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ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reviewed the prospects of cooperation between the UAE and the European Union (EU) in a call with Ursula Gertrud von der Leyen, President of the European Commission. The conversation covered the global fight against …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during …

RIYADH / WAM Aramco on Wednesday announced the successful completion of its share acquisition of a 70 percent stake in Saudi Basic Industries Corporation (Sabic), from the Public Investment Fund (PIF) the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 price per share. The completion of the …

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 …

Bloomberg Growth in energy demand was declining even before the coronavirus pandemic spread globally, keeping consumers under lockdown and sending prices to record lows, BP Plc said Wednesday. The oil major’s annual Statistical Review of World Energy showed that growth in primary energy consumption slowed to 1.3% in 2019, almost half the rate of a year earlier. Renewable energy comprised …

Bloomberg SSE Plc’s shares jumped after the utility committed to building a giant onshore wind park that’ll be key to the UK’s fight to slash its carbon emissions. The 443-megawatt Shetland Island wind farm is part of a $9.4 billion spending spree announced by the Scottish utility on Wednesday that’ll go towards decarbonisation projects in the next five years. Shares …

Bloomberg Spending on renewable power is set to overtake oil and gas drilling for the first time next year as clean energy affords a $16 trillion investment opportunity through 2030, according to Goldman Sachs Group Inc. Renewables including biofuels will account for about a quarter of all energy spending next year, up from about 15% in 2014, Goldman analysts including …

Bloomberg South African Airways’ (SAA) administrators proposed the government put up at least $1.5 billion to rescue the carrier after years of losses and the grounding of commercial passenger flights to contain the spread of coronavirus. The state-owned airline was placed in a local form of bankruptcy protection in December, and the rescue team led by Siviwe Dongwana and Les …

Bloomberg Norwegian Air Shuttle ASA jumped after an easing of travel restrictions allowed it to reopen dozens of European routes. Norwegian rose as much as 18% in early trading, the most in three weeks, after saying it would restart 76 routes from July 1. The low-cost carrier’s plans, which follow moves from other airlines to boost capacity for the summer …

Bloomberg Asia’s biggest budget airline AirAsia Group Bhd is mulling flying thorny, pungent durians around the region as part of a plan to use its trucks and planes to send food straight from farms to restaurants. The Malaysia-based airline’s agriculture e-commerce platform Ourfarm has a network of 7,000 trucks for pickups and deliveries in the Kuala Lumpur area, and is …