Chinese battery manufacturer Gotion High-Tech has secured contracts to supply 6 gigawatt-hours of utility-scale battery energy storage systems in Saudi Arabia. The award covers three projects under the Saudi Power Procurement Company's first procurement group, valued at approximately $1.16 billion. The systems will connect directly to the kingdom's 380-kilovolt transmission network.
Chinese authorities have intensified tax enforcement against wealthy individuals and offshore assets, levying a 20 percent tax on offshore trust gains and income. Taxpayers have been given a 90-day window ending October 22 to declare and settle liabilities dating back to January 2023. The drive follows declining local land-sale revenue and uses Common Reporting Standard information sharing.
Indian refiners expect Russian crude supplies to tighten further through November as Chinese buyers outbid competitors and book cargoes in advance. To replace Russian barrels, Indian refiners are turning to alternatives including UAE Murban crude. Meanwhile, exports from major Middle East producers rebounded in September, supported by increased output from the UAE and Saudi Arabia.
Hong Kong Financial Secretary Paul Chan arrived in Doha to advance economic, trade, and financial cooperation between mainland China, Hong Kong, and the Gulf region. During the visit, Chan met with Asian Infrastructure Investment Bank President Zou Jiayi and Qatari Finance Minister Ali bin Ahmed Al Kuwari. Discussions centered on green finance, catastrophe bond issuance, bilateral investment, and Belt and Road initiatives.
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