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A General Electric Co. employee assembles a component for a gas turbine at the company's factory in Belfort, France. (Fabrice Dimier/Bloomberg)

GE books $2.5 billion African orders from oil to locomotives

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GE expects to seek financing for projects worth at least $1.5 billion in Africa each year as it expands its footprint in a region increasing investment in infrastructure development, and exploitation of its natural resources.
Categories: Africa, Crude oil
A wind farm under construction off the southeast side of Block Island R.I., July 21, 2015. A few miles off the coast, a small flotilla has been gathering: crane vessels, tugboats and barges that began this week installing the 840-ton foundations of the nation’s first commercial-scale offshore wind farm. (Gregg Vigliotti/The New York Times)

First U.S. offshore wind farm raises hopes for industry revolution

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While there’s plenty of potential energy to harness, offshore wind has been mostly stymied by high costs. Onshore turbines are some of the cheapest sources of electricity, with an average cost of about $85 a megawatt-hour, according to data compiled by Bloomberg. Coal costs about $90.
An oil tanker, right, cruises past a new liquefied natural gas tanker at the Cheniere terminal in Cameron Parish, La. (Michael Stravato/The New York Times)

Flotilla of European gasoline tankers fuels U.S. driving binge

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Surging demand and rising prices for gasoline in the U.S. are luring about double the number of tankers compared with 2014, boosting shipping rates to the highest seasonal levels in seven years.
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

AS Canada’s oil patch faces more job losses, robots add to the misery

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The burgeoning use of robots is one more reason there probably won’t be a quick jobs rebound in Canada’s energy industry as it grapples with cheap crude, tougher environmental controls, higher taxes and elevated costs.
In this Jan. 24, 2015 file photo, Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh. (AP Photo/Yoan Valat, Pool)

Saudi king plans U.S. trip after giving Iran deal hedged support

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After private meetings in Jeddah on the Red Sea coast, Defense Secretary Ashton Carter told reporters that King Salman and his defense minister “reiterated their support” for the deal to curb Iran’s nuclear program while expressing reservations about its enforcement.
In this Thursday, Jan. 28, 2010 file photo, A worker walks past tanks at a Petrochina storage base in Suining, in southwest China's Sichuan province. (AP Photo)

ConocoPhillips halts Sichuan shale gas talks with PetroChina

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While China has sought to replicate the U.S. shale boom, the nation last year cut its 2020 shale gas production target to about a third of its original estimate amid difficult geology, lack of infrastructure and limited exploration rights.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

U.A.E. cuts fuel subsidy as oil crash hammers Arab economies

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“There was no reason to subsidize in a country that is as rich as the U.A.E.,” said Nasser Saidi, former chief economist at Dubai International Financial Centre and head of Nasser Saidi and Associates.
(Andrey Rudakov/Bloomberg)

Russia faces longest recession in decades with plunging oil

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Oil jitters will test the optimism of President Vladimir Putin, who’sdeclared that Russia had put the worst of the economic crisis behind it
(Photo by Eddie Seal for Bloomberg News)

Wall Street lenders growing impatient with U.S. shale revolution

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Bank regulators have issued warnings on the risks involved in lending to U.S. drillers, threatening a cash crunch in an industry that’s more dependent than ever on other people’s money.
An Iranian man walks past a mural displaying the Iranian map adorned in the colours of the country's national flag, on June 29, 2015 in Tehran. Despite agreeing the outlines of a nuclear agreement on April 2, the final talks between Iran and six powers led by the United States on turning it into a binding accord have hit difficulties on reaching a deal which would lift sanctions, paving the way for foreign investment to flow back, in exchange for curbs on Iran's nuclear activities. AFP PHOTO/BEHROUZ MEHRIBEHROUZ MEHRI/AFP/Getty Images

Iran seeks to regain oil market share regardless of price

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The Persian Gulf producer plans to restore output to the level it achieved before the economic curbs crippled production and exports, Oil Minister Bijan Namdar Zanganeh said Monday in Tehran.