Petroleum industry
The global crude oil market is undergoing significant changes, with regional sour crudes facing pressure from rival exports. In the Mediterranean and northwest Europe, the introduction of Iraqi sour Kirkuk is expected to put strain on regional sour producers, including Russian Urals. At the same time, refiners in the US
Petroleum industry
Venezuelan President Hugo Chavez's increasingly authoritarian rule has led to a deterioration in the country's political situation, with street demonstrations and clashes between government supporters and opponents worsening in recent weeks. The oil industry, a crucial sector for Venezuela's economy, has been particularly affected,
Petroleum industry
Sovereign Asset Management, a Monaco-based private investment fund, is facing opposition from most domestic institutional investors in its bid to oust the board of SK Corp., South Korea's largest oil refiner. Ahead of the annual shareholders meeting on Friday, 34 out of 36 domestic asset management companies, mutual
Petroleum industry
Sovereign Asset Management, the second-largest shareholder of SK Corp., is waging a campaign to win more seats on the oil refiner's board of directors through its chosen candidates. With the company's annual shareholders' meeting scheduled for March 12, Sovereign is seeking support from union leaders
Petroleum industry
BP Amoco and Petronas are expected to hold a 29% stake each in the Kakinada LNG project, valued at Rs 61 billion (US$1.35 billion), marking a significant investment in the Indian energy sector. The project, a joint venture between BP Amoco, Petronas, and Indian Oil Corp, aims to
Petroleum industry
Seoul-based SK Corp., the nation's top refiner and the virtual holding company of SK Group, finds itself at the center of a governance controversy. Sovereign Asset Management Fund, the second-largest shareholder with a 14.99% stake, has called for the resignation of Chairman Chey Tae-won. The Monaco-based investment
Petroleum industry
Strong oil and gas prices enabled US exploration and production companies to report year-over-year earnings increases in the fourth quarter of 2003. However, despite high prices, the industry faced challenges such as sliding domestic gas production, rising operating costs, and reserve revisions. Oil prices averaged 10% higher than in the
Petroleum industry
Indian Oil Corp (BSE:IOC), the country's largest refiner, is preparing to list its Sri Lankan subsidiary, Lanka IOC, on the Colombo stock exchange and potentially a few Indian bourses. The company aims to raise between US$20-25 million through the initial public offering (IPO) of 24% equity
Petroleum industry
As Moscow tightens its grip on Russia's oil majors, executives are bracing for a heavier tax burden, with some estimating an additional $3 billion in tax revenues for the government. The change is part of Moscow's efforts to redistribute wealth and strengthen its economy, with President
Petroleum industry
South American refineries face declining demand for feedstocks in the US Gulf coast and consistent Venezuelan exports, weighing on export values. The market, however, remains buoyed by forward US Gulf coast prices in the Caribbean. PetroEcuador took advantage of these favorable conditions by securing a premium of $6.55/bl
Petroleum industry
Asian oil and gas giant Medco Energi Internasional has received clearance from the Australian government to proceed with its A$326 million takeover bid for Novus Petroleum Ltd, a significant energy firm in Australia. The acquisition will increase Medco's average oil and gas production by 21 percent, marking
Petroleum industry
US Secretary of State Colin Powell visited Moscow, reaffirming friendly ties between the two nations, but Russia is sending mixed signals about the future of the US-Russia energy dialogue. Russia's ambitions to capture 10% of the US crude market appear to have lost momentum, as the Kremlin focuses
