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DHALE / WAM Dhale Governorate celebrated the distribution of Eid clothing to the families of 1,225 martyrs, as per the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. During the launch of the distribution, which was held at the governorate’s headquarters, in the presence …

ِAbu Dhabi / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, and President of the Organisation of Petroleum Exporting Countries (OPEC) Conference for 2018, has expressed his optimism over regaining balance to the international oil market, thanks to the cooperation between the OPEC, and its partners. “Looking ahead, I remain optimistic that we will fulfil …

Bloomberg The oil industry’s ugliest battle is heading for a climax in Oklahoma City on Tuesday. But SandRidge Energy Inc is probably bound for the auction block anyway. Whether SandRidge or activist investor Carl Icahn wins control of the board this week, the oil and natural gas explorer is expected to sell some or all of its drilling rights as …

Bloomberg Siemens AG is committed to its gas-turbine unit while recognising that it has to reduce capacity and cost amid a market slowdown, according to a memo with instructions on how to respond to media inquiries about the future of the business. The memo was sent by Lisa Davis, managing board member responsible for the power and gas division, according …

Bloomberg Baytex Energy Corp. agreed to buy rival western Canadian oil producer Raging River Exploration Inc., in a deal valued at C$1.6 billion ($1.2 billion) that includes about 260,000 acres in the emerging East Duvernay Shale basin. Under the pact, holders of common shares of Raging River will receive 1.36 common shares of Baytex for each Raging River Share owned, …

Bloomberg On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny …

HARARE / WAM The UAE and Zimbabwe signed in Harare, the capital of Zimbabwe, two agreements related to protecting and encouraging investment and avoiding double income taxation, as well as an MoU on the marketing and supply of energy. Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, sig-ned both agreements for the UAE while Dr Sultan bin …

Bloomberg The European Central Bank (ECB) and the lenders it oversees are running out of time in their push for rules to foster cross-border mergers. European Union regulations need to change so consolidation makes financial sense, the ECB and firms say. But their shared urgency has been stymied by politicians from Germany and smaller states who want to make sure …

Bloomberg World energy ministers representing about two thirds of the global population tussled over how the world can achieve a cleaner energy future. The compromise answer: Natural gas, at least for now. A consensus statement from G20 energy ministers meeting in Argentina cited the potential of natural gas “to expand significantly over the coming decades.” Meanwhile, the group said that …

Bloomberg Rosneft PJSC’s said crude at $70 to 80 a barrel was a “comfortable level” and expressed satisfaction with the results of Russia’s joint supply cuts with OPEC, just a week before talks that could phase them out. The producers working together have “restored balance to the market by cutting oil production,” Russia’s biggest oil company said in a statement. …