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Bloomberg OPEC member Algeria is looking to boost spending outlined in its 2018 budget by 6 percent, capitalizing on high oil prices ahead of presidential elections next year. A proposed amendment to the 2018 budget law would raise spending to almost 9.13 trillion dinars ($79 billion). The additional funds would be directed to the investment budget, which will rise 12 …

DUBAI / WAM Enoc Group unveiled on Sunday that its sales volume in 2017 reached 249 million barrels, underpinned by the group’s strategic expansion of trading activities, retail operations, energy storage and petroleum product marketing efforts. Saif Humaid Al Falasi, Group CEO of Enoc, said, “The UAE is an integral player in the global energy landscape and is at the …

DUBAI / Emirates Business A unique world-class pioneering project to facilitate and support the growth of local and international entrepreneurs and position the UAE as a leading light in global business innovation is being brought forward by Al Ahli Holding Group. The Dubai-based multi-diversified conglomerate is behind Nomad, a highly ambitious one million square foot entrepreneur and media hub which …

Bloomberg BP Plc is weighing an acquisition of some of BHP Billiton Ltd.’s energy assets as the British oil major seeks more US shale, according to people familiar with the matter. The London-based company is working with Morgan Stanley to advise on the plans, said the people, asking not to be identified as the matter is private. BP is weighing …

Bloomberg AltaGas Ltd.’s proposed $4.6 billion buyout of WGL Holdings Inc. took a step closer to approval, with the two companies announcing a potential settlement with several groups in the District of Columbia. The settlement in principal may be a sign that the D.C. Office of People’s Counsel and other local organizations won’t oppose the deal, and was announced in …

Bloomberg Russia reaffirmed its pledge to an alliance with OPEC, despite two months of breaching its target under a global oil-output deal. The country remains “fully committed” to bringing balance to the crude market, Russia’s Energy Minister Alexander Novak said in a statement. Russia’s compliance with the deal was 95.2 percent in April, after a rate of 93.4 percent in …

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 …