RIYADH: One on hand the energy sector faces serious headwinds as a result of political conflicts between Russia and Ukraine, increasing safety agencies scrutiny, and geographic limitations in certain countries like Singapore. On the other hand, moves such as the recent acquisition by George Soros suggest movement and pace continues for a sustainable future.
Looking at the bigger picture:
·EU regulators pause gas contract investigations on state owned petroleum company in Qatar, known as QatarEnergy, the Financial Times reported.
This comes as Europe fears a shortage in supply of gas if tension between Russia and Ukraine progresses.
·Singapore to rely on imports in its energy transition plans, Bloomberg reported.
This comes as the Southeast Asian country battles with geographic limitations, little wind, and no major rivers which hinder it from solar installations, use of wind turbines, and hydro related activities respectively.
Through a micro lens:
·American billionaire investor George Soros has acquired an estimated 20 million shares of US electric vehicle automaker and automotive technology firm Rivian Automotive Inc in the last quarter of 2021 with an accumulated worth of $2billion, Reuters reported, citing securities filings.
Accordingly, the electric truck startup is expected to provide Soros Fund Management with 100,000 electric trucks.
·American electric vehicle company Tesla is making its fourth recall in the US over the span of two weeks of around 579,000 vehicles as local safety agencies raise inspection, Bloomberg reported.
This comes as a so-called “Boombox” function is said to violate federal safety standards by playing sounds while the vehicle is in motion.
