13 February 2024
13 February 2024
The combined company is expected to produce 816,000 barrels of oil and gas per day.
The decision comes after the plant was taken over by the state-controlled petroleum company Pemex in December.
The Saudi energy minister confirmed that the decision was not taken hastily and resulted from a continuous review of market conditions.
There is an option for Vitol to purchase an additional stake of up to 5% in Saras as per the deal.
Academics have expressed concern over the delay, arguing that it “jeopardises” sustainable development.
Europe's supplies are “safe and stable”, but cold weather and geopolitical tensions threaten a repeat of the energy crisis.
The two companies will cooperate in liquefied natural gas (LNG) procurement and the development of LNG-receiving terminals.
Data reveals significant control by major corporations across electricity, gas and mining industries.
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