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Estonia eyes squeezing more liquids from oil shale TALLINN: Estonia wants to produce more oil and gas from local oil shale to maintain the traditional industry as it plans to phase out most of its heavily polluting oil shale power plants by 2030, the country's state-owned miner and power producer said Tuesday.The small Baltic state is one of the world's largest producers of oil shale, a rock rich in organic matter, which is used to generate 85 percent of the country's electricity, making it unique in the European Union (EU).But the EU's stricter climate regulations and a potential increase in carbon prices means the oil shale power production at ageing plants will become unsustainable.Oil shale emits 30 percent more carbon dioxide than coal because of the combined effect of oil shale combustion and decomposition of the associated carbonate rock material."By 2023 we will lose 700 megawatts (MW) from the old (oil shale) blocks, and by 2030 we will ...

Oil prices slide on easing Middle East concerns LONDON: Global oil prices fell on Tuesday on easing fears about supplies from the crude-rich Middle East, eclipsing bright data from Europe and China, analysts said.Brent North Sea crude for delivery in November dipped 38 cents to stand at $107.78 a barrel in London midday deals.New York's main contract, West Texas Intermediate for November sank to $103 -- the lowest point since August 8. It later stood at $103.16 a barrel, down 43 cents from ...
Greenpeace ship towed to Russian Arctic port MOSCOW: A Greenpeace ship seized by Russian security forces during an Arctic protest approached the Far Northern port city of Murmansk on Tuesday where its activists risk facing formal charges.Thirty activists from the group -- including four Russians -- are on board the vessel. Russia's powerful Investigative Committee said the crew may have committed piracy, an offence that in Russia carries a prison term of up to 15 years.The group's Russian Arctic programme coordinator Yevgenia ...
Rosneft sees 2013 IFRS net income at 439bn roubles MOSCOW: Russia's top crude producer Rosneft said on Tuesday it expects to earn 439 billion roubles ($13.8 billion) in net income under International Financial Reporting Standards this year following its acquisition of TNK-BP.The company also expects to produce 207 million tonnes (4.16 million barrels per day) of crude oil and around 42 billion cubic metres of natural gas this year, Rosneft's press office said.Rosneft completed a $55 billion deal to acquire TNK-BP from BP and ...
Shale gas, oil reshape world energy landscape PARIS: After unleashing an energy revolution in the United States, shale gas and oil are now becoming energy game-changers worldwide, a break with the past whose ramifications are still unclear.Thanks to the advent of hydraulic fracturing technology -- used to extract oil and gas locked in sedimentary shale rock -- the United States is on track to become the world-number-one oil producer by 2017 and a net exporter by 2030, according to the International Energy ...
Russia Alfa Group unit buys stake in Regal Petroleum MOSCOW: A1, an investment vehicle of Russian billionaire Mikhail Fridman, told Reuters on Monday it had acquired a 24.4 percent stake in Regal Petroleum, which produces gas and gas condensate in Ukraine.News of the deal sent Regal's shares sharply higher in London and they closed up 10.6 percent on the session."We are ready to say today that we have acquired 24.4 percent (in Regal Petroleum). The buyer is one of A1's subsidiaries, and the seller ...
Oil prices stable after upbeat Chinese data LONDON: Oil prices steadied Monday despite upbeat manufacturing data from China, which raised hopes of firmer demand in the world's top energy consumer according to analysts.Brent North Sea crude for delivery in November dipped one cent to $109.21 a barrel in London midday deals.New York's main contract, West Texas Intermediate for November rose 13 cents to $104.88 a barrel. Global banking giant HSBC on Monday said that its preliminary purchasing managers' index of manufacturing activity ...


Index Closing Chg%
Arrow DJIA 16,982.59 0.13
Arrow Nasdaq 4,444.91 0.10
Arrow S&P 1,978.91 0.03
Arrow FTSE 6,788.07 0.05
Arrow DAX 9,598.17 0.48
Arrow CAC-40 4,344.77 0.33
Arrow Nikkei 15,529.40 0.46
Arrow H.Seng 24,428.63 0.88
Arrow Sensex 25,991.23 0.52

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln