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DUBAI / WAM Dubai Electricity and Water Authority (DEWA) announced that the construction progress of Sustainability, the 132/11 kilovolt (kV) main substation at Expo 2020 Dubai, with conversion capacity of 150 megavolt-amperes (MVA), is 77 percent complete and is expected to be operational by October 31. The total cost of project was AED103mn, including AED83.4 million for the plant and ...

Bloomberg India wants $300 billion in investments over the next 10 years to satisfy accelerating demand in the world’s fastest-growing oil market. The South Asian nation needs investments to boost the production of natural gas and crude oil, and to refine, transport and distribute the fuel to households, Oil Minister Dharmendra Pradhan said in an interview in Istanbul. He is ...

Bloomberg Exxon Mobil Corp., Chevron Corp. and other oil majors could see their credit ratings slashed again if they fail to cut costs and reduce their growing debt loads in the next year, according to an S&P Global Ratings report. The world’s largest drillers failed to take advantage of high prices during the boom years before 2014 to repay debt, ...

Bloomberg Mexico’s decision to allow private companies to explore for oil and gas started to pay off after the discovery of at least a billion barrels in a new offshore field. A consortium of Premier Oil Plc, Sierra Oil & Gas S de RL de CV and Talos Energy LLC made the discovery in the shallow waters of the southern ...

Bloomberg Liberty House Group, fresh off a deal for Australian steel mill Arrium Ltd., is among bidders for a Glencore Plc coal mine that could fetch as much as A$500 million ($380 million), people with knowledge of matter said. Liberty House’s GFG Alliance joint venture submitted an indicative offer for the Tahmoor mine by the deadline last month, according to ...

Bloomberg The biggest oil traders feeling the squeeze in a world awash with crude are seeking an edge by offering tailor-made cargoes in an offshore megastore. By selling bespoke from a fleet of ships anchored off Singapore and Malaysia, the likes of Vitol, Trafigura Group, Glencore Plc and Gunvor Group are seeking to lure buyers who are becoming more demanding. ...

Bloomberg Oil extended gains toward $46 a barrel as US industry data showed crude and gasoline stockpiles declined. Futures advanced as much as 2.2 percent in New York after rising 1.8 percent in the previous two sessions. Crude inventories fell by 8.13 million barrels last week, the American Petroleum Institute was said to report. If the decline is replicated in ...

Bloomberg China’s clampdown on the use of virtual private networks to circumvent the country’s internet controls risks disrupting businesses that depend on them for cloud services and data security. Besides using virtual private networks to gain access to websites like Facebook and Google blocked by China’s regulators, companies use VPNs to ensure speed and efficiency as they migrate more services ...

Bloomberg Global demand for new smartphone models is driving Taiwan’s trade surplus and corporate revenues to record highs, underlining the strength of Asian trade even in the face of geopolitical jitters and rumors of protectionism. As a result, Taiwanese companies are posting record sales, a development they owe largely to an upswing in the global electronics industry. As Apple Inc. ...

Bloomberg Gold imports by India, the world’s second-biggest user, more than doubled in June from a year earlier amid a rush by jewelers to build up inventories ahead of a tax change. Inbound shipments surged to 72 metric tons last month from 31.8 tons a year earlier, according to a person familiar with provisional data from the finance ministry, who ...