News

Bloomberg The vibrations of the shale boom are now shaking the futures market. A visible decline in open interest of West Texas Intermediate crude futures contracts for delivery five or more years in the future is due to the growth of tight oil fields and the shift in producers’ need to hedge oil so far out in the future, according …

ABU DHABI / WAM The trade exchange between the UAE and Ghana amounted to over $1.2 billion by the end of 2017,a according to a senior Ministry of Economy official. “Afro-UAE relations are significantly evolving and we are attaching growing importance to strengthening business ties with the Republic of Ghana,” said Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry …

ST. PETERBURG / WAM Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia. Further to an agreement announced on May 24 this year, Gazprom Neft has …

ABU DHABI / WAM Borouge on Wednesday signed with Marie Tecnimont Group, the Engineering, Procurement and Construction (EPC) contract for its fifth polypropylene (PP5) plant in Ruwais, which will grow Borouge’s polypropylene capacity by 25% to 2.24 million tonnes per year (t/y) and unlock new opportunities to reinforce local industries. With a nameplate capacity of 480,000 t/y, the new PP5 …

Bloomberg Africa is entering the oil-hunt spotlight as drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources. The world’s biggest companies from Exxon Mobil Corp. to Royal Dutch Shell Plc and BP Plc are setting up camp across Africa. Armed with stronger balance sheets and higher crude prices the industry is …

Bloomberg The world’s biggest offshore oil driller may reactivate two to three mothballed rigs a year as the industry embarks on a full-fledged recovery for deepwater exploration. In announcing a $2.7 billion deal for a rival operator, Transocean Ltd. cited a forecast by energy consultant Wood Mackenzie Ltd. that day-rates in waters more than two miles deep will more than …

ABU DHABI / WAM A total of 274 cyberattacks targeted government, semi-government and private sector entities in the UAE during the first seven months of the year, 39 percent down as compared to the corresponding period in 2017, according to the Telecommunications Regulations Authority (TRA) statistics. The decline in reported attacks is attributed to the efforts made by the Computer …

Dubai / Emirates Business Emirates and Jetstar Pacific have announced a new codeshare agreement, expanding the existing partnership between the Dubai-based carrier and Jetstar Group. The new partnership with the Ho Chi Minh City-based carrier allows Emirates’ passengers to enjoy connectivity on domestic flights within Vietnam, in addition to flights connecting Vietnam to Singapore, Thailand as well as Australia. The …

Bloomberg Europe’s strategic energy reserves shouldn’t be all about oil. As natural gas gains ground in the global energy transition, the cleanest fossil fuel should be allowed to replace some compulsory crude and oil product storage, according to Thierry Bros, a senior research fellow at the Oxford Institute for Energy Studies (OIES). That would help the region use some of …

Bloomberg PVR Ltd., India’s largest movie exhibitor, is seeking growth opportunities overseas after sealing a deal to acquire a local cinema chain. The company’s “big focus” is to look at Saudi Arabia, while it’s also planning projects in Dubai, Chief Financial Officer Nitin Sood said in a telephone interview. PVR also expects to open a nine-screen multiplex in Sri Lanka’s …