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 by Staff Writers Riyadh (AFP) July 3, 2018
Saudi Arabia has replaced the CEO of its NEOM mega city project less than a year after the unveiling of the $500 billion venture billed as a regional Silicon Valley. Klaus Kleinfeld, appointed NEOM's first CEO when the project was announced last October, will take over "wider responsibilities" as an advisor to Crown Prince Mohammed bin Salman, a statement said late Monday. Nadhmi al-Nasr, a member of NEOM's founding board and a veteran of state oil giant Saudi Aramco, will take over from Kleinfeld from August 1, according to the statement. NEOM, part of a series of multi-billion-dollar projects as the oil-reliant kingdom seeks to diversify, was announced with much fanfare in October at Riyadh's first Future Investment Initiative that sought to project the insular country as a business destination. The Saudi government has said NEOM will draw investments worth $500 billion from the kingdom's vast Public Investment Fund, as well as local and international investors. Saudi Arabia, the world's top oil exporter, has dazzled investors with a host of hi-tech "giga projects", but sceptics question their viability as the kingdom scrambles to diversify its economy in an era of cheaper oil. The kingdom has also announced plans to build a Walt Disney-style "entertainment city" known as Qiddiya and a reef-fringed resort destination in the Red Sea -- both worth hundreds of billions of dollars. Such projects are the brainchild of Prince Mohammed, architect of a sweeping reform programme dubbed "Vision 2030". The reforms stem partly from a motivation to boost domestic spending and attract foreign investment as the kingdom has been reeling from an oil price slump since mid-2014.
Shah Deniz sets cornerstone for European energy security Washington DC (UPI) Jul 02, 2018 The start of the second phase of the Shah Deniz gas field off the coast of Azerbaijan sets a cornerstone for European energy security, an analyst said. British energy company BP said Monday its partners at the Shah Deniz field in the Caspian Sea marked the start of operations with the first commercial gas delivery to Turkey. Heralded as BP's largest gas discovery when it was announced in 1999, the first phase of Shah Deniz started sending gas to Azerbaijan, Georgia and Turkey in 2006. Th ... read more
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