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NEW YORK: Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses.
DUBAI: Saudi Aramco is looking to restructure its deal for a controlling stake in petrochemicals maker Sabic after the target’s value dropped more than 40% following an oil price slump during the coronavirus pandemic, two sources told Reuters.
LONDON: Commodities investors will zero in this week on the tide of moves around the globe to ease the anti-virus lockdowns that have crippled economies. Raw materials may get a lift as the shackles are loosened from the United Kingdom and the United States to Australia, Germany and India. Among gainers on Monday, copper surged in London after a holiday-lengthened weekend.
DUBAI: Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic, two sources told Reuters.
DUBAI: Some of the Middle East’s biggest oil producers are pushing into solar energy even amid the rout in crude prices.
NEW DELHI: India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, according to sources with the knowledge of the matter. A total area of 461,589 hectares has been identified across the country for the purpose, the sources said.
RIYADH: Saudi Arabia on Wednesday reported a first quarter budget deficit of 34.107 billion Saudi riyals ($9.09 billion), as oil revenue was hit hard by a combination of sliding global prices, demand and a supply glut in the wake of the coronavirus crisis.
RIYADH: Oil-rich Gulf nations may turn to asset sales to complement an almost US$50bil debt spree to support economies rocked by the coronavirus pandemic and the collapse in crude prices, according to Citigroup Inc.