Vietnam aims to sign nuclear power plant deal with Russia in August
Site clearance for development of the plant in Ninh Thuan province is to be completed by the end of this year, the government said in a statement.
The move follows Vietnam's restart of plans to develop nuclear power plants that were suspended nearly a decade ago, as part of its efforts to ramp up its power generation capacity to support its fast-growing economy.
The government has previously said it expected the first nuclear power plants with a combined capacity of up to 6.4 gigawatts to be online between 2030 and 2035.
The government said on Tuesday it has told the finance ministry, central bank, state energy firm Petrovietnam and utility firm EVN to work with related parties on loans for the project.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
37 minutes ago
- Arab News
GCC non-oil sector adds $1.51tn to GDP, led by mining
RIYADH: The Gulf Cooperation Council's gross domestic product at current prices reached $2.14 trillion in 2023, down 2.7 percent from $2.2 trillion in 2022. Despite this moderation, the non-oil sector showed strong resilience, contributing $1.51 trillion to the bloc's GDP and underscoring the region's ongoing diversification efforts. Gross national income, which reflects the total earnings of citizens and companies after taxes and transfers, stood at $1.99 trillion, down 3 percent from the previous year, according to the GCC Statistical Center, Oman News Agency reported citing the latest available data. Meanwhile, the oil sector contributed $604 billion, highlighting the continued influence of energy price fluctuations on the region's economy. The non-oil sector's share of total GDP rose to 71.5 percent in 2023 from 65 percent in 2022, growing 6.4 percent year on year. Mining and quarrying remained the largest single contributor to the GCC economy over the past five years, averaging 28.3 percent of GDP, while manufacturing activities led the non-oil sector with an average contribution of 11.7 percent. Several non-oil industries recorded robust growth in 2023. Financial and insurance services led with an 11.7 percent increase, followed by transportation and storage at 11.6 percent. Real estate grew 8.1 percent, public administration and defense rose 7.9 percent, wholesale and retail trade expanded 7.6 percent, and education climbed 5.5 percent, demonstrating broad-based sectoral strength. Although mining and quarrying contracted by 18.8 percent and manufacturing experienced a slight decline of 0.7 percent, other sectors and investment activity provided strong support. Exports of goods and services totaled $1.26 trillion, accounting for nearly 60 percent of GDP, while final consumption expenditure—including household, government, and nonprofit spending—rose 7.5 percent to $1.25 trillion. Gross capital formation, which covers fixed asset investments, increased 5.5 percent to $601.8 billion, signaling sustained investment momentum despite macroeconomic pressures. Overall, 2023 highlighted the GCC's progress toward a more diversified, resilient, and non-oil-driven economy, positioning the region for sustainable growth in the years ahead.
Arab News
3 hours ago
- Arab News
Arabian Drilling renews 11 onshore contracts, representing 15-20% of 2024 revenues
RIYADH: Arabian Drilling Co., listed on Saudi Arabia's main market, has renewed contracts for 11 onshore gas drilling rigs, with the value of the agreement representing 15-20 percent of the company's 2024 revenues. In a Tadawul statement, Arabian Drilling said that the agreement, which has a tenure of one year, was signed with SLB, which holds a 34.3 percent stake in the company. In a March bourse filing, Arabian Drilling reported a 2024 net profit of SR3.61 billion ($962 million), with 15 to 20 percent of that total equating to around SR542.4 million to SR723.8 million. Commenting on the contract extension, Ghassan Mirdad, CEO of Arabian Drilling, said: 'This extension reinforces our market position as a preferred partner in the energy sector. Our ability to secure this extension is a testament to our client's confidence in our capabilities and the consistent, high-quality service we deliver.' He added: 'Extending the contract confirms our commitment to excellence and strategic insight, which are crucial in maintaining valuable, long-term partnerships within the industry.' The company further said that all 11 rigs are currently in operation, and Arabian Drilling will continue providing drilling services to SLB under a lump sum turnkey contract. An LSTK contract is a comprehensive form of agreement used in construction and engineering projects. Under this type of deal, the contractor agrees to complete the project for a predetermined, fixed price. The contractor is responsible for both designing and constructing the project to meet specific requirements while ensuring that it is fully operational upon completion. Arabian Drilling further said that the impact of the contract extension will be reflected in the company's revenues starting from the current quarter. 'Looking ahead, Arabian Drilling remains committed to driving operational excellence, maintaining robust partnerships, and delivering innovative, sustainable solutions to the energy sector,' said the company in a statement. It added: 'The successful extension of these rig contracts reinforces the company's leadership in the Saudi drilling industry, highlighting its unwavering commitment to safety, quality, and long-term value creation for its stakeholders.' In July, Arabian Drilling said that it signed an international contract valued at SR75 million for offshore drilling operations with a company based in the Gulf Cooperation Council region, initiating its first offshore operation outside Saudi Arabia.
Arab News
a day ago
- Arab News
Pakistan maintains petrol price, slashes high-speed diesel by Rs12.84
KARACHI: Pakistan has slashed prices of petroleum products by as much as Rs12.84 per liter but maintained the price of petrol, its finance ministry announced late Friday. The government reduced the price of high-speed diesel by Rs12.84 to Rs272.99 per liter, according to a notification issued by the finance ministry. The price of superior kerosene oil was slashed by Rs7.19 to Rs178.27 per liter, whereas the rate of light diesel oil went down by Rs8.20 to Rs162.37. 'The government has decided to revise the petroleum product prices for the fortnight commencing August 16, 2025, in line with the recommendations of OGRA (Oil and Gas Regulatory Authority),' the finance ministry said. Fuel prices in Pakistan are adjusted every two weeks and are influenced by global oil market trends, currency fluctuations and changes in domestic taxation. The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping sustain the country's fuel supply chain. However, the latest revision in prices is unlikely to have a major effect for commoners as petrol is mostly used for private transport, small vehicles, rickshaws and two-wheelers, while diesel powers heavy vehicles used for transportation of good across the South Asian country On Aug. 1, Pakistan's government had slashed the price of petrol by Rs7.54 per liter and increased the price of high-speed diesel (HSD) by Rs1.48 per liter.
