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India's PFC inks pact with Exim Bank
Published: May 16, 2008 at 12:31 PM
NEW DELHI, May 16 (UPI) -- India's Power Finance Corp. has signed an agreement with U.S. Exim Bank to receive an $800 million loan. -
India Oil to shelve refinery proposal
Published: May 16, 2008 at 12:09 PM
NEW DELHI, May 16 (UPI) -- State-run Indian Oil Corp. is contemplating shelving its 15 million-ton greenfield refinery in southern Tamil Nadu state. -
India won't cut duty on oil imports
Published: May 15, 2008 at 9:40 PM
NEW DELHI, May 15 (UPI) -- Indian Finance Minister P. Chidambaram said there will be no reduction in the duty charged on imported oil, despite soaring energy prices.
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Fall River fights five-year battle against LNG facility
Published: May 16, 2008 at 10:18 AM
By JOHN C.K. DALY
UPI International Correspondent
WASHINGTON, May 16 (UPI) -- A five-year struggle continues between Fall River, Mass., residents and Weaver's Cove Energy LLC over a proposed LNG facility. While the Federal Energy Regulatory Commission approved the project, the Coast Guard opposes it as an unacceptable safety risk. -
UPI Energy Watch
Published: May 15, 2008 at 12:19 PM
OPEC cuts estimate of growth in world oil demand for 2008; The United Arab Emirates' crude oil output increased last month; Philippine government may cut taxes on oil and gas -
Nigerian militants attack oil vessel
Published: May 15, 2008 at 11:10 AM
By CARMEN GENTILE
UPI Energy Correspondent
Jimmy Carter and Barack Obama have called for a resolution to the conflict between rebels intent on crippling Nigeria's petroleum industry and government officials. -
Mongolia, coal and inflation
Published: May 14, 2008 at 7:56 PM
By JOHN C.K. DALY
UPI International Correspondent
WASHINGTON, May 14 (UPI) -- Rising fuel and food costs are hitting Mongolia hard, with foreign investors exploiting the situation to pressure the country to open up its economy. Given the country's political isolation, sandwiched between China and Russia, its two major trading partners, Ulaanbaatar is being held over the proverbial barrel in negotiations with its giant neighbors, leaving its population of 2.9 million nervously awaiting further aftershocks from rising inflation. -
Congress blocks administration from stockpiling oil
Published: May 14, 2008 at 7:28 PM
By ROSALIE WESTENSKOW
UPI Correspondent
WASHINGTON, May 14 (UPI) -- Faced with growing pressure to decrease gas prices, U.S. senators voted to stop stockpiling oil in the national reserve yesterday, but they rejected a plan to increase domestic production. -
UPI Energy Watch
Published: May 14, 2008 at 3:47 PM
IEA: Developing nations cause high oil prices; New oil, gas fields will add to Indonesia supply; Australia says oil, gas tax breaks to go
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Iraqi oil minister: Some firms welcome
Published: Nov. 16, 2007 at 3:51 PM
RIYADH, Saudi Arabia, Nov. 16 (UPI) -- Oil companies are welcome to Iraq, Oil Minister Hussain al-Shahristani said, except for the "opportunist" firms already in Iraqi Kurd territory.
Iraq is moving toward signing a batch of oil deals, with or without a national oil law, as it attempts to pick up production of the world's third-largest oil reserves.
"All the major oil companies … are very interested for obvious reasons to come work in Iraq and with the improved security conditions they've been approaching us and indicating their keen interest," Shahristani told reporters on the sidelines of an OPEC summit in Riyadh. "We have always told them that they are most welcome to come work in Iraq with us and we don't necessarily need a new hydrocarbon law to do that.
"We have our prevailing laws that allow the minister of oil in Iraq to sign any kind of contract; of course it has to be presented to the Parliament depending on the kind of contract," Shahristani said. "We have already started talking to a few major oil companies who are interested in the super giant fields in the south which are already producing. We are producing oil from there but there are new technologies, they have been working and studying these fields. We'll find a way to cooperate to enhance production from these fields and make more oil available to the world market."
While Baghdad has only recently said it would soon sign oil deals, based on a Saddam Hussein-era oil law, the Kurdistan Regional Government passed its own oil law in August and since then has signed 14 oil deals with smaller international oil companies.
The dispute over the oil law is about federal vs. local control over various parts of the oil sector. Shahristani has called the KRG deals "illegal" and threatened to blacklist those who sign. He didn't say whether there will be any consequences for the Kurdish region.
"The current law in Iraq does not allow any company to sign a contract with any entity other than the federal authorities represented by the Ministry of Oil. By doing so they are putting themselves at risk," he said. "They are opportunists who are seeking an opportunity where they think they can get a high profit. I would like them to know that that oil cannot be exported from Iraq without the permission of the federal authorities."
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Ben Lando, UPI Energy Editor
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(e-mail: blando@upi.com)
Iraq is moving toward signing a batch of oil deals, with or without a national oil law, as it attempts to pick up production of the world's third-largest oil reserves.
"All the major oil companies … are very interested for obvious reasons to come work in Iraq and with the improved security conditions they've been approaching us and indicating their keen interest," Shahristani told reporters on the sidelines of an OPEC summit in Riyadh. "We have always told them that they are most welcome to come work in Iraq with us and we don't necessarily need a new hydrocarbon law to do that.
"We have our prevailing laws that allow the minister of oil in Iraq to sign any kind of contract; of course it has to be presented to the Parliament depending on the kind of contract," Shahristani said. "We have already started talking to a few major oil companies who are interested in the super giant fields in the south which are already producing. We are producing oil from there but there are new technologies, they have been working and studying these fields. We'll find a way to cooperate to enhance production from these fields and make more oil available to the world market."
While Baghdad has only recently said it would soon sign oil deals, based on a Saddam Hussein-era oil law, the Kurdistan Regional Government passed its own oil law in August and since then has signed 14 oil deals with smaller international oil companies.
The dispute over the oil law is about federal vs. local control over various parts of the oil sector. Shahristani has called the KRG deals "illegal" and threatened to blacklist those who sign. He didn't say whether there will be any consequences for the Kurdish region.
"The current law in Iraq does not allow any company to sign a contract with any entity other than the federal authorities represented by the Ministry of Oil. By doing so they are putting themselves at risk," he said. "They are opportunists who are seeking an opportunity where they think they can get a high profit. I would like them to know that that oil cannot be exported from Iraq without the permission of the federal authorities."
--
Ben Lando, UPI Energy Editor
--
(e-mail: blando@upi.com)
© 2007 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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Iraq says security boost helps oil flow