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Bloomberg China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars. Senior executives from China Petroleum & Chemical Corp, PetroChina Co, Cnooc Ltd and Sinochem Group Co are in advanced talks to iron out details of the plan, said people familiar with the initiative, who …

Bloomberg European stocks slid while S&P 500 futures fluctuated as investors weighed scattered signs of economic improvement against the accelerating virus spread in the US, Brazil and India. The dollar slid against all of its major peers after three days of gains. Oil futures fell below $38 a barrel in New York. The yield on Treasury five-year notes traded near …

Bloomberg India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s oil minister Dharmendra Pradhan said at the BloombergNEF Summit, referring to …

Bloomberg Nigeria’s powerful state oil company, whose finances and operations have been shrouded in secrecy for decades, is opening itself up to greater public scrutiny. The Nigerian National Petroleum Corp (NNPC) published its 2018 annual report, which contained an audited account of all its 20 units for the first time in its 43-year history. The 2019 figures are set to …

Bloomberg Norway is set to tighten rules for building wind turbines, caving in to massive protests from locals. A government proposal to slow down the development of onshore wind power comes after increasing local resistance mirrors sentiment in other European countries. Norway already decided to scrap a plan for a new permission framework last year. Norway, which has already developed …

Bloomberg Need some parts for a nuclear plant? The government has a few to spare. Electrical transformers, motors, and pieces of special glove boxes designed to safely handle radioactive material are available as the government auctions off equipment from a now-abandoned nuclear project that was supposed to turn weapons-grade plutonium into fuel for commercial nuclear reactors. The online fire sale …

Bloomberg The cluster of oil tankers off China’s coast is growing and the vessels are waiting longer to offload their cargoes amid a lack of onshore storage space after a buying spree earlier this year. The number of oil-laden tankers parked in Chinese waters has swelled since the start of the month with almost 200 ships expected over the course …

Bloomberg Chevron Corp will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers. The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of …

Bloomberg China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year. Solar power is the big winner, with incentives set to rise 14% compared to last year’s level, while wind payments will be 3.2% lower, the Ministry of Finance said on its website. The subsidy budget would cover existing …

Bloomberg Spain’s Iberdrola SA, one of the world’s biggest wind power operators, has agreed to buy Australia’s Infigen Energy for A$840.6 million ($581 million), expanding its footprint in a country seen as one of the best places on the planet to develop renewables. Bilbao-based Iberdrola has more than 18 gigawatts of wind capacity in its global portfolio and has been …