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Rosneft May Increase Planned 2011 Investment 50%

Παρ, 31 Δεκεμβρίου 2010 - 15:59

Russia's biggest oilproducer, state-controlled OAO Rosneft, may increase planned investment spending in 2011 by almost 50% from previous expectations, a person familiar with the matter said Thursday. The person told Dow Jones Newswires that Rosneft's board is considering spending 415 billion rubles ($13.7 billion) in 2011, but has yet to approve the figure

Belarus, Russia To Agree 2011 Gas Price In February

Παρ, 31 Δεκεμβρίου 2010 - 15:58

Belarus hopes to reach an agreement with Russia within six to eight weeks on lower natural gas prices for 2011, the country's First Deputy Prime Minister Vladimir Semashko said Thursday according to the Interfax news agency. "The Belarussian government is making efforts to ensure certain adjustment, so that we have equally profitable prices in 2011," Semashko said

Iran Gasoline Use Down 20% Year-On-Year After Subsidy Cut

Τετ, 29 Δεκεμβρίου 2010 - 17:48

Iran's gasoline consumption has fallen by 20% on a year-on-year basis since a four-fold price increase came into force, a top Iranian oil official said Wednesday, as a broad overhaul of subsidies hit oil-products use. The gasoline subsidy cut comes after a U.S. ban this summer on the country's gasoline imports. Feared riots against the rise have not materialized so far amid cash payments to compensate the less well-off and heavy police presence

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