Algeria plans bids for 3 solar plants

ALGIERS: Algeria plans to invite bids for construction of three photovoltaic solar power plants with total capacity of about 4,000 megawatts (MW), and several energy and financial firms are already interested, the energy ministry said. Energy Minister Nouredine Bouterfa said in a statement the ministry would issue tenders for the three projects, without giving a specific timeline. The three plants would help meet Algeria’s domestic demand for power and allow for exports of power to neighbouring countries, a source at the Energy Ministry told Reuters. Sonatrach, Algeria’s giant state oil and gas firm, would fund about 50 percent of the cost of the three plants, a Sonatrach official said.

CNPC ships oil from Abu Dhabi

BEIJING: China National Petroleum Corp (CNPC) said it shipped its first cargo of 1 million barrels of crude oil from its Abu Dhabi oilfield concession. CNPC in February bought an 8 percent stake in a 40 year onshore oil concession from state-run Abu Dhabi National Oil Company (Adnoc). The concession, including the Bab, Bu Hasa, Shah and Asab fields, has total resources of 20 billion to 30 billion barrels of oil equivalent over the term of the concession. ?The fields produce 1.6 million barrels per day (mbpd) and are expected to reach 1.8 mbpd from 2017.

Dewa to build 3 substations

DUBAI: Dubai Electricity and Water Authority (Dewa) has unveiled plans to build three new 400 kilovolt (kV) substations over the next three years, with an allocated budget of Dh1 billion ($272 million). The three substations will be added to Dewa’s already existing 21 substations, said a statement. Dewa is working in adherence with its strategy to increase the efficiency of electricity services to support its facilities and future objectives, to raise the efficiency and reliability of its infrastructure, and contribute to economic growth and the prosperity of the emirate, it said.

Gulf Keystone trims annual loss

LONDON: Gulf Keystone Petroleum, an oil producer in Iraq’s Kurdistan region, cut its annual pretax loss to $17 million last year after a debt-for-equity deal saved it from going under. The oil company, which swapped $500 million of debt for equity in deal that diluted shareholders’ ownership to 5 per cent, reduced its pretax loss from $213 million in 2015, its annual results statement showed. Gulf Keystone, which was worth $3 billion in its heyday.