Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
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Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo

The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further.”

Hochstein, speaking to the FT said that the US would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."

The Energy Department this year has been buying about 3 million barrels of oil per month for the SPR after selling 180 million barrels in 2022 following Russia's invasion of Ukraine. The move was an effort to curb gasoline prices that spiked to more than $5.00 a gallon, but it also reduced the reserve to its lowest level in 40 years.

Earlier this month, Energy Secretary Jennifer Granholm told Reuters that the US could hasten the rate of replenishing the SPR as maintenance on the stockpile is completed by the end of the year.



Aswat Asharq Al-Awsat : Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
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Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Aswat Asharq Al-Awsatt)

The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.

The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.

The deal would involve the PIF, which controls nearly $1 trillion of assets, and the two other partners building a wind turbine manufacturing plant in Saudi Arabia as part of the Kingdom’s efforts to localize supply chains, according to the people.

Envision is expected to be the majority investor in the partnership, they said, declining to be named discussing confidential information.

Envision already has significant business in Saudi Arabia, which is investing billions of dollars in renewables to stop burning oil for power.

The Chinese firm supplies wind turbines for the almost $9 billion Neom Green Hydrogen Co., which will use 4 gigawatts of solar and wind power to create clean hydrogen.