News

MEXICO CITY / WAM Ahmed Hatem Al Minhali, UAE Ambassador to Mexico, met on Saturday with Rogelio Garza Garza, Undersecretary of Industry & Commerce, at the Mexican Ministry of Economy. The meeting discussed bilateral relations and ways to enhance cooperation, particularly in economic fields. Also discussed isMexico’s participation in Expo 2020 Dubai.

Abu Dhabi / Emirates Business A total of 217 space sector start-ups and entrepreneurs received funding exceeding $2.5 billion throughout 2017, with 14 having been founded in the Middle East, audiences heard at the final day of the Global Aerospace Summit in Abu Dhabi. Of the 217, 121 are based in the US, according to Mark Boggett, Managing Director of …

Bloomberg Rosneft PJSC plans to start a $2 billion share buyback this year, while also cutting spending and debt. The state-run producer, which pumps more than 40 percent of Russia’s crude, has already signalled a shift towards more efficient “organic” growth, ending years of deal-driven expansion that made it the country’s most indebted company. The latest announcement could boost Rosneft’s …

Bloomberg OPEC continues to over-deliver on its production cuts, with output falling further last month as the group nears its goal of rebalancing the oil market. The cartel pumped 31.93 million barrels a day, down from a revised 31.97 million in March, a Bloomberg News survey of analysts, oil companies and ship-tracking data found. OPEC and a group of non-OPEC …

Bloomberg Britain is so cold it’s keeping more of the natural gas it produces and imports for itself. Over the past month, UK gas exports have repeatedly plumbed the lowest levels in at least a decade for this time of the year. Usually, with winter past and heating demand subsiding, Britain would have ample supplies to ship to the continent. …

Bloomberg BP Plc capped a shaky Big Oil earnings season on a more upbeat note, as shareholders reacted positively to the highest profit in years even as the continuing burden of oil-spill payments pushed debt higher. The results show how investors in the London-based company are feeling the effects of two life-altering events. BP is still paying its way through …

Bloomberg While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a …

Bloomberg First-quarter profit at Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, rose on higher prices and sales volumes, in spite of a 1.1 billion Saudi riyal ($290 million) charge for restructuring. Net income increased 5.4 percent to 5.51 billion riyals compared with the same quarter a year earlier, the Riyadh-based company said in a statement to the …

Bloomberg Inside the largest refiner merger of all time is a hidden pipeline grab. Andeavor purchased a 25 percent stake last week in Phillips 66 Partners LP’s Gray Oak pipeline, which will haul Permian shale oil to the US Gulf Coast starting in the end of next year. The integrated refining company also owns oil gathering assets in the world’s …

NEW YORK / WAM Zaki Nusseibeh, Minister of State, has urged UN agencies and member states to take collective action to identify countries that support and finance terrorism, and hold them accountable, reaffirming the UAE commitment to peacebuilding in the Middle East and beyond. The minister made the remarks on the sidelines of his participation in the two-day United Nations’ …