Regional News

Bloomberg Brexit is threatening to spoil the appeal of the UK’s crude in the world’s biggest regional oil market. Seoul-based SK Innovation Co., an Asian buyer of North Sea Forties crude, sees a lower probability of purchases if the UK and South Korea don’t roll over an existing trade deal before Brexit. That’s after British Business Secretary Greg Clark admitted ...

Bloomberg TransCanada Corp. was partly denied a request to continue some pre-construction work on the Keystone XL oil pipeline while a dispute over the project’s environmental review wends its way through the courts. The company won’t be allowed to prepare sites for construction camps, but it will be allowed to prepare pipeline-storage and container yards and receive pipe at those ...

Bloomberg Eskom Holdings SOC Ltd. said will cut 3,000 megawatts of power from the South African grid from 8 a.m. until 11 p.m on Wednesday, marking the fourth consecutive day of such measures. The state-owned power utility, which supplies more than 90 percent of the country’s electricity, is implementing the rolling blackouts due to a shortage of generating capacity, Eskom ...

Bloomberg A mining company claiming interests in copper and gold reserves estimated at $58 billion on the Pacific island of Bougainville said its rights are under threat by efforts to revive the resource sector in the run up to a independence referendum. At the heart of the dispute is the Panguna mine, which was operated by Sydney-listed Bougainville Copper Ltd. ...

Bloomberg Forces loyal to Libya’s eastern leader Khalifa Haftar have taken control of the country’s biggest oil field and say the deposit is secure and ready to resume production. Haftar’s self-styled Libyan National Army fanned out in the southwestern Sharara field, people with knowledge of the matter confirmed. Armed protesters had closed down the 300,000 barrel-per-day deposit in December, demanding ...

Bloomberg Drax Group Plc has started capturing carbon dioxide at its Yorkshire power plant for the first time in a pilot project to develop the technology. The six-month bioenergy carbon capture and storage test aims to suck up a ton of carbon dioxide a day at its biomass plant, with technology that isolates the pollutant from flue gases released when ...

Bloomberg Chevron Corp. vowed to cut greenhouse gas emissions in alignment with the Paris Accord on climate change, potentially averting a shareholder rebellion at its annual general meeting. The US oil major pledged to reduce air pollution intensity by 25 to 30 percent by 2023, as recommended in the Paris agreement that took effect in 2016. The target applies across ...

Bloomberg Petroleos Mexicanos bonds cratered after Fitch Ratings downgraded the state-owned company to just a notch above junk, spurring a slide in sovereign debt and the peso. The yield on Pemex bonds due in 2027 rose 28 basis points to 7.251 percent at 1:02 pm in New York, after jumping as much as 40 basis points earlier in the day. ...

Bloomberg Morocco will start intervening to limit fuel prices from March as the margins of fuel distributors such as Vivo Energy and Total Maroc come under scrutiny following nationwide protests last year. “The capping mechanism is coming,” General Affairs and Public Governance Minister Lahcen Daoudi said in a video published on his party’s website, indicating it would be put in ...

Bloomberg US oil refiners won’t be allowed to complete shipments of Venezuelan crude they booked before the Trump administration slapped new sanctions on the Latin American nation. US Treasury Department officials have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter. The ...