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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 Kurds vs. Baghdad heats up over oil
Published: Nov. 20, 2007 at 5:05 PM
WASHINGTON, Nov. 20 (UPI) -- Iraqi Kurds issued a scathing rebuke of Iraq's oil minister, who has warned companies signing deals in the north will be kept out of the rest of the country.
"Our contracts with the (international oil companies) are both constitutional and legal within the framework of the Kurdistan Oil and Gas Law, the only existing framework regulating our oil industry in the post-Saddam era," the Kurdistan Regional Government said in a statement Tuesday.
Oil Minister Hussain al-Shahristani said last week only the central government has the rights to sign oil sector contracts, referring to the Kurdistan Regional Government in the northern part of Iraq, which has passed its own regional oil law in August and signed more than a dozen oil deals since.
"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 in Riyadh on the sidelines of the summit of the Organization of Petroleum Exporting Countries. "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."
Iraq has the world's third-largest oil reserves in the world but needs major investment to realize its potential. For more than a year the government has been working on a new oil law. It's been hung up on disputes between the KRG and the central government over the rights to sign oil deals and the extent of foreign companies' involvement in the oil sector.
Shahristani said he'll no longer wait for the law either and pledged to sign deals under the Saddam-era oil law.
The KRG statement said that move "will not only go against the country's principal agreement between crucial political forces, but they are directly engendering the country's Constitution in which federalism and revenue-sharing are the only elements keeping the country together."
The KRG says oil companies that sign deals in the north are helping to increase oil production and investing in Iraq.
"It is amazing that a Minister in Baghdad should continue to threaten international oil companies with sanctions and punishment because they have decided to invest in one of the secure and safe parts of Iraq," the statement said.
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Ben Lando, UPI Energy Editor
--
(e-mail: blando@upi.com)
"Our contracts with the (international oil companies) are both constitutional and legal within the framework of the Kurdistan Oil and Gas Law, the only existing framework regulating our oil industry in the post-Saddam era," the Kurdistan Regional Government said in a statement Tuesday.
Oil Minister Hussain al-Shahristani said last week only the central government has the rights to sign oil sector contracts, referring to the Kurdistan Regional Government in the northern part of Iraq, which has passed its own regional oil law in August and signed more than a dozen oil deals since.
"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 in Riyadh on the sidelines of the summit of the Organization of Petroleum Exporting Countries. "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."
Iraq has the world's third-largest oil reserves in the world but needs major investment to realize its potential. For more than a year the government has been working on a new oil law. It's been hung up on disputes between the KRG and the central government over the rights to sign oil deals and the extent of foreign companies' involvement in the oil sector.
Shahristani said he'll no longer wait for the law either and pledged to sign deals under the Saddam-era oil law.
The KRG statement said that move "will not only go against the country's principal agreement between crucial political forces, but they are directly engendering the country's Constitution in which federalism and revenue-sharing are the only elements keeping the country together."
The KRG says oil companies that sign deals in the north are helping to increase oil production and investing in Iraq.
"It is amazing that a Minister in Baghdad should continue to threaten international oil companies with sanctions and punishment because they have decided to invest in one of the secure and safe parts of Iraq," the statement said.
--
Ben Lando, UPI Energy Editor
--
(e-mail: blando@upi.com)
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This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
