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Bloomberg Oil rose on renewed optimism that production cuts announced by the Opec+ coalition will re-balance the market, while Libya’s biggest field remained shut. Futures in New York gained as much as 1.7 percent after slumping 3.1 percent amid uncertainty over implementation of the curbs by the Organization of Petroleum Exporting Countries (Opec) and its allies led by Russia. Saudi …

Bloomberg Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit. The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a potential $90-billion-a-year price tag, it’s too rich for them to …

Bloomberg Big oil is investing more in US shale, not less, after the recent tumble in crude prices. The US shale sector has helped boost American production to an average of 10.9 million barrels a day this year, the most on record. Output is forecast to grow a further 11 percent next year, according the Energy Information Administration. ConocoPhillips said …

Bloomberg France will save 39 billion euros ($44.5 billion) if it refrains from building 15 new nuclear plants by 2060, and bets instead on renewable energy sources to replace its all its aging atomic facilities, a government agency said. France should spend 1.28 trillion euros over the next four decades, mostly on clean power production and storage capacities, networks, and …

Bloomberg Mexico plans to start awarding the construction of its seventh refinery as soon as March 2019, President Andres Manuel Lopez Obrador said at an event at the Dos Bocas port, in Tabasco, even as the nation´s refining system is operating at its lowest levels in three decades. Unveiling a plan for the nation’s refining system, Lopez Obrador said Mexico …

VIENNA / WAM The Opec Fund for International Development (OFID) has agreed to provide $50 million to support Egypt’s purchase of crude oil, petroleum products, and liquefied natural gas. A statement issued by OFID from its headquarters in Vienna declared that OFID contributes to cover the gap between fuel consumption and local production in Egypt. “Energy security is critical to …

Dubai / Emirates Business Retail sales across four Gulf countries are projected to increase by more than $24 billion over the next five years, with the UAE expected to lead this trend with an estimated growth rate of 16%, according to new research from Euromonitor International. Euromonitor’s report reveals that Kuwait, Oman, Saudi Arabia and the UAE are all set …

ABU DHABI / WAM Cosco Shipping Ports and Abu Dhabi Ports inaugurated CSP Abu Dhabi Terminal at Khalifa Port, on Mon- day, positioning Abu Dhabi as the regional hub for Cosco’s global network of 36 ports and further connecting the emirate to the major trade hubs along the Belt and Road Initiative (BRI). The deepwater, semi-automated container terminal includes the …

DUBAI / WAM The board of directors of Federal Tax Authority (FTA) discussed value added tax (VAT) refund scheme for foreign businesses at its 7th me-eting, headed by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Industry, and FTA Chairman. According to Federal Decree-Law No. (8) of 2017 on VAT, as well …

ABU DHABI / WAM Mubadala Petroleum announced that it has completed the acquisition from Italy’s Eni of a 20 percent participating interest in the Nour North Sinai Offshore Area (Nour) concession, an offshore exploration block in Egypt. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary (IEOC) now holds …