News

Bloomberg Shares of California utility owners PG&E Corp, Edison International and Sempra Energy climbed after Governor Jerry Brown indicated that utilities shouldn’t be responsible for future wildfire damages without considering whether they acted “reasonably.” The proposal wouldn’t affect the billions of dollars in potential liabilities PG&E and Edison face for blazes in 2017, Brown said. But it’s a win for …

ABU DHABI / WAM Borouge has awarded the Engineering, Procurement and Construction (EPC) contract for an additional Polypropylene Plant, PP5, to be integrated with the existing Borouge 3 complex in Ruwais and grow the polymer production capacity to almost 5 million tonnes per annum by 2021. The EPC contract has been awarded to Tecnimont SPA, a subsidiary of Italy’s Milan-based …

Bloomberg The dark storm clouds that have been hanging over the oil industry during the crude-price slump have suddenly started raining cash. After cutting billions of dollars of costs to survive the biggest downturn in decades, Big Oil is now riding a price rebound to generate enough cash to pay dividends and still have plenty left over. The big question …

Bloomberg Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan. The Anglo-Dutch oil major is discussing selling oil mining licenses 11 and 17 to Heirs Holdings Ltd, a company run by Nigerian tycoon …

Bloomberg The UAE’s carrier Emirates ruled out investing in South Af-rican Airways (SAA) narrowing number of potential saviours of the loss-making state airline. While Emirates and SAA are working closely to enhance their code-sharing agreement, there are no plans to invest, an Emirates spokesperson said in an emailed statement on Monday. The Dubai-based company commented after Joha- nnesburg-based newspaper City …

Bloomberg Brent crude rose as tensions between the US and OPEC member Iran escalated, stoking concern that the spat will lead to supply disruptions. The global benchmark climbed as much as 2 percent as US President Donald Trump said there will be unspecified “consequences” if the Islamic Republic threatens the US, after President Hassan Rouhani warned Trump not to block …

ABU DHABI / WAM The United Arab Emirates (UAE) welcomes the decision of the International Court of Justice (ICJ) on July 23 in regards to Qatar’s request for Provisional Measures under the International Convention on the Elimination of all Forms of Racial Discrimination. The ICJ refused to grant any of the Provisional Measures specifically requested by Qatar. By a very …

Bloomberg Saudi Aramco, the world’s largest oil company, is lining up banks to raise money to acquire as much as 70 percent of chemical producer Saudi Basic Industries Corp. in a deal that could value the stake at about $70 billion, according to people familiar with the matter. Some of Wall Street’s biggest lenders are offering Aramco loans for the …

Bloomberg The booming market for liquefied natural gas can weather an escalating US-China trade war. But the risks are mounting. So far, LNG has been left off the growing list of tit-for-tat tariffs. If that changes, prices will rise and deter buyers just when new markets for the fuel are opening up, according to Paul Wogan, the chief executive officer …

Bloomberg India’s plan to cut imports of Chinese solar cells and modules by imposing a safeguard duty may have the opposite effect in the short run, according to ICBC International Research Ltd. Stockpiles could rise rapidly as Indian developers hoard more modules before the proposal to impose a 25 percent safeguard tariff is expected to take effect in the next …