06292016Wed
Last update: Wed, 29 Jun 2016 03am

Europe

Markets - Energy - Europe

Gold eases from six-week high ahead of Fed decision LONDON: Gold fell from the previous session's six-week high ahead of a Federal Reserve policy decision later on Wednesday, though concerns over an upcoming vote on Britain's membership of the European Union underpinned prices.The metal has rallied for the last five sessions as assets seen as higher risk, such as shares, saw heavy losses on the back of Brexit fears, while yields on safe-haven German Bunds fell below zero for the first time.Gold has taken a breather, however, as dealers await the Fed meeting. The metal is highly sensitive to US interest rates, increases in which lift the opportunity cost of holding non-yielding gold, while boosting the dollar, in which it is priced.Spot gold was down 0.3 percent at $1,281.61 an ounce at 1145 GMT, while US gold futures for August delivery were down $3.40 an ounce at $1,284.70.The Fed is expected to keep interest rates unchanged on Wednesday and ...

Markets - Energy - Europe

BP plans to keep its stake in Russia's Rosneft unchanged MOSCOW: International oil major BP plans to keep its stake in Russian oil giant Rosneft at the current level, Interfax news agency reported on Wednesday, citing BP's Chief Executive Bob Dudley. Russian government plans to sell a stake in Rosneft as part of its privatisation programme. BP owns a 19.75-percent stake in Rosneft. Copyright Reuters, 2016 ...

Markets - Energy - Europe

Norway MPs vote to go carbon neutral by 2030 OSLO: Lawmakers have voted for Norway, a major energy-producing nation, to become carbon-neutral by 2030, two decades ahead of schedule, as a result of the UN's December 2015 climate accord.A resolution was approved by MPs late Tuesday in a 54-47 vote despite opposition from the conservative minority government.To achieve its goal of being a zero net contributor to carbon, Norway will have to purchase so-called carbon offsets abroad.Offsets are investments in projects that reduce carbon ...

Markets - Energy - Europe

Russia's Gazprom says exports to Europe and Turkey up 15pc year-to-date MOSCOW: Russian gas giant Gazprom said on Wednesday its gas exports to Europe and Turkey have increased 15 percent from the start of the year, or by 10.2 billion cubic metres. Gazprom said exports have been rising to Italy, which replaced Turkey as the second-largest buyer of Russian gas. Germany has remained the top consumer of the Russian gas. Copyright Reuters, 2016 ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks extend losses, Med demand emerges LONDON: Gasoline refining margins in northwest Europe fell for a second consecutive session on weak prompt demand and rising supplies as July buying interest emerged in the Mediterranean. High inventories in the United States are putting pressure on the arbitrage from Europe, and demand on that front remains weak, traders said. The end of industrial action in France and the return onstream of Total refineries there will augment the supply length in Europe. Naphtha traders ...

Markets - Energy - Europe

Pemex to speed up overhaul to beat falling oil output LONDON: Mexico's national oil company plans a wave of new asset sales and production partnerships to navigate through the oil price downturn and stabilize soaring debt and falling production levels, its chief executive officer said. Petroleos Mexicanos, known as Pemex, is undergoing sweeping reforms after which CEO Jose Antonio Gonzalez Anaya hopes it will emerge as one of the industry's leading national companies such as Norway's Statoil. Gonzalez Anaya, 48, took over the Pemex leadership ...

Markets - Energy - Europe

West Africa Crude-Trade thin as Angolan programme awaited, weaker margins LONDON: Traders said offers for Nigerian grades were too high to tempt refiners which are under pressure from falling margins. A strike at some of Total's French refineries helped to buoy cracks for several weeks but now refiners face a global gasoline glut. The arbitrage of Nigerian crude to the United States has also slowed down, one trader said. An incident on an offshore platform in Angola's oil-producing Cabinda region has raised concerns of a ...