Oil and gas, renewables, storage and environmental industries
A data visualization by Visual Capitalist using U.S. Energy Information Administration figures outlines oil trade through the Strait of Hormuz for the first quarter of 2025. China receives 37.7% of all crude and condensate exports moving through the strait, while the UAE accounts for 12.9% of outbound volumes.
US Senators Jeanne Shaheen and Roger Wicker sent a letter urging the Trump administration to execute new sanctions ahead of an October 18 deadline. The lawmakers called for crackdowns on Russian oil trading intermediaries in Dubai and Hong Kong, as well as transit networks in China and the UAE. They also urged the Treasury Department to target illicit banking channels, specifically naming overseas branches including VTB Bank in Shanghai.
China Power Construction has signed an EPC contract in Riyadh for the Rabigh Phase II gas combined cycle power plant in Saudi Arabia. The facility will have a planned capacity of 2,400 MW. The contract encompasses design, procurement, civil installation, grid connection, and testing.
International Monetary Fund Managing Director Kristalina Georgieva warned that elevated energy prices will likely persist even after Gulf conflict subsides, with Strait of Hormuz navigation risks hitting Asian and Chinese supplies. Concurrently, senior transaction bankers reported that energy security and AI infrastructure expansion are driving higher working capital requirements and shifting trade finance patterns across Asia.
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