Bloomberg As Saudi Arabia looks to its oil reserves to underwrite a record share sale, the authority is backing a push into the industry’s less glamorous corners — refining and petrochemicals — to ensure crude keeps paying the bills. State-run Saudi Aramco is working on more than $100 billion of refining and chemical projects, according to Bloomberg calculations, and a …

Bloomberg Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60 percent cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because — apart from being a source of fuel — it’s rich in bitumen, a black residue used …

Bloomberg A growing number of California communities are opting to ditch big utilities in favour of alternative programs run by local governments. The state just made it more expensive. The California Public Utilities Commission voted to change the formula that determines how much utilities charge customers who switch to these so-called community choice aggregators, or CCAs. PG&E Corp. and the …