Rise in cost of crude after US attack on Iranian general could affect petrol price
Oil prices have climbed above $70 a barrel for the first time in four months amid fears that the US air strike that killed Iran’s top military commander may trigger a retaliation.
The global oil markets have risen by more than 5% to $70.73 a barrel since the attack that killed Qassem Suleimani in Iraq last week.
Continue reading...World’s biggest listed company briefly reaches valuation sought by Saudi ruler
Saudi Aramco has touched a market value of $2tn a day after the Saudi state-backed oil company made its stock market debut.
The shares rose almost 10% at the open on the second day of trade on Riyadh’s Tadawul stock exchange, lifting the company’s market value briefly to $2tn, before giving up some of their gains.
Continue reading...Investor demand pushes oil giant’s market value to $1.9tn on first day of trade in Riyadh
Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.
Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.
Continue reading...Oversubscribed listing in Riyadh of 1.5% stake in state oil company will value it at $1.7tn
Saudi Aramco is poised to achieve the biggest initial public offering in history next week by raising $25.7bn for the Saudi state in its market debut.
The state-owned oil business will emerge as the world’s most valuable listed company after reportedly valuing its shares at 32 riyals ($8.53) apiece before its float on Riyadh’s stock exchange next week.
Continue reading...De facto Opec leader will push other countries to rein in oil output before Aramco’s IPO
Saudi Arabia is planning to use its position at the head of the Opec oil cartel to buoy global oil prices before the $25bn stock market debut of its state-owned oil giant.
The Organization of the Petroleum Exporting Countries is due to meet its oil market allies this week to agree the cartel’s oil production policy for 2020.
Continue reading...‘Investment blitz’ promised as experts taken aback by scale of Labour’s tax and spend plans
Jeremy Corbyn has urged the public to vote for his “manifesto of hope” as he unveiled plans for the most dramatic increase in tax and spending in more than half a century if Labour wins power next month’s general election.
In an upbeat launch event at Birmingham City University, the Labour leader said he welcomed the hostility of the billionaires, bad bosses and dodgy landlords who would lose out from his policies.
Continue reading...State-owned Saudi oil giant said it will provide the final offer price on 5 December
Bidding for shares in the world’s most profitable company will start in one week, it has been announced. Saudi Aramco, the state-owned oil giant, said it plans to provide the final offer price, precise number and percentage of shares on 5 December.
Its prospectus, released on Saturday night, showed profits of $68.2bn (£53.3bn) for the first six months of this financial year, but did not include any indication of the value the Saudi government hopes to achieve.
Continue reading...Three UK businessmen plead guilty in US to bribing officials in nine countries over 17 years
Three British businessmen have admitted their roles in paying multimillion-dollar bribes to officials in nine countries over 17 years, American prosecutors have said.
Two brothers from the Ahsani family, who ran the energy consultancy Unaoil, have pleaded guilty to facilitating the payment of bribes between 1999 and 2016 to officials in Africa and the Middle East.
Continue reading...Controversial energy scheme had been halted by European court
The UK’s largest fossil fuel generators may be back in line for almost £1bn in backup power subsidies this winter after the European commission approved the UK’s flagship energy scheme, which was ruled illegal last year.
A shock European court ruling brought the government’s “capacity market” to a standstill last November, triggering an in-depth investigation into whether the UK’s plan to pay power plants to stay open was compatible with EU state aid law.
Continue reading...Eight green groups send letter to express concern over planned market float
Environmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.
The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be “the biggest single infusion of capital into the fossil fuel industry” since global governments signed the Paris climate accord in 2015.
Continue reading...Former PMs asked princes to support bid for $5bn contract by Ayman Asfari’s firm Petrofac
Two former Conservative prime ministers lobbied a Middle Eastern royal family to award a multi-billion dollar oil contract to a company headed by a major Tory donor, the Guardian has established.
In March 2017, while in Downing Street, Theresa May wrote to the Bahraini prime minister to support the oil firm Petrofac while it was bidding to win the contract from the Gulf state.
Continue reading...Foreign ministry counters accusations from US secretary of state with threats to US bases
Iran has dismissed US accusations that it was responsible for a series of explosive drone attacks on the world’s largest petroleum processing facility in Saudi Arabia that disrupted more than half of the kingdom’s oil output and could affect global supplies.
Yemen’s Iran-aligned Houthi rebel group claimed responsibility for launching waves of drones at state-owned Saudi Aramco facilities early on Saturday morning. But the US secretary of state, Mike Pompeo, said there was no evidence the drones were launched in Yemen and accused Iran of “an unprecedented attack on the world’s energy supply”.
Continue reading...Decision to rule out UK and Hong Kong would be major blow to both financial centres
Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.
Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.
Continue reading...Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined
Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.
Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.
Continue reading...Outage caused travel chaos and cut electricity to almost 1m people in England and Wales
The energy watchdog, Ofgem, is demanding answers from the National Grid after a power cut left people stuck in trains for up to nine hours and cut electricity to almost 1 million people in England and Wales.
The biggest power outage in a decade caused widespread disruption on the rail network during the evening rush hour on Friday. Traffic light systems stopped working, causing gridlock in some areas, and Newcastle airport was left in darkness. Power had been restored to 900,000 customers by Saturday, but the rail network was struggling to get services back to normal.
Continue reading...Failure on National Grid network affects train services and road users
Large parts of England and Wales have been left without electricity following a major power cut, electricity network operators have said, with a serious impact reported on rail and road services, including city traffic lights.
Passengers were shut out of some of the country’s busiest train stations during the Friday evening rush hour, while hundreds of thousands of homes were left without electricity after what the National Grid described as a problem with two generators.
Continue reading...Activists say comments by Opec head prove world opinion is turning against fossil fuels
Greta Thunberg and other climate activists have said it is a badge of honour that the head of the world’s most powerful oil cartel believes their campaign may be the “greatest threat” to the fossil fuel industry.
The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather.
Continue reading...State-owned company seeks partners to develop $50bn of untapped reserves in Timor Sea
Timor-Leste’s state-owned gas company has rejected reports it is set to take a $16bn loan from China’s Exim bank to finance the Greater Sunrise project.
The Timor-Leste government recently took majority ownership of the project after buying out its former partners – ConocoPhillips and Shell – with the aim of ensuring the gas is piped to its shores instead of Australia’s.
Continue reading...Oil giant looked to make tax-exempt donations to universities and civic groups in the early 1990s to promote the company’s interests
Oil giant Mobil sought to make tax-exempt donations to leading universities, civic groups and arts programmes to promote the company’s interests and undermine environmental regulation, according to internal documents from the early 1990s obtained by the Guardian.
Related: How Mobil pushed its oil agenda through 'charitable giving'
Continue reading...BP report reveals that swings in global temperatures are increasing the use of fossil fuels
Carbon emissions from the global energy industry rose by the fastest rate in almost a decade in 2018 after surprise swings in global temperatures stoked extra demand for fossil fuels.
BP’s annual global energy report revealed for the first time that fluctuating temperatures are increasing the world’s use of fossil fuels in spite of efforts to tackle the climate crisis.
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