News

ABU DHABI / WAM Emirates Global Aluminium (EGA), Mubadala and Dubal Holding will sign an agreement worth over AED1 billion to develop a state-of-the-art power block and a water desalination plant at EGA’s smelter at Jebel Ali in Dubai. The new facilities will improve efficiency of power for EGA’s aluminium smelting, reducing environmental emissions and natural gas consum- ption. Mubadala …

Bloomberg SSE Plc and Innogy SE terminated plans to create the UK’s second-biggest utility, the latest sign of pressure on the industry from increasing regulation. SSE’s board decided it wasn’t in the best interest of the company to proceed with the deal to combine its retail business with Innogy’s Npower unit after it emerged last month that more cash would …

DUBAI / WAM The UAE reiterated its position on the issue of global warming and climate change at the closing meetings of the 24th Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change (UNFCCC) calling for quick enforc- ement of the procedures and global standards adopted by the nearly 200 nations and territories to implement …

Dubai / WAM Borouge, Khalifa Industrial Zone Abu Dhabi (Kizad), National Industrialisation Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019, which is set to take place from January 5 to 8, at Dubai International Convention and Exhibition Centre. In a press conference, it was announced that Borouge will serve as …

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 …