US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal. West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.73 a barrel in early Asian trade, before markets […]

Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough. US benchmark West Texas Intermediate was up 7.7 percent at $24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5.0 percent […]

OPEC on Wednesday raised its 2020 estimate for growth in global demand for oil, while noting that increased output from non-OPEC members would probably more than make up for it. The oil cartel now expects demand for crude oil to grow by 1.22 million barrels per day from last year’s level, a slight increase of […]

Indonesia has filed a World Trade Organization lawsuit against the European Union over plans to phase out palm oil-based biofuel for cars, the trade ministry said. The action could escalate a trade dispute between Indonesia — the world’s top palm oil producer – and the EU, which plans to end its use of biofuels by […]

by Anuj Chopra Saudi Aramco’s shares soared on their debut on the domestic stock exchange Wednesday, becoming the world’s biggest listed company worth $1.88 trillion after a record-breaking IPO. Aramco had priced the initial public offering at 32 riyals ($8.53) per share, raising $25.6 billion and eclipsing Alibaba’s $25 billion IPO of 2014 to become […]

Saudi oil giant Aramco said on Friday that applications from private investors for its planned stock market offering had been oversubscribed. The much-delayed initial public offering, first announced in 2016, is a cornerstone of Saudi Crown Prince Mohammed bin Salman’s ambitious plan to diversify the Gulf state’s oil-reliant economy. The IPO could exceed the world’s […]

Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares […]

by Anuj Chopra Saudi Arabia on Sunday announced the stock market debut of energy giant Aramco, in what could be the world’s biggest IPO, underpinning Crown Prince Mohammed bin Salman’s ambitions to overhaul the kingdom’s oil-reliant economy. After years of delay, Aramco said it plans to sell an unspecified number of shares on the Riyadh […]

From its beginnings in 1938 when it first struck oil with the aptly named “Prosperity Well”, Saudi Arabia’s energy giant Aramco, whose IPO could be announced Sunday, has delivered unimaginable riches. A person close to the matter told AFP on Friday that Crown Prince Mohammed bin Salman is expected on Sunday to formally launch the […]

Saudi Crown Prince Mohammed bin Salman is expected on Sunday to formally launch a long-anticipated stock offering of Saudi Aramco, a person close to the matter said Friday. The Aramco stock listing, a key component of bin Salman’s overall policy agenda, will offer a small fraction of the petroleum giant. Valued at between $1.5 and […]

Tens of thousands of pieces of plastic littering the planet come from just a handful of multinational corporations, an environmental pressure group said Wednesday. Coca-Cola, Nestle and PepsiCo were named by Break Free from Plastics, a global coalition of individuals and environmental organisations, who warned the companies largely avoid cleanup responsibility. The coalition’s volunteers collected […]

by M. Jegathesan / AFP Malaysia said Thursday it will raise pressure on its Southeast Asian neighbours to find a solution to recurring outbreaks of smog-belching forest fires in Indonesia, as air quality plummeted and more schools closed. Blazes to clear agricultural land in the archipelago are sending toxic haze across Southeast Asia, with Jakarta’s […]

Indonesia has arrested nearly 200 people over vast forest fires ripping across the archipelago, police said Monday, as toxic haze sends air quality levels plummeting and sparks flight cancellations. Jakarta has deployed thousands of personnel to battle blazes that are turning land into charred landscapes and consuming forests in Sumatra and Borneo islands, where thousands […]

by Ben PERRY / AFP Brent crude surged by 20 percent Monday — the biggest gain since the 1991 Gulf War — after weekend drone attacks on two Saudi oil facilities halved output in the world’s top crude exporter, fuelling fresh geopolitical and growth fears. WTI oil meanwhile soared 15 percent, also after President Donald […]

by Anuj Chopra / AFP Saudi Arabia said Saturday it was ready to respond to drone attacks claimed by Iran-aligned Yemeni rebels on two major oil facilities, which severely disrupted production as Washington blamed Tehran for the strike. The strikes sparked fires at the state-owned Aramco oil plants and prompted furious condemnation from the top […]

by Peter BRIEGER / AFP Indonesia’s surprise plan to roll out a nickel-ore export ban two years early could scare foreign investors away from Southeast Asia’s biggest economy, analysts say, as it cements a reputation for policy flip-flops. Nickel prices soared this week on supply concerns after Indonesia, the world’s top producer, announced the ban […]

Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO). “I congratulate… Yasir al-Rumayyan, governor of the Public Investment Fund, on his appointment as chairman of the board of directors […]

Sime Darby has announced a second interim dividend of RM 0.07 sen per share and a special dividend of RM0.01 sen, is declared for FY2019. Together with the earlier interim dividend of RM0.02 sen per share, the total dividend for the year is RM0.10 sen per share. Sime Darby Berhad reported a net profit of […]

Malaysia on Thursday renewed the operating licence of a controversial Australian-run rare earths plant for six months despite concerns from green groups about the impact of radioactive waste it produces. Lynas hopes its plant, which has processed rare earths from Australia since 2012, can reduce Chinese dominance in the market for the materials. Rare earth […]