05052016Thu
Last update: Thu, 05 May 2016 01pm

Europe

Markets - Energy - Europe

Gazprom posts profits up 5-fold in 2015 MOSCOW: Russian gas giant Gazprom said Thursday its net profit grew almost five-fold in 2015 despite the falling oil price, partly due to a rise in exports and the ruble's plunge in value.The state-controlled group during 2015 earned net profit of 787 billion rubles ($12.2 billion), higher than predicted by analysts interviewed by the Interfax news agency.Gazprom in 2014 saw its profits plunge sevenfold to 159 billion rubles, weighed down by fallout from the Ukraine crisis and the shrinking value of the ruble.The company said in its latest annual results that there was a big increase in "finance income".However its operating profit actually declined by 6 percent to 1.23 trillion rubles ($19.02 billion), while its operating costs rose 18 percent to 4.6 trillion rubles ($71.78 billion).Gazprom's sales were up 9 percent to 6.07 trillion rubles ($94.03 billion).The gas giant attributed its success to the strength of its gas exports to ...

Markets - Energy - Europe

Repsol to resume Libya activity once security allows: Spanish FM %9 TRIPOLI: Spanish oil giant Repsol is ready to resume activity in Libya once the security situation allows it, Spain's foreign minister said Thursday during a visit to Tripoli.Jose Manuel Garcia-Margallo was in Tripoli to demonstrate Spain's support for a new UN-backed Libyan government."Repsol is ready to resume production as soon as an accord is finalised," Garcia-Margallo said during a press conference after meeting the head of the unity government, Fayez al-Sarraj.Libya's warring rivals have come ...

Markets - Energy - Europe

Oil prices rally before US inventory data LONDON: Oil prices rose sharply for a second day running on Wednesday, reaching five-month highs awaiting the release of key US energy stockpiles data.West Texas Intermediate (WTI) reached $45.13 a barrel and Brent North Sea crude struck $47.05 in trading on Wednesday -- the highest points since early November.Shailaja Nair, associate editorial director at global energy information provider Platts, told AFP she "would still be cautious against the sustainability of this rise because the world ...

Markets - Energy - Europe

Rare gasoline cargo heads from China to United States LONDON: Trading house Trafigura is shipping a rare cargo of gasoline from China to the United States, as the recent weakening of the Asian market after months of stock builds opens up new routes. Asian gasoline stocks have risen sharply in recent months as traders and refiners betting on strong summer demand for the road fuel in China and other countries ramped up imports and production.China's teapot refineries, which only recently gained government approval to ...

Markets - Energy - Europe

Falling output and weaker dollar push oil to 2016 high LONDON: Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.The prospect of an agreement among the world's largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in ...