Saudi Arabia, Canada to hold renewable energy seminar

Updated 28 October 2014

Saudi Arabia, Canada to hold renewable energy seminar

A Canadian trade delegation, headed by Canada’s Deputy Minister of International Trade Simon Kennedy arrived in Saudi Arabia on Monday to meet several Saudi officials and major firms with a special focus on renewable energy in Saudi Arabia.
Canadian Ambassador Thomas MacDonald said Canada’s first renewable energy mission, which is focused on solar technology, will visit the King Abdullah City for Atomic and Renewable Energy (KACARE), the Saudi Electricity Company (SEC), ACWA Power and other industry leaders.
The envoy said Kennedy and the chairman of the Saudi Arabia Solar Industry Association (SASIA) will host a business seminar for the mission Wednesday at the Al Mashreq Boutique Hotel to introduce Canadian companies to Saudi partners for renewable energy projects in the Kingdom and elsewhere in the Middle East.
According to him, the visit comes amid recent reports that KACARE received a request from SEC for the establishment of solar energy plants in Qaisumah, Rafha, Wadi Al-Duwasir, Mahd Al-Dhahab and Shororah, and a report that ACWA Power is seeking to secure or arranging financing for $7.4 billion worth of renewable energy projects.
He stated that there will be a commercial signing ceremony during this visit. The Canadian delegation includes SkyPower, which concluded a joint venture — Fawaz Alhokair (FAS) Energy. In May 2014, the joint venture announced a five-year, $5-billion deal to build solar projects in Nigeria.
Canadian Solar, a supplier of 1.78 megawatts of solar photovoltaic panels to Saudi Aramco for the Kingdom’s largest ground-mounted solar installation at the King Abdullah Petroleum Studies Research Center also is part of the delegation. In addition, QD Solar, Silfab, Morgan Solar and Jeco Power and AESP-Green Energy are manufacturers and developers of leading energy-saving LED (light-emitting diode) lighting systems.
MacDonald said renewable sources generate up to 65 percent of Canada’s electricity. Solar and wind are the country’s two fastest growing sources.
According to him, Solar photovoltaic capacity reached 1,210 megawatts of cumulative installed capacity in 2013. The Canadian Solar Industry Association forecasts that annual capacity will increase three folds by 2025. By then, the Canadian solar industry will support more than 35,000 jobs, displacing 15 to 31 million tons of greenhouse gas emissions per year.
Canada has two of the largest solar farms in the world — the Arnprior and Enbridge solar farms, both located in Ontario, Canada’s largest province. Total private investment in Ontario’s photovoltaic installations is $12.9 billion.
Ontario phased out coal-fired generators in April 2014 — North America’s largest single climate change initiative.
Between 2003 and 2012, Canada registered an estimated 233 patents in photovoltaic technology with the US Patent and Trademark Office.
“Thanks to Canada's generous R&D tax credits, the after tax cost of $100 in R&D expenditure is closer to $50, making Canada a partner of choice for developing renewable energy products,” he added.


Oil retreats in face of renewed coronavirus uncertainty

Updated 22 February 2020

Oil retreats in face of renewed coronavirus uncertainty

  • G20 finance leaders to meet in Saudi Arabia at the weekend to discuss risks to the global economy
  • OPEC+ has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs

LONDON: Oil prices fell on Friday as weak Asian data and a rise in new coronavirus cases fuelled uncertainty about the economic outlook while leading crude producers appeared to be in no rush to curb output.

Brent crude was down $1.56, or 2.6 percent, at $57.75 in afternoon trade, while U.S. crude dropped $1.25, or 2.3 percent, to $52.63.

"With Brent failing to breach the $60 level on Thursday despite better than expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday," said UBS analyst Giovanni Staunovo.

"Market participants who benefited from the price rise in recent days might prefer not to go into the weekend with a long position."

 

China reports rise in coronavirus cases.

Japan factory activity shrinks at fastest pace since 2012.

Russia says early OPEC+ meeting no longer makes sense.

Finance leaders from the Group of 20 major economies meet in Saudi Arabia at the weekend to discuss risks to the global economy after new Asian economic and health data kept investors on guard.

Beijing reported an uptick in coronavirus cases on Friday and South Korea reported 100 new cases, doubling its infections. In Japan, meanwhile, more than 80 people have tested positive for the virus.

Factory activity in Japan registered its steepest contraction in seven years in February, hurt by fallout from the outbreak. 

"We still believe that the market is likely to trade lower from current levels, given the scale of the surplus over the first half of this year, and the need for the market to send a signal to OPEC+ that they must take further action at their meeting in early March," said ING analyst Warren Patterson.

Russian Energy Minister Alexander Novak said on Thursday that global oil producers understood it would no longer make sense for the Organization of the Petroleum Exporting Countries and its allies to meet before the planned gathering.

The group, known as OPEC+, has been withholding supply to support prices and many analysts expect an extension or deepening of the curbs.