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Greek Motor Oil 2008 net profit drops 48 pct

ATHENS, Feb 25 - Greece's second-largest refiner, Motor Oil Hellas , said on Wednesday net profit fell 48 percent to 78 million euros in 2008, as a slump in oil prices hit the value of its inventories. The lower crude oil price last year has forced refiners to take a charge on ...

U.S. gas drilling boom stirs water worries

HICKORY, Penn. - On a snowy hillside in rural southwest Pennsylvania, Larry Grimm drives his truck up a steep gravel track to a hilltop reservoir surrounded by orange plastic fencing and "keep out" signs. The pond supplies water pumped from a local creek to the natural gas wells ...

NZ's Maari oilfield starts production - operator

WELLINGTON, Feb 25 - First oil has flowed from New Zealand's Maari oilfield, the field's operator OMV said on Wednesday, with the first shipment expected in April. The first two of five production wells have been finished and are being hooked up to production facilities, with the ...

Canadian firm may have cure for oil sands headache

CALGARY, Alberta - Alan Fair had been trying to solve the problem of oil sands tailings on and off for three decades, when 500 ducks died after landing on a pond of the waste at Syncrude Canada Ltd's Alberta site last spring. Then the quest became more crucial for Fair, Syncrude...

Nippon Oil sees March crude refining down 22 pct

TOKYO, Feb 25 - Japan's top refiner Nippon Oil Corp. said on Wednesday it expects to refine 22 percent less crude oil in March from a year earlier, as domestic demand slumps amid the global economic crisis. The refiner's projection of 3.99 million kilolitres (810,000 barrels per ...

Weak oil and imports turn EU biofuel boom to gloom

PARIS - European euphoria over biofuel has ended after slumping oil prices and cheap imports battered the sector last year, while the credit crisis has made the outlook even gloomier. Producers say the fall in oil prices at a far quicker pace than agricultural costs has ...

Dana finds 3rd oil discovery in Rinnes, North Sea

LONDON, Feb 24 - British oil and gas producer Dana Petroleum Plc announced on Tuesday the discovery of a new oil field in the Rinnes area of the UK Northern North Sea. "This is an excellent discovery which has exceeded our expectations," said chief executive Tom Cross. "The three ...

Kuwait restarts oil exports after storm disruption

KUWAIT - Kuwait resumed oil exports on Sunday after a halt caused by adverse weather conditions, which also affected Iran, a spokesman of a Kuwaiti state oil company said on Sunday. Top oil exporter Saudi Arabia had no interruptions in its crude flow to international markets, a ...

S.Korea, Iraq agree on $3.55 billion oil development deal

SEOUL - South Korea will provide Iraq with $3.55 billion worth of infrastructure in return for oil field stakes, the Energy Ministry said on Tuesday. South Korea would be given rights to the fields in southern Basra, which covers the majority of Iraq's crude output. In exchange, ...

Japan's JOGMEC provides funds for Caserones project

TOKYO, Feb 12 - State-affiliated Japan Oil, Gas and Metals National Corp (JOGMEC) will provide 4.5 billion yen ($49.99 million) to two Japanese mining firms to be used for feasibility studies at Chile's Caserones copper project, it said on Thursday. The funds will be provided to ...

Japan's Japex to cut domestic oil, gas exploration

TOKYO, Feb 10 - Japan Petroleum Exploration Co (Japex) (1662.T) will cut its domestic oil and gas exploration investments in the business year starting in April amid slack oil prices, a company executive said on Tuesday. It may also make similar cuts in the following year, he ...

Russian GDP grows 5.6 percent in 2008

MOSCOW, Feb. 2 -- Russia's gross domestic product (GDP) grew 5.6 percent in 2008, the lowest figure since 2002, the Economic Development Ministry said on Monday. The economy kept growing in the first half of last year along with the soaring energy price, but plummeted in the ...

S.Korean refiners to shut fewer crude units in '09

SEOUL, Feb 3 - South Korean refiners plan to shut down fewer crude units in 2009 compared to a year ago, a Reuters survey showed on Tuesday. South Korea's four refiners -- SK Energy (096770.KS), GS Caltex, S-Oil Corp (010950.KS) and Hyundai Oilbank -- will shut down five crude ...

BP Q4 falls on lower oil price, Russia loss

LONDON - BP Plc said replacement cost net profit fell 24 percent in the fourth quarter to $2.587 billion, undershooting forecasts amid a collapse in oil prices and as its Russian unit reported a big loss. BP's full year replacement cost profit, which strips out unrealized gains ...

Crisis could open Russian energy to West again

MOSCOW - A decline in output of Russia's star asset, oil, could provide a rare opportunity for foreign firms to gain more access to its energy sector, even though the sting of Moscow reneging on previous deals still hurts. Speaking at the World Economic Forum last week in Davos, ...

State-run KNOC starts Iraq oil project alone: company

SEOUL - State-run Korea National Oil Corp (KNOC) said on Tuesday it has started an oil exploration project in Iraq on its own, after failing to attract consortium members for the $2.1 billion deal. Under the deal, KNOC will operate two oil fields -- Qush Tappa and Sangaw South -- ...

South Korea's consumer prices rise 3.7% in January

SEOUL, Feb. 2 -- South Korea's consumer prices rose 3.7 percent in January from a year earlier over falling crude oil prices, the National Statistical Office (NSO) said Monday. The rising pace of the consumer price index (CPI) was 0.1 percent lower than the previous month, the ...

Bahrain, Shell agree to study gas supply, imports

MANAMA, Feb 2 - Bahrain and Royal Dutch Shell (RDSa.L) on Monday signed an agreement to study gas imports to meet the kingdom's growing demand. Bahrain, like its Gulf Arab neighbours, saw demand for natural gas rise rapidly as its economy grew on the back of a petrodollar-fuelled ...

Dubai oil exchange switches to CME trade platform

DUBAI, Feb 1 - The Dubai Mercantile Exchange (DME) will complete the switch to the trading platform of the world's largest derivatives exchange overnight, in a move the DME hopes will boost trade of its Oman oil contracts. The DME's contracts will trade on the U.S. CME Group's ...

World Bank official warns on human crisis in Africa

LAGOS, Feb. 2 -- The World Bank's Chief Economist on Africa Shanta Devarajan has warned that the global financial crisis would pose a greater danger of human crisis for Africa. Devarajan gave the warning on Sunday in a statement posted on the World Bank's website, saying that ...
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