Bahrain Inaugurates $1 Bn Power Station, Generating 1,500 MW

Bahraini Crown Prince Salman bin Hamad Al Khalifa during the inauguration of the station (Asharq Al-Awsat)
Bahraini Crown Prince Salman bin Hamad Al Khalifa during the inauguration of the station (Asharq Al-Awsat)
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Bahrain Inaugurates $1 Bn Power Station, Generating 1,500 MW

Bahraini Crown Prince Salman bin Hamad Al Khalifa during the inauguration of the station (Asharq Al-Awsat)
Bahraini Crown Prince Salman bin Hamad Al Khalifa during the inauguration of the station (Asharq Al-Awsat)

Bahrain's Crown Prince Salman bin Hamad Al Khalifa stressed the importance of development projects that provide quality services to Bahraini citizens and create world-class electricity and water infrastructure.

The Crown Prince emphasized Bahrain's commitment to enhancing energy efficiency and expanding electricity and water production capacity with programs and priorities that consolidate development.

Prince Salman bin Hamad inaugurated the al-Dur 2 Phase 2 Independent Water and Power Project (IWPP), an extension of al-Dur Phase 1.

He stressed the Kingdom's commitment to adopting innovative programs that are high quality, meet efficiency standards, and contribute to the Kingdom's wide-ranging development goals and future energy-saving ambitions.

Prince Salman bin Hamad emphasized the keenness to enhance energy efficiency and raise the electricity and water production capacity in parallel with the program that aims to strengthen development and move it towards more developed areas.

He highlighted the significant role and efforts to bolster the electricity and water sector and ensure its sustainability to meet growing demand and achieve its far-reaching aspirations.

According to the Crown Prince, Bahrain is keen to keep pace with new development projects for all endeavors to face climate change, according to the highest international standards to achieve sustainable development goals.

For his part, the Electricity and Water Authority (EWA) Chairman, Kamal bin Ahmed Mohammed, affirmed that the authority is keen to achieve all broad development goals set by King Hamad bin Isa and supported by the Crown Prince.

The Chairman reiterated the EWA's commitment to its partnership with the private sector, ensuring the continuation of energy programs and plans that contribute to energy sustainability.

He highlighted the importance of meeting the growing electricity and water consumption demand considering the Kingdom's industrial, commercial, and urban expansion.

The official also reiterated EWA's commitment to providing improved services for citizens, residents, and investors to achieve the comprehensive development goals under Bahrain Economic Vision 2030.

During the inauguration, the Minister of Electricity and Water Affairs, Yasser Humaidan, said that the project is a qualitative leap in electricity and water production in Bahrain.

Humaidan declared that the project meets the highest international quality standards and will help to reduce carbon emissions and combat climate change to achieve sustainable development.

Furthermore, the Chairman of the Board of Directors of ACWA Power, Mohammed Abunayyan, explained that the project had achieved high efficiency in the construction and implementation stages according to the approved schedule and succeeded in applying sustainable energy concepts.

Al-Dur 2 Phase 2 Independent Water and Power Project (IWPP) is the first production station in the Kingdom connected to the high-voltage electricity transmission network of 400 KV.

The station cost over $1 billion and was established in partnership with companies from Bahrain, the Kingdom of Saudi Arabia, and Japan.

The IWPP generates 1,500 MW of electricity and processes 50 million gallons of desalinated water daily. It increases the Kingdom's production capacity to 5,044 MW of electricity and 204 million gallons of desalinated water daily.



Oil Falls on Lingering Demand Concerns in China

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Falls on Lingering Demand Concerns in China

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices declined more than 1% on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the US Federal Reserve could begin cutting its key interest rate as soon as September.

Brent futures were down $1.31, or 1.54%, to $83.54 a barrel at 1317 GMT, while US West Texas Intermediate (WTI) crude was down $1.41, or 1.72%, to $80.50.

The weaker Chinese economic data "cast some doubts on whether market participants are being overly optimistic" regarding China's oil demand outlook, IG market strategist Yeap Jun Rong wrote in an email, Reuters reported.

The world's second-largest economy grew 4.7% in April-June, official data showed, its slowest rate since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. It slowed from the previous quarter's 5.3% expansion, hamstrung by a protracted property downturn and job insecurity.

"Its 2Q GDP and retail sales figures had surprised on the downside by a significant margin, while anticipation for stronger stimulus measures at the Third Plenum may face the risk of disappointment," Yeap added, referring to a key economic leadership meeting in Beijing this week.

In the US, Fed Chair Jerome Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the central bank's target in a sustainable fashion, remarks which market participants interpreted as indicating that a turn to interest rate cuts may not be far off.

Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

Some analysts cautioned about being overly bullish as expected weakness in some macroeconomic data from the US could still indirectly hurt oil demand in the near term.