Regional News

Bloomberg India needs to double its refining capacity by 2040 to meet rising fuel demand as an expanding middle class buys more passenger vehicles and its economy grows, a top refinery official said. India’s refining capacity must increase to 465 million tonnes by 2040, from about 230 million tonnes currently, and investments are already being made, said Shrikant Madhav Vaidya, ...

MELBOURNE / Reuters The Australian government warned that the country’s east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by November 1 whether to pull the trigger on its Australian Domestic Gas ...

Bloomberg The torrent of dirty water coming out of almost every American oil well is the next big bet for a former fund manager for billionaire Paul Allen. Getting rid of wastewater from onshore wells has become an increasingly costly problem for oil producers as US crude output surged in recent years, especially in the new shale fields from Texas ...

LONDON / Reuters Saudi Arabia plans to further open up its stock market to foreign investors later this year as it seeks to become an international capital markets hub, Mohammed Abdullah Elkuwaiz, chairman of the Capital Market Authority (CMA) said. Qualified foreign institutions (QFIs) were allowed to begin investing directly in Saudi stocks in 2015 and qualification requirements were eased ...

Emirates Business Souqplace.com, the first Emirati online marketplace in the UAE, connecting quality SMEs and artisan products, in addition to branded ones to consumers, announces the expansion of its platform to Saudi Arabia. Capitalizing on the upward growth of e-commerce in the UAE and the support it has received over the period of two years, the Emirati e-commerce startup is ...

Bloomberg The Trump administration has thrown a lifeline to the last hope for a US nuclear power revival, offering $3.7 billion in additional loan guarantees for Southern Co.’s troubled reactor project in Georgia. The conditional guarantees announced by the Energy Department come at a critical time for Southern. Georgia regulators are weighing whether to allow the company and its partners ...

Reuters Kuwait’s parliament is likely to approve a law to extend the country’s borrowing limits, enabling 30-year debt issues, a senior finance ministry official said. The law would allow Kuwait to increase its debt ceiling to 25 billion Kuwaiti dinar ($83 billion) from 10 billion currently. It would also allow the Gulf state to issue debt instruments with maturities of ...

SINGAPORE / Reuters Middle East oil producers are venturing into trading crude as three years of weak oil prices has encouraged them to find new sources of income beyond the business of exporting their output. Saudi Arabia, the world’s biggest oil exporter, is among those making the shift. A subsidiary of state-owned Saudi Aramco plans to start trading non-Saudi crude, ...

SINGAPORE / Reuters Saudi Aramco’s trading arm will start trading non-Saudi crude oil to mainly feed its international joint ventures as the world’s largest oil exporter seeks to optimise profits, industry sources familiar with the move said. The expansion into crude comes as Saudi Aramco is working to boost its valuation ahead of the planned listing of up to 5 ...

Bloomberg Oil traded near $52 after entering a bull market as US industry data showed an unexpected decline in crude stockpiles, the first decrease since Hurricane Harvey hit the Texas coast last month and shuttered refineries. Futures fell 0.2 percent in New York after slipping on Tuesday. Inventories fell by 761,000 barrels last week, the American Petroleum Institute was said ...