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Energy & Sustainability

Oil and gas, renewables, storage and environmental industries

Industry News
Source: The Business Times

Middle East Oil Shipments Avert Severe Price Spikes, Says Vitol CEO

Around 14 million barrels per day of crude and refined products have recently departed the Middle East, according to Vitol CEO Russell Hardy. Speaking in London, Hardy noted that these continuous flows help balance energy markets and prevent prices from escalating to $200 per barrel. He also highlighted surging shipping costs and pointed to China's domestic oil reserves as an essential market buffer earlier in the year.

Industry News
Source: The National

India Condemns Projectile Strike on Dubai-Owned Oil Tanker in Strait of Hormuz

The Indian government has condemned a projectile strike on the Panama-flagged oil tanker MT On Peace, owned by Dubai-based company Onex, in the Strait of Hormuz. Twelve crew members were injured, including 11 Indian nationals, and were evacuated to Oman for treatment. India's Ministry of External Affairs called for an immediate cessation of attacks on commercial shipping in the region.

China–UAE News
Source: Seetao

Dubai’s Noor Energy 1 Completes $2.7 Billion Refinancing Ahead of Schedule

Dubai Electricity and Water Authority has completed an early $2.7 billion debt refinancing for the $4.3 billion Noor Energy 1 solar project. The 950MW hybrid complex involves China's Silk Road Fund as a shareholder and Shanghai Electric as the EPC contractor. The transaction replaces 2019 construction-period debt to lower financing costs during commercial operation.

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