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Russian trader Souz loses Urals business in January MOSCOW: Souz Petrolium, an oil trader affiliated with Russian port investor Summa, will handle no Urals crude oil in January, traders said, feeding speculation Souz may be losing its grip on trade to some European destinations.   The trader's loss of lucrative business this month via the Soviet-built Druzhba pipeline is a sign of shifting alliances in the export of Russia's Urals blend, one of the world's largest and most stable streams of crude oil.   Souz is the second home-grown trade house with ties to Russian tycoons to be dislodged from an entrenched position in the export of oil after Gennady Timchenko's Gunvor, which once handled as much as 40 percent of seaborne Urals crude.   Summa is the vehicle of Ziyavudin Magomedov, a port and construction magnate who controls the largest shareholding in Russia's main port group, Novorossiisk Commercial Sea Port , together with Transneft, the Russian pipeline monopoly.   In January, Hungary, Slovakia and Poland, ...

Russian trader Souz loses Urals business in January MOSCOW: Souz Petrolium, an oil trader affiliated with Russian port investor Summa, will handle no Urals crude oil in January, traders said, feeding speculation Souz may be losing its grip on trade to some European destinations.   The trader's loss of lucrative business this month via the Soviet-built Druzhba pipeline is a sign of shifting alliances in the export of Russia's Urals blend, one of the world's largest and most stable streams of crude oil.   Souz is the ...
Oil market tightens, raid clouds Algerian energy: IEA PARIS: Price pressures on the global oil market have suddenly tightened, and the fatal hostage drama at an Algerian gas field puts a "dark cloud" over the country's entire energy sector, the International Energy Agency warned Friday. The IEA said that a dominant factor in the global energy market now "has a lot to do with political risk writ large, and not just in Syria, Iran, Iraq, Libya or Venezuela."   Copyright AFP (Agence France-Presse), 2013 ...
Statoil tightens security at installations OSLO: Norwegian oil group Statoil, which has 12 employees "involved" in a hostage-taking in Algeria, has beefed up security at several of its sites, company chief Helge Lund said on Thursday.   "I can confirm that we have increased the level of security at several other Statoil installations," Lund told reporters, without providing any details.   Statoil jointly operates, with British oil giant BP and state-run Algerian energy firm Sonatrach, the In Amenas gas field where a group of ...
Oil prices extend gains amid north Africa unrest LONDON: Oil prices rose further on Thursday, with crude supported by unrest in north Africa following an attack by militants on an Algerian gas field and amid fighting in neighbouring Mali, analysts said.   Brent North Sea crude for delivery in March climbed 35 cents to $110.03 a barrel in London midday trading.   New York's main contract, light sweet crude for February gained 26 cents to $94.50 per barrel.   "The latest news of the attacks put a geopolitical risk ...
BP says Algeria gas field hit by ‘security incident’ LONDON: Oil major BP said on Wednesday it had experienced a "security incident" at a gas field in Algeria, following reports that Islamist militants had seized five Japanese nationals and a French citizen from the facility on Wednesday.   "We can confirm that there has been a security incident this morning at the In Amenas gas field in the eastern central region of Algeria. We have no more confirmed details at this time," BP said in a ...
BP says LONDON: Oil giant BP said Wednesday there had been a "security incident" at a gas field in Algeria although it did not confirm reports that Islamist militants had taken foreign hostages.   "We can confirm that there has been a security incident this morning at the Ain Amenas gas field in the eastern central region of Algeria," a statement said, adding that BP had activated its "emergency response system".   Copyright AFP (Agence France-Presse), 2013 ...

 



 
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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