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“Chinese Delegates View Riyadh Conference as Chance to Strengthen Ties”

RIYADH: Business professionals from China are optimistic that events like the Arab-China Business Conference will help strengthen economic ties between the world’s second-largest economy and the region. They urged Chinese companies to explore opportunities in the Arab world particularly Saudi Arabia, as the Kingdom is rapidly transforming into an economic powerhouse. Lin Shunjie, chairman of China International Exhibition Center Group, told Arab News that his visit to the Kingdom had opened doors of new business opportunities between his country and the Arab world.
Business

Saudi Minister: GCC-Iraq Electrical Interconnection Boosts Energy Security

RIYADH: The electrical interconnection project between Saudi Arabia and Iraq will support the Iraqi electrical grid, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman. In an interview with Al-Arabiya, the prince said the connection was a dream that had become a reality and would achieve tangible economic benefits and enhance energy security. Speaking on the sidelines of the OPEC+ meeting in Vienna, he said: “We have no complexes about speculation in the oil market,” and the decision to cut oil production was a “precautionary” one.
Business

UK Low-Carbon Startup Receives $22.7M Investment from Aramco, Eni, and United Airlines

RIYADH: The aviation industry’s efforts to develop low-carbon fuel at affordable cost received a boost after a deal was struck to invest $22.7 million into a UK startup working in clean energy technology.  The venture units of oil firms Saudi Arabian Oil Co. and Italy’s Eni have partnered with United Airlines to invest the amount into OXCCU, a company spun out from the University of Oxford.
Business

Saudi Electricity Co. invests $373m to enhance power grid through 3 projects.

RIYADH: Electricity networks across three Saudi governates are set to undergo SR1.4 billion ($373 million) worth of improvements to reduce the areas’ liquid fuel consumption and carbon emissions. State-owned Saudi Electricity Co. will invest the money across Rafha, Al-Wajh and Najran, reported the Saudi Press Agency.  Ensuring reliability and continuity, the company aims to maximize electric power generation units for network efficiency and subscribers’ benefits.
Business

Mirfa 2 RO Plant in UAE Secures $620m for Financial Closure

RIYADH: Abu-Dhabi-based Mirfa 2 water desalination project has secured funding of 2.3 billion dirhams ($620 million), achieving financial closure of what will become the UAE’s third-largest reverse osmosis plant.  Abu Dhabi National Energy Co., or TAQA, announced the financial closure alongside French low-carbon services company ENGIE and Emirates Water and Electricity Co. in a bourse filing. 
Business

Saudi Arabia and Azerbaijan sign energy deal

RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met his Azerbaijani counterpart Parviz Shahbazov on Wednesday to discuss bilateral cooperation in the fields of energy, including renewables, Saudi Press Agency reported. During the meeting, the pair signed an energy cooperation agreement covering oil, petrochemicals, gas, electricity and energy efficiency. The deal also outlines cooperation in the field of circular carbon economy and related technologies that seek to mitigate the impact of climate change.
Business

Saudi Minister Emphasizes Energy Collaboration with Arab and OPEC+ Nations for Global Oil Markets.

JEDDAH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman on Thursday said the Kingdom’s interest in energy cooperation with Arab countries is an integral part of its policy to strengthen its deep relations in all fields. Prince Abdulaziz said that this cooperation is embodied in coordination for joint Arab action in numerous projects, programs and initiatives, the Saudi Press Agency reported.
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