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...“We’ve in effect created two FTSE 100 companies,” Leahy added, explaining that B&M was a constituent of the UK large cap index and MFG probably would be if it was listed....
...Last year, Aramco acquired a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.6bn and entered a venture with two other Chinese companies to build a 300,000 b/d refinery and petrochemicals...
...Since then, as well as agreeing to buy Presidio, it has made a series of large investments including buying snack company Shearer’s Foods. CD&R and BC Partners declined to comment....
...China relies on Iran for about a tenth of its oil imports but processes the oil not through its state-owned oil and gas companies but through smaller, private, refineries....
...The annual jamboree is produced by Jay-Z’s entertainment company Roc Nation. The R&B singer has the stature for the marquee event....
..., which said on Thursday that it expected oil demand to rise by 2.2mn b/d this year and 1.8mn b/d in 2025....
...Ithaca Energy has agreed a deal to acquire almost all of Eni’s UK oil and gasfields in a transaction worth about £750mn that will turn the London-listed company into one of the North Sea’s largest producers...
...In recent years, the company has sought to diversify through acquisitions. It bought personal finance company Credit Karma for $8.1bn in 2020 and email marketing provider MailChimp for $12bn in 2021....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...Should companies be punished for handing money back to shareholders? The Department of Justice seems to think so....
...Worse, banks have cut specialised loans to oil and gas companies as a direct result of the tax....
...The group of senior class A and subordinate class B bonds are securitised at the operating companies....
...In the electrical power sector alone, more than 90 per cent of expenditure is projected to come from private companies, according to Inter B....
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...CD&R bought MFG for £500mn nearly a decade ago....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...The deal would make Ithaca one of the biggest independent oil producers in the North Sea and could spur further consolidation, as companies seek scale to fund investment and the cost of decommissioning legacy...
...The IEA report contrasts with Opec’s analysis, which predicts that oil demand will continue to grow steadily, by about 2.3mn b/d this year, before falling to a still “robust” 1.8mn b/d in 2025....
...Brent crude, the international benchmark, traded as high as $92 a barrel on Friday after breaking above $90/b last week for the first time since October....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...Van Beurden spent 39 years at the oil major. Daniel Berenbaum joins US fuel cell company Bloom Energy as chief financial officer, succeeding Greg Cameron....
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