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Venezuela's Chavez Dares US To Cut Ties Over Ambassador Row

Τετ, 29 Δεκεμβρίου 2010 - 17:47

Venezuelan President Hugo Chavez on Tuesday dared the United States to "cut off diplomatic relations" over his opposition to U.S. President Barack Obama's choice of a new ambassador. Last week, Venezuela's foreign minister expressed hope that the two sides could resolve the row over diplomat Larry Palmer, who has been nominated by Obama but not yet confirmed by the U.S. Senate

Gulf Keystone To Contest Claim On Iraq Assets

Τετ, 29 Δεκεμβρίου 2010 - 17:46

Oil and gas company Gulf Keystone Petroleum Ltd. Wednesday said it has been taken to court in New York and London by a company claiming it is entitled to a 30% stake in Gulf Keystone's oil assets in Iraq's northern Kurdistan region. Excalibur Ventures LLC began proceedings in New York Dec. 23 to assert its claims and asked a London court to freeze Gulf Keystone's assets Dec. 21, Gulf Keystone said in a statement

Saudi-based Arabian Pipes Secures SAR315M Supply Contract

Τετ, 29 Δεκεμβρίου 2010 - 17:45

Riyadh-based Arabian Pipes Co. said Wednesday it secured a contract worth more than 315 million Saudi riyals ($84 million) from South Korea's GS Engineering & Construction Corp. to supply oil pipes to the capital of the United Arab Emirates

Serbia Introduces Free Oil Imports From 2011

Τετ, 29 Δεκεμβρίου 2010 - 17:41

The Serbian government decided Wednesday to allow the free import of oil and oil products and liberalize their prices from January 2011, Beta news agency reported. "This historic decision leads us towards a free market and free formation of prices which will mean a better quality of oil and oil derivatives for lower prices," Beta quoted Serbian Energy Minister Petar Skundric as saying

Vietnam, Russia Sign Pact To Extend Oil Cooperation

Τρι, 28 Δεκεμβρίου 2010 - 18:56

Vietnam and Russia have signed an agreement to continue oil exploration and production cooperation in Vietnamese waters by extending the life of an oil joint venture beyond 2010, the Vietnamese government said Tuesday. The agreement was signed Monday in Hanoi by Vietnam's Minister of Industry and Trade Vu Huy Hoang and Russian Ambassador to Vietnam Andrey G. Kovtun

Saudi Aramco Says Yanbu Refinery To Start Production In 2014

Τρι, 28 Δεκεμβρίου 2010 - 18:55

Saudi Arabian Oil Co., or Saudi Aramco, said its planned 400,000 barrel-a-day refinery in the industrial city of Yanbu on the Red Sea will start production in 2014, a year later than planned, after ConocoPhillipspulled out from the scheme earlier this year. The estimated $10 billion export refinery will process Arabian heavy crude oil to produce ultra-high-quality refined products to meet the most stringent global product specifications, the firm said in a statement late Monday posted on its website

Baghdad To Tackle Oil Issues, PM Vows

Τρι, 28 Δεκεμβρίου 2010 - 18:53

Prime Minister Nouri al-Maliki said his government would tackle logistical and other obstacles facing international oil firms working in Iraq, saying his country desperately needs to boost oil revenues to meet its massive infrastructure-investment needs. In his first interview since the Parliament confirmed his new cabinet this month, Mr. Maliki acknowledged that oil companies have been facing delays in getting necessary equipment into Iraq because of backlogs at the airport and the main border entry points in the southern oil hub of Basr

Korea Won't Make Improved Offer To Win Turkish Nuke Deal

Τρι, 28 Δεκεμβρίου 2010 - 18:50

South Korea is walking away from negotiations to build a nuclear power plant in Turkey after the two countries failed to reach an agreement last month mostly due to differences over electricity prices, a South Korean official said Tuesday. "As we have already presented the best offer we could to Turkey, there will be no concession in order to narrow the gap" an official with the Ministry of Knowledge Economy who took part in the negotiations with Turkey told Dow Jones Newswires. "We still believe electricity charges should be set high enough to recover investments in the project, but Turkey didn't buy the idea."

General Electric and Russia Join Forces In Projects

Τρι, 28 Δεκεμβρίου 2010 - 18:48

General Electric Co. is furthering two joint-venture agreements in Russia, a new area of focus for the conglomerate as Russian officials aim to improve energy and health-care infrastructure. GE said Monday it will form separate ventures with Russian energy company Inter RAO and state-owned technology-holding company Rostekhnologii

Iraq's Dec Oil Exports To Exceed 1.9 Million B/D - SOMO Chief

Δευ, 27 Δεκεμβρίου 2010 - 18:00

Iraq's crude oil exports in December are expected to exceed the 1.91 million barrels a day that the country exported in November, head of the State Oil Marketing Organization, or SOMO, said Monday. Falah Alamri told Dow Jones Newswires that oil exports in January are expected to hit 2 million barrels a day and that they will be increased further gradually during the rest of the year

Iraq's Anbar Authorities OK Kogas Group To Upgrade Akkas Field

Δευ, 27 Δεκεμβρίου 2010 - 17:57

Local authorities in the Iraqi Anbar governorate have finally given their approval for a consortium led by Korea Gas Corp., known as Kogas, to develop Akkas gas field in western Iraq after delaying the initial signing for a few weeks, head of the governorate said. "We welcome South Korean companies to develop Akkas gas field and invest in other projects in Anbar," Jasim Mohammed Hamad, mayor of the western Anbar province, where the field is located, told the local Al Anbar satellite channel late Sunday after meeting with the South Korean ambassador to Baghdad

Chinese Killed In Oil Refinery Blast In Zabaikalsky, Russia - Xinhua

Δευ, 27 Δεκεμβρίου 2010 - 17:56

Five Chinese were killed early Monday in an oil refinery blast in Zabaikalsky Kray, eastern Russia, Xinhua News Agency reported, citing Itar-Tass news agency. Huge flames were seen after the blast, the report said, citing a member of an investigative team. The blast was caused by a breach of working rules, Xinhua cited the Itar-Tass report as saying.

South Korea Must Improve Offer To Win Nuke Deal - Turkish Envoy

Δευ, 27 Δεκεμβρίου 2010 - 17:54

South Korea must make an improved offer if it wants to secure a project to build a Turkish nuclear power plant, the country's ambassador to Seoul said Monday. Erdogan Iscan said negotiations that began in March effectively halted after last month's Group of 20 industrial and developing nations summit in Seoul, when the two sides failed to settle key differences

Libya Oil Head Sees Oil Trading Between $90 And $110 In 2011

Δευ, 27 Δεκεμβρίου 2010 - 17:53

The Chairman of Libya's National Oil Corporation, or NOC, Shokri Ghanem said Monday oil prices will likely rise as high as $110 a barrel in 2011 and fall as low as $90 a barrel as the global economy continues on its path to recovery. "The price for the next year will be always hovering around $100-$110 a barrel, I think oil prices will break the $100 a barrel barrier in January and will be between $90-$110 for next year," Shokri Ghanem told Zawya Dow Jones by telephone from his office in Tripoli, Libya

Fuel Consumption Falls After Subsidy Cuts: Iran

Δευ, 27 Δεκεμβρίου 2010 - 17:51

Fuel consumption across Iran has fallen since the government began scrapping subsidies on energy goods, a top official said on Monday, adding the economic restructuring has been generally well received. "In the first nine days of the launch of the subsidy removal plan, the energy consumption has fallen," Deputy Economy Minister Mohammad Reza Farzin told AFP in an interview

Iran's Blurry Energy Problems

Δευ, 27 Δεκεμβρίου 2010 - 13:32

One of Tehran’s signature landscapes — the imposing, rugged line of the Alborz Mountains at the city’s northern boundary — has suddenly become an elusive one. Instead, Tehranis’ eyes, and complaints, have turned toward a dense and noxious wall of smog that has only rarely lifted during the past two months