Latest news with #localization
Argaam
6 hours ago
- Automotive
- Argaam
China's Foton mulls commercial vehicle plant in Saudi Arabia
The Ministry of Investment signed a four-party memorandum of understanding (MoU) with the Industrial Center, China's Foton Motor, and Petromin to explore the establishment of an integrated commercial vehicle manufacturing plant in Saudi Arabia. In a post on its official account on X, the ministry said the agreement aims to enhance the localization of vehicle manufacturing and to enhance local content in the sector.
Bloomberg
13-06-2025
- Automotive
- Bloomberg
India Open to Easing EV Rules as China's Rare Earth Curbs Bite
India is amenable to relaxing the 50% localization it expects from electric vehicle makers and suppliers in return for incentives, after China's curbs on rare earths exports put the goal in doubt, according to people familiar with the matter. Although the Society of Indian Automobile Manufacturers is yet to make a formal plea for paring the requirement, the industry body's members have flagged the need in various consultations with the government, said the people, who asked not to be named because the discussions are private.
Bloomberg
13-06-2025
- Business
- Bloomberg
Temu Enlists Oracle Cloud in Push to Localize US Business
Online discount shopping platform Temu has signed a cloud service agreement with Oracle Corp as the company attempts to localize more operations in the US. The PDD Holdings Inc. subsidiary, which already uses Google and Microsoft Corp. cloud services, is scaling up its US operations by expanding its local partnerships, the Chinese-owned firm said in a statement. The company did not provide details of the deal.
Zawya
02-06-2025
- Business
- Zawya
Oman: EDO seeks partners to support energy transition, ICV
MUSCAT: An Omani delegation comprising officials from Energy Development Oman (EDO), the wholly government-owned energy sector holding company, and the General Secretariat of the Tender Board, has embarked on a visit to Japan to meet with executives of two major conglomerates – Sumitomo Corporation and Nippon Steel. EDO said in a post on Sunday that the visit is part of efforts to efforts to 'develop strategic partnerships and enhance the localization of manufacturing in the energy sector'. Affiliated to the Ministry of Finance, EDO owns 60 per cent of the Block 6 concession operated by Petroleum Development Oman (PDO), 100 per cent of Block 6's non-associated gas concession, and 100 per cent of Hydrogen Oman (Hydrom), the master-planner of the Sultanate's green hydrogen industry. Significantly, discussions with the Japanese corporations encompass a wide range of objectives relevant to, among other areas, the energy transition, local manufacturing, and national capacity building. 'The visit's agenda includes several sessions addressing advanced industries supporting the energy sector, carbon capture, utilization, and storage (CCUS) technologies, as well as the development of integrated industrial parks. This visit reflects (EDO's) direction toward building a comprehensive industrial base, founded on knowledge transfer, role integration, and long-term collaboration that contributes to empowering national capabilities and enhancing the sector's readiness,' said EDO. 'During the visit, the company presented the Local Content Framework and Oman's readiness to host high-quality industrial investments, strengthening its position as a competitive hub in global energy value chains,' it further added. Both Sumitomo Corporation and Nippon Steel are longstanding suppliers of Oil Country Tubular Goods (OCTG) - pipes and casings used in oil and gas drilling and production operations – for Oman's hydrocarbon sector. EDO, by virtue of its majority shareholding in PDO, is one of the largest customers for OCTG hardware. The supply arrangement with PDO dates back to around 2003 when Sumitomo Corporation, together with Nippon Steel & Sumitomo Metal Corporation (NSSMC), signed deals to provide high quality OCTG goods to Oman's national oil company. A specialized storage area for OCTGs was also established in Port of Duqm's logistics zone as part of a 'Mill to Well' model designed to optimize supply chain efficiencies linked to the supply of these pipes to PDO. Earlier this year, EDO signed a Memorandum of Understanding (MoU) with Sumitomo Corporation Middle East to explore the localisation of OCTG manufacturing in Oman. The MoU also aimed to strengthen local manufacturing capabilities and reduce reliance on imports. Another large consumer of OCTG is BP, which operates the tight-gas fields of Block 61. In July 2018, Nippon Steel & Sumitomo Metal Corporation (NSSMC) forged a strategic partnership for the supply of OCTG to BP Exploration (Epsilon) Limited of Oman (BP Oman). 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Arab News
26-05-2025
- Business
- Arab News
Saudi Arabia launches joint venture to produce high-voltage insulators
JEDDAH: Saudi Arabia's power sector is set to receive a significant boost following the launch of a new joint venture aimed at localizing the production of high-voltage porcelain insulators, a key component in the Kingdom's push to strengthen domestic manufacturing and reduce reliance on imports. The agreement, signed under the patronage of the Ministry of Energy, brings together China's Dalian Insulators Group, Power Union Co. — a subsidiary of Al-Ojaimi Industrial Group — and the Saudi firm Greengrid. The consortium will establish a new facility within the Kingdom to produce high-voltage and extra-high-voltage suspension porcelain insulators used in electricity transmission and distribution networks. The deal was formalized by Salem Mohammed Al-Ojaimi, CEO of Al-Ojaimi Industrial Group, and Chen Junrong, chairman and general manager of Dalian Insulators Group. Under the patronage of the Ministry of Energy, a joint venture agreement has been signed to advance localization in the conventional power sector. — وزارة الطاقة (@MoEnergy_Saudi) May 25, 2025 The initiative aligns closely with Saudi Arabia's economic diversification plan that emphasizes local industry development, reduced import dependency, and private sector engagement. The venture is expected to reinforce local energy supply chains, reduce operational costs, and generate employment opportunities within the power sector. In a statement on X, the Ministry of Energy said the agreement seeks to 'enhance local manufacturing capabilities in the conventional power sector to achieve the goal of localizing energy sector components by 2030.' The initiative is part of Nuwatin — Arabic for 'We Localize' — a flagship program under the Energy Localization initiative, unveiled at the Energy Localization Forum in Riyadh last October. It aims to guide energy companies toward national localization targets, including expanding industrial capacity, increasing GDP contribution, boosting exports, and improving the trade balance. Porcelain insulators are vital to the reliability and safety of high-voltage transmission lines, providing both mechanical and electrical stability. Local production is expected to enhance grid resilience, reduce long-term infrastructure costs, and accelerate the development of a self-reliant domestic energy industry. Established in 1915, Dalian Insulators Group is a leading Chinese manufacturer of high-voltage insulators and has been publicly listed on the Shenzhen Stock Exchange since 2011. The company has supplied more than eight million porcelain insulators to major transmission projects globally, including China's 1,000kV UHV AC and 800kV DC lines. As Saudi Arabia continues its transition to a more diversified and resilient energy economy, this joint venture represents a strategic step forward in strengthening industrial cooperation and advancing energy sector localization.
