Oil and gas, renewables, storage and environmental industries
Saudi Arabia and the UAE are set to assist Asian nations in expanding their crude oil reserves, Nikkei Asia reported. The two Gulf energy producers are also expected to provide priority crude supplies during emergency situations. The initiative includes exploring agreements to store crude oil in Asian locations to enhance regional energy security.
Chinese Premier Li Qiang completed visits to Saudi Arabia and the UAE to strengthen ties across traditional energy, renewable technologies, and electric vehicles. Bilateral trade between China and the UAE reached a record 50 billion dollars in the first half of 2024. Discussions also addressed reviving negotiations for a China-GCC free trade agreement.
China Eleventh Chemical Construction Company has been awarded two construction packages for the 890-megawatt Duqm power project in Oman. The $910 million combined-cycle gas turbine project is being developed by Coastal Power SAOC, a consortium that includes UAE-based Etihad Water and Electricity. Commercial operations for the power generation facility are scheduled for 2029.
Abu Dhabi has advanced its multi-billion-dollar 'Zero Hormuz' infrastructure initiative, expanding container terminals and oil storage at the Port of Fujairah. Managed by sovereign platform L'imad Holding, the project aims to safeguard trade and energy routes to China and other Asian partners outside the Strait of Hormuz. The initiative coincides with discussions regarding the privatisation of AD Ports Group at a $9 billion valuation.
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