Regional News

  Bloomberg Libya’s crude output dropped 11 percent as clashes among rival armed groups over the last 11 days led to the closing of some of the OPEC nation’s biggest oil export terminals, forcing a number of fields to halt production. Output fell by about 80,000 barrels a day to 620, 000 barrels since fighting among armed groups broke out ...

  Bloomberg Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. The Pacific island nation wants some of the world’s top explorers to allow a portion of its natural gas to stay in the country, said Nixon Duban, the ...

  Bloomberg After splurging $200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blow-outs. Chevron Corp., owner of the $54 billion Gorgon facility, Australia’s largest resource development, along with Inpex Corp. and Santos Ltd. are ...

  Bloomberg Exxon Mobil Corp. announced a $20 billion building spree in the heart of the US chemical and refining industry, a program it said would create 45,000 jobs. President Donald Trump quickly tweeted his support, calling the oil producer a “special company.” The only problem? The announcement just gave a name to a series of investments the company began ...

  Bloomberg France’s Engie SA plans to sell its entire 10 percent holding in India’s biggest importer of liquefied natural gas. GDF International, an Engie unit, has written to the four Indian state-owned companies that together own half of Petronet LNG Ltd. to offer shares in proportion to their holding in the company, Petronet said in a stock-exchange filing. “It ...

  Bloomberg German developer PNE Wind AG and Norway’s Statoil ASA are asking the US government to open additional sites for offshore wind farms off the coasts of New York and Massachusetts. The sites south of Long Island, New York, and Martha’s Vineyard, Massachusetts, are near existing areas already designated for offshore development, the U.S. Bureau of Ocean Energy Management ...

  Bloomberg Royal Dutch Shell Plc will sell almost all of its production assets in Canada’s oil sands in a $7.25 billion deal that cuts debt and reduces involvement in one of the most environmentally damaging forms of fossil-fuel extraction. All of the company’s oil-sands interests apart from a 10 percent stake in the Athabasca mining project will be sold ...

  BEIRUT / Reuters Egypt needs to implement economic reforms aimed at encouraging more private investment and moving away from subsidies towards targeted transfers for the poor, a senior World Bank official said. Hafez Ghanem, the World Bank’s vice president for the Middle East and North Africa, told Reuters in an interview that Cairo’s next set of economic reforms should ...

  BISMARCK / AP The two biggest railroads shipping oil from North Dakota don’t seem particularly concerned that the Dakota Access pipeline may be about to come online, as oil makes up only a small percentage of their business in the state. The pipeline could begin operating as soon as next week, despite an unresolved legal dispute involving two Native ...

  Reuters A partnership of US agribusiness giant Archer Daniels Midland Co and Saudi foods group Almarai is among potential bidders for Saudi Grains Organisation’s milling operations, the kingdom’s sole supplier, sources aware of the matter said. Italian wheat supplier Casillo Group and a partnership of Turkey’s TAV Group, a construction and airports conglomerate, and Saudi Arabia’s Al Rajhi Holding ...