The economic downturn in the West is pushing oil producers to seek alternative markets

Abu Dhabi – Home
The factors of the US and European economic slowdown in recent years have pushed oil producers to seek alternative markets, while the economies of oil-producing countries need stable markets in terms of consumption, Its production capacity is at the lowest level of fluctuation and volatility.
While the growth rate of the Chinese economy exceeds 6% per year, Western economies are recording growth rates of less than 3% per year and are subject to strong fluctuations. Laws, legislation and
Crescent's weekly report indicates that global financial and economic developments have been the starting point for the development of China's relations with the economies of the region over the years. In recent years, due to a range of variables, which has been leading the sharp rise in Chinese investment in the oil and energy sectors that often exploit the opportunities for a decline in investment by Western oil companies in the United States. As a result, the need to strengthen oil relations with China is undoubtedly in the interest of the economies of the countries of the region in terms of exploration, refining and petrochemicals as markets. promising Chinese and represents an alternative market and full of US market turned into importer. Energy
The current relationship with the Chinese economy has become proportional to the energy security requirements that China seeks to support its economy.China wants to rely on oil imports directly from its enterprises rather than through public companies In addition to the requirements of the new strategic stockpile policy, much of the Gulf's oil exports to China depend on similar agreements to China's targeting, according to agreements signed between Chinese companies and oil companies in the Gulf, These indicators will support the expansion of relations over the coming period as they are based on balanced long-term common interests.
According to the multiplicity of competitors and the growing number of oil and gas producers in the world, it is necessary The contrast between the US and Chinese economies to strengthen relations serves the targeted long-term development and transformation plans by the economies of the countries in the region, knowing that the available indicators confirm that China will become the largest importer of liquefied natural gas next year. (19659005) (ADNOC) awards contracts worth CNY 5.88 billion to CNBC to conduct the largest three-dimensional earth and maritime seismic survey The national oil company of Abu Dhabi (ADNOC) has announced that it has awarded contracts valued at 5.8 billion dirhams ($ 1.6 billion) to a Chinese company of the National Petroleum Corporation (CNPC) to conduct the largest tripartite seismic study Land and sea dimensions in the world. The contract was won by CNBC's BNG unit. ADNOC said in a statement that the investigation will cover an area of ​​53 thousand square kilometers. "The implementation of the seismic study is part of the ongoing efforts of ADNOC to maximize the value of hydrocarbon resources in accordance with its 2030 integrated smart growth strategy."
Iraq has extended the deadline for foreign companies and investors A refinery in Diwaniyah, south of Baghdad, has a production capacity of 70,000 barrels a day, calls for tenders will be available until September 2, while the deadline for applications for investment in the refinery will be October 31.
Saudi Arabia has received four offers for the Dumat al-Jandal project to produce 400 megawatts of electricity from wind power, the Kingdom's first commercial wind farm project. The Saudi Ministry of Energy said the $ 500 million bids were made by groups already formed by international and regional renewable energy development companies, Aqua Power, EDF French, Enel & Co., Ltd. Italy and Angie SA of Dubai.