News

Bloomberg Chevron Corp will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers. The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of ...

Bloomberg Sasol Ltd is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant US chemicals project. ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reviewed the prospects of cooperation between the UAE and the European Union (EU) in a call with Ursula Gertrud von der Leyen, President of the European Commission. The conversation covered the global fight against ...

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during ...

RIYADH / WAM Aramco on Wednesday announced the successful completion of its share acquisition of a 70 percent stake in Saudi Basic Industries Corporation (Sabic), from the Public Investment Fund (PIF) the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 price per share. The completion of the ...

Bloomberg Global oil demand will rebound next year as the world emerges from the coronavirus pandemic, but recovering to pre-crisis levels may take a couple of years, the International Energy Agency (IEA) said. Fuel use around the world will remain 2.5% lower next year than in 2019, largely because of the “the dire situation of the aviation sector,” the Paris-based ...

Abu Dhabi / WAM The UAE condemned Iranian-backed Houthi terrorist militia’s attempts to target civilian areas in Khamis Mushait, Saudi Arabia with explosive-laden drones intercepted by Coalition forces. In a statement, the Ministry of Foreign Affairs and International Cooperation, the UAE reiterated its full solidarity with Saudi Arabia against any threats to its security and stability, affirming support for all ...

DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, estimates that planned and committed investments in the Mena region will exceed $792 billion over the next five years (2020–2024). According to Apicorp’s Mena Energy Investment Outlook 2020-2024, the amount marks a $173mn decline from the $965bn in last year’s five-year outlook. The overall decline in ...

ABU DHABI / WAM The non-oil trade exchange between the UAE and Australia totalled AED14.5 billion in 2019, a 17.4 percent increase compared to 2018, reflecting the increasing trade between the two countries, as per a recent report issued by the “Commercial Policies and International Organisations Department” of the Ministry of Economy. The report was issued as part of the ...

Bloomberg Oil fell again as a fresh coronavirus outbreak in China, and increases in cases elsewhere, spurred concerns that a second wave of the virus will derail a nascent economic recovery. Futures traded near $35 a barrel in New York, sinking in tandem with equity markets, after losing 8.3% last week. Beijing closed the city’s largest fruit and vegetable supply ...