Regional News

Bloomberg The supply surge from US shale oil and gas will beat the biggest gains seen in the history of the industry, the International Energy Agency predicted. By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet ...

Bloomberg Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said in an interview, without saying whether ...

Bloomberg The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at ...

Bloomberg Saudi Arabian Oil Co. is still waiting for a decision on how many of its shares will be offered to the public, or where the listing will be made outside of the kingdom, according to Chief Executive Officer Amin Nasser. The shares will definitely be listed in Saudi Arabia’s market known as Tadawul, Nasser told reporters on Monday at ...

BEIJING / Reuters China Gas Holdings, one of China’s largest domestic natural gas distributors, expects sales to rise 30-45 percent this fiscal year and “sustainable high growth” the next few years due to Beijing’s clean air push, the company’s founder said. China Gas, which counts South Korea’s SK Group and India’s GAIL among its investors, plans to expand its extensive ...

DUBAI / Reuters Oman Telecommunications (Omantel) will pay $1.35 billion to buy a further 12.1 percent stake in Kuwaiti telecoms company Zain in a deal that will expand its reach to nine Mid- dle Eastern and North Afri- can countries. It paid 0.781 Kuwaiti dinars ($2.58) per share, around 74 percent above the current listed price, for the stake, which ...

Bloomberg Siemens AG Chief Executive Officer Joe Kaeser said he’s plann- ing sweeping cuts at the German engineering company’s power-and-gas business, setting the stage for a turnaround plan aimed at tackling weak orders and a sharp drop in profit. The unit, which is suffering from a steady decline in demand for large turbines used in power plants, will be “reshaped ...

KHOBAR / Reuters Preparations to float shares of Saudi Aramco next year are proceeding, but no decision has been taken yet on the venue for the international listing, the chief executive of the state oil company told Al Arabiya Television channel. “Preparations are proceeding to the fullest extent for listing in 2018,” Amin Nasser told the channel in an interview ...

CAIRO / Reuters Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said. The payment, still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through ambitious economic reforms under ...

Bloomberg Boosted by higher global prices, US coal miners are showing they can make money again. Now, for the hard part — winning back investors. Five of America’s largest coal producers — Alliance Resource Partners LP, Arch Coal Inc., Cloud Peak Energy Inc., Peabody Energy Corp. and Warrior Met Coal Inc. — reported a combined $801 million in third-quarter earnings ...