Unilever, the world’s second- biggest consumer-products maker, plans to open a manufacturing plant in Ethiopia during the next year in a bid to emulate its expansion into Vietnam, a company official said.
Sasol Ltd., the biggest producer of liquid fuels from coal, said first-half profit rose 26 percent as a weaker rand countered a 5.3 billion-rand ($492 million) writedown in the value of its Canadian gas assets.
Money is flooding into exchange- traded funds focused on health care at the fastest rate in at least six years, driven by booming biotechnology and pharmaceutical sectors bringing new products to market.
Spending cuts from Statoil ASA and other oil companies and rising industry costs will create delays and is endangering projects offshore Norway such as a new platform at the Snorre field, government-owned Petoro AS said.
AGL Energy Ltd., Australia’s second- largest electricity retailer, said a decision to go ahead with its Gloucester coal-seam gas project may be delayed until next year as the company faces opposition to fracking.
Oil Search Ltd., Exxon Mobil Corp.’s partner in a $19 billion liquefied natural gas venture in Papua New Guinea, halted its shares before a statement about a material acquisition, possibly a stake in a new project.
Lundin Petroleum AB, the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges.
Statoil ASA said a fourth well meant to boost oil resources at its delayed Johan Castberg project in the Barents Sea found only gas, increasing pressure on Norway’s biggest energy company to cut development costs.