Jul 23, 2010
Categories: News
Nigeria has no plans of selling any of oil refineries. Sources say the Nigerian National Petroleum Corporation would not sell it products marketing company or the National Gas Company. Levi Ajuonuma, the group general manager of public affairs, said in an e-mailed statement on Thursday. “I wish to categorically state that there is no clandestine move whatsoever to privatize the nation’s refineries, the PPMC or the NGC,” he said. “Efforts are in top gear by the federal government to ensure the speedy ... Read More
Jul 23, 2010
Categories: News
Tropical Storm Bonnie hit the Bahamas and was on a track to take it across or near southern Florida and into the Gulf of Mexico, according to the U.S. National Hurricane Center. The Gulf accounts for about 31% of U.S. oil output and 10% of its natural-gas production, according to the Energy Department. The coast along Louisiana and Texas is home to 42% of US refining capacity. The US Energy Department said on July 21 U.S. Crude stockpiles grew by 360,000 barrels ... Read More
Jul 23, 2010
Categories: News
Crude oil dropped after approaching an 11-week high, on speculation that rising U.S. inventories signal that prices have risen too fast. Oil has gained 3.8% this week as global stock markets rallied on growing optimism about the world’s economy. Crude for September delivery dropped as much as 51 cents, or 0.6 percent, to $78.79 a barrel, in electronic trading on the New York Mercantile Exchange. It was at $78.93 at 10:20 a.m. in London. Earlier, the contract rose as high as $79.42, ... Read More
Jul 22, 2010
Categories: News
Crude oil recovered from losses posted earlier after a report yesterday showed an increase in U.S. inventories. Crude for September delivery was up 8 cents at $76.64 a barrel in electronic trading on the New York Mercantile Exchange after falling as low as $76.16. Read More
Jul 22, 2010
Categories: News
Royal Dutch Shell Plc said it’s in exclusive talks with Vitol Group and Helios Investment Partners LLP over its planned sale of interests in 19 African retail and distribution units. “Under the terms of the proposed deal, which would see the Shell brand and products remain in each country, Vitol and Helios would become the majority shareholders in the businesses, with Shell retaining a shareholding,” Shell Oil Products said in an e-mailed statement on Wednesday. Shell said in April it’s reviewing its ... Read More
