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Global renewable power capacity to grow by 50 percent in next five years: IEA

Monday, 21 October 2019

Global renewable power capacity will grow by 50 percent between 2019 and 2024, the International Energy Agency said in a report on Monday.Capacity will increase by 1.2 gigawatts – equivalent to the current power capacity of the United States – on the back of lower costs and government policy efforts.Solar photovoltaics (PV) will account for 60 percent of the estimated rise, while the share of renewables in global power generation is expected to rise to 30 percent in 2024 – up ...

Shell Egypt plans to sell upstream assets in Western Desert

Sunday, 20 October 2019

Royal Dutch Shell is looking to sell its onshore upstream assets in Egypt’s Western Desert to focus on growing its offshore gas explorations in the country, Shell Egypt said in a statement on Sunday. “We remain committed to Egypt and see our future in supporting the government’s energy hub vision by growing Shell positions across the offshore and LNG value chain,” Wael Sawan, Shell Upstream Director, said in the statement. “This is where we can best leverage our ...

Russia says it missed oil-deal target due to rise in gas condensate output

Sunday, 20 October 2019

Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Sunday.Russian oil output edged down to 11.25 million barrels per day (bpd) last month from August’s 11.29 million bpd but remained above the cap set under the global production deal.Under the accord reached between the Organization of the Petroleum Exporting Countries and allied producers, Russia has agreed to ...

These are the 10 most influential IPOs of all time

Sunday, 20 October 2019

Since the world’s first initial public offering (IPO) – the Dutch East India Company in 1602 – public listings have been crucial for companies and investors throughout history as the practice allows privately held firms the chance to offer equity stakes to the public in order to raise capital. In 2014, Alibaba’s $25 billion debut on the New York Stock Exchange became the world’s largest-ever IPO to date. The landmark IPO caught the attention of American investors ...

Saudi Aramco cuts domestic gasoline prices for fourth quarter

Sunday, 20 October 2019

Saudi Aramco announced reduced domestic gasoline prices starting from October 20, 2019. Aramco's 91 grade - used for most modern cars -  will be priced at 1.50 riyals per liter, down from 1.53 riyals per liter in the previous quarter. The 95 grade - used for high performance cars - will cost 2.05 riyals per liter, down from 2.18 riyals per liter. According to Saudi Aramco, this is in accordance with the governance procedures of pricing adjustment of approved energy and water products, ...

Egypt to press for outside mediator in Ethiopia dam dispute

Sunday, 20 October 2019

Egypt will push Ethiopia this week to agree to an external mediator to help resolve a deepening dispute over a giant hydropower dam being built on Ethiopia’s Blue Nile, officials said on Sunday.Egypt sees the Grand Ethiopian Renaissance Dam (GERD) as an existential risk, fearing it will threaten scarce water supplies in Egypt and power generation at its own dam in Aswan.Cairo says it has exhausted efforts to reach an agreement on the conditions for operating GERD and filling the reservoir ...

Trump says he will nominate energy deputy secretary to be its new chief

Saturday, 19 October 2019

US President Donald Trump said on Friday he would nominate Deputy Energy Secretary Dan Brouillette to be the next head of the department. “I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan's experience in the sector is unparalleled. A total professional, I have no doubt that Dan will do a great job!” Trump wrote in a post on Twitter. If confirmed by the Senate, Brouillette will replace Rick Perry, who said on Thursday he would step ...

Saudi Arabia, Kuwait agree on restarting Neutral Zone oil production: Reports

Saturday, 19 October 2019

OPEC members Saudi Arabia and Kuwait have agreed to resume oil production in jointly-operated fields in the Saudi-Kuwaiti Neutral Zone, Kuwaiti newspapers Al-Qabas and al-Rai reported on Saturday citing unnamed sources.The closure of the Neutral Zone’s fields, mainly Khafji and Wafra, was a political sticking point between the two allies and senior officials have been trying to resolve the issue for months.The halt in output cut some 500,000 barrels per day or 0.5 percent of global oil ...

US considers extension of Chevron’s Venezuela waiver with more limitations: Bloomberg

Saturday, 19 October 2019

The United States is considering extending Chevron Corp’s waiver to operate in Venezuela with more limitations by granting the company a 90-day sanctions reprieve, Bloomberg reported late on Friday, citing people familiar with the matter. The company’s future in Venezuela now depends on US President Donald Trump, who must decide by Oct. 25 whether to renew a waiver allowing Chevron to keep operating in Venezuela despite US sanctions on the country and its state oil ...

India’s Reliance profits jump 18.3 percent

Saturday, 19 October 2019

Indian conglomerate Reliance Industries on Friday reported an 18.3 percent rise in consolidated net profit due to a better-than-expected refining margin and growth in its consumer-facing business.The Mumbai-based company owned by Asia’s richest man Mukesh Ambani said its consolidated net profit for the three months through September rose to 113 billion rupees ($1.59 billion) from 95 billion rupees reported for the same quarter a year earlier.“The Company has reported record net ...

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