Latest news with #EmeliaSitholeMatarise
Zawya
4 days ago
- Business
- Zawya
Iraq considers oil exports via Lebanon's Tripoli port, to study reviving Iraq-Syria pipeline
Iraq's oil ministry is considering exporting oil through Lebanon's Tripoli port and will study reviving the dormant Iraq-Syria oil export pipeline, it said on Tuesday. The ministry plans to form a joint committee to assess the pipeline's condition. The announcement came during a visit by Syria's energy minister to Baghdad to discuss cooperation in oil, gas and energy. Iraq dispatched a high-level delegation to Damascus in April to assess the feasibility of reviving the Iraq–Syria oil pipeline, a move Baghdad is counting on to diversify export routes amid expanding production capacity. (Reporting by Moayed Kenany. Writing by Tala Ramadan. Editing by Emelia Sithole-Matarise and Mark Potter)
Zawya
26-06-2025
- Business
- Zawya
Shell says it is not considering buying BP, UK rules ban bid for 6 months
LONDON - Shell has not bid for BP and is not actively considering such a move, it said on Thursday, adding it was bound by UK regulations which mean such a statement ban it from making a bid for BP for the next six months. The Wall Street Journal cited sources on Wednesday saying that Shell was in talks to acquire BP, in response to which Shell said no talks were taking place. "In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with BP with regards to a possible offer," Shell said in a statement. "This is a statement to which Rule 2.8 of the Code applies and accordingly Shell confirms it has no intention of making an offer for BP. As a result Shell will be bound by the restrictions set out in Rule 2.8 of the Code." The six-month ban on making an offer for over 30% of BP's shares can be shortened if another bidder for BP emerges or if BP invites an offer, according to the regulations. (Reporting by Shadia Nasralla; Editing by Emelia Sithole-Matarise)
Zawya
17-06-2025
- Business
- Zawya
Israel war risk ship insurance costs soar after Iranian attacks, sources say
War risk insurance premiums for shipments to Israel are as much as three time higher than a week ago as the war between Israel and Iran entered its fifth day, industry sources said on Tuesday. The cost of a seven-day voyage to Israeli ports was quoted between 0.7% to 1.0% of the value of a ship versus around 0.2% a week ago, they said. Individual underwriters will price risk differently, but this will add tens of thousands of dollars per day for every voyage. (Reporting by Jonathan Saul; Editing by Emelia Sithole-Matarise)
Zawya
16-06-2025
- Business
- Zawya
OPEC sees solid second-half of 2025 for world economy, trims 2026 supply
OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026. In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns. "The global economy has outperformed expectations so far in the first half of 2025," OPEC said in the report. "This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis." OPEC also said supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month's forecast. Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from U.S. shale and from other countries has weighed on prices in recent years. (Reporting by Alex Lawler, editing by Emelia Sithole-Matarise)
