Regional News

Bloomberg Colonial Pipeline is back to business as usual — with more demand to move fuels to the East Coast from Houston than it has space for. After running below capacity about 45 days starting in July, the largest gasoline pipeline in the US has restarted its practice of rationing space. The company froze shippers’ ability to nominate more fuels …

Bloomberg OPEC said Iraq, the United Arab Emirates and Kazakhstan — who have lagged in their implementation of a deal to cut production — affirmed their commitment to the accord at a meeting in Abu Dhabi. “All expressed their full support” for the system to monitor the cutbacks “in order to achieve the goal of reaching full conformity,” OPEC said …

DUBAI / Reuters Bahrain-based Investcorp is aiming to make 10 investments across its private equity and real estate businesses in the current financial year, Co-Chief Executive Rishi Kapoor said on a media call.¬ The investments will help the company achieve its goal of raising its assets under management to $25 billion in the next three years or so, Kapoor said. …

ALMYETYEVSK / Reuters A global deal cutting crude output has forced mid-sized Russian oil company Tatneft to curb flows at some fields, leaving it with lower revenues but little relief from maintenance and running costs. Its response: innovation. Yelkhovneft, a Tatneft unit in the semi-autonomous republic of Tatarstan some 1,200 km (750 miles) southeast of Moscow, has cut oil output …

DUBAI / Reuters Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. State oil giant Saudi Aramco will cut supplies to most buyers in Asia …

Bloomberg Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas …

DUBAI / Reuters Saudi Kayan Petrochemical Co said on Tuesday it had secured a $1.2 billion Islamic loan from National Commercial Bank (NCB) to help repay a previous facility with the lender that matures next week. The company, an affiliate of Saudi Basic Industries Corp , said the new loan was for five years, replacing the seven-year loan of same …

Bloomberg After relying on oil to fuel its economy for more than half a century, Saudi Arabia is turning to its other abundant natural resource to take it beyond the oil age — desert. The kingdom is converting thousands of square kilometers of sand into new cities as it seeks to diversify away from crude, create jobs and boost investment. …

TRIPOLI / Reuters Production from Libya’s largest oil field was returning to normal after being briefly disrupted by armed protesters who broke into a control room in the coastal city of Zawiya, the National Oil Corporation (NOC) said on Monday. A pipeline supplying jet fuel and gasoline from Zawiya to Tripoli that the protesters had also closed has reopened, the …

CAIRO / Reuters Saudi Arabia’s Prince Alwaleed bin Talal will invest about $800 million to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt’s Investment Minister Sahar Nasr said. Billionaire Alwaleed’s investment will also include establishing two new hotels in al-Alamein, a town on Egypt’s Mediterranean coast, and Madinaty, a residential compound east …