AviLease, the rising 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.
The partnership will allow both parties to advance the production and uptake of SAF, a global environmental imperative, and cornerstone of The Kingdom’s Vision 2030, and meet a comprehensive set of targets on sustainability and economic diversification.
The company said that industry experts see SAF as a key lever to decarbonize aviation in the short term, using existing global aircraft fleets and infrastructure.
According to the statement, “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.
Mr. Edward O’Byrne, Chief Executive Officer, AviLease, stated that, “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.”
Eng. Ziyad Mohammed AlShiha, Chief Executive Officer of SIRC, commented that, “Our partnership with AviLease offers us direct access to the growing airline industry and allows us to tap into the enormous potential of SAF. This is in line with our mandate of driving the Circular Economy in the Kingdom for a sustainable society.”
“This move into SAF production will help us to achieve the ambitious sustainability targets of Vision 2030, which we are already contributing to through the development and operation of innovative recycling projects that increase the rate of diversion from landfills, boost the recovery of raw materials, and upgrade the waste management sector, while complying with the highest environmental standards,” Eng. AlShiha added.
