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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 The 400,000 b/d Jizan refinery in Saudi Arabia reportedly came online in late 2021 and began exporting petroleum products earlier this year. At their current planned capacities, they will add 2.9

Asia 418
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Global geothermal industry passes 12,000 MW operational

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The international geothermal power industry is poised to place between 500 and 1,000 MW on line per year for the rest of the decade, said GEA. GEA member commitments to financing and development stages included MidAmerican’s $1 billion pledge to extend the life of its Salton Sea, California geothermal fields.

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Lucid Group, Saudi Arabia agree to 100,000 EV fleet deal

Teslarati

Lucid Group announced today that it had reached an agreement with the Government of Saudi Arabia to purchase up to 100,000 electric vehicles from the automaker over ten years. LucidMotors announces deal with Government of Saudi Arabia for purchase of up to 100,000 vehicles over a ten-year period.

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Lucid signs agreement with Saudi Arabia for 155k unit capacity manufacturing facility

Teslarati

Lucid announced it had officially signed agreements with the Ministry of Investment of Saudi Arabia (“MISA”), the Saudi Industrial Development Fund (“SIDF”), Emaar, The Economic City, at King Abdullah Economic City (“KAEC”), and Gulf International Bank (“GIB”).

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Fisker reports more than $100M in revenue Jan-Apr 2012; more than $1B in funding since 2007

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In the first few months of 2012, Fisker has continued to raise private equity investment to fund its expansion plans, securing $174 million of additional private financing since the start of the year. The latest funding has lifted the overall financing beyond $1 billion since the start of the company in 2007.

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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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The International Energy Agency (IEA) estimates that global refining capacity decreased by 730,000 barrels per day (b/d) in 2021—the first decline in global refining capacity in 30 years. The 400,000 b/d Jizan refinery in Saudi Arabia reportedly came online in late 2021 and began exporting petroleum products earlier this year.

Global 448
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Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. Saudi Arabia increased production by 6.8 Any Saudi Victory Will Be Pyrrhic.