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Exxon weighs sale of Singapore fuel stations for $1 billion, Bloomberg News reports

Exxon operates 59 petrol stations in Singapore under its Esso brand, according to Esso's website. A sale would allow Exxon to raise cash to deploy in other areas of higher growth potential, the report said, adding that players in the energy industry and investment funds had shown preliminary interest in the disposal.

Reuters 4 minutes ago

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Fuel oil smuggling network rakes in $1 billion for Iran and its proxies

A sophisticated fuel oil smuggling network that some experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq since Prime Minister Mohammed Shia al-Sudani took office in 2022, five sources with knowledge of the matter told Reuters. The operation exploits a government policy under which Iraq allocates fuel oil to asphalt plants at heavily subsidised prices and involves a network of companies, groups and individuals in Iraq, Iran and Gulf states, according to the five people and three Western intelligence reports, two from August this year and one which was undated.

Biden Offers $7.5 Billion for Samsung SDI-Stellantis Hub

(Bloomberg) -- A joint venture between Samsung SDI Co. and Stellantis NV to create battery manufacturing plants in Indiana is being offered $7.5 billion in financing from the Biden administration.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThe conditional loan to StarPlus Energy LLC would fund as many as two lithium-ion battery cell and module manufacturing plants in Kokomo, Indiana for use in

US Tightens Curbs on China’s Access to AI Memory, Chip Tools

(Bloomberg) -- The US unveiled new restrictions on China’s access to vital components for chips and AI, escalating a campaign to contain Beijing’s technological ambitions but stopping short of earlier proposals that would have sanctioned more key Chinese firms.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThe Department of Commerce slapped fresh curbs on the sale of high-bandwidth memory chips m

HKBN Shares Jump After China Mobile Makes $882 Million Offer

(Bloomberg) -- HKBN Ltd. shares jumped after China Mobile Ltd. made a takeover bid that values the Hong Kong broadband provider at about HK$6.86 billion ($882 million), pushing forward with a formal offer in an emerging bidding war.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThe state-backed carrier is planning to make a general offer to buy all of HKBN’s shares for HK$5.23 each in cash, it sa

Intel’s CEO Departure Opens Door to Fresh Deal Discussions

(Bloomberg) -- The abrupt departure of Intel Corp. Chief Executive Officer Pat Gelsinger offers a fresh opportunity for the troubled company to consider potential deal options, including scenarios that he rejected during his time running the chipmaker.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThe board has discussed a range of possibilities in recent months, such as private equity transactio

Oil prices trade in tight range ahead of OPEC+ meeting

SINGAPORE (Reuters) -Oil prices were little changed on Tuesday, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week. Brent crude futures were up 14 cents, or 0.19%, at $71.97 a barrel by 0404 GMT, after a 1-cent drop in the previous session. "Investors are in wait-and-watch mode ahead of the OPEC+ meeting," ANZ analysts said in a note.

Musk’s Multibillion-Dollar Tesla Payout Gutted by Delaware Judge

(Bloomberg) -- Elon Musk’s record-setting Tesla Inc. pay package was struck down once again by a Delaware judge, threatening to wrest billions of dollars from the world’s richest person and one of Donald Trump’s closest confidants.Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionDelaware Chancery Court Judge Kathaleen St. J. McCormick ruled Monday that Tesla’s board was improperly influenced by Mus

Exxon talks continue on shallow-water block in Guyana auction, company says

U.S. oil major Exxon Mobil and partners are continuing to negotiate with Guyana's government on the terms for developing a shallow-water oil block, an Exxon spokesperson said on Monday. Exxon, Hess and CNOOC won offshore block S8 in a bidding round launched in late 2022 by President Irfaan Ali's administration. The group remains interested in the block and talks are continuing, an Exxon Mobil spokesperson said via email.

SpaceX Weighs Tender Offer at Roughly $350 Billion Valuation

(Bloomberg) -- SpaceX is in discussions to sell insider shares that could boost the value of Elon Musk’s rocket and satellite company to around $350 billion, according to people familiar with the matter. Most Read from BloombergRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsAs Wars Rage, Cities Face a Dark New Era of Urban DestructionThat would be a significant premium to a previously mulled valuation of $255 billion as reported by Bloomberg News and other media outlets just last

Airlines not switching quickly enough to green jet fuel, study says

Most of the world's airlines are not doing enough to switch to sustainable jet fuel, according to a study by Brussels-based advocacy group Transport and Environment, which also found too little investment by oil producers in the transition. "Unfortunately, airlines at the moment are not on the trajectory to have meaningful emissions reduction because they're not buying enough sustainable aviation fuel," Transport and Environment aviation policy manager Francesco Catte said. As it stands, SAF makes up about 1% of aviation fuel use on the global market, which needs to increase for airlines to meet carbon emission reduction targets.