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Maersk Oil, partners to invest $3.4b in North Sea gas

Danish conglomerate AP Moller-Maersk said on Friday it will invest 21 billion kroner ($3.4 billion, Dh12 billion) together with British-Dutch oil producer Shell, among others, to redevelop and extend the production life cycle of Denmark’s largest gasfield in the North Sea. Maersk, whose oil company is being taken over by …

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Saudi Arabia to begin uranium extraction as kingdom seeks self-sufficient nuclear programme

Saudi Arabia plans to extract uranium domestically as part of its nuclear power programme and sees this as a step towards “self-sufficiency” in producing atomic fuel, a senior official said on Monday. Extracting its own uranium also makes sense from an economic point of view, said Hashim bin Abdullah Yamani, head of the Saudi government agency tasked …

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Iraqi Kurds Offer to Freeze Independence Referendum Results

Iraq’s semi-autonomous Kurdistan Regional Government said it’s prepared to freeze the results of last month’s independence referendum that triggered deadly clashes with government troops and hurt oil exports. The KRG also proposed an immediate ceasefire and talks with the central government in Baghdad “on the basis of the constitution.” “As …

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China looks at ending sales of gasoline cars

China is joining France and Britain in announcing plans to end sales of gasoline and diesel cars. China’s industry ministry is developing a timetable to end production and sale of traditional fuel cars and will promote development of electric technology, state media on Sunday cited a Cabinet official as saying. …

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Storm Harvey paralyzes a fifth of U.S. fuel output

Flooding from Tropical Storm Harvey has shut nearly a fifth of U.S. oil-refining capacity, triggering worries about a gasoline supply crunch as the slow-moving tempest lumbers through the heart of America’s petrochemicals industry. At least 3.6 million barrels per day of refining capacity are offline in Texas and Louisiana, or …

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BHP to quit U.S. shale business as annual profit surges

BHP Billiton (BHP.AX), the world’s largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund …

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