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Oil falls towards $53 as demand woes back in focus

SINGAPORE - Oil fell toward $53 on Thursday, as investors fretted over falling oil demand after another set of bearish U.S. stocks and oil demand data, erasing some of the 7 percent gains on an equities rally a day earlier. The Dow Jones industrial average has risen 15.6 percent ...

Venezuela presses Russia on OPEC price cooperation

CARACAS - Venezuelan President Hugo Chavez pressed his Russian counterpart on Wednesday to cooperate with OPEC to help save "battered" oil prices, but won no public concessions from the leader of the energy giant. "We have discussed the theme of energy, oil and the need to ...

U.S. jury retires in case over Chevron Nigeria clash

SAN FRANCISCO - A jury began deliberating on Tuesday on whether Chevron Corp is liable for a death and injuries among Nigerians in a clash that ended their three-day occupation of an offshore oil platform a decade ago. The trial, closely watched because it raises so many tough ...

CB&I to market breakthrough methanol-to-olefins technology

Lummus Technology, a CB&I company, and Shaanxi Xin Xing Coal Chemical Science & Technology Development Co., Ltd. (SYN) have signed a cooperative marketing agreement to globally license DMTO methanol-to-olefins technology. This breakthrough technology enables new licensees to ...

SABIC IP broadens Lexan PC product line for superior automotive glazing

SABIC Innovative Plastics have unveiled the new Lexan* ULG1003 112OQ sheet, a new, solid polycarbonate (PC) sheet that offers superior optical quality (OQ) for a range of automotive and transportation applications. The new sheet builds upon an established portfolio of Lexan ULG ...

Nigeria's non-oil exports hit record 60 %

LAGOS -- The Nigerian federal government on Monday said its non-oil exports recorded unprecedented growth of 60 percent in the last quarter of 2008, mostly in agricultural products. Aliyu Lawal, acting executive director of Nigerian Export Promotion Council, disclosed this in ...

Oil majors eye $5 billion ships to cut LNG cost

LONDON - Oil and gas companies are racing to develop a new type of vessel they hope will revolutionize offshore gas production but even if the untested technology works, its deployment could be blocked by resource holders who fear it will undermine development goals. The industry ...

Oil drop won't ease Latam resource nationalism soon

CARACAS - Latin American energy producers are unlikely to ease taxes on foreign oil companies in the near term, despite tumbling crude prices, in an attempt to keep government coffers full. Leaders such as Venezuela's Hugo Chavez -- at the fore of a charge for resource nationalis...

CNOOC plans $29 billion deep sea exploration in S.China

SHENZHEN, China - China's offshore oil explorer CNOOC will step up deepwater exploration in the South China Sea from 2009 and plans to invest 200 billion yuan ($29 billion) until the end of the next decade despite a worsening global financial crisis, a senior executive said. The ...

Oil drops 5 percent to $59 as demand weighs

NEW YORK - Oil prices fell 5 percent to $59 a barrel on Tuesday as the deepening global economic crisis dragged down markets and raised expectations of further slowdowns in energy demand. U.S. crude settled down $3.08 at $59.33 a barrel, the lowest settlement since March 2007, ...

Russia to cut oil exports, tycoon seeks OPEC entry

MOSCOW - A Russian oil billionaire urged Moscow to join OPEC's output cuts just as the country's big oil companies reduced their November export plan by 10 percent, blaming the government for keeping export duty extra high. Leonid Fedun, vice-president and shareholder in Russia's ...

Financial crisis hits global oil investment

The growing financial crisis and plunging energy prices have forced oil companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit. Below is a list of projects that have been delayed or scaled back in recent months, as well ...

Oil company earnings climb, spending curtailed

NEW YORK - Oil companies PetroChina Co, Suncor Energy and Hess Corp recorded higher quarterly earnings on Wednesday, but Hess joined the growing list of producers to cut its planned spending in the wake of the selloff in oil prices. Shares in nearly all the oil and gas producers ...

Yen drops on Nikkei rise, oil gain helps euro

TOKYO - The yen fell broadly on Thursday as a rise in Tokyo share prices and growing expectations the Bank of Japan could cut interest rates this week prompted investors to take profits on the Japanese currency's surge this month. The euro rose against the dollar, rebounding ...

BASF buys polyurethane specialities business for car window encapsulation from Recticel

BASF has signed an agreement with Recticel to acquire the company s worldwide compounds business for polyurethane (PU) systems for glass encapsulation. The transaction, which is subject to approval by the relevant antitrust authorities, involves the polyurethane specialties ...

Russian oil eyes Chinese loans after pipeline deal

MOSCOW - Russia signed a pipeline deal with China on Tuesday to create a new overland supply route for Siberian oil as the two countries negotiate a package of export-backed Chinese loans expected to exceed $20 billion. Russian pipeline monopoly Transneft (TRNF_p.MM: Quote, ...

New partnership to manufacture aerospace composites components in Abu Dhabi

Finmeccanica, the Italian aerospace, defence and security company has announced joint partnership with Mubadala Development Company, an Abu Dhabi-based investment company to manufacture aerospace composite components for civil aircrafts at the recently announced Abu Dhabi-based ...

Oil dips below $63 as faltering demand trumps OPEC

NEW YORK - Oil prices dipped below $63 a barrel on Tuesday as concerns about faltering demand offset OPEC comments suggesting the producer group could throttle back output again to support prices. U.S. crude settled down 49 cents at $62.73 a barrel, before rising to $64.10 in ...

OPEC officials say ready to act again to boost oil

LONDON - OPEC ministers will take further steps to prop up the oil market and could call another meeting before the group's next scheduled talks in December, officials said on Tuesday. In response to a nearly 60 percent fall in oil prices from a record of $147.27 hit in July, the ...

OPEC president urges members to cut, says Saudi key

ALGIERS - OPEC members have no choice but to implement agreed output cuts and inform customers of the reductions if they want a stable oil price between $70-$90 a barrel, OPEC President Chakib Khelil said on Sunday. Khelil, who is also Algeria's energy and mines minister, told ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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