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Bloomberg Vivo Energy Plc’s bet on fuel demand growth in Africa has earned it a market value of almost 2 billion pounds ($2.7 billion) in London’s largest initial public offering this year. Backed by the world’s biggest independent oil trader Vitol Group and private-equity firm Helios Investment Partners, Vivo sells fuels and lubricants across the continent from Morocco to Mozambique. …

Bloomberg India’s oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared. The nation’s total oil demand expanded to 17.7 million tonnes in the month from 16.9 million a year ago, rising for eight straight months, according to the oil ministry’s Petroleum Planning & Analysis Cell. Demand …

Bloomberg OPEC has enough spare production capacity to cushion oil markets if the US re-imposes sanctions on Iran, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Three members of the Organization of Petroleum Exporting Countries — Saudi Arabia, Kuwait and the UAE — together have enough capacity, Al Mazrouei said in an interview with Bloomberg Television in Abu …

Bloomberg The price of crude in rubles has surged to an all-time high, but Russian oil producers will miss out on record first-quarter profit because of a rising tax burden. Investors in Lukoil PJSC or Rosneft PJSC — which is due to publish earnings on May 14 — will probably have to wait until later in the year to see …

Bloomberg The business model that felled what was once the world’s biggest renewable energy company is alive and making money in Britain. Listed funds using the yieldco model are outperforming the FTSE All-Share Index on a risk-adjusted return basis, according to research from Imperial College. “Yieldco” had almost become a dirty word after SunEdison Inc.’s bankruptcy in 2016. The strategy …

Bloomberg Bahrain has enough foreign reserves to maintain its currency’s peg to the US dollar, central bank governor Rasheed Al-Maraj said, as higher oil prices help the island-kingdom ease pressure on its strained public finances. Al-Maraj, speaking in an interview in the capital Manama, said he wasn’t aware of any current talks between Bahrain and its Gulf Arab allies over …

Bloomberg Another darling of the Trump administration is poised to gain from the Iran deal breakup as oil surges: Natural gas exports. With the move to curb Iran’s oil output encouraging more shale drilling, prices for natural gas produced alongside crude in West Texas could crater, falling to zero some days, according to Tudor Pickering Holt & Co. Already, the …

Emirates Business In yet another blow to Qatar and its covert financing to terrorist group aiming to destabilise the region, the Trump administration has called on Doha to stop funding pro-Iranian militias following revelations about the Gulf state’s dealings with terror groups in the Middle East. Securities officials of the United States are concerned about Qatar’s links to a number …

GUANGZHOU / WAM Ali Obaid Ali Al Dhaheri, UAE Ambassador to China, has met with Chen Liangxian, Vice-Governor of Guangdong Province, China, in the presence of Rahma bin Abdulrahman Al Shamsi, UAE Consul-General in Guangzhou, China. During the meeting, they discussed the opportunities available between the two countries in the trade, investment and tourism sectors. Liangxian emphasised his province’s keenness …

Bloomberg Mexico has taken the first steps in the world’s largest annual oil deal, asking Wall Street banks and other traders for quotes to lock-in its income from production through next year, according to people familiar with the matter. The country has been asking counterparties this week for quotes to hedge output, the people said, asking not to be identified …