Deal covers production and distribution of sustainable aviation fuel in Saudi Arabia
AviLease, the aircraft lessor, and the Saudi Investment Recycling Company (SIRC) have signed a Memorandum of Understanding (MoU) to launch the production and distribution of sustainable aviation fuel (SAF) to AviLease’s fast-growing network.
AviLease, will support the partnership by committing to an offtake agreement and will market SAF contracts to its global airline customer base. SIRC will act as financier and facilitator, assembling the necessary expertise in production technology and distribution capabilities to leverage the unique proposition of Saudi Arabia, a press communique indicated.
“Through this unique partnership, we will be able to bundle the supply of SAF into our offerings, which we believe will trigger large-scale production of SAF in a country that has the natural competitive advantages to become a low-cost producer and has already made clear commitments towards energy transition,” remarked Edward O’Byrne, Chief Executive Officer, AviLease.
“Our partnership with AviLease offers us direct access to the growing airline industry and allows us to tap into the enormous potential of SAF,” commented Eng Ziyad Mohammed AlShiha, Chief Executive Officer, SIRC.
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