July, 2016

• 28 July

  Iraq seeks Exxon, Petrochina help to develop two oil fields

  

  Reuters Iraq is negotiating with Exxon Mobil Corp. and Petrochina Co. to develop two oil fields in the south of the country as it seeks to maintain overall production at about 4.8 million barrels a day for the rest of 2016, Deputy Oil Minister Fayyad Al-Nima said. The companies have submitted offers to develop the Artawi and Nahran Omar fields, ...

  Read More »
• 28 July

  ‘VAT could be effective to raise revenues’

  

    TNS Bahrain residents must prepare for a spike in inflation as value-added tax (VAT) gets rolled out, experts have said. GCC states are expected to adopt VAT of up to five per cent from 2018 applying to most goods and services with basic food items, healthcare and education being exempted. The exact date of implementation is not yet known ...

  Read More »
• 28 July

  Bahrain starts ‘save energy’ drive

    TNS As much as BD165,000 can be saved a year as part of a new water and energy consumption campaign. It will initially focus on five-star hotels and aim to reduce consumption by three per cent in the next year. The campaign was launched by the Electricity and Water Authority (EWA) in partnership with Bahrain Tourism and Exhibition Authority ...

  Read More »
• 28 July

  Algeria to implement ‘new growth model’ to cope with oil price drop

  

    Reuters OPEC member Algeria says it will launch a new “economic growth model” for the next four years focussed on reforming the tax system to bring in more revenue and reduce dependence on energy exports. The plan is part of long-awaited moves to diversify the North African economy away from oil and gas, which account for 95 percent of ...

  Read More »
• 28 July

  India’s N-plant tenders aim to ease liability fears

  

    Bloomberg India’s monopoly nuclear power producer is again seeking bids for a new project, this time reissuing tenders that aim to ease concern over a liability law that has so far deterred potential developers. State-run Nuclear Power Corp. of India Ltd. has sought bids from domestic equipment manufacturers to build a 1,400 megawatt power plant at Gorakhpur in the ...

  Read More »
• 28 July

  Japan’s TonenGeneral buys first oil from Iran

  

    KHOBAR / Reuters Japanese oil refiner TonenGeneral Sekiyu has bought its first oil from Iran since becoming independent from U.S. oil major Exxon Mobil Corp , three industry sources familiar with the matter said. The company bought the Iranian spot cargo through a trading house due to attractive pricing and the shipment arrived Japan earlier this month, the sources ...

  Read More »
• 28 July

  Uber, Didi get green light in China

  

    Bloomberg After pouring billions into the battle for ride-hailing supremacy in China, Uber Technologies Inc. and Didi Chuxing finally have a legal green-light in the world’s biggest market. China plans to formally allow the services from November — even though both companies have operated in the country for years. The decision brings clarity to an industry locked in disputes ...

  Read More »
• 28 July

  India gets closer to simplifying tax regime

  

    Bloomberg Prime Minister Narendra Modi’s cabinet met a key opposition demand on proposed legislation that would clear the way for a national sales tax, putting India closer to passing its most ambitious economic reform since the 1990s. The cabinet decided to eliminate an additional 1 percent charge on inter-state sales that was included in a constitutional amendment bill to ...

  Read More »
• 28 July

  Rising fuel imports prompt Pak to revive refinery plan

  

    Bloomberg Pakistan is seeking to build two new oil refineries in a bid to eliminate refined fuel imports within seven years and meet surging demand at home. The refineries, with a planned combined capacity of 24 million tons a year, are going to be built in the provinces of southwestern Balochistan and central Punjab, according to Petroleum Minister Shahid ...

  Read More »
• 28 July

  Apocalypse delayed in Europe amid Brexit tale of two economies

  

    Bloomberg The euro-area is shaking off the divorce. Economic confidence in the 19-nation region unexpectedly rose this month, indicating the immediate impact of Britain’s vote to leave the European Union may be muted. The same may not be true in the U.K. itself, where the European Commission’s sentiment index plunged to a three-year low and two separate reports showed ...

  Read More »