Saudi oil giant Aramco will buy an equity stake in Malaysian firm Petronas' major refining and petrochemical project, pumping in $7 billion in its biggest downstream investment outside the kingdom, the companies said on Tuesday.
The deal will boost Aramco's downstream business ahead of a planned initial public offering next year and also bolsters Malaysia's state-controlled Petroliam Nasional Bhd—known as Petronas—after it cut spending because of the slump in oil prices, Reuters reported. In a joint statement, the firms said Aramco will take a 50% stake in select ventures and assets in the refinery and petrochemical integrated development project developed by Petronas. Signing of the deal was witnessed by Malaysian Prime Minister Najib Razak and Saudi King Salman, currently on a state visit to Malaysia—the first in over a decade. "Malaysia offers tremendous growth opportunities and today's agreement further strengthens Saudi Aramco's position as the leading supplier of petroleum feedstock to Malaysia and Southeast Asia," Aramco CEO Amin Nasser said.
Vietnam based steel mill Tong Dong A Corporation - a flat steel specialist mainly producing galvanised steel coils (GI) and galvanised-aluminium steel coils (GL) is planning to to increase its output in 2019.
Venezuela is in chaos. Iran is grappling with US sanctions. And now there is a surge of violence in Libya. Trouble in these three OPEC nations has helped send US oil prices climbing back above $64 a barrel.
Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said.
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, fighting in Libya as well as strong US jobs data.
Weeks after Norway’s government proposed that the country’s $1-trillion fund divest from pure exploration and production oil companies, the cabinet said that it will allow the world’s biggest sovereign wealth fund to invest in unlisted renewable energy infrastructure.
Manganese Ore India Ltd (MOIL), a Mini Ratna Schedule-A CPSE, under the administrative control of the Ministry of Steel, is the largest producer of manganese ore in the country