Category Archives: Energy

S. Africa’s Gordhan ordered home from London

Pravin Gordhan

Finance Minister Pravin Gordhan is set to return to South Africa early on Tuesday after being ordered home from London by President Jacob Zuma, hours before a court hearing over the closure of accounts belonging to friends of the president.

Canada eyes Asia for oil exports

Canada’s natural resource minister said Saturday despite the approval of Keystone XL pipeline, his government remains determined to diversify its oil exports beyond the US. The minister, Jim Carr, told The Associated Press that President Donald Trump’s approval of the

India tries to fix Iran trade payments as Trump hardens line

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the US imposes a fresh financial embargo. President

Dubai harvests desert sun at vast solar plant

Dubai on Monday completed a solar plant big enough to power 50,000 homes as part of a plan to generate three-quarters of its energy from renewables by 2050. The 200 megawatt plant sprawls over 4.5 square kilometers (1.73 square miles)

Scots weigh economic uncertainty of independent future

The prospects for Scotland’s economy after Brexit are at the heart of the battle between its pro-independence first minister and British Prime Minister Theresa May, who wants Britain to stay united as it leaves the EU. Nicola Sturgeon has warned

Oil prices extend gains after drop in US stockpiles

Crude oil prices rose on Thursday to extend gains from the previous session after official government data showed US stockpiles had eased from record highs. Prices surged on Wednesday after a slew of market reports and official data offered some

Saudi energy minister keeping close eye on US oil producers

Khalid Al-Falih, minister of energy, industry and mineral resources says the Organization of the Petroleum Exporting Countries’ (OPEC) production cuts are working to bolster crude prices and Saudi Arabia will look at whether other oil-producing nations are living up to

Saudi Arabia’s Aramco to invest $7 bln in Malaysia oil refinery

Malaysian Prime Minister Najib Razak said Monday that oil major Saudi Aramco will invest $7 billion in a mammoth oil processing hub in Malaysia, making it the single largest investor in the Southeast Asian country. The announcement came on the

King Salman’s month-long Asia visit to boost trade, religious ties

Saudi King Salman bin Abdulaziz al-Saud’s month-long visit through Asia, alongside his 1,500-person entourage, is being described as a bid to strengthen ties with a region the kingdom sees as an increasingly valuable economic partner. According to a newspaper report,

Saudi Electricity Company signs pact with PCMC to reduce carbon emissions

The Saudi Electricity Co. (SEC) and the Petroleum, Chemicals and Mining Co. (PCMC), a subsidiary of the Saudi Binladin Group, have signed a partnership and cooperation agreement aimed at reducing carbon emissions. The deal, which is to be implemented via

Iraq’s Basra oil export terminal to stop loading for 24 hours

Iraq’s main oil export terminal, off the southern city of Basra, will stop loading operations for 24 hours, starting midnight Tuesday, because of work to install a new pipeline feeding the facility, two sources at the state-run South Oil Company

Oil edges further above $55 on Russia, OPEC cuts

Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and OPEC producers are delivering on promised supply reductions, although a report showing a large rise in US crude inventories limited gains. Russia has cut production

Oil edges further above $55

Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and the Organization of the Petroleum Exporting Countries (OPEC) are delivering on promised supply reductions, although a report showing a large rise in US crude inventories

Oil slips as US drilling recovery weakens deal to cut output

Oil prices fell on Monday as news of another weekly increase in US drilling activity spread concern over rising output just as many of the world’s oil producers are trying to comply with a deal to pump less to try

Oil experts cautiously optimistic over Saudi oil output cut

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih’s announcement on Thursday that the Kingdom has reduced its oil output to its lowest levels in two years has created a wave of cautious optimism. The announcement, made at the

UAE’s ADNOC says fire at Ruwais oil refinery contained

Abu Dhabi’s state-owned national oil company ADNOC said on Wednesday it had contained a fire at the Takreer Ruwais refinery and that production and supply had not been affected. ADNOC had earlier said on its Twitter account that no casualties

GCC and Russia ministers discuss ways to ensure oil market stability

GCC energy ministers and Russian Energy Minister Alexander Novak Sunday discussed the current developments in the oil market, including cooperation between the Gulf states and Russia in the energy sector to stabilize crude prices. The tone for the GCC-Russia energy

KSA is among the healthiest of oil producing countries

Saudi Arabia is among the healthiest of the oil producing countries of the world, a top Riyadh-based economist asserted Saturday as reports said the Kingdom, Russia, Qatar and Venezuela will monitor the oil market following the recent agreement in Doha

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