Energy

China’s biggest energy firm shuns Venezuela oil

Bloomberg China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation. China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to ...

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‘Anadarko’s Mozambique LNG Project a perfect fit’

Bloomberg Total SA is committed to developing the Mozambique natural gas project that it will take over from Anadarko Petroleum Corp. as part of its expansion in Africa, the company said. The project, to cost as much as $23 billion to develop, will be Africa’s biggest single investment, and Mozambique is counting on it to transform the economy. The southeastern ...

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Oil dips as rising storage offers no relief amid market panic

Bloomberg Oil tumbled the most in a week as global financial markets swooned and swelling US crude stockpiles reinforced fears about an economic slowdown. Futures slipped more than 5% in New York, joining a slide in equities. American crude inventories registered a surprise increase for the second straight week, US data showed on Wednesday, although gasoline demand was also healthy. ...

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India seeks used cooking oil to cut energy imports

Bloomberg India has a plan to achieve Prime Minister Narendra Modi’s goal of reducing the country’s dependence on energy imports, and it starts in the kitchen. Three main state-run fuel retailers — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. — are looking to turn used cooking oil that might otherwise be discarded into biodiesel fuels. The retailers ...

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Saudi Aramco plans to buy 20% stake in Reliance refining unit

Bloomberg Saudi Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd., moving to diversify from Saudi Arabia. The purchase by Aramco, the largest oil exporter and the most profitable company in the world, precedes a planned public offering that could be held as early as next year. Aramco will buy a 20% ...

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Oil plummets as central banks cut interest rates

Bloomberg Oil plunged, re-entering bear-market territory, as central banks cut interest rates around the world, feeding into an increasingly dismal economic view. Futures in New York fell as much as 4.2% on Wednesday to the lowest in almost two months. Crude was swept up in a global meltdown of stock and commodity markets after rate cuts in New Zealand, India ...

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India’s Sterlite sees $35 billion energy storage opportunity

Bloomberg Sterlite Power Grid Ventures Ltd., one of India’s biggest private transmission companies, sees a $35 billion investment opportunity into grid-connected energy storage projects in the country over the next decade to support government renewables targets. Chief Executive Officer Pratik Agarwal said he expects central and state governments to issue battery tenders totaling several gigawatts of capacity by no later ...

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Occidental Petroleum bond order book hits $75 billion

Bloomberg Occidental Petroleum Corp. has received over $75 billion in orders for its bond sale to help finance its acquisition of Anadarko Petroleum Corp., according to people familiar with the matter. It’s the biggest demand for a debt deal since Saudi Arabia’s Aramco received more than $100 billion in orders in April and a sign that investors are willing to ...

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AMLO seeks to build a new refinery for Mexico

Bloomberg Mexico’s future energy minister was looking for inspiration two years ago when she toured the world’s largest refining complex, a 7,500-acre maze of industrial plants and pipes in India where more than a million barrels of oil can be turned into fuel and petrochemical products each day. Rocio Nahle, who became energy minister under Mexico’s new government in December, ...

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