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Greece’s Illegal Fuel Trade out of Control

One August night on the outskirts of Elefsina, a young man was working feverishly next to a parked truck. He was diverting fuel from an underground petroleum pipeline – Hellenic Petroleum (ELPE)’s main pipeline linking the Aspropyrgos Refinery with the installations at Elefsina – into the truck with the help of a hose and pressure meter. Suddenly, a team of Western Attica police descended on him.

Keystone,MOL Confirm Iraqi Kurd Oil Exploration Deals

U.K.-listed independent oil company Gulf Keystone Petroleum Ltd Wednesday confirmed it had signed two deals to drill for oil in Iraqi Kurdistan along with a subsidiary of Hungary's MOL Nyrt.

Italy OKs 1st Pwr Merchant Line, To Import Swiss Electricity

The Italian Industry Ministry late Tuesday approved the country's first power merchant line that will allow for electricity to be imported from Switzerland as Italy seeks to boost its energy security. The ministry said it gave the go-ahead for the construction of the power line with a capacity of 150 megawatts linking Campocologno in Switzerland and Tirano in Italy.

MOL, CEZ To Build Two 800MW Plants In JV - Newspaper

Hungarian oil and gas company MOL Nyrt. and Czech energy firm CEZ AS are to build two generators with an 800 megawatt capacity each in a joint venture, MOL Chief Financial Officer Jozsef Molnar said at a conference, as reported in business daily Napi Gazdasag.

Nord Stream Construction Delayed By 6 Months - Report

The Nord Stream gas pipeline project between Russia and Germany has been delayed by six months, Interfax news agency reported Tuesday citing the project's technical director Sergei Serdukov. Construction of the pipeline, which is led by Russia's OAO Gazprom (GAZP.RS), will now begin in June 2009 and the first gas will be delivered on Nov. 30, 2010, two months later than initially planned, Serdukov told journalists.

Exxon Sees Rising CO2 Emissions Despite More Renewable Fuels

It's hardly surprising that Exxon Mobil Corp. (XOM) forecasts continued steady growth in petroleum demand for decades to come. But the oil giant also sees alternative sources of energy rapidly expanding their share of the market, even if they require a big push in the form of government subsidies and legislation.

Gasunie Joins Nord Stream; Gazprom Gets BBL Option

OAO Gazprom (GAZP.RS) Tuesday said Nederlandse Gasunie N.V. would join the Nord Stream pipeline project in a deal that could give the Russian gas monopoly a bigger role in the European market.

Oil at $100 Barrel Likely A Short-Term Gain For Russia

Russia will cash in if oil prices continue to surge but any windfall would likely mean the country suffering its corollary - rising inflation. Should the price hit $100 a barrel as oil analysts are widely predicting - Tuesday Brent-blend benchmark was $92 - the country's Stabilization Fund, which amasses windfall oil revenue, would be boosted to more than 4 trillion rubles ($162 billion). While that creates new wealth and strengthens President Vladimir Putin's hand on the world stage, longer term the massive accumulation of windfall oil money can create a lethal combination of inflationary pressures and speculative capital that could threaten economic stability.

Hungarian MOL Buys 40% Stake in Cameroon Oil Fiield

Hungarian oil and gas company MOL Magyar Olaj- es Gazipari Nyrt.said Tuesday that it signed a sales and purchase agreement with Tullow Oil Plc. to acquire Tullow's 40% non-operated interest in the Ngosso Permit, offshore Cameroon Nov. 5, 2007.

Oil Falls as Citi Woes Revives Credit Concerns

Oil fell back sharply on Monday after a warning by top bank Citigroup of more write-downs related to risky U.S. mortgages heightened concern over the economic health of the world's biggest fuel consumer. U.S. light crude dropped $1.14 a barrel to $94.79 by 7:50 a.m. EST. It hit a record of $96.24 on Nov 1. London Brent crude lost $1.13 to $90.95.

Terna Energy Completes IPO Successfully

Terna Energy initial public offering was covered more than three times, the company said. The offer was completed on Friday. Terna’s offering was for 30.6 million shares while the price was set at 11 euros per share. Total proceedings reached 330/7 million euros.

Russia in Ukraine Refinery Spat

Russia says the armed seizure of a Ukrainian oil refinery in which it has a stake is a "flagrant outrage". Russian First Deputy PM Sergei Ivanov accused Kiev of "inaction" after a former head of the Kremenchuk refinery, backed by armed guards, was reinstated.

PPC’s Restructuring on (02/11/2007)