Saudi Arabia exits China-backed mBridge CBDC project: FT
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Sources indicate that Saudi Arabia plans to expand its oil pipeline along the Red Sea, bypassing the Strait of Hormuz and increasing its daily transport capacity by 2 million barrels.
According to five sources familiar with the Odaily, Saudi Arabia is considering expanding the capacity of its crude oil pipeline to the west coast of the Red Sea, enabling Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. Built in the early 1980s, this east-west pipeline has become increasingly strategically important since the outbreak of the Iran-Iraq War in February and the disruption of shipping through the Strait of Hormuz. The pipeline can transport up to 7 million barrels of crude oil per day to the Red Sea port of Yanbu. In May, the CEO of Saudi Aramco stated that approximately 2 million barrels would supply refineries on the west coast, and about 5 million barrels would be exported. Sources say that Saudi Arabia is in preliminary discussions with some neighboring countries regarding pipeline expansion, planning to add approximately 2 million barrels of pipeline capacity per day. It is unclear whether Aramco's planned expansion involves upgrading existing infrastructure or building a new pipeline. One source said the expansion plan also includes a smaller refined oil pipeline. Two sources said the expansion could be between 1 million and 2 million barrels per day, with refined oil products also under consideration. Another source indicated that the project would take several years, cost billions of dollars, and require adjustments to Saudi Arabia's crude oil pricing mechanism. (Jinshi)
Mistral and HUMAIN Are Building 'Sovereign AI' in Saudi Arabia
Mistral and HUMAIN announced plans to build sovereign AI infrastructure in Saudi Arabia and across the region—a tie-up valued in the hundreds of millions of euros that deepens Gulf money flowing into European AI.
Saudi Arabia drastically cut crude oil prices, with the largest drop in at least 26 years.
Odaily Odaily reports that Saudi Arabia has cut its official selling prices for key crude oil grades to Asian customers in August, the largest reduction in at least 26 years, as surging global supply intensifies competition for buyers. According to a price list, Saudi Aramco lowered the price of its Arab Light crude oil exports to Asia by $11 per barrel in August, representing a discount of $1.50 per barrel to the regional benchmark price. This reduction is larger than the $8 per barrel expected in institutional surveys. Middle Eastern crude oil prices have recently declined. After resuming exports from the Rastanura port on the Persian Gulf, Saudi Aramco had increased its crude oil shipments to approximately 90% of pre-war levels. Before the war, Rastanula was Saudi Arabia's main port of call for crude oil exports. Due to the war's blockade of the Strait of Hormuz, Saudi Aramco diverted most of its crude oil to the port of Yanbu on the Red Sea. Previously, the OPEC+ oil-producing group had agreed to continue a small production increase in August. Now, with the resumption of shipping through the Strait of Hormuz, Gulf oil-producing countries such as Saudi Arabia, Iraq, and Kuwait will be able to utilize their higher quotas. (Jinshi)
Digital China: Wins bid for a Huawei intelligent computing server procurement project from a major state-owned bank, with an estimated value of 371 million yuan.
Mars Finance reported on July 3 that Digital China (000034.SZ) announced that its subsidiary, Beijing Shenzhou Kuntai Information Technology Co., Ltd., won a Huawei intelligent computing server procurement project for a large state-owned commercial bank. The estimated procurement amount is 371 million yuan (subject to actual settlement). The project will supply Shenzhou Kuntai supernode servers. If successfully implemented, it will have a positive impact on the company's information technology application innovation business and overall operating performance. Currently, a formal contract has not yet been signed, and there is some uncertainty. (Company Announcement)
Shipping data: At least five very large crude carriers (VLCCs) loaded with crude oil from Saudi Arabia have sailed out of the Strait of Hormuz.
According to trade sources and shipping data, at least five very large crude carriers (Odaily) have loaded a total of 10 million barrels of Saudi crude oil from Saudi Arabia's Ras Tanura port and have sailed out of the Strait of Hormuz. (Jinshi)
Xinxunda, which has seen two consecutive days of limit-up trading: Xinxing Optoelectronics' semiconductor laser chip project in East China is just starting up, and it is expected that this matter will have no or minimal impact on the company's revenue and net profit this year.
Mars Finance News, July 1st - Xinxunda issued an announcement regarding abnormal stock trading fluctuations. As of the date of this announcement, the company has discovered mentions on social media and stock forums about its capital increase in Zhejiang Xinxing Optoelectronic Semiconductor Co., Ltd. (hereinafter referred to as "Xinxing Optoelectronic"). The company clarifies the following: On June 30, 2026, the company completed its capital increase in Xinxing Optoelectronic, acquiring a 51% stake. Xinxing Optoelectronic's main business will be the foundry of compound semiconductor laser chips. Currently, Xinxing Optoelectronic's East China semiconductor laser chip project is in its initial construction phase, and completion and production will take a considerable amount of time. It is expected that this matter will have little or no impact on the company's operating revenue and net profit for this year (the company's current operations are stable, and its main business has not changed). Furthermore, the compound semiconductor laser chip foundry industry is a market monopolized by overseas giants, with high customer certification barriers and long cycles. After the project goes into production, it may face slow market expansion, lower-than-expected production capacity, and intensified market competition, posing risks of insufficient capacity utilization and lower-than-expected mass production benefits. (Company Announcement)