08242016Wed
Last update: Wed, 24 Aug 2016 04pm

Markets - Energy

Markets - Energy - Europe

Energy giants call German nuclear phase-out 'expropriation' BERLIN: Three energy giants Tuesday told Germany's top court that they should be compensated for the nuclear phase-out Chancellor Angela Merkel's government decided after the Fukushima disaster five years ago.Energy giants E.ON, RWE and Sweden's Vattenfall want the Constitutional Court to rule that the move amounted to an "expropriation" of their assets.They hope that would bolster damages claims they have already launched in lower regional courts where they are reportedly demanding a total of at least 15 billion euros ($17 billion) in separate cases.Merkel's government decided after Japan's March 11, 2011 earthquake, tsunami and subsequent Fukushima reactor meltdowns to halt operations of Germany's eight oldest nuclear plants, and to shutter the other nine by 2022.Today, eight of Germany's 17 nuclear plants remain in operation. The move, shortly before key regional elections, marked a sharp reversal for Merkel. She had earlier overturned a phase-out ordered by a previous government in 2002 ...

Markets - Energy - Europe

Russia's Novatek inks 1.09 bn euro Yamal stake sale with China fund MOSCOW: Russia's Novatek finalised Tuesday a 1.09-billion-euro ($1.2-billion) deal to sell China's Silk Road Fund a 9.9 percent stake in an Arctic natural gas project whose development has been complicated by Western sanctions against Moscow.The deal concerning the equity stake in the Yamal LNG project had been discussed for months but this is the first time Novatek disclosed the transaction value.Yamal LNG -- which is set to be launched in 2017 -- is a liquefied ...

Markets - Energy - Middle East & Africa

Kuwait's KNPC close to $3bn loan to part-fund major refineries revamp DUBAI: Kuwait National Petroleum Company (KNPC) expects to close the first phase of funding for its multi-billion-dollar Clean Fuels Project with local banks as soon as the first week of April, the state oil refiner told Kuwait News Agency on Tuesday. Part of the country's 30 billion dinar ($100 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks slip amid ample supplies LONDON: Benchmark diesel refining margins in northwest Europe weakened on Tuesday as more supplies were offered from Russia and Asia despite lower regional production due to maintenance. Supplies in the region were on the rise with more cargoes from Asia and the Middle East on offer, traders said. Warm weather and very high storage levels continued to cap demand. However, refinery turnarounds, which peak in Europe in March, were helping remove some of the heavy ...

Markets - Energy - Europe

Gazprom says EU looking into possible gas supply abuse in Bulgaria MOSCOW/BRUSSELS: The European Commission is looking into allegations that Gazprom abused its dominant position in the Bulgarian wholesale gas market, the Russian gas producer said in a prospectus for a bond issue. The Bulgarian case increases the pressure on the Kremlin's energy champion within the European Union, where it has already come under fire in eight countries for allegedly abusing its dominant position and overcharging customers. "The European Commission sent to Gazprom and Gazprom Germania ...

Markets - Energy - Europe

Oil prices ease over uncertain supply picture LONDON: Oil prices fell for a second day on Tuesday, as concerns emerged that a six-week rally may have fizzled after OPEC doused hopes for a speedy erosion of a global overhang of unwanted crude.The Organization of the Petroleum Exporting Countries said on Monday demand for its crude would be less than previously thought in 2016 as supply from rivals proves more resilient to low prices, increasing excess supply in the market.To tackle the surplus, ...

Markets - Energy - Europe

Oil extends losses under $40 LONDON: World oil prices sank on Tuesday, sliding further below $40 per barrel, as hopes faded that major crude producers would freeze output levels to ease a world surplus.Around 1200 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was down 81 cents at $36.37 per barrel.Brent North Sea crude for May delivery sank 96 cents to $38.57 per barrel compared with Monday's close.A meeting proposed by Russia and Saudi Arabia to discuss ...