Closing bell: Saudi stock market rises as it reopens after Eid Al-Fitr 

RIYADH: India is planning to hyperlink its energy grid with Saudi Arabia and the UAE by way of undersea cables, Indian media reported, citing Union Minister for Energy and Renewable Power Raj Kumar Singh. 

The report stated that Singh’s ministry has already circulated Cupboard notes for inter-ministerial session to develop entry to dependable energy and improve the nation’s vitality safety.

In line with the report, India will signal bilateral agreements with Saudi Arabia and the UAE, as soon as the Cupboard approves the choice.

“The India-UAE settlement is in its remaining levels,” stated the minister. 

Earlier in January, India and the UAE introduced plans to conduct a feasibility examine for linking their energy grids through undersea cables as a part of the One Solar, One World, One Grid initiative.

Singh was quoted as saying that an interconnection energy grid with Saudi Arabia is presently underneath assessment. 

In March, the Gulf Cooperation Council Interconnection Authority awarded Japan’s Hitachi Power a contract to improve the Al-Fadhili high-voltage direct present converter station in Saudi Arabia.

After the improve, the ability station is predicted to change as much as 1,800 MW between the six Gulf states.

GCCIA additionally awarded 5 contracts value $220 million for the development of infrastructure linking the area’s electrical energy grid with Iraq.

The Saudi Electrical energy Co. can be contemplating the event and development of an influence transmission hyperlink between the Kingdom and Iraq.

Center East Financial Digest reported that the SEC has undertaken preliminary research to hold out the undertaking. The undertaking is predicted to increase between Arar in northern Saudi Arabia and Yousifiyah, a township in Iraq’s Baghdad governorate.

The MEED report additional added that tendering course of for the undertaking’s consultancy package deal is underway. 

In January, Majeed Al-Moneef, chairman of the Saudi Affiliation of Power Economics, throughout an interview with Arab Information stated that worldwide and regional cooperation is essential to assembly the rising energy demand. 

Al-Moneef identified that creating a typical grid will remedy the difficulty of energy scarcity. 

He added {that a} widespread vitality market, supported by a correct regulatory framework, will quickly develop into a actuality within the Center East.