Satorp, a joint venture between Aramco and TotalEnergies, has received the International Sustainability and Carbon Certification to produce sustainable aviation fuel. Reuters
Satorp, a joint venture between Aramco and TotalEnergies, has received the International Sustainability and Carbon Certification to produce sustainable aviation fuel. Reuters
Satorp, a joint venture between Aramco and TotalEnergies, has received the International Sustainability and Carbon Certification to produce sustainable aviation fuel. Reuters
Satorp, a joint venture between Aramco and TotalEnergies, has received the International Sustainability and Carbon Certification to produce sustainable aviation fuel. Reuters

Aramco joint venture successfully converts used cooking oil into sustainable aviation fuel


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Satorp, a joint venture between Saudi Aramco and France’s TotalEnergies, has successfully converted used cooking oil into certified sustainable aviation fuel.

Satorp has received the International Sustainability and Carbon Certification to produce SAF, allowing it to respond to an expected rise in demand in Saudi Arabia, the company said on Tuesday.

The project will support TotalEnergies in its push to produce 1.5 million tonnes of SAF a year by 2030.

“Sustainable aviation fuel is essential to reducing the carbon dioxide emissions of air transport, and its development is fully aligned with the company's climate ambition to get to net zero by 2050, together with society,” said Francois Good, senior vice president responsible for refining and petrochemicals in Africa, the Middle East and Asia at TotalEnergies.

SAF, which refers to alternative fuels made from renewable sources that are used to power aircraft, is crucial for the global aviation industry to reach its net-zero goal by 2050.

However, its adoption is still in the early stages due to small-scale production and its higher cost, compared with conventional fuel.

The International Air Transport Association estimates that SAF could contribute about 65 per cent of the reduction in emissions needed by the aviation industry to reach its net-zero emissions aim by the middle of the century.

In 2021, the world's airlines pledged to achieve net-zero carbon emissions from their operations by 2050 – bringing the air transport industry in line with the objectives of the 2015 Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.

As part of its Vision 2030 strategy to diversify from oil, Saudi Arabia is seeking to attract more tourists and turn the country into a logistics hub.

It has set a goal for the tourism sector to contribute 10 per cent to gross domestic product by 2030, up from 3 per cent in 2019.

To reach its goals, the kingdom is investing billions of dollars to modernise its airports and buy new planes to improve its air transport connectivity.

THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

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Company Profile

Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Updated: October 31, 2023, 6:10 AM