Billionaire Mukesh Ambani’s Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed...
NNPC chief advances Dangote refinery stake purchase, warns on fuel costs
Nigerian state oil company NNPC has signed term sheets with Dangote Group to buy a 20% stake in the company’s oil refinery under construction in Lagos state, NNPC’s director said on Tuesday. Mele Kyari said...
Shell buys BP’s stake in North Sea field, scrapping previous deal
Royal Dutch Shell said on Friday it had agreed to acquire BP’s 27.5% stake in the Shearwater North Sea gas field, raising its stake in the field to 55.5%. Shell, which operates the Shearwater hub, exercised its right of...
RIL-Saudi Aramco deal to close this year: Ambani
Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), on Thursday, said he expects the company’s deal with Saudi Aramco to materialise this year. Meanwhile, Yasir Al-Rumayyan, chairman of...
Draft cabinet note floated for 100% FDI in oil PSUs approved for disinvestment: Sources
The commerce and industry ministry has floated a draft cabinet note seeking inter-ministerial views on a proposal to allow up to 100 per cent foreign investment under automatic route in oil and gas PSUs, which have an...
Saudi Aramco closes $12.4 bn infra deal with global consortium
An international investor consortium, including Washington based energy sector investor EIG and UAE soverign wealth fund Mubadala Investment Co., has acquired a 49% stake in Aramco Oil Pipelines Co., a unit of Saudi...
Private equity firms Quantum, EnCap bid for oil producer EP Energy – sources
Oil and gas producer EP Energy, which emerged from bankruptcy last year, has received takeover bids from private equity firms including EnCap Investments and Quantum Energy Partners, four people familiar with the talks...
Videocon to give Anil Agarwal’s group majority stake in Ravva oilfield
Billionaire Anil Agarwal’s metals-to-oil group on Wednesday said it will make an upfront payment of almost $40 million (about Rs 292 crore) for the acquisition of Videocon Industries, which will help it become the...
KKR’s Independence, Contango to merger in $5.7 billion oil and gas deal
KKR & Co’s Independence Energy LLC and Contango Oil & Gas Co will merge in an all-stock deal to create an oil and gas company with an enterprise value of about $5.7 billion, which will focus on...
Government considering FDI policy tweak to facilitate BPCL privatisation
The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors to pick up majority stake in India’s second-biggest oil refiner Bharat Petroleum Corp Ltd...
BPCL says no intention to sell stake in Petronet, IGL
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open...
Vertex Energy to acquire Shell’s Mobile, Alabama refinery
Royal Dutch Shell is selling its 90,000 barrel-per-day (bpd) Mobile, Alabama refinery to specialty refiner Vertex Energy for $75 million plus the cost of hydrocarbon inventory, the company said on Wednesday. Vertex...
