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Venezuela fined $1.6bn for taking ExxonMobil assets NEW YORK: A World Bank arbitration panel Thursday ruled that the Venezuelan government must pay ExxonMobil $1.6 billion to compensate for taking control of the US firm's heavy-oil project in the country.A three-member arbitration panel for the Washington-based International Centre For Settlement of Investment Disputes (ICSID) unanimously granted the award to the biggest US oil company following the June 2007 expropriation of the Cerro Negro project in Venezuela, a heavy-oil region known as the Orinoco Belt.The panel rejected arguments offered by ExxonMobil that Venezuela's taking of the Orinoco property represented an illegal expropriation.However, the panel said the award was warranted as "just compensation" under an international investment treaty signed by Venezuela.The panel set the $1.6 billion figure based on an analysis of future revenues and expenses of the Cerro Negro project that looked at expected oil prices, among other factors.The ICSID decision against Venezuela follows a January 2012 judgment against ...


Oil prices extend losses on demand fears SINGAPORE: Oil prices sank Friday to more than two-year lows as weak economic data from Germany underscored concerns over a global economic slowdown and its impact on energy demand, analysts said.In Asian trade US benchmark West Texas Intermediate for November delivery tumbled $1.49 to $84.87, its weakest level since June 2012.Brent crude fell $1.61 to $88.44, also the lowest level since June 2012.The losses come as equities markets suffer another heavy sell-off.Another round of negative ...

UK gas prices rise on lower flows, under supplied system LONDON: Wholesale natural gas prices in Britain firmed on Thursday amid lower flows from Norway and an under supplied system.Day-ahead prices opened higher and hit a four-day peak of 51.0 pence/therm before falling back to 49.95 pence by 0852 GMT, a daily gain of 0.9 percent."A heavy drop in Langeled flows is the main bullish driver for the day-ahead contract, and oil is traded slightly up, offering some additional support," analysts at Thomson Reuters Point ...

Brent crude price drop prompts buying spree by China SINGAPORE/BEIJING: A 20 percent drop in global oil prices has whetted top energy consumer China's appetite for crude with PetroChina snapping up more than 8 million barrels in just over a week.Ample crude oil supply and lower economic growth from China to Europe has hammered oil prices over the past three months, with Brent this week hitting its lowest in more than two years.But prices may have reached a point where consumers such as China ...

Oil resumes fall back to $91 on economy worries, supply glut LONDON: Brent oil fell to $91 a barrel on Thursday, heading back to over two year lows, as a supply glut and concerns about global growth have pushed it 20 percent down from its peak in June.Brent for November delivery was down 34 cents at $91.04 by 1005 GMT, having fallen to $90.98 minutes earlier. The front-month contract fell as low as $90.57 on Wednesday, the lowest since June 2012, before recovering to close at ...

Asia Pacific crude Sokol premium drops; Brent/Dubai gap widens SINGAPORE: The Asia-Pacific crude market came under pressure on Thursday, as premiums for Russia's Sokol dropped to a more than four-year low, while Brent's premium to Dubai swaps rose to its highest in nearly 10 weeks.Russia's Rosneft sold a prompt Sokol cargo in a tender to Vitol at about $3.50 a barrel above Dubai quotes, traders said.The 700,000-barrel cargo is due to load Nov. 19-28. Rosneft had extended the validity of the tender from Oct. ...

Middle East Crude Chinaoil continues buying spree SINGAPORE: Dubai strengthened in the Middle East crude market on Thursday as Chinaoil continued its buying spree.Chinaoil bought 63 Dubai partials on the Platts window, leading to the delivery of four physical cargoes. This raised the total number of cargoes Chinaoil purchased to 17 in just six trading days this month.Shell will deliver one cargo each of Oman and Upper Zakum while Chinaoil will also receive an Oman cargo from Unipec and an Upper Zakum ...


 



 
Index Closing Chg%
Arrow DJIA 16,461.32 0.92
Arrow Nasdaq 4,382.85 0.83
Arrow S&P 1,927.11 0.73
Arrow FTSE 6,399.73 0.43
Arrow DAX 8,940.14 0.60
Arrow CAC-40 4,105.09 0.58
Arrow Nikkei 15,195.77 2.64
Arrow H.Seng 23,403.97 1.37
Arrow Sensex 26,787.23 0.80





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln