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 …
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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 …
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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 …
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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 …
Read More »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 …
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Bloomberg It will be a public trial by fire for new Exxon Mobil Corp. CEO Darren Woods. Presiding over his first annual meeting since predecessor Rex Tillerson left to become US secretary of state, Woods will be tested on Wednesday on everything from climate change to his own paycheck. Analysts and investors will be watching to see if he proves …
Read More »CAIRO / Reuters Egypt, the world’s largest wheat importer, has procured 3 million tonnes of wheat from local farmers since the harvest began in mid-April, the Supply Ministry said in a statement on Monday. The local procurement season runs until July and the ministry has said it is targeting between 3.5 million and 4 million tonnes of local wheat this …
Read More »Bloomberg Oil & Natural Gas Corp.’s quarterly profits missed estimates for a gain as lower gas revenues and a jump in royalty payments outweighed the boost from higher crude prices. Net income at India’s biggest oil and gas producer fell 6.1 percent to 43.4 billion rupees ($673.6 million) in the three months ended March, the company said in a statement. …
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Bloomberg BHP Billiton Ltd. is assuring shareholders that it’s exploring numerous options for its contentious US shale unit amid pressure from activist investor Elliott Management Corp. to carry out a wider review of petroleum operations. In a series of meetings in Australia last week, Chief Executive Officer Andrew Mackenzie stressed to shareholders that the biggest mining company is open to …
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Bloomberg Hedge funds are giving OPEC some credit again. Following four weeks of growing pessimism, bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last week, US Commodity Futures Trading Commission data show. What happens to US stockpiles will be key …
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