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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 …

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 — …

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 …

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 …

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 …

Bloomberg Bloated by debt, bled by corruption and battered by structurally declining sales, South African power utility Eskom Holdings SOC Ltd is facing what’s known in the industry as a “death spiral.” And the Johannesburg-based company poses the biggest credit risk to Africa’s most industrialised nation, according to S&P Global Ratings. More than a decade of unreliable supply and surging …

Bloomberg China’s dramatic increase in liquefied natural gas (LNG) imports ov-er past two years may have hogged the headlines, but India may well emulate its neighbour in switching to the cleanest, fastest-growing fossil fuel. As China’s shift to natural gas from dirtier burning fuels such as coal and fuel oil helps improve air quality, Indian cities are rising in pollution …

Bloomberg The pipeline shortage that has been strangling the Canadian oil industry is weighing on spending plans for next year, with one major producer slashing its capital budget for 2019 by C$1 billion ($750 million). Canadian Natural Resources Ltd, citing a lack of shipping options, said that it’s targeting a base capital plan of C$3.7 billion for next year, about …

Bloomberg Oil in New York jumped after the Organization of Petroleum Exporting Countries (Opec) and allied crude exporters surprised traders with a larger-than-expected output reduction. Futures advanced more than 2 percent in New York and London. The Opec and aligned nations will collectively curb production by 1.2 million barrels a day, 20 percent more than previously discussed. “It’s been a …

HELSINKI / WAM The Ministry of Economy (MOE) organised a joint UAE-Finland Business For-um on the sidelines of the country’s economic and trade delegation participation in Slush 2018 — world’s leading startup event — in Finnish capital of Helsinki. Noura Mohammed Juma, UAE Ambassador to Finland, and a number of officials from the Ministry of Economy, representatives of the federal …