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Bloomberg US oil refiners won’t be allowed to complete shipments of Venezuelan crude they booked before the Trump administration slapped new sanctions on the Latin American nation. US Treasury Department officials have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter. The …

Bloomberg New Fortress Energy LLC fell 6.6 percent in its trading debut, as the markets gave a cold shoulder to the first operating company to go public after the US government reopened. The energy infrastructure company raised $280 million on Wednesday, selling 20 million shares for $14 each — below the $15 price it had set for them. The shares …

Abu Dhabi / Emirates Business Agthia Group PJSC, one of the UAE’s leading food and beverages companies, reported preliminary and unaudited resu- lts for fiscal year that ended on December 31, 2018. Fiscal year net profit increased to AED211 million, growing 2.1 percent over the previous year. The group posted AED2 billion in revenues. When several non-repeating items are excluded …

Dubai / Emirates Business Leading companies in the UAE have announced new partnerships with several start-ups that were selected as part of the third cycle of Dubai Startup Hub’s Market Access programme. During a ceremony held recently at Dubai Chamber’s premises, Emirates Post Group announced its intention to work with Safe Driving Network on a pilot project testing the startup’s …

Bloomberg Soaring production in North America’s most prolific oil field helped propel Exxon Mobil Corp. and Chevron Corp. to bigger-than-expected fourth-quarter profits. Chevron surprised analysts and investors with a $25-billion stock buyback pledge and shares for both explorers were among the day’s best-performing energy stocks. Exxon surpassed analysts’ forecasts by almost one-third with the biggest refining bonanza in six years …

Bloomberg Venezuela’s oil production will likely fall 18 percent to around 900,000 barrels per day due to pressure from US sanctions and lack of materials for workers, compared to a current output estimate of 1.1 million barrels per day, according to Ann-Louise Hittle, an oil analyst at Wood Mackenzie.

Bloomberg Alberta is easing mandatory oil curtailments after prices for heavy crude from the Canadian province surged while producers were getting exasperated. The new target for output next month will be 3.63 million barrels a day, up from 3.56 million in January, the provincial government said in a statement. Inventories have dropped by 5 million barrels, reducing a glut that …

Abu Dhabi / WAM Khalifa Industrial Zone Abu Dhabi (Kizad) announced that Gulf Compound Blending (GCB), which is part of newly launched Kizad Polymers Park, will be establishing a new poly- mer facility within the industrial zone. Gulf Compound Blending, a newly-formed joint venture between Met T&S (Maire Tecnimont Group), M. Cecchi & Co and Arab Development Establishment, is set …

Bloomberg Oil rose in New York after jumping the most in more than a week on concerns that US sanctions on Venezuela will pose significant market disruption. West Texas Intermediate futures climbed as much as 1.3 percent after adding 2.5 percent. Venezuela is considering declaring force majeure on oil exports to the US, a signal it may halt shipments after …

Bloomberg Boeing Co soared after reporting a record cash gush for 2018 and cracking the $100 billion sales barrier for the first time in its 102-year history — and the US planemaker says the best is yet to come. Sales, earnings and cash are all poised to rise this year, building on fourth-quarter earnings that beat estimates, the company said …