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.
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.
U.S. airlines stand to benefit from flight cutbacks by Dubai-based Emirates, which blamed President Donald Trump’s travel restrictions for weakening demand from Middle Eastern passengers, reports Bloomberg.
Dubai’s government-owned utility completed a 200-megawatt power plant one month ahead of schedule as part of a plan to build the world’s largest solar energy park by 2030, according to Bloomberg
Emirates President Tim Clark said he’s braced for a “gathering storm” as low-cost airlines encroach on the inter-continental routes around which the world’s biggest international carrier has built its business, reports Bloomberg.
Tesla Inc. is expanding to the United Arab Emirates, making a move to sell its pricey electric cars in one of the world’s largest oil-producing nations, according to Bloomberg.