Regional News

Bloomberg Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S. Iraq shipped 3.98 million barrels of crude a day, the highest since December, while Iran’s exports rose to 2.28 million barrels a day, the most since February, according …

Bloomberg Each week, Friggi Oil Service pays a visit to Ai Due Otri, a traditional Sardinian restaurant in central Rome, to pick up what’s left in the frying pan. Leftover oil from this and other restaurants is trucked to a collection area just outside the capital. It’s then taken to a refinery operated by Eni SpA, Italy’s oil and gas …

Bloomberg Nigeria’s state oil company said it wasn’t obliged by law to refer contracts to Petroleum Minister of State Emmanuel Kachikwu for review or approval, dismissing allegations it made at least $24 billion worth of deals without following due process. “The law and the rules do not require a review or discussion with the Minister of State or the NNPC …

Bloomberg Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia and Russia are currently leading consultations between the Organization of Petroleum Exporting Countries (OPEC) and other major suppliers about the future of their agreement to cut oil output, Barkindo …

Reuters Oman Telecommunications (Omantel) plans to buy a 12 percent stake in Kuwaiti telecoms company Zain in a deal that would more than double its stake as part of its expansion strategy. Having purchased a 9.8 percent stake in August to diversify its investment and market position in the region, Omantel said on Monday that it had signed a non-binding …

Riyadh / Reuters Saudi Arabia’s Public Investment Fund (PIF) said on Monday it is creating a 4 billion riyal ($1.07 billion) ‘fund of funds’ to support the growth of small and medium-sized enterprises (SMEs). The special fund will aim to boost SMEs’ access to capital by investing in venture capital and private equity funds, according to a PIF statement. The …

Bloomberg Sasol Ltd., the world’s largest maker of fuel from coal, abandoned a plan to sell about 13 billion rand ($950 million ) of shares to meet its obligation to repay debt owed by a black investor group. A decline in the company’s stock since the mid-2014 slump in crude prices precluded payouts to more than 250,000 black South Africans …

Bloomberg For years, investors have played Popeye to the energy industry’s Wimpy, the cartoon character famous for his “I’ll gladly pay you for a hamburger today” motto. In return for the promise of future profits, they’ve funded loss-making energy producers and explorers through a generous mix of loans, bonds and equity. That may be changing, according to a chorus of …

Bloomberg The Democratic Republic of Congo ordered Sinohydro Corp. and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the prompt repayment” of the country’s continuing $6 billion minerals-for-infrastructure deal with China, Mines Minister Martin …

Bloomberg The Trump administration will formally propose repealing former President Barack Obama’s sweeping plan for curbing greenhouse gas emissions from power plants by arguing it went beyond the bounds of federal law, according to documents obtained by Bloomberg News. The Environmental Protection Agency (EPA) will not prescribe an immediate replacement to the plan, and instead will soon ask the public …