JEDDAH: Saudi Arabia is poised to sign an agreement to harness solar energy for a water desalination project in Senegal, alongside additional investments totaling €250 million ($291.57 million), Investment Minister Khalid Al-Falih said.
Al-Falih, leading a high-level Saudi delegation to the “Invest in Senegal Forum 2025” on behalf of Crown Prince Mohammed bin Salman, said the 300-megawatt photovoltaic project will be integrated with the desalination facility and other development initiatives.
The delegation includes public sector representatives and 400 private sector delegates, with Saudi Arabia serving as the forum’s guest of honor.
According to the Observatory of Economic Complexity, Saudi exports to Senegal reached SR9.21 million in February 2025, while imports totaled SR105,000, resulting in a positive trade balance of SR9.1 million. Between February 2024 and February 2025, exports declined by SR1.28 million (12.2 percent), and imports fell by SR913,000 (89.7 percent).
Speaking in the presence of Senegal’s President Bassirou Diomaye Faye, Al-Falih said: “Senegal and Africa are a top priority for our external investments.”
He expressed confidence that Saudi companies participating in the forum would soon announce new investments and partnerships in Senegal.
“Relations between Saudi Arabia and Senegal are historic, deeply rooted in Islamic brotherhood and shared values,” Al-Falih added, highlighting leadership-level visits since Senegal’s independence. He noted that Senegal’s Vision 2050 and the Invest in Senegal Forum signal a strong commitment to development and international partnerships.
The minister also highlighted Africa’s growing role in global investment, referencing Crown Prince Mohammed bin Salman’s announcement at the Saudi-African Summit of $25 billion in new investments across the continent.
Al-Falih detailed one of the Kingdom’s flagship initiatives: the Grande-Cote seawater desalination project. ACWA Power has signed an agreement to invest nearly €750 million to build a renewable energy-powered desalination plant, capable of supplying up to 400,000 cubic meters of potable water per day to Dakar and surrounding areas.
“This project addresses climate change and advances energy transformation in Senegal,” he said.
Saudi Arabia to invest in solar-powered desalination project in Senegal, says minister
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Saudi Arabia to invest in solar-powered desalination project in Senegal, says minister
Saudi Aramco, ExxonMobil, Samref ink deal to study Yanbu refinery upgrade
RIYADH: Energy giants Saudi Aramco, ExxonMobil, and Samref have signed a venture framework agreement to upgrade the Yanbu refinery and expand it into an integrated petrochemical complex.
As a part of the deal, the companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, according to a joint press statement.
The agreement will also see the parties explore opportunities to improve the refinery’s energy efficiency and reduce environmental impacts from operations through an integrated emissions-reduction strategy.
Samref is an equally owned joint venture between Aramco and Mobil Yanbu Refining Co. Inc., a wholly owned subsidiary of Exxon Mobil Corp.
The refinery currently has the capacity to process more than 400,000 barrels of crude oil per day, producing a diverse range of energy products, including propane, automotive diesel oil, marine heavy fuel oil, and sulfur.
“This next phase of Samref marks a step in our long-term strategic collaboration with ExxonMobil. Designed to increase the conversion of crude oil and petroleum liquids into high-value chemicals, this project reinforces our commitment to advancing Downstream value creation and our liquids-to-chemicals strategy,” said Aramco Downstream President, Mohammed Y. Al Qahtani.
He added that the deal will help position Samref as a key driver of the Kingdom’s petrochemical sector’s growth.
The press statement further said that companies will commence a preliminary front-end engineering and design phase for the proposed project, which would aim to maximize operational advantages, enhance Samref’s competitiveness, and help to meet growing demand for high-quality petrochemical products in Saudi Arabia.
The firms added that these plans are subject to market conditions, regulatory approvals, and final investment decisions by Aramco and ExxonMobil.
“We value our partnership with Aramco and our long history in Saudi Arabia. We look forward to evaluating this project, which aligns with our strategy to focus on investments that allow us to grow high-value products that meet society’s evolving energy needs and contribute to a lower-emission future,” said Jack Williams, senior vice president of Exxon Mobil Corp.
