GreenergyDaily

Sep. 12, 2024

1. Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman discussed cooperation in several sectors including energy, investment and trade in a meeting in Riyadh on Wednesday, the Saudi state news agency SPA reported. Earlier, Li had urged Beijing and the Gulf Cooperation Council (GCC), which includes Saudi Arabia and the United Arab Emirates, to accelerate free trade negotiations.

2. The construction of the first phase of the Bailong Nuclear Power Project was fully launched on Wednesday in Fangchenggang City, S China's Guangxi. It is expected to be completed and put into operation in 2030.

3. Saudi Aramco penned a development framework and a strategic cooperation deal with Chinese oil giants Rongsheng Petrochemical and Hengli Group, respectively, to deepen collaboration between Saudi Arabia and China.

4. Jinko Power Technology said yesterday a power station in China's Guangdong province, owned by its unit, was affected by Super Typhoon Yagi, which may result in estimated losses equal to over 10% of its net profit last year. The station has partially resumed operation, with cleanup and repairs underway, the Chinese clean energy provider added.

5. Saudi Arabia's crude oil supply to China is set to rise to 46 million barrels in October, trade sources said on Thursday, after the world's top oil exporter slashed prices for Asia, boosting demand. China's top refiners Sinopec and PetroChina sought more crude for loading in October while demand from private refiners Rongsheng Petrochemical and Hengli Petrochemical held steady, they said.

6. Chinese carmaker Hozon Auto’s EV brand Neta partnered with Electro Mobility Association and BBVA Mexico, the second-largest bank in Latin America, to extend its footprint in Central and South American markets, including Brazil, Ecuador, and Costa Rica.

7. China has strongly advised its carmakers to make sure advanced electric vehicle technology stays in the country, according to Bloomberg citing people familiar with the matter, even as they build factories around the world to escape punitive tariffs on Chinese exports.

8. CATL has confirmed that the Chinese electric vehicle battery giant plans to adjust its lithium production in Yichun, Jiangxi province, based on recent conditions in the lithium carbonate market. CATL confirmed the news to Yicai yesterday, after a report by Swiss banking giant UBS on the same day claimed the Ningde-based firm decided on Sept. 10 to temporarily suspend its lithium spodumene mining operations in Jiangxi, mainly because mining costs exceeded lithium salt prices.

9. The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 bpd, or about 7.2%, to 900,000 bpd, it said in its monthly oil market report on Thursday, The Paris-based agency cited a slowdown in Chinese demand as the main driver of weaker global demand growth. It now expects Chinese demand to grow by only 180,000 bpd in 2024 as a broader macroeconomic slowdown coincides with higher uptake of electric vehicles.

10. China's Commerce Minister Wang Wentao will visit Europe in the coming days for discussions on the European Union's anti-subsidy case against China-made electric vehicles as a vote on imposing more EV tariffs looms. Wang will hold talks with the European Commission's Executive Vice President and Trade Commissioner Valdis Dombrovskis on Sept. 19, a spokesperson at the Chinese ministry said at a regular news conference