Regional News

Bloomberg Shenhua Group Corp., China’s biggest coal miner, and China Guodian Corp., one of the nation’s largest coal-fired power generators, are in merger discussions, according to people with knowledge of the matter. The talks are preliminary and the merger may not go ahead, said the people, who asked not to be identified as the information isn’t public. The Hong Kong-listed ...

Bloomberg Eni SpA led a group that signed off on a $7 billion investment in a project to export natural gas from Mozambique. The country’s President Filipe Nyusi and Eni Chief Executive Officer Claudio Descalzi attended a ceremony in the capital Maputo to formally approve the Coral South liquefied natural gas project. Once built, the floating LNG plant, with a ...

Bloomberg The good news from OPEC wasn’t good enough. Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50 a barrel amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators fled bearish positions for a second week. During the reporting period, the Organization ...

Bloomberg Russia’s most powerful oil boss said the deal between OPEC and its partners to curb output won’t stabilize the crude market over the long term as US shale fills the supply shortfall. “A decrease in production under an agreement between OPEC and non-OPEC could largely be balanced out by an increase in US shale oil production by the middle ...

Bloomberg Shares in Lamprell Plc gained the most in more than two years after the builder of oil rigs partnered with Saudi Aramco to develop the biggest maritime yard in the region. Saudi Arabian Oil Co., also known as Aramco, established a joint venture with the kingdom’s national shipping company Bahri, South Korea’s Hyundai Heavy Industries Co. Ltd. and Lamprell ...

Bloomberg One of the stodgier corners of the energy industry is getting more relaxed. Liquefied natural gas sellers, which once did business almost entirely on long-term, oil-linked contracts, are offering shorter deals, more pricing options, unrestricted shipping terms and in some cases are even willing to invest in the infrastructure their buyers need to import the super-chilled fuel. “In the ...

Bloomberg Oil tankers shipped the most crude from Iraq in six months in May, when OPEC’s second-biggest producer was negotiating with the group’s other members to persist with supply constraints to shore up the global market. Tankers loaded 122 million barrels of Iraqi crude at ports in the Persian Gulf and Mediterranean Sea last month, according to vessel-tracking and shipping ...

DUBAI / Reuters Goldman Sachs has applied to Saudi Arabia’s capital markets regulator for a licence to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country. Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to ...

Bloomberg General Electric Co. said it’s ready to ship a 1.5 billion euro ($1.7 billion) offshore wind platform destined for the North Sea, underscoring the industrial giant’s commitment to clean power. The platform is a key part of the DolWin3 offshore project and will help transmit wind power generated in the North Sea, according to Alf Henryk Wulf, who heads ...

DUBAI / Reuters Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom’s east coast, part of the government’s drive to diversify the economy beyond oil. A shareholder agreement was signed with National Shipping Co of Saudi Arabia (Bahri), a state-controlled firm which ships oil for Aramco, as ...