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ABU DHABI / WAM The UAE and China signed an Economic Development Work Plan, with the aim of promoting commercial and customs cooperation. The work plan involves five stages of detailed procedures, which will see further trade and investment agreements between the two countries coming into fruition. The Economic Development Work Plan was signed during the first meeting of the …

DUBAI / WAM Dubai Aerospace Enterprise (DAE) entered into a definitive sale agreement to sell a portfolio of 18 mid-life aircraft to institutional investors. The 18 aircraft in this portfolio are on lease to 15 airlines in 13 countries and have a weighted average age of approximately nine years with a weighted average remaining lease term of 4.5 years. The …

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) is building a new 50,000 Refrigeration Tonnesm (RT) unmanned district cooling plant in Jumeirah Village Circle (JVC). Being built at a total cost of AED250 million, the project is part of company’s expansion plan of increasing the number of district cooling plants across Dubai, to serve major projects. This is also …

Bloomberg Mexican President Andres Manuel Lopez Obrador is boosting Petroleos Mexicanos’ budget to 464.6 billion pesos ($23 billion) next year to reverse flagging oil production and increase domestic fuel output. The proposal sent to the lower house of congress would increase Pemex’s total budget, including capital investments, by 14 percent in 2019 compared with 407 billion pesos this year, according …

Bloomberg Dominion Energy Inc.’s $7.9 billion takeover of a troubled South Carolina utility was approved by state regulators, clearing way for a deal that nearly collapsed over costs from a failed nuclear project. The unanimous vote comes nearly a year after Dominion proposed buying Scana Corp, which spent about $4.9 billion to expand the V.C. Summer nuclear plant then walked …

Bloomberg Occidental Petroleum Corp will look for ways to cut costs other than dropping rigs, in response to the recent slump in oil prices, according to Chief Executive Officer Vicki Hollub. “We’re going to keep our rigs running and we’re going to figure out how to reduce costs in some other way that’s not impacting people who are depending on …

Bloomberg Premier Oil Plc is considering a bid for a package of North Sea oil and gas assets put on the block by US oil major Chevron Corp that’s worth about $2 billion, according to people familiar with the matter. The first round of bids is due before the end of the month, the people said, asking not to be …

Bloomberg A majority of the UK cabinet considers Prime Minister Theresa May’s Brexit deal to be dead and three factions are discussing other options, including a second referendum, The Times reported. The rival groups plan to make opposing demands to May at a meeting next week, the newspaper said, without saying how it got the information. One group — Works …

Bloomberg The government of Nigeria is suing Royal Dutch Shell Plc, Eni SpA and other companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. The suit, filed in London, alleges that money the companies paid to acquire an oil exploration license in the Gulf of Guinea was diverted to bribes and kickbacks, …

ABU DHABI / Emirates Business The ninth edition of Sial Middle East, the fastest-growing food, beverage and hospitality event in the region, and the fourth edition of Abu Dhabi Date Palm Exhibition concluded on Wednesday at the Abu Dhabi National Exhibition Centre, facilitating 135 trade deals valued over AED5 billion ($1.36 billion) during its three-day run. The event drew the …