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BEIJING, Dec. 23, 2024 /PRNewswire/ -- With the election of Donald Trump as president of the United States, there can be no doubt that his administration will have major implications for industrial project development at home and an impact on the global supply chain. Some changes could be felt on "Day 1" while others will ripple through the world at a slower pace. To predict his presidential actions, campaign rhetoric gives us a starting point, but it's the specifics—like decisions from his first term in office and his current cabinet picks—where we can determine the likeliest results. Trump will not start with a blank slate. Well before the election, companies have made moves that point to the direction the industry will take. Take the energy transition: despite the highly publicized commitments to green energy – a move away from fossil fuels – oil and gas projects are at the top of the list for financial approval, a trend that started not with Trump but with the need for energy security following Russia's invasion of Ukraine. Trump and his appointees will have the power to accelerate or slow conditions that exist in the market. Where will he accelerate development and where will he apply the brakes? Here's a breakdown of five actions to anticipate—and who stands to win or lose. 1. Suspend offshore wind development Not one to mince words, Trump has made his position on offshore wind clear: "I'm going to write it out in an executive order. It's going to end on Day 1." While the first Trump administration oversaw three federal lease sales that netted $456 million for the federal treasury, the economic picture for offshore wind has changed. Higher interest rates have made financing more expensive; supply chain disruptions have led to higher prices for components and materials, and contracts with utilities to sell electricity at low fixed prices are no longer viable. Recent offshore lease auctions have met with mixed results. In the government's first offshore wind auction for the Gulf of Mexico in 2023, only one of the three leases received bids. A second auction was canceled last summer due to lack of interest, but unsolicited interest from two parties has been submitted for consideration. Two bidders were successful for leases off the coast of Maine, but Oregon's floating offshore wind auction was canceled due to insufficient bidder interest. Trump's action might only accelerate the inevitable for now, but market conditions could become more favorable under a wind-friendly administration in the future. Which sector would be most affected? Ports with expansion plans or construction underway to support offshore wind development, including New York's $417 million commitment to upgrade existing and construct new ports for offshore wind. The impact will vary by project construction timetables and the appetite for betting on the viability of offshore wind in the years following the expected hiatus. 2. Boost oil and gas projects It should come as no surprise that oil and gas projects represent the most investment in the project pipeline in the U.S., along with a continuing wave of renewable projects. While Trump may be known for his energy policy shorthand "Drill, baby, drill," the industry has already embraced that strategy. In Breakbulk's 2025 Outlook, the Energy Industries Council writes, "The sector's high profit margins have encouraged operators like BP, Shell and Total to continue investing in oil and gas projects. Contractors are similarly retrenching in the sector, seeing greater certainty and profitability compared to renewable energy and clean technology projects." Follow the money, and it leads us directly to oil and gas projects–upstream, midstream and downstream. Expect liquified natural gas (LNG) permit applications to be reviewed and approved quickly, reversing the recent Biden administration's "pause." Reuters in November reported Norway's Crown LNG is rushing to develop a liquefied natural gas export plant offshore Texas before Trump's second term ends in 2029. The International Energy Agency projects North America's LNG export capacity to more than double between 2024 and 2028 from 10 projects under construction – five of which are in the U.S., which is already the world's top LNG producer. Similarly, Trump could increase offshore oil and gas lease sales by tenfold compared to the current Biden administration program, including waters off Alaska, the Atlantic coast and new areas in the Gulf of Mexico. The current Bureau of Ocean Management plan for 2024-2029 calls for just three new leases in the Gulf of Mexico. Trump has named Doug Burgum his nominee for Secretary of Interior, a job that will put him in charge of hundreds of millions of acres of federal land and U.S. waters. This will be key to the Trump administration's plans to boost oil and gas production. But there's one thing that sets Burgum apart from Trump: his support for climate goals. As governor of North Dakota, he pledged to make the state carbon-neutral by 2030 and has championed carbon capture and storage as a means to do it. Which sectors would benefit most? Offshore, the Offshore Supply Vessel sector will be the first to benefit from expanded offshore leasing because these vessels are essential throughout all stages of offshore projects, from exploration to ongoing production. This increased activity could lead to fleet expansion and reactivation of idle vessels, while the opening of new leasing areas could create new markets for OSV operators. Onshore, oilfield service companies should prosper along with EPCs, project forwarders, pipeline fabricators, rig builders and the specialized transporters to move the equipment to the sites. For downstream projects, EPCs, forwarders and ocean carriers will win since most of the large components are manufactured overseas. 3. Cut funding for the CHIPS and Science Act Trump called the CHIPS Act "so bad" during a campaign interview, but this seemingly contradictory opinion – after all, the CHIPS Act is designed to encourage domestic manufacturing of computer chips rather than relying on imports from Asia – reflects Trump's preference for tariffs over subsidies to spur domestic manufacturing. The CHIPS Act provides $52 billion in subsidies for building or expanding semiconductor manufacturing facilities, known as fabs. To date, more than half of the subsidies have been distributed to eight companies, leaving $22.6 billion to disburse. Instead of subsidies, Trump wants tariffs on chip imports, arguing that high tariffs would compel companies to establish chip factories in America "for nothing." Further, manufacturers in the U.S. are eligible for a 25% investment tax credit for capital expenses related to manufacturing semiconductors, including equipment, which aligns with Trump's vow to cut corporate taxes from 21% to 15% if goods are produced in the U.S. The subsidies and credit reveal only a part of the economic picture. As of August 2024, companies had announced more than 90 new fab manufacturing projects in the U.S., totaling nearly $450 billion in investments across 28 states since CHIPS was introduced in Congress, the Semiconductor Industry Association reported. Fabs represent a significant source of new business for EPCs and forwarders with the average cost of constructing a single fab at $25 billion. Expected impact Even if remaining subsidies are eliminated, the investment credit and new or increased tariffs would likely support continued construction. Add supply chain reliability with domestically-made chips and the benefits should cancel the impact of a subsidy cut. The demand for more powerful chips is near the start of its curve as PCs with "AI chips" come to market – EPCs and forwarders should count on more work in this sector. Access key insights from the Breakbulk Events & Media 2025 Outlook here - with analytics from the Energy Industries Council (EIC) 4. Bringing the supply chain home The crux of Trump's "America First" policy is to produce as many goods as possible in the U.S., stimulating job growth and shielding the country from global disruptions. Central to this strategy is his preference for bilateral trade agreements over multilateral ones, which he demonstrated early in his first presidency by withdrawing from the Trans-Pacific Partnership (TPP) in 2017. Other than a bilateral agreement with Japan, no trade deals were made with TPP countries after the U.S. withdrawal, creating a void that China eagerly filled. Trump has also signaled potential changes to existing agreements. He has stated his intention to formally notify Mexico and Canada of plans to utilize the six-year renegotiation clause in the United States-Mexico-Canada Agreement (USMCA), which will come into play on July 1, 2026. This could involve curtailing auto imports from Mexico or other measures to secure more favorable terms for the U.S. But that's not all. He'll take further measures, promising to Impose a 60% tariff on goods from China and 20% on imports from other countries. The idea is to shift both parts and finished goods from being sourced overseas to being made in the U.S. where labor costs are significantly higher than in other parts of the world like Southeast Asia. However, it will take time to ramp up domestic production, assuming goods can be sold at or below tariffed ones. Either way, the consumer will pay. Winners and losers Bringing the supply chain home is good for land-based transport, as well as coastal and inland transport. Ports may see imports decrease, but exports could offset the loss if those cargoes are not hit with retaliatory tariffs. Likewise, container lines could be affected if fewer shipments are coming into the U.S. from Asia and Europe. Ports may be able to convert some of their facilities to logistics hubs with locally manufactured products stored and then distributed to various parts of the country. There's no immediate remedy for container shipping – expect a decrease in the frequency of sailings between the U.S. and the rest of the world. 5. Climate regulation rollback Trump did his share of rolling back environmental regulations in his first term: replacing the Clean Power Plan with the less restrictive Affordable Clean Energy rule, reducing regulations on methane emissions from oil and gas operations, expediting environmental reviews for infrastructure projects, and withdrawing from the Paris Climate Agreement. Expect more of the same from his second term, sending resources back to fossil fuels and fossil-fuel powered plants–accelerating a trend that's well underway. Even in Europe, major oil and gas companies are reducing their climate targets with little consequence. In 2023, BP reduced its reduction target from 35-40% to 20-30%. Shell may have won the upset of the industry when a Dutch appeals court recently overturned a landmark ruling that had ordered energy company Shell to cut its carbon emissions by net 45% by 2030 compared to 2019. If the U.S. withdraws again from the Paris Climate Agreement, it would no longer be formally bound to its emissions reduction commitments under the agreement. However, the Inflation Reduction Act of 2022 (IRA) calls for the U.S. to reduce net greenhouse gas emissions by 40% below 2005 levels by 2030. There are no penalties for missing the target. While Trump is no fan ot the IRA, it has already brought jobs and new industries to Republican states. Expect selected cuts like the EV tax break for consumers rather than an attempt to repeal the legislation. Climate goals aren't the only measures aimed at cutting emissions, and the U.S. will face pressure abroad if it wants to retain its market share for oil and gas exports. The EU will put new methane emission standards in place for all imported fossil fuels beginning in 2030, and that means the U.S. will have to comply with the as-yet-to-be-announced requirements if it wants to keep Europe as its top LNG export market. Today, 66% of U.S. LNG is exported to Europe. Trump's nominee to lead the Environmental Protection Agency former Rep. Lee Zeldin (R-N.Y.) will likely back Trump and is skeptical of ambitious climate goals. He supported Trump's exit from the Paris Climate Agreement. He criticized New York governor Kathy Hochul's climate targets, saying that the state goal of 70 percent renewables by the end of the decade, was "whimsical." Who benefits from reduced or absent climate goals? EPCs, freight forwarders and transportation providers should all see new business as more oil and gas projects get the greenlight. On balance Trump will be good news for the country's oil and gas industry, accelerating a pragmatic move back to fossil fuels. A second run at bringing manufacturing back to the U.S. could present additional opportunities, especially in the semiconductor sector. What does this mean for breakbulk and project cargo companies? More work. To discuss exhibiting options at Breakbulk Americas 2025, complete this simple form. Visit our website，Breakbulk Americas | Sept. 30-Oct. 02 2025 | Houston, TX
BUSAN, South Korea, Dec. 23, 2024 /PRNewswire/ -- Amid intensifying competition among MICE host cities to attract large events, 2024 saw Busan take bold steps that led to impressive results, proving its potential as a prime MICE destination. The efforts made by Busan in 2024 in attracting major international conferences, promoting ESG management, enhancing networking, and strengthening city identity are outlined below. The Shining Achievements of Busan MICE in 2024 International Conferences Held in the Global MICE City of Busan Busan hosted several significant international conferences in 2024. In July, it welcomed the 45th Scientific Assembly of the Committee on Space Research (COSPAR 2024), drawing around 2,700 space scientists from 60 countries to Korea. This was the first time the event was held in the country. In August, after eight years of preparation, the city hosted the 37th International Geological Congress (IGC 2024), a prestigious event with a 146-year history, at BEXCO. In November, Busan hosted the 5th Session of the UN Intergovernmental Negotiating Committee on Plastic Pollution (INC-5). With participation from 193 institutions and countries, INC-5 was the final dialogue in a series of international discussions on controlling plastic pollution, making it a crucial conference on the future health of Earth's marine environment and placing Busan at the forefront of global attention. Wide-ranging ESG Activities for the Sustainability of MICE Busan's selection to host INC-5 was made possible by its strong track record of ESG initiatives within the MICE industry. The Busan Tourism Organization (BTO) CVB's exhibition hall was decorated using recyclable wood, and with the assistance of eco-friendly suppliers, recycling stations were set up to facilitate the collection of waste generated during the event. Aiming for a paperless conference, digital materials and multifunctional electronic platforms were also used. Continuous efforts in various ESG initiatives were made through collaborations with Busan MICE Alliance (BMA) members. Environmental reports were made, containing carbon reduction amounts for all products used at event venues and greenhouse gas reduction indicators for transportation during each event, to create more eco-friendly events. Improvement of Busan's MICE Network Through Communication The Busan MICE Alliance and the Busan MICE industry, in general, grew in solidarity through strong networking this year. The BTO CVB worked to fundamentally enhance Busan's MICE industry by increasing local demand for MICE events and maintaining an efficient collaboration network. Regular meetings of the BMA focused on the concerns of its members to improve communication. Additionally, Busan MICE Alliance Day was held to strengthen ties among members of Busan's MICE industry, fostering discussions on industry developments both locally and internationally, and exploring joint marketing opportunities. New members were recruited into the BMA in both the first and second halves of the year, enhancing collaboration between the public and private sectors for the success of Busan's MICE industry. The Busan MICE Business Innovation Platform, which provides users with access to news and information about Busan's MICE industry, was launched and well-received. Unique Venues That Capture Busan's Local Identity Participants in MICE events now expect more than just the exchange of knowledge. They seek a special experience, and MICE destinations should leverage their local identity to provide experiences that can only be found in their cities or regions. Recognizing this industry trend, Busan has identified a variety of unique venues that highlight the history, culture, and distinctiveness of the city. Venues such as Domoheon, the former residence of Busan's mayor; Space OneZ, a renovated old warehouse; and Holi Lounge, offering a surfing workation, exemplify this approach. The MICE events held at these unique venues are also organized in a way that showcases the best of Busan's local identity. As another busy year draws to a close, Busan, as a MICE city, is looking forward to making even greater strides next year. The 18th World Congress on Computational Mechanics (WCCM) in 2028, along with many other international MICE events, are set to take place in Busan, and the BTO CVB is actively working toward this goal. With aspirations of reaching the pinnacle of the MICE industry, Busan will continue its efforts to be a sustainable, cooperative, and unique MICE city that is globally recognized.
BANGKOK, THAILAND - Media OutReach Newswire – 23 December 2024 - At the ACES Awards 2024, Singaporean companies and leaders took center stage, honored for their groundbreaking contributions to sustainability, innovation, and transformative leadership. Against a backdrop of fierce competition—90 nominations out of 682 entries from 17 countries—Singapore's successes reflect its growing influence as a key driver of corporate excellence and progressive business practices across Asia. Recognising Leadership Excellence: 59 outstanding business leaders and enterprises were awarded for their exemplary leadership, on Day 2 of the ACES Awards 2024, setting new benchmarks in innovation, governance, and corporate responsibility. Central to these accolades are organizations that have seamlessly woven environmental responsibility and forward-thinking strategies into their core values. CGS International Securities Pte. Ltd. (CGS International) exemplifies this fusion of innovation and sustainability. With a presence across 15 countries, this financial services firm's comprehensive offerings—from equities trading to Shariah-compliant financing—have led to a remarkable 169% increase in net profits between 2018 and 2022. More than just numbers, CGS International's growth is propelled by its careful market expansion, tailored client solutions, and robust CSR initiatives that push the boundaries of Asia's financial sector toward a greener future. Honouring Excellence in Sustainability: 34 visionary companies and businesses were celebrated on day 1 of the ACES Awards 2024, for their remarkable commitment to championing sustainability, driving meaningful impact across Asia at the ACES Awards 2024. Another standout is dsm-firmenich, formed through the 2023 merger of Dutch DSM and Swiss Firmenich. Recognized with both "Asia's Most Inspiring Executives" and "Top Sustainability Advocates in Asia" awards, the global leader in health, nutrition, and beauty has placed sustainability at the heart of its mission. Committed to achieving net-zero greenhouse gas emissions by 2045, dsm-firmenich channels innovation into impactful solutions like Bovaer®, reducing methane emissions in cattle, and supports global nutrition initiatives with partners such as the UN World Food Programme. This holistic approach to sustainability—encompassing environmental stewardship and social well-being—sets a new benchmark for responsible industry leadership. Individual leadership prowess also shone brightly at the awards. Robert Le Busque, Regional Vice President, Asia Pacific at Verizon Business Group, earned recognition as one of Asia's Outstanding Leaders for guiding his 1,000-strong team across 11 countries. Under his stewardship, Verizon's business in the region has rapidly grown, especially in cybersecurity solutions, demonstrating that strategic vision and resilience can drive technological advancement, even amid challenging times. Aviation fuel provider China Aviation Oil (Singapore) Corporation Ltd (CAO) stood out with the Green Innovative Award. By embedding sustainability into its core operations—advancing sustainable aviation fuel (SAF), optimizing supply chains, and reducing emissions—CAO illustrates how an industry often associated with environmental challenges can pivot toward responsible, climate-focused solutions. Similarly, Gain City Best-Electric Pte Ltd, celebrated as one of Asia's Most Influential Companies, has carved out a niche that intertwines operational efficiency, digital innovation, and eco-conscious practices. Having integrated retail, wholesale, logistics, and fabrication, Gain City ensures a seamless customer experience while simultaneously championing e-waste recycling, renewable energy collaborations, and sustainable regional expansion. Technology-driven transformation took center stage with Certis, named one of the Innovative Tech Companies of the Year. Once a traditional security provider, Certis has reinvented itself through its Mozart platform, which orchestrates AI, machine learning, and IoT technologies. This modernization has yielded a 66% improvement in incident response times and a 20% reduction in manpower, setting new standards for operational excellence, safety, and service delivery. Visionary leadership in sustainability was further exemplified by Dr. Victor Tay, Group CEO of Global Catalyst Advisory. Honored as one of Asia's Most Inspiring Executives, Dr. Tay's "people-planet-profit" philosophy ensures that reducing carbon footprints becomes a catalyst for business growth. Under his direction, projects have cut emissions by up to 35% and influenced sustainability dialogues in forums as prestigious as COP28. Rounding out this constellation of achievers is China Life Insurance (Singapore) Pte. Ltd., winner of Asia's Leading SMEs Award. By integrating cutting-edge digital tools such as the OneLife core system and Robotic Process Automation into its operations, and by cultivating meaningful partnerships and community initiatives, China Life Singapore exemplifies how innovation and social responsibility can coexist and strengthen one another. The 2024 ACES Awards shine a spotlight on a region—and a nation—evolving rapidly toward a sustainable, inclusive, and technologically advanced future. From robust financial services and cutting-edge corporate transformations to nutrition solutions that feed both people and the planet, Singapore's prominent showing among the 250 finalists reaffirms its role as a beacon of progress in Asia. As these honorees chart the path forward, they collectively underscore a simple truth: leadership in the 21st century demands not only profitability and growth, but also a steadfast commitment to bettering the world we all share. Hashtag: #ACESAwards2024 #RegionalRecognition #leadershipexcellence #Sustainability #SustainableCompanies #responsibleleaders #outstandingentrepreneurshttps://www.acesawards.com/The issuer is solely responsible for the content of this announcement.About ACES AwardsThe ACES Awards, organized by MORS Group, recognize and celebrate the region's most exemplary leaders, companies, and initiatives. By spotlighting transformative approaches to leadership and corporate excellence, the awards inspire continued innovation, promote sustainable practices, and encourage inclusive growth throughout Asia's diverse and dynamic business ecosystem.
HONG KONG, Dec. 23, 2024 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Suizhong 36-2 Oilfield 36-2 Block Development Project has commenced production. The project is located in Liaodong Bay of Bohai Sea, with an average water depth of approximately 27 meters. The main production facility is a new unmanned wellhead platform. A total of 21 development wells are planned to be commissioned, including 16 production wells and 5 water-injection wells. The project is expected to achieve a peak production of approximately 9,700 barrels of oil equivalent per day in 2026. The oil property is light crude. The project relies on the facilities of the adjacent producing projects to process and transport the crude. Standardized engineering and construction was applied to the project, to effectively reduce the offshore construction workload, thus controlling the overall investment and ensuring the project's return. CNOOC Limited holds 100% interest in this project and is the operator. — End — Notes to Editors: More information about the Company is available at http://www.cnoocltd.com. *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@cnooc.com.cn Mr. Bunny LeePorda Havas International Finance Communications GroupTel: +852 3150 6707Fax: +852 3150 6728E-mail: cnooc.hk@pordahavas.com
REYKJAVIK, Iceland, Dec. 20, 2024 /PRNewswire/ -- In a collaboration aimed at advancing global climate solutions, the National Center for Vegetation Cover Development and Combating Desertification (NCVC) and the International Carbon Registry (ICR) entered a Memorandum of Understanding (MoU) during the COP16 to the UN Convention to Combat Desertification in Riyadh. This MoU signifies a major step forward in leveraging Nature-Based Solutions (NBS) to address climate challenges and foster sustainable development in the Kingdom of Saudi Arabia. Building Bridges in Saudi Arabia, Contributing to Vision 2030 Saudi Arabia is committed to advancing its Saudi Green Initiative as part of Vision 2030, a framework emphasizing active collaboration and effective engagement with local and international parties. This partnership reflects the Kingdom's ambition to combat desertification, restore ecosystems, and establish itself as a global leader in climate action and carbon markets. The MoU formalizes a cooperative framework to develop and implement a Greenhouse Gas (GHG) Program centered on NBS initiatives. These initiatives include afforestation, mangrove restoration, biochar production, and algae cultivation. By integrating local, regional, and international expertise, the program will drive efforts to mitigate desertification, enhance biodiversity, and position Saudi Arabia as a leader in global carbon markets and to contribute to combat desertification. The National Center for Vegetation Cover Development and Combating Desertification (NCVC) is a governmental institution mandated to protect, restore, and sustain vegetation cover while maintaining the balance of natural ecosystems. Committed to conserving natural resources, enhancing biodiversity, and promoting sustainable use for future generations, NCVC also plays an integral role in establishing partnerships at local and international levels. Collaborating with various sectors, addressing environmental challenges, reducing GHG emissions, mitigating impacts of climate change, and improving quality of life in affected communities, effectively aligning with the ambitious goals of the Saudi Green Initiative. Strategic Vision This collaboration between ICR and the NCVC aligns with Saudi Arabia's Vision 2030, which emphasizes sustainable development, environmental restoration, and international partnerships. The program is expected to result in:Enhanced carbon sequestration and biodiversity conservation.Progress in combating desertification and supporting water conservation.Economic opportunities for local communities through green initiatives.Saudi Arabia's establishment as a global leader in implementation of carbon markets at the national level. Quotes from Leadership Mr. Gudmundur Sigbergsson, CEO of ICR, stated: The International Carbon Registry is proud to bring its expertise in standardization, validation, verification, accreditation and the management of a GHG program and exploiting digital registry infrastructure to support Saudi Arabia's ambitious climate goals. Together, we will advance transparency, credibility, and impact in the global carbon market. A Joint Commitment to the Future This MoU is not merely a symbolic gesture but the first step for building a robust framework for action. It lays the groundwork for projects and highlights the commitment of both parties to advance practical, scalable climate solutions. CONTACT: For media inquiries, contact:Alondra Silva MunozChief Marketing Officer at ICRalondra@carbonregistry.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/international-carbon-registry/r/saudi-arabia-and-icr-sign-historic-mou-at-cop16-riyadh---framework-for-nature-based-solutions,c4083702 The following files are available for download: https://news.cision.com/international-carbon-registry/i/02-panel-nature-based-solutions-cop-from-left-to-right-naif-alqahtani-phdnaif-alqahtani-phd-moderato,c3363958 02 Panel Nature Based Solutions COP From left to right Naif Alqahtani PhDNaif Alqahtani PhD Moderator Consultant Leading the Carbon Credit Program at NCVC Gudmundur Sigbergsson CEO and Founder of ICR https://news.cision.com/international-carbon-registry/i/03-from-cop16-gudmundur-and-rajeev-kumar-ceo-of-yadgreen-customer-of-icr,c3363959 03 From Cop16 Gudmundur and Rajeev Kumar CEO of Yadgreen Customer of ICR https://news.cision.com/international-carbon-registry/i/01-main-picture-eng-malik-alharbi-assistant-general-manager-for-planning-and-strategic-partnerships-,c3363960 01 Main Picture Eng Malik Alharbi Assistant General Manager for Planning and Strategic Partnerships on behalf of Dr Khaled Alabdulkader the CEO of NCVC and Gudmundur Sigbergsson CEO and Founder of ICR
KUALA LUMPUR, Malaysia, Dec. 19, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), has signed a term sheet to acquire a solar farm with an estimated capacity of 1.14 megawatts (MW), located in Novo Selo, North Macedonia. The acquisition is valued at approximately US$1.26 million (or approximately €1.2 million) and is subject to due diligence and the signing of a definitive agreement. The bifacial solar farm, equipped with Huawei Technology inverters, achieves a high system performance ratio of over 90%, meaning it operates at more than 90% of its theoretical maximum output despite external factors. These inverters efficiently convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity, which is suitable for distribution through the national grid. The solar farm is connected to the national grid under a Power Purchase Agreement (PPA) with Mega Concept LLC Skopje, ensuring stable revenue streams based on HUPX pricing. In addition to income from energy sales, the project generates significant additional revenue through carbon credits, further boosting its profitability. With a projected payback period of approximately 9 years, the solar farm is expected to deliver strong financial returns throughout its 30-year operational lifespan. Despite historically relying on lignite coal mining for approximately 30% of its electricity production and gas imports for an additional 15%, North Macedonia has set ambitious decarbonization goals. According to its National Energy and Climate Plan (NECP), the country aims to achieve a 38% share of renewables in final energy consumption by 2030 and 42% by 2040. By the end of 2023, North Macedonia had deployed 535 MW of solar capacity, a significant increase from 190 MW at the end of 2022, according to the International Renewable Energy Agency (IRENA). This remarkable growth in the solar industry has been driven by abundant sunlight, progressive government policies to reduce coal dependency, and the country’s strategic position as a gateway between Southeast Europe and the European Union. VCI Global views this acquisition as a pivotal step toward entering the European renewable energy market. VCI Global has engaged the consulting firm OTB Solutions Dooel Skopje in North Macedonia to identify and secure additional solar farm opportunities. “This is the beginning of a series of solar farm acquisitions that VCIG will undertake and looking ahead for more acquisition opportunities across Southeast Asia and Europe. By targeting solar farms with strong grid connections and government support, we are building a sustainable asset portfolio,” said Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global. About VCI Global Limited VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale. For more information on the Company, please log on to https://v-capital.co/. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law. CONTACT INFORMATION: For media queries, please contact: Landon Capitalinfo@landoncapital.net
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