Saudi Arabia investing US$2 billion in solar/carbon black complex

Saudi Arabia is planning to develop a $2 billion solar and carbon black integrated complex in partnership with China’s Longi and South Korea’s OCI, according to various news reports from the area.

Representatives from the three countries have signed a Memorandum of Understanding (MoU) for a feasibility study for the project that will be completed by mid-2019.

Tariq Baksh, vice president of the chemicals and renewables program at Saudi Arabia’s National Industrial Clusters Program, said: “The Memorandum of Understanding is about conducting a feasibility study for an integrated complex that would make polysilicon available, which is basic raw material for the solar panels.”

Saudi Arabia is targeting renewable energy of 58 gigawatts by 2030 and is planning to build a number of plants in the kingdom, local news sources reported.