AviLease, an aircraft lessor, and the Saudi Investment Recycling Company (SIRC) have signed an Memorandum of Understanding to launch the production and distribution of sustainable aviation fuel in Saudi Arabia.
AviLease, will support the partnership by committing to an offtake agreement and will market SAF contracts to its global airline customer base.
Saudi Investment Recycling Company will act as financier and facilitator.
Edward O’Byrne, chief executive officer at AviLease, said: “We see the fundamental role that SAF will play in the global decarbonization of aviation, especially in the short term.
“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.
“We look forward to exploring the exciting opportunities this offers us and our clients.”
