07022016Sat
Last update: Sat, 02 Jul 2016 07am

Markets - Energy

Markets - Energy - Middle East & Africa

Nigeria signs $80bn of oil, gas infrastructure deals with China LAGOS: Nigeria has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, the West African country's state oil company said on Thursday. Nigeria, an OPEC member which was until recently Africa's biggest oil producer, relies on crude sales for around 70 percent of national income, but its oil and gas infrastructure is in need of updating. The country's four refineries have never reached full production because of poor maintenance, causing it to rely on expensive imported fuel for 80 percent of energy needs. These problems have been exacerbated by a series of attacks on oil and gas facilities by militants in the southern Niger Delta energy hub which pushed production down to 30-year lows in the last few weeks. Oil minister Emmanuel Ibe Kachikwu, who also heads the Nigerian National Petroleum Corporation (NNPC), has been in China since Sunday for a roadshow aimed at raising investment."Memorandum of ...

Markets - Energy - Asia

Asia Fuel Oil-380-cst contango and cash discounts widen despite inventory draw SINGAPORE: Front-month July-August time spreads and cash discounts of 380-cst fuel edged lower on Thursday despite a drop in Singapore onshore fuel oil inventories to a 10-week low."It's a bit odd that the market weakened today, but maybe traders are taking a breather after yesterday's rally," one Singapore-based trader said.The time spreads widened their contango structure on Thursday to $1.25 a tonne below Singapore quotes, down 25 cents from the previous settlement.In the cash markets, ...

Markets - Energy - Europe

Norway oil wage talks begin as workers threaten strike OSLO: Energy companies and trade unions in Norway began two-day wage talks on Thursday in a bid to avert a strike that would cut output from Europe's largest oil producer by six percent, the Norwegian Oil and Gas Association (NOG) said. Unions are seeking pay increases in line with other industries while producers want workers to refrain from seeking such increases and to accept more flexible work practices citing still weak oil prices. Brent crude ...

Markets - Energy - Europe

Norway oil and gas output to fall by 6pc in case of strike OSLO; Norwegian oil companies and trade unions began two-day wage talks on Thursday in a bid to avert a strike that would initially cut the country's output by 229,000 barrels of oil equivalents, the Norwegian Oil and Gas Association (NOG) said. Oil and gas production at five offshore fields operated by ExxonMobil, Engie and BASF's Wintershall unit will shut on July 2 if no compromise is found, it added.The initial cut represents about 6 percent ...

Markets - Energy - Europe

Oil falls towards $50 on higher supply outlook, economic worries LONDON: Oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week. Returning Nigerian supply will put pressure on prices, Goldman Sachs said, adding that outages caused by Canadian wildfires would virtually end by September.Norwegian supply could be hit by a threatened workers' strike, however.Brent crude was down 48 cents a barrel at $50.13 as of 0856 ...

Markets - Energy - Europe

Russia's Gazprom to announce gas supply auction for Europe in July MOSCOW: Russia's Gazprom plans to announce a gas auction for autumn-winter gas deliveries to North-Western Europe next month, Gazprom's Deputy Chief Executive Alexander Medvedev told reporters on Thursday. Medvedev also said that he planned to meet the European Commision on Gazprom's anti-monopoly case before August. He was speaking on the sidelines of Gazprom's annual shareholders meeting in Moscow.Copyright Reuters, 2016

Markets - Energy - Europe

Premature to say if Turkstream gas project will be resumed MOSCOW: The Kremlin said on Thursday that it is still premature to say whether the Turkstream natural gas pipeline project involving Turkey will be resumed. "It looks like it is still premature to talk about this," Kremlin spokesman Dmitry Peskov told a conference call with journalists. "Various (gas pipeline) routes are now being discussed in a framework format.""It's too early to say now what routes will finally be chosen and enter a development stage."Copyright Reuters, ...