After the revolt of “yellow vests”, then that of the motorhomes, France is not ready to reconnect with the idea of a carbon tax imposed on motorists to convince them to go to the electric. Which does not mean that she disappeared. But it is today the oil-producing countries that collect it, through an increase in courses that moves slowly towards the 100 dollars the barrel (95 dollars Friday, February 11, or about 84 euros). And, for some, its use will finally be the same, finance the energy transition. This is the case of Saudi Arabia, which has decided, neither more nor less, to transform its oil into hydrogen, the fuel of the future, without CO emissions 2 provided it is produced by renewable energies.
not if anodin
On Saturday, February 12, the country announced the transfer by the state of 4% of the actions of its National Petroleum Company Saudi Aramco, towards its Sovereign Fund, the Public Investment Fund (PIF). A small accounting exercise that is not so innocuous. First, because 4% of one of the richest listed companies in the world, it’s still $ 80 billion. Then, the generous dividends paid each year will feed the funds of the Fund. Finally, this will significantly improve the rating of the debt of PIF and allow it to launch in complete peace of the issue of green bonds intended to finance gigantic projects in the field of renewable energies. In the Kingdom of Saud, oil does not smell sulfur that it is sometimes found in the West.
So far, the Saudi Fund, such as its equivalents of Qatar or Abu Dhabi, recycled oil money in the holding of foreign assets. Two-thirds of the PIF portfolio are placed in Uber shares, Lucid Motors, Softbank, and even in the Newcastle United British football club. But since Prince Mohammed Ben Salman has visions, priorities change. Its “vision 2030” intends to take out its country from oil monoculture to make it a giant of trade and industry.
His vision is a utopian city, built at the edge of the Red Sea, within a few minutes of the Suez Canal. A high-tech port, half floating, populated with factories, amusement parks, engineers and flying taxis. This Silicon Valley sand is called NEOM. The big jobs barely start but it is already aimed at becoming, with the American Air Products’ support, the world’s largest producer of hydrogen, with 650 tonnes per day. German Thyssenkrupp would have already signed a contract to equip a 2 gigawatt electrolysis plant. Solar and wind power will provide energy to make this gas. Production is supposed to start in 2026, according to the Financial Times, which adds that two Korean companies, Samsung and Posco, would already work on the export component. An energy transition in the shade of the derricks, connected by an invisible thread to our motorhome problems.