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Eni to sell 1.4mn tonnes/year of LNG to Indonesia's Pertamina MILAN: Italian oil firm Eni on Tuesday signed agreements to sell 1.4 million tonnes per annum (mtpa) of liquefied natural gas from an Indonesian deepwater project to state-run company Pertamina. Production will start in 2017 and come from the Jangkrik Field Development Project offshore Indonesia, a block in which Eni holds a 55 percent operating stake. Gas from the project will be piped to the country's Bontang LNG plant, where it will be liquefied. "It is one of the first deepwater gas projects in Indonesia being developed under a fast-track scheme, and confirms Eni's commitment in supplying gas for the development of the Indonesian domestic market," Eni Chief Executive Claudio Descalzi said in a statement. The other joint-venture partners are GDF Suez Exploration Indonesia, a unit of Engie, with 33.334 percent and Saka Energi Muara Bakau with 11.666 percent. Indonesia was once self-sufficient in oil and gas but has struggled ...

Oil prices retreat on Greece LONDON: Oil prices dropped on Monday, tracking a sell-off in global equity markets and the euro caused by fears of a Greek debt default, analysts said.US benchmark West Texas Intermediate for August delivery slid $1.40 to $58.23 compared with Friday's close.Brent North Sea crude for August lost $1.71 to stand at $61.55 a barrel in London midday trade.Daniel Ang, investment analyst at Phillip Futures, said the weakening euro "could see crude prices continue to drop, ...
Russia's Rosneft reports first quarter profit rise of 30pc MOSCOW: Russia's oil giant Rosneft said Friday its net profit rose by 30.2 percent in the first quarter from the same period last year to 56 billion rubles ($1 billion).The results were adjusted however as the company revised its 2014 first-quarter income down from 88 to 43 billion rubles to exclude the exceptional profit from its sale of a stake in Yugragazpererabotka, a gas processing joint venture with Sibur.Sales were down 6.3 percent to 1,288 ...
Oil prices slip as Greece and Iran rattle market LONDON: Oil prices fell on Thursday as concerns over Greek debt negotiations and the potential easing of sanctions on crude-producing Iran overshadowed strong U.S. demand figures.North Sea Brent crude oil traded within a fairly narrow range as investors eyed a weak physical crude market in the Atlantic Basin amid reports of healthier demand for gasoline and diesel in the United States and Europe.But to-the-wire talks between Greece and its international creditors that have thus far ...
Oil prices mixed after falling LONDON: Oil prices were mixed Thursday after falls the previous day caused by high US output, while the market also tracked talks concerning Iran's nuclear programme.US benchmark West Texas Intermediate for August delivery fell 23 cents to $60.04 from Wednesday's close.Brent North Sea crude for August edged up three cents to stand at $63.52 a barrel in London midday deals.Prices had fallen Wednesday as the weekly US energy inventory report showed domestic output remaining at ...
Statoil cancels China Oilfield Services rig contract OSLO: Oil major Statoil has cancelled a rig contract with China Oilfield Services some 13 months ahead of the expiry date, the Norwegian company said, blaming overcapacity in its rig portfolio. Statoil suspended its use of the COSL Pioneer last October after cutbacks in the firm's investment plans following a sharp drop in crude prices. "Statoil has not managed to find alternative activity for the rig," it said on Wednesday. Copyright Reuters, 2015 ...
Total pulls out of Russian gas project PARIS: Total said Wednesday it had pulled out of the Shtokman natural gas project in the Barents Sea, with development of one of the world's largest untouched gas fields apparently falling victim to Western sanctions in Russia."Total has passed to Gazprom its 25 percent share in Shtokman Development AG and expressed its interest to further cooperate on the project should it enter an active phase," the French energy company said, confirming a report in the ...


Index Closing Chg%
Arrow DJIA 17,689.86 0.03
Arrow Nasdaq 5,128.28 0.01
Arrow S&P 2,103.84 0.23
Arrow FTSE 6,696.28 0.41
Arrow DAX 11,308.99 0.46
Arrow CAC-40 5,082.61 0.72
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Arrow H.Seng 24,636.28 0.56
Arrow Sensex 28,114.56 1.48

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln