Dry Tortugas National Park and 230 miles (370.1 kms) south-southwest of Tampa city, moving northwest at 14 m/h (22.5 kms/h) with maximum sustained winds of 45 mph (72.4 kms/h) early on Sunday. The National Hurricane Center has issued hurricane warnings for parts of Florida’s coast and tropical storm warnings for the Florida Keys area. The storm brought heavy rain and coastal flooding to much of Florida’s Gulf Coast yesterday, and will potentially make landfall as a hurricane today as it crosses over northern Florida into the Atlantic Ocean. The significant rainfall — which experts say is intensified as a result of climate change — could lead to flash and urban flooding, bringing risk of injury and casualties.

WATCH THIS SPACE-

#1- Another step for Amea Power’s Mozambique solar plant: The UAE’s Amea Power is holding a two-day public consultation for its 125 MW Matambo solar plant in Mozambique from Thursday, Mozambique 360 reported on Friday, citing Portuguese news agency Luca. The project — which will be located in Tete province and cost USD 150 mn — will be established in partnership with Mozambique’s Banco Nacional de Investimento and will be directly connected to the Electricidade de Moçambique substation. The project — signed on the sidelines of COP28 in the UAE last year — will be able to power 150k homes, offsetting around 233k tons of CO2 annually.

#2- KSA’s Sipchem set to complete FEED activities for blue ammonia project next year: Sahara International Petrochemical Company (Sipchem) said it expects to complete Front End Engineering Design (FEED) activities for its blue ammonia project by 1Q 2025, according to its 2Q 2024 earnings call (pdf) last week. The petrochemicals manufacturer received approval from Saudi’s Energy Ministry to allocate feedstock to build the plant in September last year.

About the plant: The low-carbon blue ammonia facility in Jubail Industrial City will have a capacity of 1.2 mn tons per year. Sipchem said last year that it plans to “utilize the most efficient energy and feedstock technologies for the plant.”

#3- More green bonds are being lined up in Egypt: Local banks in Egypt are gearing up to issue green bonds between this month and September, the European Bank for Reconstruction and Development (EBRD) managing director for the SEMED region Heike Harmgart told Al Mal, adding that the multilateral lender plans to invest in them.

Remember: The EBRD in 2022 snapped up USD 100 mn worth of Scatec’s USD 334.5 mn green bond issuance to refinance its six solar plants in Benban.

An update on our long-awaited green hydrogen strategy: It will be launched this month, Harmgart says Prime Minister Moustafa Madbouly told her. The EBRD is also in talks with the government to implement the next phase of the strategy, she added.

IN OTHER EGYPT NEWS- Egyptera to hike EV charging fees: The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) is set to announce new pricing for electric vehicle charging within a month, Al Arabiya reports, citing unnamed sources from EV charging companies. EV charging companies are asking for an increase of over 42% from the current rates, which have been in effect since February 2022.

The rationale: EV charging companies have been pushing for a price hike, citing rising investment costs for charging stations and the impact of the EGP float. The current fees are also causing financial strain on electricity companies, as the subsidized electricity supply price for charging companies of EGP 1.21 per KWh is significantly lower than the production cost of EGP 2.2 per KWh.

#4- Tunisia is planning to develop a 2050 water strategy worth USD 23 bn to combat drought and water scarcity, Tunisiasn Economy and Planning Minister Feryel Ouerghi told a plenary session of the Assembly of People’s Representatives (ARP) last week. The strategy will include the construction of seawater desalination plants and wastewater recycling facilities for irrigation use. It will also provide water saving equipment to agricultural areas to increase the use of treated water for irrigation to 17% and surface water resources to 95% by 2025.

#5- BYD eyes Canadian market despite waved threat of tariffs: Chinese automaker BYD is planning to enter the Canadian market despite the government considering imposing additional tariffs on Chinese EV imports, Bloomberg reported last week. BYD lobbyists filed notice with Canada’s federal registry to “advise the government of Canada on matters related to the expected market entry of BYD into Canada for the sale of passenger electric vehicles, and the establishment of a new business, and the application of tariffs on EVs.”

Canada’s stance: Canada’s month-long talks deliberating Chinese EV import restrictions came to an end on Thursday. The consultation began due to worries by the domestic auto industry of Chinese competition. Canada’s auto supply chain is closely tied to that of the US which leaves Canada with few options other than to align with the tariffs the Biden Administration had imposed.

MEANWHILE- The US is continuing its trade war with China with a block on subsidies: US lawmakers introduced a bill last week that would block Chinese solar panel manufacturers from receiving subsidies for their US facilities, Reuters reported. The act — dubbed the American Tax USD for American Solar Manufacturing Act — comes just as Chinese companies set up factories in the US with support from US President Joe Biden’s Inflation Reduction Act which was introduced in 2022.

REMEMBER- The West has been cracking down on Chinese EV imports: The US went on the offensive in the brewing trade war with China by announcing in May a slew of tariffs on Chinese imports. Tariffs on Chinese EVs quadrupled to 100%, those on lithium-ion EV batteries to more than triple to 25%, those on solar cells to double to 50%. Europe followed suit with tariffs of 17.4% to 37.6% on Chinese electric vehicle imports last month.

THE SCORECARD-

#1- The UAE was the second biggest issuer of ESG sukuk in 1H 2024, accounting for 33.8% of issuances and trailing only behind Saudi Arabia, which took to market 43% of issuances, according to the latest report by Fitch Ratings.

The global stocktake: Outstanding global ESG sukuk surged 41% y-o-y to USD 43 bn in 1H 2024,The GCC region accounted for 43% of issuances, with USD 18.5 bn in outstanding ESG sukuk.

More issuances incoming: Qatar Central Bank’s new ESG and sustainability strategy, coupled with existing frameworks in the UAE, Saudi Arabia, Oman, and Malaysia, is expected to further ramp up ESG debt markets. The promising medium-term potential for ESG debt issuance is fuelled by governments’ increasing commitment to sustainability, and issuers’ aims to meet ESG mandates and funding diversification plans,” Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings said.

#2- The National Bank of Kuwait’s (NBK) sustainable assets hit USD 3.65 bn in 2023, representing over 36% of its USD 10 bn by 2030 target, according to a recently released sustainability report (pdf). This includes investments in renewable energy, clean transport, green buildings, and sustainable water management.

Lessening its environmental impact: The bank reduced greenhouse gas emissions by 10.43% and saw a 5.75% decline in electricity consumption y-o-y. NBK also implemented Building Energy Management Systems (BEMS) in 22 branches and approved the installation of solar panels in 24 branches by 2025. They recycled 99.25 metric tons of paper, saving 1.69k trees, 407k kWh of energy, and 695k gallons of water in the same period.

NBK adopted a sustainable business model: The bank established an ESG governance framework in efforts to integrate climate-related matters into its risk management approach. In addition, 70% of NBK’s suppliers were local, and 84% of procurement spending was directed towards local procurement, which in the long term reduces emissions from transporting imported products.

THE ENTERPRISE FINANCE FORUM-

Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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CIRCLE YOUR CALENDAR-

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Masdar + TotalEnergies explore SAF and green methanol production

A potential new SAF venture between Masdar and TotalEnergies: UAE’s renewables giant Masdar and French oil major TotalEnergies signed an agreement to explore the feasibility of using captured CO2 to produce sustainable aviation fuel (SAF) and green methanol, according to a statement released on Thursday.

What we know: The project will focus on decarbonizing “hard to abate, emission intensive sectors” including aviation and maritime industries, according to the statement. It will aim to use captured CO2 from industrial sources and green hydrogen as a feedstock to produce green methanol and SAF.

Building on prior agreements: The agreement follows a successful test flight during COP28 by a consortium comprising Masdar, TotalEnergies, Airbus, Axens, and Falcon Aviation Services demonstrating the potential for converting methanol to SAF. The UAE General Civil Aviation Authority worked with the companies on the pilot flight.

Why this matters: Methanol isn't among the alcohols in the Alcohol-to-Jet Synthetic Paraffinic Kerosene pathway which was certified in 2016 as meeting international standards for jet fuel. However, the flight used an SAF blend made from olefins, which can bypass the restrictions for obtaining the certificate. This new method can eventually allow for SAF to be produced from renewables (eSAF).

REMEMBER- Masdar has big SAF plans: Masdar signed an agreement with Airbus to jointly develop sustainable aviation fuels last year. The company also partnered with France’s Hy24-managed Clean Hydrogen Infrastructure Fund to boost large-scale green hydrogen production projects globally under efforts to set up a clean energy production value chain from renewables, to green hydrogen and its derivatives including green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen. Masdar also signed an MoU with US aircraft maker Boeing to advance and support the development and adoption of SAF policies and projects locally and abroad.

And so does TotalEnergies: Satorp — a JV between Saudi oil giant Aramco and TotalEnergies — successfully converted cooking oil into SAF last November. The project will contribute to TotalEnergies’ goal of producing 1.5 mT of SAF annually by 2030. TotalEnergies and Airbus also inked a partnership earlier this year that would see TotalEnergies supplying Airbus with more than half of its needs in Europe for SAF.

We have new details on Oman’s Hyport Duqm green hydrogen project

Revised production capacities + timelines: Belgian dredging firm Deme reports BP’s 49%acquisition of the Hyport Duqm hydrogen and green ammonia project will be finalized in 3Q 2024, according to a press release (pdf) released on Thursday. The project is in the pre-front-end engineering design phase and is set to be operational in 2030-2031.

The project’s renewables production capacity is also larger than initially reported. Oman’s first large-scale green hydrogen project — which will cover an area of 150 sq km at Oman’s Special Economic Zone at Duqm — will be powered by solar and wind energy with an initial combined production capacity of 1.3 GW in the first phase which will expand to produce 2.7 GW upon completion of the second phase.

REMEMBER- Oman is targeting the production of 1.38 mn tons of hydrogen annually by 2030. Its state-owned Hydrom signed an agreement last year with the Hyport Duqm Consortium — a JV between OQ Alternative Energy and DEME Concessions — for the construction of a green hydrogen production facility to produce some 1 mn tons of green ammonia. OQ Alternative Energy — the green unit of OQ — is also among the backers of the Green Energy Oman clean fuels hub which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.

EBRD invests in Ulker's first sustainability-linked Eurobond + gives EU mining a boost

Ulker lands USD 90 mn investment from EBRD: The European Bank for Reconstruction and Development (EBRD) is set to invest USD 90 mn (EUR 83 mn) in Turkish multinational snack manufacturer Ulker’s first sustainability-linked Eurobond issuance, according to a statement released on Friday. The investment is part of a larger USD 550 mn issuance. Ulker — which specializes in the production of biscuits, cake, cookies, and chocolate — is Turkey’s largest public food manufacturing company.

About the issuance: Ulker issued a seven-year USD 550 mn Eurobond last month. The transaction was managed by JP Morgan, Merrill Lynch, Emirates NBD, HSBC, and Rabo Securities, and attracted over 100 international investors from different countries. The Eurobond — which will be listed on the Irish main stock exchange Euronext Dublin — is expected to improve Ulker's debt maturity profile and mitigate near-term liquidity risks, S&P Global said.

Where are the funds going? The money will refinance Ulker’s existing USD 600 mn outstanding Eurobonds maturing in October 2025, and for general corporate purposes. Upon completion, the USD 550 mn issuance will help the firm reduce gross debt in the capital structure, S&P said.

Part of Ulker’s green goals: The Turkish firm aims to reduce greenhouse gas emissions by 42% for Scope 1 and 2, and 25% for Scope 3 by the end of the decade, according to the EBRD. The company has identified key areas in the value chain to focus its green initiatives, namely logistics, waste and packaging, agriculture and raw materials, the statement added.

Ulker already has sustainable practices + finance in place: The company has adopted a zero-waste corporate culture, aims for decarbonisation targets, and is transitioning to circular business models. EBRD previously extended a EUR 75 mn sustainability-linked loan to Ulker in 2023.

The firm is active in Egypt + KSA: Ulker acquired three companies in Saudi Arabia in 2017, including biscuit producer and distributor UI Mena-Amir Global, United Biscuits’ Saudi unit IBC, and FMC, according to their website. It also acquired Egypt’s Hi Food in 2016.

MINING INVESTMENTS ARE ALSO ON DECK-

EBRD and the EU launched a joint facility to provide equity investments of up to EUR 100 mn for the exploration of critical and strategic raw materials, according to a statement published last week. The initiative is part of the EBRD’s recently approved EUR 150 mn Junior Mining Framework for equity and quasi-equity investments in early-stage mining companies.

The regional angle: The initiative will include countries covered by the Horizon Europe programme including Tunisia and Turkey, according to the statement.

Ironing out the details: The EBRD is contributing EUR 25 mn, with the EU’s Horizon Europe Programme under the InvestEU umbrella providing similar funds. The facility will then look to mobilize a further EUR 50 mn, according to the statement. It will support the objectives of the EU’s Critical Raw Materials Act and the REPowerEU Plan, ensuring that industrial sectors have the necessary resources while maintaining EU environmental and social standards. The bloc’s Critical Raw Materials Act aims to strengthen EU’s critical raw materials capacities along all stages of the value chain, reduce dependencies, enhance preparedness, and promote supply chain sustainability and circularity.

Scope of work: The facility will focus on early-stage equity investments in junior mining companies across EU member states and EBRD economies outside the EU, the statement added. It will fund responsible exploration activities, adhering to high climate, governance, environmental, and social impact standards, with EBRD’s Paris Agreement alignment and Environmental and Social Policy screening applied to all projects.

IN OTHER EBRD NEWS-

EBRD held multiple talks with Egypt: Senior EBRD officials met with Egyptian Petroleum and Mineral Resources Karim Badawi to explore enhancing cooperation on energy transition and mining, according to a statement released last week. The discussions focused on reducing emissions and decarbonization as part of the bank’s technical support of the country’s low-carbon hydrogen strategy. Financing for renewable energy and energy efficiency projects to support Egypt’s petroleum sector along with environmentally-friendly petrochemical projects were also on the table, along with the provision of technical support to conduct feasibility studies for Egypt’s sustainable aviation fuels production facility. The meeting also discussed cooperation in the mining sector, including a geophysical survey to identify mineral deposits and support for value-added projects.

EBRD met with Egypt’s energy minister: Egypt’s Minister of Electricity and Renewable Energy Mahmoud Esmat met with the EBRD delegation to discuss expanding partnerships in Egypt’s energy sector with the aim of increasing the share of renewables in the energy mix, improving the allocation of natural resources to maximize returns, as well as developing and modernizing the national grid to allow for renewables additions while optimizing electricity distribution, according to a statement published on Friday.

Algeria + Italy set to begin feasibility studies on subsea electricity interconnector

One step closer to another EU interconnector project: Algeria’s state-owned oil and gas firms Sonatrach and Sonelgaz inked an MoU with Italian energy group Eni to study the feasibility of a planned subsea power interconnector line to export electricity to the Italian and European markets, according to a press release (pdf) last week.

The project has been in deliberation since 2023: This agreement follows two initial strategic intent agreements signed in Algeria in January last year to identify future joint projects related to energy supply, energy transition, and decarbonization. The exported electricity will be generated from both renewable sources and natural gas.

Part of a bigger plan? Italian energy firm Zhero is developing the Medlink project in a bid to import renewable energy from Tunisia and Algeria, which would cover nearly 8% of Italy’s electricity needs. The project is scheduled to kick off operations in 2030, and could eventually expand to deliver green energy to Austria, Germany and Switzerland

There’s also an Italy-Tunisia interconnection project in the works: Italy and Tunisia are already working on a separate EUR 1 bn electric interconnection project dubbed Elmed. Italy's Environment and Energy Security Ministry officially authorized the project in May. The 600 MW subsea interconnector will transport 400-600 MW of clean power generated from hydroelectricity and is targeting an operational launch by 2028. The European Union and its Team Europe partners — which include the EIB and EBRD — pledged EUR 472.6 mn for the Elmed electricity interconnection project in June among other commitments by key partners.

Acwa Power’s 2Q 2024 bottom line increased 52% y-o-y

Saudi renewables player Acwa Power's net income increased 52% y-o-y to SAR 631 mn in 2Q 2024, according to its investor report (pdf). Revenues also rose 10.7% to SAR 1.6 bn during the period.

Driving the rally: The company attributed the better performance in its bottom line to gains from divestments, higher margins from its subsidiaries, along with higher finance income (which usually includes income from interest, dividends, capital gains, and investment returns), according to a disclosure to Tadawul.

Acwa posted a 35.5% y-o-y rise in bottom line to SAR 926.8 mn in 1H 2024, while revenues grew 2.6% to SAR 2.8 bn.

REMEMBER- Acwa sold down its stake in Uzbek projects: Saudi’s renewables giant Acwa Power sold a 35% stake in its Bash and Dzhankeldy 1 GW wind projects in Uzbekistan to China Southern Power Grid’s global investment arm China Southern Power Grid International for SAR 595.9 mn (c. USD 158.9 mn) last month. The total investment ticket for both projects — the 500 MW Dzhankeldy wind farm and the 500 MW bash wind plant — is around USD 1.3 bn.

That wasn’t Acwa’s only stake sale: In June, Hassana Investment Company signed a SAR 844 mn Share Purchase Agreement to acquire 30% of the company’s shareholding in Independent Water, Steam and Power Producer Rabigh Arabian Water & Electricity Company, according to a press release.

The company’s also working on R&D: Acwa also signed an MoU with China’s Huawei Digital Power in June to develop a joint research and development program that aims to localize photovoltaic string production tech in Saudi Arabia, maximize solar panel efficiency, and reduce costs.

Fertiglobe’s net income down 60.2% y-o-y in 2Q 2024

Fertiglobe — a UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers — reported a 60.2% y-o-y drop in net income in 2Q 2024 to USD 42.7 mn, according to its financial statement (pdf). Its revenues were down 10.1% y-o-y to USD 495.7 mn during the period.

Behind the numbers: The company said its own-produced sales volumes were down 2% y-o-y in 2Q 2024 due to a five percent decline in own-produced urea volumes during the period, according to its earnings release (pdf). Such a drop offset a 12% rise in ammonia sales volumes during the quarter. “When excluding the impact of the gas supply shortages in Egypt, Q2 2024 and H1 2024 own-produced sales volumes would have been up 8.1% and 6.6% y-o-y, respectively,” it said.

“Cautious” buying of urea during 2Q: Fertiglobe said nitrogen prices took a hit during the period due to “delayed demand, cautious buying behavior and reduced urea imports from India, partially offset by some supply disruptions towards the end of the quarter.” The impact came despite a rise in natural gas prices and constant grain prices during the period.

For the year to date: The company’s net income fell 33.7% to USD 197 mn y-o-y during H12024, while revenues were down 16.7% y-o-y during the period to USD 1 bn.

A busy 2Q for Fertiglobe: Some key achievements during the quarter include reaching a final investment decision on a low-carbon ammonia project in the UAE with Ta’ziz — a joint venture between Adnoc and ADQ — and Korea’s GS Energy Corporation and Japan’s Mitsui & Co. Fertiglobe said it awarded the project’s construction contract to Italian engineering group Tecnimont with production slated to begin in 2027. It also helped deliver with Adnoc the world’s first ever certified bulk commercial shipment of low-carbon ammonia using carbon capture and storage to Mitsui.

And that’s not all: Fertiglobe also secured a EUR 397 offtake agreemen t from the German government’s first-of-its-kind H2Global program to supply green ammonia to the EU from its Egyptian facilities between 2027 and 2033 following an auction. Fertiglobe said such an agreement would help it and the consortium behind Egypt Green Hydrogen reach a FID on Africa’s first integrated green hydrogen plant by H1 2025. The project is also the first of such outside of Europe.

What to expect later this year: The company said regulatory approvals for Adnoc’s acquisition of OCI Global’s 50% stake in the company was “progressing well,” expecting the acquisition to close this year, according to the release.

The outlook for the market: “The short-term outlook for ammonia and urea is favorable, driven by tight markets, while the medium to long-term outlook continues to be supported by improving demand from new and existing applications coupled with limited supply additions,” Fertiglobe said. The company expects to benefit from a slowdown in Chinese agricultural fertilizer exports as China limits exports to meet growing domestic demand, CEO Ahmed El Hoshy told The National. At the same time, there has been a surge in global urea production and demand on the back of increased gas supplies, cultivating “a perfect storm” for Fertiglobe, El Hoshy added.

Azerbaijan + UAE discuss more green partnerships

UAE + Azerbaijan discuss renewable energy cooperation: UAE Minister of Economy Abdulla Bin Touq Al Marri and Azerbaijani counterpart Mikayil Jabbarov discussed developing an existing partnership between the two countries in renewable energy, food security, agriculture, technology, aviation, and other sectors, Wam reported last week.

The UAE is deepening ties with the COP 29 host: The UAE and Azerbaijan signed multiple agreements for cooperation in sustainable development across the renewable energy and environmental sectors ahead of COP29 last January. UAE's renewables giant Masdar broke ground in June on three renewable energy projects with a total capacity of 1 GW in Azerbaijan as part of the company’s intended 10 GW pipeline for the country. It also l aunched the operations of its 230MW Garadagh Solar Park in Azerbaijan — the largest in the region and the first independent solar project to receive foreign investment — last year.

Solar, mining, EVs, and green industry updates from Qatar, Morocco and Egypt

SOLAR-

Australia’s ClearVue makes MENA debut with Alutec partnership: Australia’s solar panel manufacturer ClearVue Technologies has signed a five-year manufacturing and distribution agreement with Qatar’s facade engineering company Aluminium Technology Auxiliary Industries (Alutec), marking its entry into the Middle Eastern and Indian markets, according to a statement released on Thursday. The agreement sees Alutec manufacturing and distributing ClearVuePV Solar Vision Glass, which integrates solar technology into building facades for enhanced energy efficiency.

Expect another agreement in the coming weeks: A similar agreement is set to be signed with Dune Trading — a subsidiary of Qatar-based multinational conglomerate Aria Holding — in the UAE “in the coming weeks,” according to the statement.

MINING-

Critical minerals exploration begins at Morocco’s Igli project: UK-based mining company Critical Mineral Resources (CMR) — which sources critical minerals in Morocco — has begun initial minerals exploration work at its Igli silver copper deposit in the North African country’s Anti-Atlas region, according to an operational update last week. The first phase includes geological mapping, locating silver, copper and other minerals, as well as satellite mapping and sediment sampling. “Samples collected during our visits in January and July returned very high grade silver and good copper assays, which along with Igli's location near two important mines, gives us reason to be excited,” CMR CEO Charlie Long said.

REMEMBER- CMR secured an option to acquire 90% of the project last month: CMR signed an option agreement last month to acquire 90% of the Igli project after raising EUR 750k (USD 976k) for the acquisition through convertible loan notes. The company has 16 months to conduct geochemical, geophysical, and drilling activities before making the main acquisition payment.

GREEN INDUSTRY-

Mapei launches its Zero products in the region: Italian construction chemicals manufacturer Mapei Group has launched its sustainable Zero line products in the Middle East and Africa (MEA) region, according to a press release published last week. The MEA launch follows a 60% increase in global sales of the Zero product range in 2023.

About Mapei Zero: The Zero line is an initiative to purchase certified carbon credits that counterbalance the emissions released during the entire life cycle — from manufacturing to application, and disposal — of some of Mapei’s construction products, including cementitious tile adhesives, grouts, and waterproofing mortars. The credits acquired — which aim to offset over 10k tons of CO2 emissions across the MEA markets.— will support forestry protection projects.

Mapei is already active in the region: Mapei completed the first phase of its USD 25 mn factory in Egypt last year. The facility has a capacity of 100k tons of chemical products. Mapei also built a USD 20 mn chemical and insulation materials factory in 2022. The company has also installed PV panels in its UAE operations, saving nearly 1k tonnes of CO2 emissions in one year, the statement said.

ELECTRIC VEHICLES-

Mg Developments + Infinity to cooperate on renewables and EV charging: Egyptian real estate company Mg Developments has signed an agreement with Egyptian renewables company Infinity to install and operate electric vehicle charging stations in MG’s development, Al Mal reports. The charging stations will be established in a number of Mg Development's projects, including La Vida in New Heliopolis, Blue Blue in Ain Al Sokhna, and HQ Mall in New Cairo.

Infinity is on a roll: Infinity currently owns 170 electric car charging stations and more than 640 charging points across 14 of Egypt’s governorates, All Mal said. The company provided charging solutions for Mansour MG Automotive’s launch of the MG4 EV in May — including pre-paid cards to use at charging stations or at home EV charger installation — and partnered with SIAC Assets & Facilities Management to install and manage EV chargers at their facilities in March. It also inked a similar agreement with Sodic.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

AD Ports completes environmental studies for Congo operations: AD Ports Group has completed an environmental and social impact study for the New East Mole Terminal in Congo as part of a 30-year concession agreement with the Congolese government. The study provides recommendations to enhance the project's social, communal, and environmental performance. AD Ports Group will invest over USD 500 mn, with USD 220 mn allocated for Phase 1, to develop and operate the terminal. (Statement)
Tunisia’s parliament approves agriculture credit agreement: The Tunisian parliament’s lower house has approved a draft TND 100 mn (c. USD 32.5) credit agreement with the Arab Fund for Economic and Social Development to help protect agricultural land from erosion, manage agricultural water, prevent flooding in large plains, develop forests and agricultural tracks, supply drinking water, and promote sustainable, income-generating agricultural projects. (TAP)
Morocco to boost water infrastructure: Morocco is investing USD 25 mn to upgrade the drinking water supply and wastewater management systems in Dakhla as part of a broader plan to address water scarcity through desalination and improved conservation. The projects are expected to be completed within a year. (APA)
Iran’s renewables production increases 9%: Iran produced 261 mn kWh of renewables between 21 June and 21 July, marking a 9% increase from the previous month. In the month ending June 20, Iran produced 28% more renewables compared to the same month the year before. This comes on the back of increased wind energy projects which represent 40% of the country’s total renewables capacity. (Tehran Times)
VinFast opens first showroom in the Middle East: Vietnamese EV maker VinFast Auto and Bahwan Automobiles and Trading have partnered to open VinFast's first Middle East showroom in Oman’s Muscat. The showroom features several of VinFast’s smart EV models. (Statement)
Riyadh’s Hayat Mall becomes first mall in capital with fast EV charging station: Hayat Mall became the first mall in Riyadh to have a fast charging station for EVs, which can accommodate six vehicles simultaneously. The station has a charging capacity of up to 50 kW per charger. (Al Riyadh)

Brazil to establish new green hydrogen framework

Brazil approves low-carbon hydrogen framework: Brazilian President Lula da Silva approved a legal framework to boost investment in low-carbon hydrogen, effective 1 January 2025, Bloomberg reported on Saturday, citing an announcement made in the country’s Official Gazette. Green hydrogen could help Brazil transition from its oil industry, given that the country is capable of making the cheapest green hydrogen in the world excluding subsidies, according to BloombergNEF.

Lula didn’t go all the way: The Brazilian leader decided to veto some tax credit provisions, citing financial and legal concerns. “Despite the good intentions of the legislator, the provisions go against the public interest by establishing incentives that violate concepts established in the financial and budgetary legislation and generate inaccuracies that create legal uncertainty,” Lula said in the announcement.

REMEMBER- Brazil wants in on the hydrogen hype: Brazil is exploring the possibility of USD 30 bn worth of low-carbon hydrogen production projects. The country has the potential to produce 1.8 bn metric tons of the green fuel per year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

IFC to boost Georgia’s SMEs, climate finance: The World Bank’s private investment arm IFC is investing USD 150 mn in Georgia's TBC Bank to enhance the bank’s SMEs and climate finance portfolio. Half of the funds will be earmarked for renewable energy and energy-efficient SMEs. The initiative is expected to help offset up to 30k tons of CO2 emissions annually by 2028. (Statement)

Truckmakers are switching to hydrogen engines to accelerate green transition

World’s biggest truckmakers are shifting to hydrogen to advance green transition: Major truck manufacturers like Volvo and MAN are developing hydrogen combustion engines as a quicker, cost-effective alternative to diesel in a bid to accelerate their transition to low-emission technologies, Reuters reported last week. The approach leverages existing manufacturing lines, providing a more immediate solution compared to the heavier and slower-charging electric batteries. Truckmakers are also investing in hydrogen fuel cells, which they believe can coexist with combustion engines for different vehicle types and uses.

But there are challenges: Burning hydrogen can produce harmful emissions, necessitating filters, Michael Krueger, senior VP for engineering at Bosch said. The technology will also require larger and pressurized tanks than the ones used in traditional combustion engines. The availability of green hydrogen is also an issue, slowing the rollout of necessary fueling infrastructure for the struggling industry.

While hydrogen combustion engines may not dominate sales, they are expected to play a substantial role in the industry’s transition to greener technologies. Companies like Germany’s Bosch and US’s Cummins are working to overcome the challenges, with Cummins aiming to have market-ready products within five years. Munich-based commercial vehicles provider MAN also plans to deliver 200 hydrogen-powered trucks to European customers next year for fleet testing.

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