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Vietnam’s electric vehicle manufacturer VinFast Auto is expected to receive at least $1 billion in overseas funding led by Emirates Driving Company (EDC), Abu Dhabi’s leading driver training and road safety institute, Bloomberg reported on Wednesday, quoting a source with knowledge of the agreement. VinFast and its parent company, Vingroup, …

Following months of stalled negotiations, the Armenian-Azerbaijani peace process is moving again. Despite the newfound optimism that a deal is close, both sides have given no indication of how they intend to settle major differences. Following a brief meeting on the sidelines of the BRICS summit in the Russian city …

U.S. refining and chemicals giant Phillips 66 booked higher-than-expected earnings for the third quarter even if earnings plunged from a year earlier, as expected, due to weak refining margins and fuel demand. Phillips 66 reported on Tuesday adjusted earnings of $859 million, or $2.04 per share, for the third quarter, …

As Saudi Arabia prepares to tender 44 gigawatts (GW) of renewable energy projects, it will continue to maintain its oil-producing potential to ensure global energy security, officials from the Kingdom said at the annual investment forum in Riyadh on Tuesday. Saudi Arabia, the world’s biggest crude oil exporter, will keep …

BP and Shell are expected to post lower profits this week as the supermajors grapple with weak oil prices and a global slowdown in demand. BP is due to publish its third-quarter earnings on Tuesday, while Shell will report its results on Thursday. Earlier this month, the FTSE 100 firms …

Chinese EV battery maker SVOLT is shuttering operations in Europe on the heels of a yearslong regulatory conflict between European lawmakers and EV manufacturing based in China. As we have reported over the last year, EU authorities have been doing everything in their power to stifle EV production based in …

Europe’s benchmark natural gas prices slumped on Monday from their 2024 high from last week as Israel’s retaliation for the Iranian missile strike was limited in scope and targets and avoided energy infrastructure in Iran. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were trading down by …

Masdar, the clean energy giant of the United Arab Emirates (UAE), has pushed back its target to reach 1 million tons per year of green hydrogen capacity beyond 2030, the company’s press office told Bloomberg on Monday. Masdar, which initially targeted this capacity by 2030, will now aim to reach …

State oil giant PetroChina plans to shut its largest Chinese refinery in 2025 after years of considering moving the processing to a smaller site, anonymous sources told Reuters on Monday. PetroChina has been thinking for years to shut its Dalian Petrochemical plant in downtown Dalian, north China. The 410,000-barrels per …

Egypt has played a leading role in the global energy market for several decades, as a major producer of both oil and gas, as well as a vital transportation hub for energy products. Despite disruptions, caused mainly by national political unrest and geopolitical challenges in recent years, Egypt remains a …