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Solar Power Project Plan 2030, Greatest Energy Source Worldwide by 2050

A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
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Solar Power Project Plan 2030, Greatest Energy Source Worldwide by 2050

A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)
A 2012 file picture shows a Saudi man walking past solar panels at the King Abdulaziz City for Science and Technology, Al-Oyeynah Research Station. (Reuters)

The launching of Solar Power Project Plan 2030 grabbed the attention of a number of energy experts in the world, especially after the kingdom’s announcement that it intends to produce 200 gigawatt of solar energy by 2030.

The purposes of this project goes in tandem with the forecasts of the International Renewable Energy Agency that solar energy will be the greatest energy source worldwide by 2050.

This Solar Power Project Plan 2030 is considered one of the ambitious steps of Crown Prince Mohammed bin Salman towards the implementation of the Saudi Vision 2030, which affirmed that it would put a legal and organizational framework that allows the private sector to invest and possess in renewable energy sector, as well as urge partnerships between the private and public sector.

This global project would contribute to increasing electricity generated from solar energy, opening new economic and investment channels in the kingdom in addition to providing job opportunities, training and investment in individuals and firms.

Dr. Turki bin Saud bin Mohammed, Vice President of King Abdulaziz City for Science and Technology (KACST) for Research Institutes, commended the efforts of the crown prince in signing a memorandum of understanding to establish the Solar Power Project Plan 2030 as a first step to produce around 200 gigawatt in 2030.

The country’s need of energy is now equal to 75 gigawatt, and the project will enable the kingdom to export the surplus, he added, saying that the kingdom enjoys huge spaces that can be invested to construct enormous power plants.

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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.