Companies

OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official. The outlook for the market in the second half of the year is starting to look more encouraging as the global economy recovers, said Mohammad Barkindo, secretary-general …

The facility, which will replace an existing coal-fired power plant will supply heat to Bremen’s district heating network and feed electricity into the grid.

Rosneft, which has the largest share of ruble-denominated debt among Russian exporters, has optimized its debt portfolio due to changes in the foreign exchange market, Andrei Baranov, the director of Rosneft’s investor relations department, said on Friday during a phone conference. “Rosneft has a balanced debt portfolio, 50 percent of …

Chinese state-owned China National Offshore Oil Corporation (CNOOC) unveiled a home-grown floating production storage and offloading vessel, known as an FPSO, with the deepest working depth, at 420 meters underwater, on Friday. CNOOC said the vessel will help boost oil and gas exploration in the South China Sea. The 256-meter-long …

Italian energy major ENI published on May 13 the company’s sustainability report that describes its commitments in its Long-Term Strategic Plan to 2050, which combines financial, environmental and social sustainability. “The historical moment we are going through poses complex challenges on our path, but we are certain that these difficulties …

The rebalancing of the oil market is underway and will accelerate, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday, May 13, days after some of its members voluntarily increased their production cuts. The world oil market was thrown into disarray earlier this year as lockdown measures imposed …

The collaboration aims to deliver 1,000MW of solar projects through a €30m investment.

The recent acquisition of 31.4% of the shares in JSC Dariali Energy will allow TEPCO RP to own 33.9MW of the total capacity.

Saudi Aramco said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters …

Saudi Aramco is in early talks about further staggering payments for a controlling stake in local petrochemical giant Saudi Basic Industries Corp. as the collapse in oil prices puts pressure on its finances. State-owned Aramco is weighing pushing out payments for the 70% holding in the petrochemicals maker and reducing …