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Oil and Gas Oil and Gas Refining

  • OPEC and non- OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Set against this is the risk of "compliance fatigue" if OPEC and non- OPEC countries become complacent and allow production to rise towards the end of the period.

  • PORT HARCOURT, Nigeria, Feb 14- Nigeria needs to offer work to people who make a living from illegally refining oil in the Niger Delta in order to achieve peace there, the African oil-producing nation's Vice President Yemi Osinbajo said on Tuesday. Illicit refineries process stolen crude in makeshift, blackened structures of pipes and metal tanks hidden in...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **Glencore has increased its hold on Democratic Republic of Congo's copper and cobalt resources by buying the remaining stake in the Mutanda mine from resource group Fleurette and increasing its share in Katanga for a total of $960 million. **Grupo Seb do Brasil said it had agreed to buy 95 percent of Maple Bear Global Schools Ltd's operations in Brazil for $50...

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • **South Africa's biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, seeking to overcome valuation squabbles that sunk previous tie-up efforts. **Japan's Kirin Holdings Co said it would sell its Brazilian unit to Heineken NV subsidiary Bavaria S.A. for 2.2 billion Brazilian reais. **Dalian Wanda Group, owned by China's richest man...

  • *Nigeria mired in recession after oil price slump. ABUJA, Feb 11- Nigeria's economy is projected to have contracted 1.54 percent in 2016, according to a budget ministry document, with Africa's most populous country mired in its first recession in a quarter of a century. The International Monetary Fund has predicted that Nigeria's economy would shrink 1.8...

  • *Traders prep rare East Coast gasoline exports. *Exports underscore record East Coast gasoline stocks. LONDON/ NEW YORK, Feb 10- Traders are preparing to export cargoes of coveted gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region.

  • BEIJING, Feb 10- China's red-hot commodities buying continued at a near record pace last month, defying the seasonal holiday slowdown, as utilities, steel mills and oil refiners sought foreign coal, iron ore and crude to replenish lower domestic supplies. So that means they can afford to pay for more iron ore, "said Lachlan Shaw, UBS analyst in Melbourne.

  • CARACAS, Feb 9- Venezuelan state oil company PDVSA has delayed and canceled crude deliveries to commercial partners in recent months, according to documents seen by Reuters, a further sign of the steady production decline of the country's top export. From October through January, PDVSA canceled or delayed delivery of almost 7 million barrels of crude due to...

  • NEW YORK, Feb 9- U.S. independent refiners like Phillips and Valero have offered mixed support for Republican efforts to boost American jobs and products, expressing concerns about how a border tax on imports could upend the energy ecosystem. It is not clear that refineries would easily be able to absorb more U.S. light, sweet crude when many of them are designed to...

  • NEW YORK, Feb 8- U.S. independent refiners like Phillips and Valero have offered mixed support for Republican efforts to boost American jobs and products, expressing concerns about how a border tax on imports could upend the energy ecosystem. GAS UP 30- 40 CENTS ON BORDER TAX. It is not clear that refineries would easily be able to absorb more U.S. light, sweet crude...

  • TOKYO, Feb 9- Trading on Japan's power exchange is set to triple in the financial year starting on April 1 as the nation's giant utilities aim to put around 10 percent of their sales up for competitive bidding, the next big step in reform of the sector. Hundreds of new entrants- gas utilities, manufacturers, trading companies, oil refiners and others- have piled in,...

  • NEW YORK, Feb 8- U.S. independent refiners like Phillips and Valero have offered mixed support for Republican efforts to boost American jobs and products, expressing concerns about how a border tax on imports could upend the energy ecosystem. GAS UP 30- 40 CENTS ON BORDER TAX. It is not clear that refineries would easily be able to absorb more U.S. light, sweet crude...

  • *China's oil demand growth falters. NEW YORK, Feb 8- Oil prices rose slightly on Wednesday as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped 4 percent after a surprise decline in inventories of the fuel. U.S. crude stocks rose by 13.8 million barrels in the week to Feb. 3 as...

  • NEW YORK, Feb 8- Oil prices gained slightly on Wednesday as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped nearly 4 percent after a surprise decline in inventories of the fuel. U.S. crude stocks rose by 13.8 million barrels in the week to Feb. 3 as refineries cut output, while...

  • Feb 8- U.S. crude stockpiles surged last week, driven by a big rise in imports and inventory build at the key oil hub at Cushing, Oklahoma, while gasoline drew down unexpectedly, the Energy Information Administration said on Wednesday. "It appears gasoline demand as measured for the week has rebounded to near-normal levels, which offsets some of the report's other...

  • *OPEC- led production cut is main support for prices. LONDON, Feb 7- Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. "The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and...

  • *OPEC- led production cut is main support for prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.77 per barrel at 0753 GMT, up 5 cents from the last close. "$55 per barrel is quite obviously the pivot point in this market... and it has been for some time," said Matt Stanley, a fuel broker with Freight Investor Services in Dubai.