SRF buys 49pc stake in Acwa

RIYADH: Silk Road Fund (SRF), a state-owned investment fund of the Chinese government, has reached an agreement with Saudi-based Acwa Power, a leading developer, owner, and operator of power generation and water desalination plants, to buy 49 per cent of the shares in its renewable energy platform - Acwa Power Renewable Energy Holding (Acwa Power RenewCo).

The SRF is a medium-to-long term development and investment fund established in Beijing under the framework of "Belt and Road Initiative".

Following a philosophy of openness, inclusiveness and mutual benefit, it operates its business based on market principles, international standard and professional excellence.

ChevronPhillips to build plant

DOHA: ChevronPhillips Chemical Company has signed an agreement with Qatar Petroleum (QP) to jointly pursue the development, construction and operation of a petrochemicals complex in Ras Laffan region of Qatar.

As per the deal, Qatar Petroleum will own a 70 per cent stake in the joint venture facility that will produce ethylene and high-density polyethylene (HDPE).

Chevron Phillips Chemical will provide project management, engineering and construction services.