Musk tweets Tesla to end customer referral plan because of costs

File photo showing Elon Musk speaks at an event to announce the name of the person who would be the first private passenger on a trip around the moon, in Hawthorne, Calif. (AP)
Updated 17 January 2019
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Musk tweets Tesla to end customer referral plan because of costs

LONDON: Tesla Inc’s customer referral incentive plan will end on February 1, the electric carmaker’s Chief Executive Officer Elon Musk tweeted on Thursday, citing costs.

The billionaire in the past few months has been pushing for cost-cutting initiatives to boost the company’s profitability.

Introduced in 2015, personal referral codes gave new buyers six months of free supercharging and prizes for existing owners such as launching personal photos into deep space or invites to a Tesla event.
Tesla operates its own stores but does not use franchised dealers or traditional advertising and marketing.


Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m

Updated 7 min 14 sec ago
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Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m

  • The sale is expected to complete later this year
  • Saudi Aramco Shell Refinery Co., based in Jubail Industrial City, has a crude oil refining capacity of 305,000 barrels per day

DUBAI: Saudi Aramco will acquire Royal Dutch Shell’s 50 percent stake in their Saudi refining joint venture SASREF for $631 million, the two companies said on Sunday.

The purchase, which is part of Aramco’s strategy to expand its downstream operations, will be completed later this year, they said in a joint statement.

Saudi Aramco Shell Refinery Co. (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).

“Saudi Aramco will take full ownership and integrate the refinery into its growing downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals business,” Abdulaziz Al-Judaimi, Aramco’s senior vice president of downstream, said in the statement.

Aramco aims to become a global leader in chemicals and the world’s largest integrated energy firm, with plans to expand its refining operations and petrochemical output.

For Shell, “the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell trading hubs and chemicals,” the company said.

Shell has sold over $30 billion of assets in recent years as it shifts its focus to lower carbon businesses such as natural gas and petrochemicals.