Crude futures settle lower

Oil prices declined on Wednesday.

The West Texas Intermediate (WTI) for September delivery lost 6 cents, or 0.09 percent, to settle at 65.25 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 8 cents, or 0.12 percent, to settle at 68.51 dollars a barrel on the London ICE Futures Exchange.

A growing number of Chinese energy companies are increasing their presence in the Persian Gulf as they get deeply involved in the region's energy transition.

As a highlight of China-Gulf cooperation, green energy projects carried out by Chinese companies in Gulf states gained spotlight at the 18th World Future Energy Summit, which took place from Wednesday to Thursday in Abu Dhabi, the United Arab Emirates (UAE).

A shining example is the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. As one of the largest single-site solar parks in the world, the solar thermal plant is a key project to help Dubai achieve its carbon reduction goals and significantly increase the share of clean energy in the city's power mix.

"Upon completion in 2030, it will exceed 8,000 megawatts, and it will reduce 8.5 million tons of carbon emmissions on an annual basis. And it will raise Dubai's clean energy capacity up to 36 percent," said Ali Hayat, a senior engineer of the project.

In recent years, more and more Chinese energy product suppliers have transitioned to a new role as investors by building plants and regional offices in the Gulf region to deepen their participation in local energy transition.

"China has been absurdly in the lead in both ways -- in providing technologies that make the cost of solar panel to be affordable around the world, and also in an amazing increase of the share of renewable energy in the energy system," said Francesco La Camera, director-general of the International Renewable Energy Agency.