Regional News

Bloomberg Canada’s purchase of Kinder Morgan Inc.’s embattled pipeline is good news for the oil patch, so long as it doesn’t become the norm. While the $3.5 billion Trans Mountain takeover keeps alive a project seen as critical to expanding markets for Canada’s crude and improving the price oil-sands producers get paid, it also reveals how key infrastructure projects can …

Bloomberg Gazprom PJSC’s profit jumped to the highest in three years as natural gas sales to Europe surged. Unexpectedly cold weather from Germany to the UK boosted Russia’s gas sales into the region by 8 percent in the first three months of the year. That along with stronger prices helped lift income for the nation’s gas-pipeline monopoly. The results may …

Bloomberg The US shale surge is crashing headlong into a barrage of bottlenecks. From West Texas pipelines to Oklahoma storage centers and Gulf Coast export terminals, the delivery system for American crude is straining to keep up with soaring production. That’s limiting the industry’s ability to take full advantage of growing worldwide demand, with US barrels forced to take an …

Bloomberg For oil traders, there’s no place quite like Saldanha Bay. When prices slumped in 2014, trading houses generated outsize profits by storing millions of barrels of crude in the deep-water harbor north of Cape Town. Now storage facilities at the port — where South Africa built vast concrete bunkers in the 1970s that helped insulate the apartheid regime from …

Bloomberg Darren Woods is mounting a strong defense of his plan to rescue Exxon Mobil Corp. from its share-price slump with a multibillion dollar investment spree that’s at odds with the belt-tightening undertaken by rivals. Far from preaching spending caps or showering investors with cash, Woods’ solution, outlined in an interview, is to invest heavily in mega-projects that he says …

Bloomberg PetroChina Co. rallied the most in two years after regulators unveiled a new gas market policy that harmonises prices for different users and is seen as an earnings boost for the nation’s biggest producer and importer of the fuel. The company’s Hong Kong-traded shares closed 6.5 percent higher in reaction to an announcement that the pricing mechanism for gas …

Bloomberg Sliding oil prices are eroding the buffers that helped Russia withstand the emerging-market retreat. Investors are pulling cash from the biggest exchange-traded fund tracking Russian assets at the fastest pace in almost a year. Redemptions from the VanEck Vectors Russia ETF, which invests in oil and gas companies including Gazprom PJSC, Rosneft PJSC and Lukoil PJSC, reached $88.9 million …

Bloomberg Beleaguered CEFC China Energy Co. is set to meet an interest payment on a dollar bond, just days after defaulting on a separate debt obligation in the domestic market and as more of the once-promising energy conglomerate’s ambitious deals fail. Bank of Communications Trustee Ltd., the trustee for the $250 million of dollar bonds issued by CEFC Shanghai International …

Bloomberg Total SA will take 10 percent stake in a multibillion dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC. Total is aiming to become a key global LNG player, competing with Royal Dutch Shell Plc and Exxon Mobil Corp., after it snapped up assets from Engie SA last year. The world’s biggest oil companies are also …

Bloomberg OPEC and its allies are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, said Saudi Energy Minister Khalid Al-Falih. The Saudi comments, echoed by Russia, mark a major shift in the historic alliance they forged in 2016 to end a global oil glut. …