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Italian Consortium To Build Iraqi Refinery

Τρι, 26 Ιουλίου 2011 - 23:19

An Italian consortium will build and operate a 200,000-barrels-a-day refinery in central Iraq as part of a drive to boost fuel supply, the country's deputy oil minister said Tuesday. Ahmad al-Shammaa told Dow Jones Newswires the preliminary agreement is valid for six months, during which time the consortium should make progress on securing finance and equipment to build the project in Kerbala province, some 100 kilometers south of Baghdad

No Extra Capex Needed To Produce New Brazil Reserves

Τρι, 26 Ιουλίου 2011 - 23:18

Almost all of the extra 3 billion barrels equivalent of oil and gas reserves BG Group PLC added in Brazil last month reside in prior discoveries that can be produced without additional capital expenditure, Chief Executive Frank Chapman said Tuesday

BP Shares Drop After Earnings Miss Expectations

Τρι, 26 Ιουλίου 2011 - 23:16

BP PLC faced fresh scrutiny from investors Tuesday after quarterly earnings beat last year's level but came in below expectations following a big drop in oil and gas production. BP posted a 12% rise in adjusted profit for the second quarter as it benefited from higher crude prices and better refining margins. But oil and gas production fell a whopping 11% compared with the 2010 quarter due in part to anemic output in the Gulf of Mexico and unexpected maintenance in the North Sea and Angola

Dow Chemical, Aramco To Build $20B Saudi Chemicals Complex

Τρι, 26 Ιουλίου 2011 - 23:14

Saudi Arabian Oil Co. and Dow Chemical Co. on Monday outlined plans to build one of the world's largest chemicals plants in the Gulf kingdom and float the $20 billion joint venture ahead of its planned start-up in 2015. The partners will spend around $12 billion building the plant, located at Jubail on Saudi Arabia's Persian Gulf coast, producing high-margin chemicals and plastics for fast-growing Asian and Middle East markets, with another $8 billion earmarked for third-party investors and contingencies

Gazprom Outlook Positive on Europe - Renaissance

Δευ, 25 Ιουλίου 2011 - 17:47

Gazprom's market conditions in Europe are improving as a result of nuclear power restrictions, despite it agreeing price discounts with Edison, says Renaissance Capital. "While providing discounts to one European customer may be interpreted by the market that Gazprom's export strategy based on long-term oil-indexed contracts could be changing, we think that market conditions in Europe could be changing in favor of Gazprom," it notes

Nord Stream CEO Warnig Joins Russian Pipeline Operator Board

Δευ, 25 Ιουλίου 2011 - 17:45

Matthias Warnig, Chief Executive of the Nord Stream AG pipeline consortium has been appointed to the board of Russian pipeline operator OAO Transneft, replacing energy minister Sergei Shmatko, the company said Monday. The appointment comes after state oil producer OAO Rosneft earlier this month said Warnig is the only candidate to replace Yuri Petrov on its board at an extraordinary general meeting in September

South Korea, India Sign Nuclear Power Cooperation Agreement

Δευ, 25 Ιουλίου 2011 - 17:44

South Korea said Monday that it signed an agreement Monday for nuclear power cooperation with India, providing a legal basis for South Korea's future participation in nuclear power plant projects in India. The agreement was signed after South Korea's President Lee Myung-bak met with India's President Pratibha Patil, the presidential office said in a statement

Turkey's Aksa Enerji Sells 26.5% Share To Goldman Sachs $450M

Δευ, 25 Ιουλίου 2011 - 17:43

Turkish electricity generator and energy company Aksa Enerji Uretim AS has decided to sell 26.5% of its shares to Goldman Sachs Group Inc for around $450 million, chairman Cemil Kazanci said Monday. "Goldman Sachs made such a big deal by trusting Aksa Enerji," Kazanci told the local broadcaster CNBC-e.

Iraq To Export 10,000 B/D Of Crude Oil To Syria

Δευ, 25 Ιουλίου 2011 - 17:33

Iraq is about to reach a final agreement with the Syrian government to start exporting some 10,000 barrels a day of Iraqi crude oil to Syria and gradually increase that amount, a senior Iraqi oil official said Monday. "We are in the final stages of reaching an agreement to start exporting to Syria," the official told Dow Jones Newswires

Iraq, Iran, Syria Sign Preliminary $10B Gas Pipeline Contract

Δευ, 25 Ιουλίου 2011 - 17:31

The oil ministers of Iraq, Iran and Syria Monday signed a preliminary agreement for a $10 billion natural gas pipeline deal, the official Iranian News Agency IRNA and other Iranian media reported. The document was inked in the Assalouyeh industrial region located in the southern province of Bushehr by Iranian oil minister Mohammad Aliabadi, Iraq's oil minister Abdul Kareem Luaiby, and Syrian counterpart Sufian Alow, the agency said

Deutsche Bahn, RWE Sign Billion-Euro Hydro Electricity Deal

Παρ, 22 Ιουλίου 2011 - 16:51

Deutsche Bahn AG Friday said it has signed a billion-euro contract with German utility RWE AG (RWE.XE) for the supply of hydro electricity, without elaborating on the details.

Iran Hopes For End To Misunderstandings With Saudi

Παρ, 22 Ιουλίου 2011 - 16:51

Iranian Foreign Minister Ali Akbar Salehi said Friday that he hoped "misunderstandings" with Saudi Arabia could be resolved after a war of words erupted over its military intervention in Bahrain.

Cypriot Party Leaders Meet To Agree On Austerity Plan Amid Crisis

Παρ, 22 Ιουλίου 2011 - 16:50

Cyprus' political party leaders meet Friday, seeking to hammer out an emergency austerity package to ease market fears that an escalating economic crisis and exposure to Greek banks could see the island nation added to the list of euro zone bailouts.

Eni Signs Memorandum Of Understanding With Sinopec

Παρ, 22 Ιουλίου 2011 - 16:50

Eni SpA (SpA) Friday confirmed it signed a memorandum of understanding with China Petroleum & Chemical Corp. (SNP), or Sinopec, as Italy's biggest oil and natural gas company strengthens its ties with Chinese hydrocarbon firms.

Somali Pirates Threaten European Oil Security

Παρ, 22 Ιουλίου 2011 - 16:50

Moving oil from the Middle East to Europe isn't as easy as it used to be. For many European nations, sourcing oil from countries such as Saudi Arabia or Kuwait is becoming increasingly tricky because crude tankers must travel through areas such as the Gulf of Aden, a region prone to Somali hijackings.

UN Watchdog Reviews South Korea's Nuclear Safety Regulations

Παρ, 22 Ιουλίου 2011 - 16:49

The United Nations atomic watchdog said Friday an international team of senior nuclear safety experts has given the thumbs up to South Korea's nuclear safety regulatory program following a mission there.