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ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX
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ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants worldwide, will showcase its portfolio of leading renewable energy and water desalination projects at the at 22nd Water, Energy, Technology and Environment exhibition (WETEX) as a Titanium Sponsor.

Unlike any of its former editions, WETEX 2020 is launching virtually and will be the first ever carbon-neutral, 3D exhibition in the Middle East and North Africa on Water, Energy, Sustainability and Innovation.

ACWA Power will be exhibiting its record-breaking projects that played an instrumental role in lowering renewable energy tariff levels and opened new opportunities in energy efficiency and water production through a virtual 3D interactive stand.

The milestone projects will include Shuaa Energy, (MBR Solar Park Phase II); Noor Energy 1 (MBR Solar Park Phase IV); ACWA Power’s newest win – Shuaa Energy 3 (MBR Solar Park Phase V); Umm Al Quwain IWP; and Taweelah IWP, the largest desalination project in the world.

“This year, WETEX is going to be more critical than ever as a result of the increasing economic implications incited by the COVID-19 pandemic. Prioritising innovation today is key to unlocking postcrisis growth – and WETEX is the ideal platform that gathers like-minded stakeholders, governments and companies who are eager to explore and reciprocate insights and visions on forward-looking smart technologies and electrification solutions for a collective prosperous future,” ACWA Power Chairman Mohammad Abunayyan said.

ACWA Power is partaking in three leading seminars during WETEX this year. Paddy Padmanathan, President and CEO of ACWA Power, is joining the CEO Roundtable alongside CEO of Engie KSA, Turki Alshehri and CEO of Sterling & Wilson, Bikesh Ogra, to discuss the challenges posed by the pandemic and how to prepare for a post COVID-19 world.

Abla Addas, Business Development Manager at ACWA Power, will run a seminar on the challenges and opportunities of “Energy Efficiency, Sustainability and Conservation” following the immense impact of the lockdown period on the environment. Dr. Andrea Lovato, Vice President & Head of Renewables Development at ACWA Power, will lead a robust session on the potential of green hydrogen as a cleaner alternative to fossil fuels.

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Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
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Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel by 0600 GMT, while US West Texas Intermediate crude was at $71.43 a barrel, down 4 cents, or 0.06%.
"We are now in the calm before the storm," IG market analyst Tony Sycamore said.
Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets, Reuters said.
Still, risk-taking remains limited with a busy week - including the US election, the Federal Reserve's policy meeting, and China's National People's Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.
For now, polls suggest the US presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.
"Eyes are also on China's NPC meeting for any clarity on fiscal stimulus to uplift the country's demand outlook, but we are unlikely to see any strong commitment before the US presidential results, and that will continue to keep oil prices in a near-term waiting game," Yeap said.
Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
More oil could come from OPEC producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
In the US, a late season tropical storm predicted to intensify into a category 2 hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.
"Technically, crude oil needs to rebound above resistance at $71.50/72.50 to negate the downside risks," IG's Sycamore said, referring to WTI prices.
"All of which suggests there won't be a scramble to chase it higher in the short term."
Ahead of US weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that US crude stockpiles likely rose last week, while distillate and gasoline inventories fell.