ACWA Power Signs Deals for First Wind Project in Azerbaijan

Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
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ACWA Power Signs Deals for First Wind Project in Azerbaijan

Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA

Following the signing of the implementation agreement for the $300 million Independent Power Project in January 2020, ACWA Power Tuesday executed the official agreements for the 240 MW wind power project that will be located in the Absheron and Khizi regions.

The virtual signing ceremony was attended by Minister of Energy Prince Abdulaziz Bin Salman, Azerbaijan Minister of Energy Parviz Shahbazov and Balababa Rzayev, president of Azerenerji OJSC, and Mohammad Abunayyan, chairman of ACWA Power.

Key agreements signed by ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in high growth markets, included the signing of the Investment Agreement with the government of the Republic of Azerbaijan, represented by the Ministry of Energy.

ACWA Power also signed the Power Purchase Agreement and Transmission Connection Agreement with Azerenerji OJSC, the national electrical power company and off-taker for the project, state news agency SPA reported.

Though Azerbaijan has relied largely on natural gas to meet its energy needs, the focus is now on diversification and boosting of alternative energy resources. Renewables offer the most prominent solution to meeting Azerbaijan’s ambitious climate targets.

The country has committed to reducing its greenhouse gas (GHG) emissions by 35% by 2030, under the Paris Agreement, which emphasizes the use of alternative and renewable energy sources to achieve this target.

With its excellent wind resources, Azerbaijan’s move towards effectively harnessing wind as a sustainable energy source is being fast tracked by key public private partnerships.

As the first foreign investment based independent wind power project in Azerbaijan structured as a public-private partnership, the plant will contribute to reach Azerbaijan’s target of 30% of renewable energy capacity by 2030.

Once complete, it will power 300,000 households and 400,000 tons of emissions will also be offset each year, supporting the country’s green ambitions.

Speaking to the Saudi Press Agency, Prince Abdulaziz said: “The Kingdom of Saudi Arabia and Azerbaijan enjoy long-term diplomatic and economic relations, and cooperation between the two countries has been strengthened recently through their participation in OPEC+.

“Azerbaijan, along with other member countries played an important role in promoting stability in global oil markets. We appreciate Azerbaijan's efforts to fulfil its obligations under the Declaration of Cooperation, and the high level of compliance it has achieved.”

He also expressed his confidence in the role that ACWA Power will play in promoting and expanding the cooperation between the Kingdom of Saudi Arabia and the Republic of Azerbaijan, and in supporting the efforts of the Azerbaijani government to meet its national needs of electric energy feasibly, economically and in adherence to international standards.

For his part, Shahbazov said: “The signing of Agreements and implementation of the Project is an indication of the confidence in the business climate in Azerbaijan and will mark a next stage of economic cooperation between our countries.

“I am confident that after ‘ACWA Power’ - other companies from Saudi Arabia will follow suit and will invest in Azerbaijan."

“Concerning the importance of this project for Azerbaijan, I would like to stress that in addition to being first ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity, saving up to 220 million cubic meters of gas, cutting down on 400,000 tons of emissions annually, create new jobs and new production and service areas.”

As a renewable energy leader, ACWA Power’s global expertise in delivering transformative solutions at an affordable cost, will strongly support Azerbaijan in realizing its renewable energy development goals.

Abunayyan also said: “The signing of three key agreements today is a significant milestone and a strong step towards unlocking the renewable energy potential of the Republic of Azerbaijan."

“ACWA Power is honored to partner with the Ministry of Energy, in Azerbaijan and the national electric power company Azerenerji OJSC to develop the first foreign investment based independent wind power plant.”

“I express my sincere thanks to Prince Abdulaziz Bin Salman, Saudi Minister of Energy, for his guidance and presence and patronage of this signing ceremony with the Azerbaijani Ministry of Energy,” Abunayyan added.

Abunayyan also reaffirmed that the agreements signed Tuesday will contribute to Azerbaijan’s ongoing efforts to deploy renewable energy and provide a better future for upcoming generations.

Rzayev said: “According to the contracts to be signed, connecting the 240 MW power plant to be built by the company to the grid and purchasing the power to be generated by the plant will be performed by Azerenerji OJSC.

“The implementation of this project will stimulate the development of our national economy, play an important role in ensuring the energy sustainability in our country, allow for saving the gas, which is our natural resource, and have a positive impact on the environment.”

Notably, ACWA Power remains focused on extending its leadership in high-growth markets through operational excellence and technological expertise, delivering power and desalinated water reliably and responsibly to communities across the globe.



China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026.  EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI
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China's Sinopec Posts 36.8% Drop in 2025 Net Profit

People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026.  EPA/ALEX PLAVEVSKI
People walk past SINOPEC petrol station, in Shanghai, China, 19 March 2026. EPA/ALEX PLAVEVSKI

China Petroleum & Chemical Corp, known as Sinopec, reported a 36.8% decline in 2025 net profit on Sunday, citing rising substitution by new energy sources, and weak petrochemical margins, according to the company's filing.

The world's largest oil refiner by capacity posted net income attributable to shareholders of 31.8 billion yuan ($4.62 billion), based on Chinese accounting standards, in a filing to the Shanghai stock exchange.

Refinery throughput fell 0.8% last year to 250.33 million metric tons, equivalent to 5 million barrels per day. The company forecast refinery throughput would remain stable at about 250 million tons in 2026.

Gasoline and diesel production fell 2.4% and 9.1%, respectively, to 62.61 million tons and 52.64 million tons, while kerosene production rose 7.3% year-on-year to 33.71 million tons.

Annual refining ⁠gross margin was ⁠330 yuan ($47.93) per ton, up 27 yuan year-on-year, mainly due to sharply improved margins for refining by-products such as sulfur and petroleum coke, which offset the impact of high import crude premiums and freight costs.

The company's gasoline sales fell 2.5% year-on-year to 61.1 million tons, with the average price falling 7.7%, while diesel sales fell 9.1% to 51.2 million tons, and the average price fell 8% in ⁠2025, Reuters reported.

Kerosene sales were 24.2 million tons, up 4% year-on-year, while the average price was down 9.9% from 2024.

In 2025, the company's domestic crude oil output reached 255.75 million barrels, up 0.7% year-on-year, while overseas crude oil output was 26.65 million barrels.

Sinopec expects domestic crude oil output to reach 255.6 million barrels in 2026, remaining largely stable, while overseas output is expected to drop to 25.31 million barrels.

Natural gas production rose 4% year-on-year to 1,456.6 billion cubic feet in 2025 and is expected to reach 1,471.7 billion cubic feet in 2026.

The company's ethylene production rose 13.5% year-on-year to 15.28 million tons in 2025.

In 2025, the ⁠company's external sales ⁠revenue from chemical products totaled 378.0 billion yuan, down 9.6% year-on-year, mainly because of lower product prices.

Sinopec's capital spending was 147.2 billion yuan in 2025 with 70.9 billion yuan on exploration and development.

Sinopec said it plans capital spending from 131.6 billion to 148.6 billion yuan this year, including 72.3 billion yuan for exploration and development, mainly for crude oil capacity expansion at Jiyang and Tahe, natural gas capacity projects in western and southern Sichuan, and oil and gas storage and transport facilities.

Sinopec's Hong Kong-listed shares have risen 0.21% year-to-date, outperforming a 1.38% drop in the Hang Seng Index , while lagging behind its peers PetroChina and CNOOC, which have posted 17.58% and 42.63% gains year-to-date, respectively.


Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024  (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)
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Egypt Says it Will Pay $1.3 Billion in Arrears to Oil Companies by June

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024  (Ministry of Petroleum)
Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 (Ministry of Petroleum)

Egypt will settle $1.3 billion in arrears to international oil companies by June, the petroleum ministry said on Saturday, accelerating its previous timetable for repayments.

Egypt had accumulated about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a prolonged foreign currency shortage that delayed payments and weighed on investment and gas output. The shortage has since eased, ⁠though some companies have ⁠said that arrears have been once again accumulating.

Under its prior timetable, announced in January this year, the government had expected to still have arrears of some $1.2 billion by June.

Clearing debt may encourage ⁠foreign oil and gas companies to resume drilling, which would boost local production that has been steadily falling since peaking in 2021.

More local production would help the country to reduce its energy imports.


China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
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China's Premier Vows to Expand Global 'Trade Pie'

Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)
Chinese Premier Li Qiang is seen on a big screen live broadcasting his speech at the opening of the China Development Forum 2026 held at the Diaoyutai State Guesthouse in Beijing on March 22, 2026. (Photo by Ng Han Guan / POOL / AFP)

China's number two leader Li Qiang said Sunday that his country was willing to help expand the global "trade pie" by further opening up, state media reported, while he slammed unilateralism from certain countries.

Many of China's key trading partners have increasingly called on Beijing to reduce its soaring trade surplus owing to its impact on local competition.

Its trade surged by a fifth in the first two months of the year, official data showed earlier this month, significantly outpacing forecasts.

China "will steadfastly advance high-level opening up, import more high-quality foreign goods, and work alongside all parties to promote the optimized and balanced development of trade", Premier Li Qiang told business executives in Beijing on Sunday, according to Xinhua.

Li was speaking at the opening of the annual China Development Forum, attended this year by prominent business leaders including Apple CEO Tim Cook, AFP reported.

The Chinese premier added that Beijing would work with other countries to "join forces to make the global economic and trade pie larger for everyone".

He slammed growing unilateralism and protectionism, which he said was "no panacea for resolving problems".

Beijing has been seeking to steer a shaky economy onto a more stable path since the end of the pandemic, particularly by boosting consumption.

It had been locked in a blistering trade war last year with Washington after President Donald Trump imposed tariffs on countries including China.

The recent trade boost is a lifeline for China, the world's second-largest economy, as domestic consumer activity has slumped, and adds to the record surplus achieved last year.

The China Development Forum convenes as the Middle East war, triggered by US and Israeli strikes on Iran, rages on.

Tehran has retaliated with strikes across the region and beyond in a conflict that has threatened global energy security as well as China's oil supplies.

Li told the Chinese officials and global business executives the international rules-based order was suffering "severe disruption" with power politics "running rampant".

Chinese Vice Premier He Lifeng met with senior representatives of multinational companies including HSBC, UBS, Schneider Electric and Standard Chartered on Saturday, Xinhua reported.