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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 Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.