AlphaMena on Tuesday downgraded oil refining and petrochemical company Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, to reduce from add and raised its price target to 15.40 Saudi riyals from 15.00 riyals.
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High energy costs are undermining the UK's economic performance, prompting business groups to urge the incoming government to shift billions of pounds in green levies from electricity bills to general taxation, Bloomberg reported Monday.Industrial electricity costs in the UK are 45% above the G7 median, putting businesses at a disadvantage internationally, the report said, citing a report by the Confederation of British Industry and Energy UK.About four in 10 companies surveyed said they have cut capital spending due to high electricity bills, the report said.
Tullow Oil's (TLW.L) Tullow Overseas Holdings secured an additional $9 million for the sale of Tullow Kenya to Gulf Energy Ltd affiliate Auron Energy E&P.As part of the deal, the London-listed oil company said Monday it will also give up its rights to Kenyan royalty payments and back-in rights with Gulf Energy.The sale and purchase agreement for Tullow Kenya was signed in July 2025 and included three payment tranches.
Oil and gas giant Shell (SHEL.L, SHELL.AS) said Monday it will sell Solenergi Power, which includes its Indian renewable energy business Sprng Energy, for $1.8 billion.The sale to Aditya Birla Group's renewable energy platform, Aditya Birla Renewables, is expected to complete by yearend. Shell said Sprng Energy employees will continue employment with the new owner.Sprng Energy supplies solar and wind power to electricity distribution companies in India.