The fog has cleared ahead of OPEC’s next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, OPEC’s secretary general told Reuters on Friday.
The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018 and they are considering extending it.
Saudi Arabia’s Crown Prince Mohammad bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin.
“OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” OPEC’s Mohammad Barkindo told Reuters on the sidelines of a conference.
“Together with the statement expressed by President Putin this clears the fog on the way to Vienna on November 30.”
OPEC official: Saudi Arabia, Russia statements “clear fog” before November 30 meeting
OPEC official: Saudi Arabia, Russia statements “clear fog” before November 30 meeting
ACWA Power advances Chinese market entry with 1,250MW wind asset acquisitions
RIYADH: ACWA Power has announced significant progress in its strategic entry into the Chinese energy market, confirming that its China-based subsidiary received formal notification on Dec. 29 regarding the acquisition of wind power assets totaling 1,250 megawatts.
The transaction encompasses one operational site of 250 MW and four projects under construction totaling 1,000 MW, which are subject to conditional handover upon reaching operational readiness.
This development follows ACWA Power’s initial December 2024 announcement of its successful entry into China, through which the company secured over 1 gigawatt of renewable energy projects.
At the time, ACWA Power highlighted this milestone as its formal entry into the Chinese market, facilitated through strategic partnerships with local renewable energy developers.
The latest update, communicated by ACWA Power China, coincides with the signing of multiple Share Purchase Agreements for the targeted wind assets. The four under-construction projects will be incorporated into ACWA Power’s portfolio once they meet the company’s operational readiness conditions.
In its original announcement on Dec. 30, 2024, ACWA Power disclosed a portfolio of solar and wind projects across several Chinese provinces, to be owned fully or in partnership with local renewable energy firms, with implementation already underway. As of the most recent update, 333 MW from the development pipeline have met operational conditions and have been formally added to ACWA Power’s operational portfolio.
No changes to the costs associated with the transaction have been reported.
This move aligns with ACWA Power’s broader global strategy, which includes a pipeline of international investments valued at approximately $115 billion across renewable energy, water desalination, and green hydrogen.
Specifically, the company has outlined plans to invest up to $50 billion in China by 2030, targeting the acquisition and development of up to 20 gigawatts of clean energy assets.
The initiative underscores ACWA Power’s strategic focus on expanding its global footprint beyond Saudi Arabia, positioning China as a central market for long-term growth. Through these efforts, the company aims to support global energy transitions while reinforcing its role as a key international player in the clean energy sector.
