Saudi Arabia raised pricing for December oil sales to Asia in a sign the world’s largest crude exporter is confident about strong demand in its biggest market, reports Bloomberg.
Saudi Crown Prince Mohammed bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom, reports Bloomberg.
Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels, says Bloomberg.
Poseidon is wading into the battle between U.S. crude and Middle East supplies in the world’s biggest oil market, reports Bloomberg.
Solar plants that supply electricity at competitive prices after the sun goes down are about to become a reality in the Middle East, according to one of the region’s biggest developers of power plants, reports Bloomberg.
The global oil market glut is helping India’s biggest crude processor become nimble, reports Bloomberg.
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa, reports Bloomberg.
ACWA Power International will bid to build a solar energy project in Saudi Arabia, part of the kingdom’s $50 billion push to temper domestic oil use, according to Bloomberg.
While Etihad Airways PJSC let Alitalia SpA slide into bankruptcy after workers spurned a restructuring plan, the Persian Gulf carrier is showing more patience with its other ailing European asset, according to Bloomberg.
Abu Dhabi National Energy Co., the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year, reports Bloomberg.