Saudi Arabia closes two trenches of SR-dominated Sukuk totaling $1.5bn in June

RIYADH: On a macro level, China’s electric car exports have more than doubled during May, as pandemic lockdowns are gradually easing. 

Zooming in, ACWA Power has signed an agreement to restructure the Shuaibah 3 Independent Water and Power Project that will produce 600,000 cubic meters of water per day.

Looking at the bigger picture:

• China is expected to stay at top in global liquefied natural gas regasification capacity additions, with 26 percent of the additions between 2022 and 2026, according to forecasts by GlobalData. 

The latest report by the data and analytics company expects that China will add a new build LNG liquefaction capacity of 3,805 billion cubic feet by 2026. 

• China’s electric car exports have more than doubled during May, as pandemic lockdowns are gradually ending, Bloomberg reported.  

Car manufacturers in the Asian country have shipped electric passenger vehicles, valued at $1.2 billion, which is up 122 percent compared to the previous year. 

Through a micro lens:

• Saudi ACWA Power has signed an agreement with Saudi Water Partnership Co. and Shuaibah Water Electricity Co. to restructure the Shuaibah 3 Independent Water and Power Project.

The project will be converted from an energy-intensive power generation and thermal desalination facility to a greenfield seawater reverse osmosis desalination plant, Trade Arabia reported citing a statement. 

Upon completion, Shuaibah 3 IWP will produce 600,000 cubic meters of water per day, catering to the water demand of Jeddah and Makkah. 

• Japanese automotive manufacturer Toyota has partnered with Tesla co-founder’s Redwood Materials to recycle car batteries, according to Bloomberg. 

The partnership happens to address increasing battery prices and shortage of materials that are expected to go along with the global shift to electric vehicles.