News

Riyadh / Reuters Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said, citing Aramco’s CEO who said that plans for an Indian refinery are crystallising. “Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, ...

Bloomberg The center of gravity in Europe’s natural gas market is heading south as one of the continent’s biggest pipeline operators builds a system that could make Italy an exporter of the fuel for the first time. Fortified with new supplies due from a $5.6 billion pipeline link to the Caspian Sea as well as tankers full of gas in ...

Bloomberg Nigeria plans to start building a $5.8 billion hydro-power plant in the eastern Mambila region this year, after it agrees on loan terms with China’s Export-Import Bank. “We hope to break ground this year if we can conclude the financing,” Power, Works and Housing Minister Babatunde Fashola said in a Jan. 23 interview in the capital, Abuja. “Contracts are ...

Bloomberg PetroChina Co, the country’s biggest oil and gas producer, forecast that full-year profit rebounded off a record low and may have tripled amid cost cutting and higher energy prices. Net income for 2017 may have jumped by as much as 16 billion yuan ($2.5 billion), the state-run oil giant said in a filing to the Hong Kong stock exchange, ...

Bloomberg Saudi International Petrochemical Co. is considering investing in the US shale industry in what would be the company’s first foreign venture as it faces higher costs and a shortage of feedstock at home in Saudi Arabia. Sipchem, as the business is known, may seek a US partner in its effort to tap into the booming shale industry, though Chief ...

Bloomberg Oil’s slowing down as danger signs flash ahead. Futures are on course for their biggest drop in seven weeks amid concern an investor frenzy for risky assets may be overextending markets, while a weak dollar that had lifted commodities is gaining back some strength as Treasury yields advance. Sentiment is also being hurt as American crude inventories were forecast ...

Bloomberg Exxon Mobil Corp. is set to invest $50 billion over the next half decade in a return to the oil giant’s spending habits before crude suffered its worst price rout in a generation. With oil prices now hovering above $65 a barrel in New York, Exxon Chief Executive Officer Darren Woods disclosed a program that includes the Permian Basin ...

Bloomberg The enthusiasm in the oil markets is breaking records. Hedge funds reported record wagers on continued price increases for both US and global oil benchmarks, along with gasoline and diesel. Meanwhile, producers are hedging production at record rates as oil experiences its best January since 2006. “There is a lot of interest in the direction of crude oil,” Rob ...

BAGHDAD / Reuters Iraq plans to build an oil refinery at the port of Fao on the Gulf with two Chinese companies, and is seeking investors to build three more, the oil ministry said on its website on Monday. The refinery in Fao will have a 300,000 barrel-per-day capacity and include a petrochemical plant, it said. Two other refineries, each ...

LONDON / Reuters Tehran is ready to file a case with the International Court of Arbitration (ICA) over the quality and price of gas it receives from Turkmenistan, the Iranian oil minister said on Monday, as a dispute between the two nations over payments escalates. The Central Asian nation stopped gas exports to Iran in January 2017, saying it was ...