Regional News

Bloomberg The pace at which China exports the fuel it doesn’t want is set to jump by more than four times in 2018, according to the nation’s biggest energy producer. That’s a harbinger of bad news for processors in the rest of Asia — from South Korea to Japan and India — who now have to contend with higher crude ...

Bloomberg The world’s hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude. The Trump administration is hoping to lure some of that investment to the US with a proposal to sell leases in almost every inch of the nation’s ...

TIGUENTOURIN / Reuters Algeria’s state oil firm Sonatrach will exchange crude for refined products with the world’s largest oil trader Vitol, a Sonatrach official said of the rare move that aims to reduce a record fuel import bill. Vitol would receive up to 2 million barrels a month of the OPEC member’s light, sweet crude and would deliver gasoline and ...

Bloomberg Saudi Arabia’s sovereign wealth fund is in talks to buy a stake in Endeavor, the holding company for Hollywood talent agency WME, people familiar with the matter said. The Public Investment Fund, known as PIF, is in preliminary discussions to invest more than $500 million, which will help the talent agency for Ben Affleck and Matt Damon expand its ...

Bloomberg Oil reached new highs in London as OPEC members called for output curbs to continue, allaying concerns that the recent rally could weaken their commitment. Brent crude closed above $70 a barrel for the first time in three years after Iraqi Oil Minister Jabbar al-Luaibi said that production curbs have contributed to stability in the market and should remain, ...

Bloomberg Husky Energy Inc., the best oil-sands stock last year, may emerge as a top pick for investors who are looking to capitalize on surging crude prices and already have shares of the largest Canadian producers. The company controlled by Hong Kong billionaire Li Ka-Shing is the cheapest stock among six producers in North America that also own refineries, trading ...

Bloomberg Royal Dutch Shell Plc is investing in a US solar energy developer, continuing its recent expansion into the electricity business. The Anglo-Dutch oil and gas producer will acquire a 44 percent stake in Nashville’s Silicon Ranch Corp., which owns and operates about 100 solar facilities across the US. The investment could be as high as $217 million in cash, ...

Reuters India’s Reliance Industries has declared a 30 percent increase in the installed capacity of its export-focussed oil refinery, a government report showed, increasing the size of the world’s largest refinery complex. India’s Petroleum Planning & Analysis Cell (PPAC) in its October report showed 35.2 million tonnes a year as the installed capacity of Reliance’s refinery in the special economic ...

Bloomberg Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers that the OPEC-led output cuts should continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in the market and should ...

KHOBAR / Reuters State-controlled Saudi Electricity Co (SEC) has signed a deal with Japanese Tokyo Electric Power Co (TEPCO), Nissan Motor Co and Takaoka Toko for the first electric vehicle (EV) pilot project in the world’s largest oil exporter, it said. Saudi Arabia is keen to develop its auto industry as part of efforts to diversify the economy beyond oil ...