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TotalEnergies’ First Solar Power Plant in Saudi Arabia Fully Financed

RIYADH: Sustainable energy provision in Saudi Arabia is set to grow after French energy giant TotalEnergies achieved financial closure for its first solar power plant in the Kingdom.  According to a press statement, the 119 megawatts solar plant will be developed by a consortium of TotalEnergies, Japan’s Toyota Tsusho and Saudi Arabia’s Altaaqa Renewable Energy.  The group secured a power purchase agreement for the project with Riyadh-based Saudi Power Procurement Co. in an auction held between 2021 and 2022. 
Business

Crude Oil Prices Rise on US Stock Draws, Amid Lingering Rate Hike Concerns

RIYADH: Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of US inventories, signaling robust demand from the world’s biggest oil consumer, but the gains were limited by worries over interest rate hikes.   Brent crude futures rose 43 cents, or 0.60 percent, to $72.69 a barrel at 09:28 a.m. Saudi time, while US West Texas Intermediate futures gained 40 cents, or 0.59 percent, to $68.10 a barrel.  
Business

UAE’s ADNOC Distribution Signs Deal with India’s HPCL

RIYADH: In a bid to expand its lubricant and allied products business in India, UAE’s ADNOC Distribution has inked a deal with Hindustan Petroleum Corp. Ltd.   HPCL is one of the largest lubricant marketers and fuel retailing companies in India, and with this deal ADNOC Distribution aims to tap into Asia’s second-largest economy, which has an annual demand of 3 billion liters of lubricants.   The deal will also give ADNOC access to a vast network of over 28,000 retail stations in the country, news agency WAM reported.  
Business

Q8 to Construct Rome’s First Hydrogen Refueling Station in Kuwait

RIYADH: Italy’s energy transition plans received a further boost as Kuwait Petroleum International, also known as Q8, laid the foundation for Rome’s first circular hydrogen refueling station in collaboration with Maire Group.
Business

“Bahrain aims for 5% renewable energy in electricity generation by 2025”

RIYADH: In line with the aims of Bahrain’s National Energy Transition Plan, the state has stepped up efforts to increase the share of its renewable energy to 5 percent of its total electricity generation by 2025.  Kamal bin Ahmed Mohammed, president of the country’s Electricity and Water Authority, said the move is part of a strategy to diversify the state’s energy resources and achieve a renewable resource share of 20 percent by 2035, according to Bahrain News Agency. 
Business

China’s industrial profits decline, worsening economic gloom

BEIJING: Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery.  The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of an economy that was losing steam on many fronts in May including retail sales, exports and property investment as the youth jobless rate scaled a fresh high of 20.8 percent. 
sport

Talor Gooch and 4Aces GC Excel at LIV Golf Halfway Mark

Seven events into the LIV Golf League’s first official 14-tournament season and the individual and team championship competitions are heating up, while those at the bottom of the table face possible relegation. Talor Gooch of RangeGoats GC leads the individual standings with 96 points, thanks to impressive back-to-back wins in Adelaide and Singapore. Stinger GC’s Branden Grace and Smash GC captain and 2023 PGA Championship winner Brooks Koepka trail closely behind with 86 and 85 points, respectively.
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Israeli forces kill Palestinian teen in West Bank

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RAMALLAH, Palestinian Territories: Palestinian officials said Israeli forces killed a 16-year-old boy during a raid in the West Bank city of Ramallah early on Thursday. Israeli police said “hits were identified” when forces responded to stone-throwing with gunfire but did not directly address the allegation. The Palestinian health ministry said Khaled Raed Arouq was shot in the chest and “martyred by the occupation’s live bullets.” Palestinian official news agency Wafa said Arouq died after being “shot by Israeli gunfire” early on Thursday morning.

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Outcry after the discovery of mass graves in two Gaza hospitals.

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18 Indicted in Arizona Election Scheme, Including Trump Allies Meadows and Giuliani

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The charges relate to their alleged efforts to undermine President Joe Biden's election victory in 2020.

Lebanon Postpones Local Elections Due to Violence in South | TOME

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BEIRUT: Lebanon’s parliament on Thursday delayed municipal elections for a third time in two years, state media reported, as militants in the country’s south exchanged near-daily fire with Israel for over six months. The powerful Iran-backed Hezbollah group has been trading fire with Israeli forces across the border since the day after its Palestinian ally Hamas carried out a deadly attack on Israel on October 7, triggering the ongoing war in the Gaza Strip.

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China concerned over EU raids on security equipment company

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Solomon Islands Support for US Agency’s Return Revealed

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