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Chinese capacity is scheduled to increase significantly this year because of the start of at least two new refinery projects and a major refinery expansion. A new 230,000 b/d refinery operated by a joint venture between state-owned-firms OQ (of Oman) and Kuwait Petroleum International is set to come online in Duqm, Oman, likely in early 2023.
Green Technology Bank (GTB) was established in 2016 by the Chinese government with the priority task to fulfill the 2030 Agenda for Sustainable Development. Maersk intends to offtake the full volume produced on long-term contracts to help its customers realize their own ambitious emission targets. Green Technology Bank (China).
Based on the data up to July 2024, Ember’s analysis is in line with forecasts made by Bloomberg New Energy Finance ( BNEF ). Ember’s data on Chinese solar export reveals significant growth is also emerging in new markets such as Pakistan and Saudi Arabia, as well as the Philippines, the UAE, Thailand, and Oman.
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