Regional News

Bloomberg Royal Dutch Shell Plc’s giant liquefied natural gas project in western Canada may be grabbing the headlines, but a smaller rival in the east is busy lining up another customer from Europe. Pieridae Energy is negotiating a binding agreement to supply LNG from its proposed Goldboro project in Nova Scotia to Axpo Holding AG, an energy company in Switzerland, …

Bloomberg India, the second biggest crude customer for Iran, may cut its imports from the Islamic republic by half to secure a waiver from the US to continue with shipments, people familiar with the matter said. Officials from the US had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi, the people said. …

Bloomberg Vestas Wind Systems A/S surged the most in two years after the wind turbine maker announced a $227 million share buyback and said its orders rose. “Order intake was very strong, and profitability was clearly above market expectations,” said James Evans, an analyst at Bloomberg Intelligence. It was “aided by Vestas’ new push into co-developing projects, with two US …

Bloomberg Saudi Aramco, Air Products and ACWA Power said that they had signed a deal to form an $8 billion gasification and power joint venture in Saudi Arabia. The new entity, which will be located in the kingdom’s Jazan Economic City, will purchase gasification assets, power block and associated utilities from state-owned Aramco for about $8 billion, the companies said …

Bloomberg Careem Networks FZ, the Middle Eastern ride-hailing provider, is testing a bus-booking service ahead of a possible roll-out out across all 14 countries it operates in. Careem Bus — a division aimed at attracting low-income earners — will initially go live in at least four Egyptian cities, and is expected to be rolled out in September, according to people …

Bloomberg European nations are far behind Mexico and China when it comes to receiving liquefied natural gas from the US, but the region is making its biggest effort to date to change that. European Commission trade officials will travel to Washington on August 20 to follow up on an energy agreement last month between the Commission’s President Jean-Claude Juncker and …

Bloomberg Saudi Arabia’s sovereign wealth fund is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk’s plan to take the electric car maker private, according to a person with direct knowledge of the fund’s plans. The Public Investment Fund (PIF), which has built up a stake just shy of 5 percent in …

Bloomberg Some of the latest battery technologies may become obsolete before reaching the market because of the breakneck pace of advances in the industry. Teams of scientists from San Francisco to Shenzhen are experimenting with new chemical processes to improve the traditional lithium-ion cell and find new ways to bottle up electricity for use at another time. Investors in those …

Bloomberg General Electric Co. is working with bankers on a possible sale of its power-conversion business, people familiar with the matter said, as the fallen manufacturer attempts to regain its footing by slimming down. The unit formerly known as Converteam could fetch about $1.5 billion, below the $3.2 billion GE paid for the assets in 2011, said the people, who …

Bloomberg State-owned Indian Oil Corp. posted a 50 percent jump in quarterly profit as the margin for converting crude into fuels more than doubled. Net income climbed to 68.3 billion rupees ($992 million) in the quarter ended on June 30, from 45.5 billion rupees a year earlier, the company said in a stock-exchange filing. That compares with the 53.3 billion-rupee …