The Peruvian capital of Lima will soon see the completion of a major flood control project built by a Chinese company.
It does not rain frequently in Lima, but the Huaycoloro River overflowed in 2017 due to unusual heavy precipitation, affecting 30,000 families living along the river.
The 10.5-kilometer flood control project built by China International Water and Electric Corp. is set to be completed in January 2025.
"Extreme weather like El Nino can lead to flash floods and other natural disasters, So, such a project was launched," said Liu Hongmin, project manager with China International Water and Electric Corp.
The company has completed nearly 20 projects in Peru in fields including hydropower, flood control, road, bridge, power transmission and mining.
Peru is hosting APEC 2024, with the APEC Economic Leaders' Week underway in Lima.
The week will conclude with the APEC Economic Leaders' Meeting on Nov 15-16.
"The APEC meeting is an important event for our country, and we look forward to all countries, including our good friend China, to come and invest. Investment drives infrastructure construction, infrastructure construction generates more jobs, and employment brings about increases in income, foreign exchange and the development of tourism," said Hernan Yaipen Arestegui, Peruvian Minister of Authority of National Infrastructure.
China builds flood control project in Lima
The United Arab Emirates' energy giant Abu Dhabi National Oil Company (ADNOC) said on Sunday it is accelerating its investment plans to award projects worth 200 billion dirhams (about 54.5 billion U.S. dollars) between 2026 and 2028 as part of its five-year capital program.
The announcement was made at the "Make it with ADNOC" forum, where the company said the move marks a new phase of expanded project execution across the energy value chain to help meet rising global demand.
ADNOC added that its future projects will help enhance the efficiency of the domestic industrial sector and boost in-country manufacturing through its "Local+" initiative, which prioritizes UAE-made products.
Established in 1971, ADNOC is fully owned by the Abu Dhabi government and ranks among the world's largest energy companies.
The announcement follows the UAE's imminent exit from the Organization of the Petroleum Exporting Countries (OPEC) and the wider OPEC+ alliance, effective Friday, which ended the country's nearly 60-year membership after repeated friction over production quotas.
The withdrawal, announced Tuesday by the UAE as a "sovereign, strategic choice" based on the country's long-term economic vision, is expected to free the UAE, which has an estimated output capacity of up to five million barrels per day by 2027, to adjust its production independently.
Analysts have estimated that with the UAE leaving, OPEC will lose about 15 percent of its total production capacity.
UAE's oil giant ADNOC speeds up 55-bln-USD investment drive
