Layla: First Solar Project of its Kind in Saudi Arabia

TAQNIA ENERGY completes work in the first phase of the Layla Solar Power Plant.
TAQNIA ENERGY completes work in the first phase of the Layla Solar Power Plant.
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Layla: First Solar Project of its Kind in Saudi Arabia

TAQNIA ENERGY completes work in the first phase of the Layla Solar Power Plant.
TAQNIA ENERGY completes work in the first phase of the Layla Solar Power Plant.

TAQNIA ENERGY announced the completion of work in the first phase of the Layla Solar Power Plant, extending across 720,000 square meters with a production capacity of 10 megawatts.

It is the first independent energy production station that operates on solar energy and is directly linked to the electric grid. The project can cover 10 percent of the province needs in Al-Aflaj, 300 kilometers south of Riyadh.

Waleed al-Helayel, Head of the Layla Project, expressed delight that the first phase has been finalized.

“The completion of works in such a project is a source of pride to us all, especially that it coincides with Saudi Arabia witnessing a prominent international presence in all fields,” he stated.

Helayel continued that the Kingdom has always been active and clear in its quest to diversify energy sources and support renewable energy through exploiting local resources.

The project will provide Aflaj with its total production capacity, promises to cut down CO2 emitted from traditional sources of energy and therefore increase opportunities to protect the environment.

The Layla project is the result of joint efforts and a deal between TAQNIA ENERGY - a subsidiary of the Saudi Technology Development and Investment Company (Taqnia)- and King Abdulaziz City for Science and Technology, and the Saudi Electricity Company.



Oil Climbs $1 as Price Drop Triggers Buying; Oversupply Worries Weigh

FILE PHOTO: An oil pumpjack operates near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo
FILE PHOTO: An oil pumpjack operates near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo
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Oil Climbs $1 as Price Drop Triggers Buying; Oversupply Worries Weigh

FILE PHOTO: An oil pumpjack operates near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo
FILE PHOTO: An oil pumpjack operates near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen/File Photo

Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about the market surplus outlook persisted.

Brent crude futures rose $1.15 to $61.38 a barrel by 0623 GMT, the first time gain after six consecutive declines, while US West Texas Intermediate crude added $1.11 to $58.24 a barrel.

Both benchmarks had settled at their lowest since February 2021 on Monday, driven by an OPEC+ decision over the weekend to further speed up oil production hikes for a second consecutive month.

"Today’s slight rebound in oil prices appears more technical than fundamental," said Yeap Jun Rong, a market strategist at IG. "Persistent headwinds including a pivotal shift in OPEC+ production strategy, uncertain demand amid US tariff risks, and price forecast downgrades are continuing to weigh on the broader price movement."

Driven by expectations that production will exceed consumption, oil has lost over 10% in six straight sessions and dipped over 20% since April when US President Donald Trump's tariff shocks prompted increased bets on a slowdown in the global economy.

The return of Chinese market participants after a five-day public holiday since May 1 was seen supporting prices on Tuesday.

"China also reopened today, and being the largest importer, buyers would have likely jumped to secure oil at current low levels," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Also lending some support was data showing a pick-up in services sector's growth in the US, the world's major oil consumer, as orders increased.

The Institute for Supply Management (ISM) said on Monday its nonmanufacturing purchasing managers index (PMI) increased to 51.6 last month from 50.8 in March. Economists polled by Reuters had forecast the services PMI dipping to 50.2.

The US Federal Reserve will likely leave interest rates unchanged on Wednesday as tariffs roil the economic outlook.

Barclays lowered its Brent crude forecast on Monday by $4 to $70 a barrel for 2025 and set its 2026 estimate at $62 a barrel, citing "a rocky road ahead for fundamentals" amid escalating trade tensions and OPEC+'s pivot in its production strategy.

Goldman Sachs also lowered its oil price forecast on Monday by $2-3 per barrel, as they now expect another 400,000 barrels per day production increase by OPEC+ in July.