Kuwait cuts crude oil exports and Asian refineries are under pressure 

According to a recent Reuters report, Asian refining companies are looking for crude oil to replace Kuwait's supply as the country cuts nearly one-fifth of its crude oil exports to meet its massive demand for new refineries. This has pushed up the prices of other sour crude oils and may squeeze refining profit margins.Before the decline in Kuwait's crude oil exports, Saudi Arabia also reduced its crude oil exports, pushing Brent crude oil prices to around $90 per barrel and leaving Asian refining companies with little room for maneuver, as over two-thirds of Asia's crude oil imports rely on the Middle East.Most customers in Kuwait will have to purchase similar quality crude oil from other crude oil supply countries such as Saudi Arabia, Iraq, and the United Arab Emirates, or purchase more expensive low sulfur crude oil from other regions. 

Otbrasil, Rio de Janeiro, Brazil, 2023 

Exhibition time: October 24~October 26, 2023Exhibition industry: oil and gasSponsored by: Brazilian Petroleum Industry Association, Ministry of Energy of BrazilAddress: Rio de Janeiro International Convention and Exhibition Center, Brazil 

Acwa Power Egypt vying to win contract for setting up solar power generator in Aswan 

Acwa Power Egypt, a leading solar energy company, is vying to win contract for building a mega solar generator with 200 megawatt capacity in Aswan's Kom Embo.    Acwa Power Egypt submitted a competitive bid with a price of 2.752 cent per hour, the lowest as compared with rivals.       "The company has ambitious plan for participating in mega solar generations projects nationwide in line with Ministry of Electricity's strategy for boosting renewable energy production to 20% of total power output produced by 2020," said the regional manager of APE.     Kom Ambo project is included among Ministry of Electricity's five-year plan 2012-2017 eliciting the private sector participation in implementing 67% of projects for the generation of 3500 megawatt.        "The privately-owned companies help the state secure financing, building and operating power generators in addition to selling electricity and conducting maintenance projects, saving up large financial burdens and appropriations used in setting up new power generators," said he.     Bidders including El-Sewedi-EDF Cosortium, Marubeni, Actis-Enerpol Consortium, Scatec, Orascom-Engie Consortium and FRV have proposed the prices of 3.15 cents, 3.517 cents per Kilowatt, 5.045 cents, 3.4034 cents and 2.791 cent.   

China-LAC Industrial Cooperation Investment Fund 

[Brief Introduction]China has established a fund of 10 billion U.S. dollars to support the country's industrial cooperation with Latin America, the central bank announced in August,2015.The CDB and China's foreign reserves raised 10 billion U.S. dollars to set up the Sino-Latin American Production Capacity Cooperation Investment Fund Co. Ltd.