Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels, says Bloomberg.
The global oil market glut is helping India’s biggest crude processor become nimble, reports Bloomberg.
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa, reports Bloomberg.
ACWA Power International will bid to build a solar energy project in Saudi Arabia, part of the kingdom’s $50 billion push to temper domestic oil use, according to Bloomberg.
Abu Dhabi National Energy Co., the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year, reports Bloomberg.
Dubai’s government-owned utility completed a 200-megawatt power plant one month ahead of schedule as part of a plan to build the world’s largest solar energy park by 2030, according to Bloomberg
Lukoil PJSC is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head, says Bloomberg
Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei, who was speaking to Bloomberg.
Rome-based utility owner Enel SpA is targeting renewables projects in Saudi Arabia and the United Arab Emirates as oil-rich Gulf countries take advantage of the falling cost of solar power to diversify their energy supplies, reports Bloomberg.