Regional News

Bloomberg Egypt may exceed its $10 billion target for foreign direct investment this year as the weaker pound reduces the cost of doing business in North Africa’s largest economy and a new investment law comes into force, the investment minister said. Sahar Nasr told Bloomberg she had been approached by investors from Saudi Arabia, Singapore, China and the United Arab ...

Bloomberg Europe’s oil industry is once again generating cash even as crude languishes at half the price of three years ago. Yet companies remain vulnerable to a renewed downturn. The region’s top three — Royal Dutch Shell Plc, Total SA and BP Plc — can now cover spending from cash flow with oil at $50 a barrel. But BP predicts ...

Bloomberg Saudi Arabia aims to sell about 5% of Saudi Aramco in an initial public offering next year, and stock exchanges from UK to Japan are vying for what may be world’s richest IPO. Saudi crown prince, Mohammed bin Salman, will soon decide where to sell the company’s shares after government officials heard a presentation on the listing process last ...

Reuters Booming refinery profits are helping West African oil producers sell cargoes quickly, aided by a shortage in certain types of crude amid OPEC production cuts and Venezuelan troubles. A fight for sour crude has helped keep Angolan oil in high demand and now, even long-suffering Nigerian grades are finding keen buyers in the United States and Asia as refineries ...

Bloomberg Libya’s crude shipments jumped to a new three-year high last month, dealing a fresh blow to OPEC and allied oil-producing nations as they battle to restrict a global supply surplus that’s depressing prices for the commodity. The North African nation shipped about 865,000 barrels a day of crude in July, tanker tracking data compiled by Bloomberg show. That was ...

Bloomberg BP Plc moved to calm investor concerns after debt rose to a record, saying lower oil-spill payments for the rest of the year and funds from asset sales will ease the burden. “This year debt is going up exactly in line with payments going out for Macondo,” Chief Financial Officer Brian Gilvary said on Tuesday by phone. “And it ...

Bloomberg Saudi Arabia plans to turn hundreds of kilometers of untouched Red Sea coastline into a global tourism destination governed by laws “on par with international standards,” as part of its goal to transform the economy and reduce its reliance on oil. The Red Sea project will cover 34,000 square kilometers — an area bigger than Belgium — between the ...

Bloomberg Oil held gains above $50 a barrel before US government data forecast to show crude stockpiles extended declines, trimming a glut. Futures rose as much as 0.5 percent in New York after climbing 9.6 percent the previous six sessions. Inventories probably fell by 3.3 million barrels last week for a fifth weekly drop, according to a Bloomberg survey before ...

SINGAPORE / Reuters Indian refiners are outperforming their competitors in South Korea and Thailand as they have ramped up output from new fuel and chemical capacities to meet rising domestic demand that could further lift their earnings over the next two years. Asia is adding net refining capacity of 360,000 barrels per day (bpd) this year, according to Wood Mackenzie, ...

Bloomberg Saudi Arabia is considering a flexible tax system for state-owned oil company Aramco that wo- uld increase royalty payments when crude prices rise, accor- ding to people familiar with the deliberations. Riyadh is mulling a proposal from Saudi Aramco to replace the current fixed royalty on revenues, the same people said, asking not to be named discussing government policies. ...