OPEC Summit

Saudi Aramco is in talks with banks about a $10 billion loan for general business purposes, according to two banking sources, with sources saying the deal could close by the end of the month. “News of the talks comes at a time when Aramco, the world’s biggest oil exporter, is adapting to much lower crude prices than have been experienced in recent years, with the firm saying last month it will renegotiate some contracts and postpone some projects due to falling oil prices.

Aramco also has a $4 billion existing loan due to mature later this year, and has been linked with acquiring a minority stake in German synthetic rubber firm Lanxess.” [Reuters]

A study has concluded hydroelectric pumped-storage development should expand In Germany. “”The study points out that pumped-storage power plants will provide a significant back-up to the integration of renewable energies from 2030,” said Dr. Andreas Schäfer. Andreas is chief engineer at the Institute for Electric Plants and Energy at RWTH Aachen and led the study