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Shell declares 'force majeure' on Nigeria crude exports LAGOS: Anglo-Dutch oil giant Shell said Wednesday it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline. Shell's subsidiary in Nigeria said the force majeure was effective from Tuesday "due to ongoing repairs on the 48-inch crude export line at Forcados Terminal in the Western Niger Delta". "Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control. Shell said the subsea pipeline was shut when a leak was discovered on March 4, leading to suspension of crude oil exports through the terminal, which can produce up to 400,000 barrels of crude per day. Shell has blamed repeated oil thefts and sabotage of key pipelines as the major cause of spills and pollution in the oil-producing region. Crude oil theft or "bunkering" is a major problem in Nigeria, with estimates that the ...

UK energy firm SSE to split retail and wholesale arms LONDON: British utility SSE said on Wednesday it will split its wholesale and retail divisions by March 2015, and will freeze its household energy prices until at least January 2016."We're making sure our own house is in order for the future by streamlining and simplifying our business," said chief executive Alistair Phillips-Davies.The company, Britain's biggest electricity provider, said it would also sell assets and businesses to raise 1 billion pounds ($1.65 billion) to reduce debt.It ...
Rosneft repays $10.6bn in loans before time for TNK-BP takeover MOSCOW: Russia's Rosneft, the world's largest listed oil company by output, said on Tuesday it had repaid some $10.6 billion to international banks raised for its takeover of TNK-BP. Rosneft, headed by Igor Sechin, a close ally of President Vladimir Putin, said it paid back loans ahead of time in December-March. Rosneft paid $55 billion to buy TNK-BP, once Russia's third largest oil producer, partly using loans. Copyright Reuters, 2014 ...
LNG tanker Milaha Qatar to arrive in Belgium around April 9 LONDON: The liquefied natural gas (LNG) tanker Milaha Qatar is expected to arrive at the port of Zeebrugge in Belgium around April 9, Reuters shipping data showed. The 145,000 cubic metre tanker's last port was Ras Laffan in Qatar. Copyright Reuters, 2014 ...
European physical coal prices rebound LONDON: European physical coal prices for June delivery rose slightly on Friday in a thinly traded market in reaction to a week-long downward trend. Cargoes for delivery in June to the ports of Amsterdam, Rotterdam and Antwerp (ARA) were valued at $76.25 a tonne, up $0.35 from the previous settlement. The contract has been falling most of the week thanks partly to mild weather and a perception that the delivery period had become over-valued. A ...
Oil firms keep up Gunvor trade after US sanctions target co-founder LONDON: Oil companies are reviewing their dealings with Russian commodities trader Gunvor but have not altered their business links, industry sources said on Friday, after the United States imposed sanctions on its billionaire co-founder. The United States added Gennady Timchenko to its sanctions list on Thursday, to put pressure on Russia over the annexation of Crimea, forcing him to sell his near 50 percent Gunvor stake to Chief Executive Officer Torbjorn Tornqvist this week to ...
Diesel steady on slowing demand, Ukraine tensions LONDON: European diesel barge differentials held steady on Friday as slowing demand in the region was offset by concerns that Western sanctions on Russia could impact the oil market. Buying interest in northwest Europe revived this week due to lower outright prices and a stronger euro, which makes dollar-denominated commodities cheaper. Demand however weakened on Friday, with fewer trades reported in Switzerland and Germany. Higher barge freight costs have further dampened demand, traders said. ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln