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 …
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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 …
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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 …
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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 …
Read More »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 …
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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 …
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Bloomberg China has gone all out to avoid a repeat of last winter’s crippling gas shortages. The early verdict: so far, so good. China’s gas needs peak for its so-called winter heating season. It’s a time of surging demand and firmer prices as the nation seeks to curb its reliance on dirty coal. The difference so far this year — …
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Bloomberg The activists who rankled Royal Dutch Shell Plc by filing climate-change resolutions for three straight years now are targeting other oil majors. A Dutch group that accumulates shares in oil companies in order to press them over greenhouse gas emissions, has filed another resolution against Shell for 2019. It also filed its first resolution against BP Plc and may …
Read More »Bloomberg Exxon Mobil Corp, Chevron Corp and BP Plc are being pressed by investors with $1.9 trillion in assets under management to resist the Trump administration’s efforts to roll back Obama-era methane rules. The Interfaith Center on Corporate Responsibility sent a letter to 30 oil and natural gas explorers on behalf of 61 investors urging the companies to publicly declare …
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RIYADH / WAM The 39th session of the GCC Summit was held on Sunday in Riyadh under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud with the participation of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who headed the …
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