RIYADH: Egypt is eying $10 billion of renewables to replace inefficient thermal fossil fuel power plants.
In an effort to drive the country’s carbon emissions reduction goal, the precuts are expected to be delivered by the private sector, according to MEED.
US motors
A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved by the US Senate will put achieving electric-vehicle adoption targets for 2030 in jeopardy.
The Alliance for Automotive Innovation had warned that most EV models would be ineligible for a $7,500 tax credit for US buyers under the bill, Reuters reported.
Offshore rigs
ADNOC Drilling has been awarded two contracts totaling over 12.6 billion dirhams ($3.4 billion) to hire eight jack-up offshore rigs, Trade Arabia reported.
Awarded by ADNOC Offshore, the contracts will support the expansion of the firm’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.
