Bloomberg National Agricultural Development Co., (NADEC) the Saudi dairy producer part owned by the kingdom’s sovereign wealth fund, plans to start talks with Danone SA’s venture in the country for a potential combination. Shareholders of the privately-held Al Safi Danone will own 38.75 percent of National Agricultural Development Co. at the completion of the proposed transaction, according to a statement …
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Bloomberg Even for commodities deal king Ivan Glasenberg, it’s been a busy week. Glencore Plc announced two acquisitions potentially worth as much as $2 billion within days of each other. One to capture a stake in Chevron Corp.’s oil refining and fuel service stations in South Africa and Botswana, the other to take a bigger stake in Latin America’s top …
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Bloomberg Not every oilman is gaining from the US shale boom. Just ask Joe Warren. Warren, a partner at Brown & Borelli Inc., is caught in a historical hiccup, of sorts. More than a third of the 65 to 70 old-line vertical wells his company operates in Oklahoma are negatively affected by horizontal drilling, he says. The new-style wells can …
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Bloomberg Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, August 30 letter to …
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TOKYO / Reuters Tokyo Gas Co, Japan’s biggest city gas supplier, will not accept new contracts for long-term purchases of liquefied natural gas (LNG) that contain clauses that restrict where the gas can be sold, the company’s president said. “We have no intention of signing new contracts unless the destinations are free,” Tokyo Gas President Michiaki Hirose said during a …
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Bloomberg Oil took a downward turn as concerns eased about Tropical Storm Nate’s threat to offshore crude platforms and coastal refineries while prices broke through a key technical barrier. Futures slipped 3 percent in New York, bringing this week’s decline to the steepest since May. While BP Plc, Chevron Corp. and other explorers cleared workers from the Gulf of Mexico …
Read More »MOSCOW / Reuters A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince …
Read More »Bloomberg Eskom Holdings SOC Ltd. allocated a contract number to Trillian Capital Partners, a company to which it said it has made ‘unlawful’ payments, according to documents seen by Bloomberg. Eskom has consistently denied that it has ever held a formal agreement with the company. The South African state-owned power utility said it will ask McKinsey & Co. and Trillian, …
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RIYADH / MOSCOW / Reuters The leaders of Saudi Arabia and Russia, the world’s biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch. A slew of investment deals, including on a liquefied natural gas (LNG) project and petrochemical plants, …
Read More »Reuters Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday. The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week. Other deals include a $1 billion …
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