ConocoPhillips to buy back $30b of shares over 10 years

New York: ConocoPhillips has announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalisation, as the oil producer attempts to distance itself from the troubled US shale industry. The company also said it will pay dividends of about $20 billion over the period and limit […]

Adnoc signs 10-year partnership with Honeywell

Abu Dhabi: Adnoc on Wednesday announced a 10-year partnership with Honeywell to start one of the largest predictive maintenance projects in the oil and gas sector, as the group looks to maximise its operational efficiency. Under the agreement, Adnoc will utilise Honeywell’s monotiroing and predictive analytics platform, with the AI technology helping in cost savings, […]

Egypt wealth fund seeks more Gulf partners to lure investments

Dubai: Egypt’s new sovereign wealth fund is looking to more oil-rich Gulf countries to drum up foreign investment, as the Arab world’s most populous nation presses on with the next phase of its planned economic revival. After launching a $20 billion investment platform with the UAE, Egypt’s fund is now setting its sights on Saudi […]

Continental to slash 5,500 jobs in savings drive

FRANKFURT: Continental confirmed Wednesday it would slash 5,500 jobs by 2028, as the German car parts giant seeks massive savings to confront a stuttering global economy and weaker demand for combustion engines. The jobs cull affecting Germany, Italy and the US would support Continental’s “urgently needed technological transition and thus the strengthening of our competitiveness […]