Energy

  AP More than 1,000 Navajos who live without electricity in their homes soon could get power for the first time as the tribal utility buys a system of rural Utah substations and electrical lines under the terms of a decades-old deal with a power company. Across the 27,000 square-mile Navajo Nation, an estimated 15,000 people live off the grid ...

  Reuters Singapore’s long hangover from a near-record fuel oil trading binge in March is ending as tonnage traded that month and held offshore moves into landed tanks, signalling a tighter market in the world’s biggest trading hub for the shipping fuel. The excess floating storage taken up in March is now virtually empty. With fuel oil supplies coming into ...

  Reuters When Egypt announced plans to develop renewable power in 2014, investors piled in, drawn by year-round sunshine and chronic electricity shortages. Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs. Developers who prequalified for solar and wind projects under attractive feed-in-tariff (FiT) schemes say they face delays and currency risks while wrangling ...

  Bloomberg Oil traders once again believe it’s worth heading out to sea. The market structure for Brent crude, the benchmark for more than half the world’s oil, now makes it viable to store supplies in a ship to potentially lock in profits on a sale six months later, according to a Bloomberg survey of 6 traders and analysts. In ...

  Bloomberg Iran approved a new oil contract model, taking the OPEC nation a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market. The contract model was approved at a cabinet meeting Wednesday, according to the official Islamic Republic News Agency. Priority will be given to boosting output at jointly ...

  Bloomberg Transnational Corp. of Nigeria Plc suspended plans to build one of the nation’s biggest power plants as a local gas shortage makes it difficult to obtain fuel and a downturn in Africa’s largest economy hinders efforts to raise funds for the project. The company in 2014 said it would raise $1 billion to build a 1,000-megawatt gas-fired facility. ...

  Bloomberg Oil traded near $41 a barrel after U.S. gasoline supplies fell the most since April, retreating from the highest seasonal level in at least two decades. Futures were little changed in New York after advancing as much as 1.4 percent earlier. Prices climbed 3.3 percent on Wednesday, the most in three weeks. Inventories of the motor fuel slid ...

  TEHRAN / AP Iran’s President Hassan Rouhani said on Tuesday that world powers have not fulfilled their commitments under the landmark nuclear deal, harming Iranian economic growth. Speaking on state TV, Rouhani said that “if the other party had acted properly, we would be in a better situation today.” He said Iran still cannot access its foreign assets, although ...

  Emirates Business The expansion of Saudi Arabia’s non-oil private sector picked up speed in July, as highlighted by the strongest improvement in business conditions since last November. Output growth was particularly sharp, while new orders also increased at a faster pace. The improvement in demand was broad-based across domestic and international markets – exports rose for the first time ...

  Bloomberg Oil halted its slide below $40 a barrel as weekly industry data showed U.S. crude inventories declined, easing a supply glut that’s at the highest seasonal level in at least two decades. Futures added 0.2 percent in New York after slipping 5 percent the previous two sessions. Inventories slid by 1.34 million barrels and gasoline stockpiles fell, the ...