StocksMedium•19 October 2026•
1 min read
Petro Matad Shares Surge 14% on ACWA Power Partnership for Mongolia Energy Project
Key Facts
1Petro Matad shares rose 14% to 1p following the announcement of a renewable energy partnership.
2Petro Matad subsidiary SunSteppe Power signed an MoU with Saudi-listed ACWA Power for a 4.5 GW electricity export project.
3The joint project targets exporting renewable energy from Mongolia to China.
Petro Matad shares rose 14% to 1p on Monday morning, October 19, 2026, following the announcement of a renewable energy partnership. Reuters and Proactive Investors reported that the Mongolia-focused company entered into a strategic agreement to develop large-scale power infrastructure.
SunSteppe Power, a subsidiary of Petro Matad, signed a memorandum of understanding with Saudi-listed ACWA Power to develop a 4.5 GW electricity export project. The joint initiative targets exporting renewable energy from Mongolia to China, marking a strategic expansion for the oil explorer into renewable energy markets by leveraging Mongolia's resource potential and proximity to Chinese demand.