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(Reuters) -- Saudi Petroleum, Chemicals
and Mining Co (PCMC), wholly owned by Saudi BinLadin Group, hopes to be more
successful in renewable and nuclear energy projects after its attempts to
develop the kingdom's first privately owned refinery failed, its chief executive
said. Saudi Arabia aims to diversify its energy resources by turning to solar
and nuclear power generation to reduce its need to burn fuel oil and preserve
its oil for lucrative export markets.
Earlier this year, French nuclear group Areva signed a partnership
agreement with the BinLadin Group for nuclear and solar energy. PCMC was one of
the major shareholders in Advanced Refineries and Petrochemicals Co. (ARPC) -- a
company formed for the development of the Jizan refinery and which is no longer
in operation.
ARPC submitted bids for Jizan last year, as part of a consortium with
Saudi industrial group Tasnee and Saudi Nama Chemicals Group, but lost the bid
to state oil company Saudi Aramco.
The kingdom had hoped the refinery would be built and owned entirely by
the private sector, a first in the world's top exporter, but the plan failed to
generate interest from foreign investors, who were concerned that the cost of
supplying crude to the plant could make it unprofitable in the future.
mrcplast.com
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