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Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

Iran to build 3GW renewable power plants

  • There are currently 100,000 agricultural wells in the country that use diesel to pump water
  • The construction of renewable power plants would save huge amounts of fuel in addition to supporting the power grid

Iran is planning to install 3 GW of renewable power plants for agricultural wells across the country, local reports have said.

The move is said to be a collaboration between Iran’s Power Generation, Distribution, and Transmission Company, which is also known as Tavanir, and the Iranian Fuel Conservation Company or IFCC.

The reports quoted Tavanir’s Operator for Rural Electricity Expansion Program Ali Chehel-Amirani as saying that there are currently 100,000 agricultural wells in the country that use diesel to pump water.

He added that construction of these renewable power plants would save huge amounts of fuel in addition to supporting the power grid.

The water pumps in each agricultural well consumes an average of 11,000 liters of fuel per year, and connecting these wells to renewable energy sources could be effective in preserving the environment, helping the electricity grid, preventing fuel smuggling, and boosting renewable energy-related industries, said Chehel-Amirani.

He explained that the power plants would be constructed by the private sector and paid for by the resources coming from fuel savings in accordance with Article 12 of the law on the elimination of barriers to production.