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China Energy Engineering Signs Solar Deal with Saudi Partners

The Sudair solar power project. Photo: PIF
The Sudair solar power project. Photo: PIF
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China Energy Engineering Signs Solar Deal with Saudi Partners

The Sudair solar power project. Photo: PIF
The Sudair solar power project. Photo: PIF

China Energy Engineering signed a 6.98 billion yuan ($972 million) contract to build a solar power plant in Saudi Arabia, a filing with the Shanghai Stock Exchange showed.

The 2 gigawatt (GW) photovoltaic plant will be built by a joint venture between a China Energy Engineering consortium and Saudi partners sovereign fund PIF, ACWA Power and Saudi Aramco Power Company, Reuters reported.

Construction is expected to take 31 months, according to Monday's filing.

Last month, China's TCL Zhonghuan Renewable Energy Technology tied up with Saudi partners including PIF in a $2.08 billion silicon crystal and wafer manufacturing project.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.