SAUDI'S RENEWABLE: 9.5 GW
REUTERS - Top oil exporter Saudi Arabia plans to generate 9.5 gigawatts of electricity from renewable energy by 2030, it said as it approved its Vision 2030 reform plan.
The plan, a package of economic and social policies is designed to free the kingdom from dependence on oil exports.
"Even though we have an impressive natural potential for solar and wind power, and our local energy consumption will increase threefold by 2030, we still lack a competitive renewable sector at present."
"To build up the sector, we have set ourselves an initial target of generating 9.5 gigawatts of renewable energy," according to a text of the vision on state news agency SPA.
In 2012, the world's top oil exporter said it would install 17 gigawatts of nuclear power by 2032 as well as around 41 GW of solar capacity.
Last year, the president of the King Abdullah City for Atomic and Renewable Energy, the government department responsible for the program, said the outlook has been revised to focus on 2040 as the major milestone for long-term energy planning in Saudi Arabia.
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REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.