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BAGHDAD / Reuters Iraq’s oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refiner­ies are being rehabilitated following fighting with IS militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import …

DUBAI / Reuters Saudi’s Water & Electricity Co (WEC) invited proposals to develop Jubail Phase 3, an integrated water desalination and power plant in the country’s Eastern Province, according to a tender posted on its website. The project, which an industry source estimated to be worth about $5bn, is expected to generate 1.17mn cubic metres of water per day and …

Bloomberg EON SE agreed to acquire Innogy SE from German rival RWE AG, transforming the energy industry as Europe’s largest economy continues its switch to renewable power. In a complicated deal involving shares and asset swaps, EON SE will emerge with the retail and network businesses of both companies, while RWE will end up owning the combined renewable generation businesses …

Bloomberg Across Britain, energy companies are hoping that Brexit just might just go away. Energy has only been a sideshow in the discussions about the UK leaving the European Union even though it’s a key part of the trade bloc’s single market. Power and natural gas companies say Britain’s existing relationship with the bloc on energy matters should remain in …

Bloomberg Oil trading giants including Glencore Ltd. and Vitol SA paid millions of dollars to a former PDVSA trader to get the inside track on Venezuelan oil deals, according to a lawsuit filed by a trust for Petróleos de Venezuela SA. The alleged conspiracy, which includes more than two dozen companies and individuals, even has a name worthy of a …

Reuters Bahrain-listed Investcorp plans to launch a $100 million fund dedicated to Oman’s pension funds, the alternative asset manager said on Sunday. Investcorp’s new fund will focus on private equity investments in the United States and Europe, the company said in an emailed statement, and will target mid-sized companies across a broad range of sectors. Investcorp, which manages more than …

LONDON / Reuters State oil giant Saudi Aramco signed a preliminary deal to pursue international gas opportunities with Royal Dutch Shell as part of top crude exporter Saudi Arabia’s diversification drive before the listing of Aramco. The memorandum of understanding (MoU) signed in London between the two companies was during the official visit of Saudi Crown Prince Mohammed bin Salman …

Bloomberg The leaders of France and India reiterated their intention to start work by the end of this year on what could become the world’s largest nuclear power plant, advancing talks that have continued for nearly a decade. French President Emmanuel Macron and Indian Prime Minister Narendra Modi urged Electricite de France SA and India’s monopoly atomic energy producer, Nuclear …

Bloomberg Sunrun Inc., the largest US residential-solar company, is seeking about $500 million to fund more rooftop-power systems, according to people familiar with the company’s plans. South African bank Investec Plc is leading the five-year deal, according to the people, who declined to comment because they weren’t authorized to speak publicly. The funds would refinance and expand an existing credit …

Bloomberg Short-selling is creeping back into the oil market as fears increase that the US will be awash with oil again. Hedge funds boosted bets on falling West Texas Intermediate crude prices by the most this year after American production surged to record levels. While OPEC this week reaffirmed its commitment to rebalancing the market, US fields are forecast to …