Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November…
In British Virgin Islands, Hurricane Whips up Green Energy Transition
Nearly a year after Hurricane Irma knocked out power across the British Virgin Islands, electricity boss Leroy Abraham will be among the last residents to have their homes reconnected.But Abraham, general manager of the British overseas territory's electricity corporation (BVIEC), has barely had time to notice his…
North Sea Oil Developer Xcite Set for Liquidation
London-listed Xcite Energy is set to go into liquidation after bondholders rejected a restructuring plan for the North Sea oil developer, the company said on Tuesday. Trading of the company's AIM-listed shares was suspended after principal debt holders rejected a plan that would see the exchange of 100 percent of…
South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal
A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters. CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong…
Lukoil Approached by Chinese Firm for Romanian Refinery
A Chinese company has approached Lukoil to start talks on buying the Russian firm's refinery in Romania, according to a letter obtained by Reuters, after Lukoil's unit there was accused of money laundering and tax evasion. Earlier this month, Romanian prosecutors seized some of Lukoil's assets in an investigation…
Former PetroTiger CEO Pleads Guilty in Bribe Case
A former co-chief executive of oil services company PetroTiger Ltd pleaded guilty in a U.S. court on Monday to conspiring to bribe a Colombia government official to get help in winning a contract. In exchange for the plea from Joseph Sigelman, 43, the U.S. Department of Justice dropped several other charges, including…
Libya Negotiating for Two Refineries
Libya's official government is in talks with British Virgin Islands-based Pavilion Recovered Oil to build two small refineries, one in the east and the other in the south of the oil producer, it said on Tuesday. The refineries would each have a production capacity of 6,000 barrels per day (bpd), a government spokesman said.
Joma Industrial to Offer €15.23 a Share for CAT Oil
Joma Industrial Source Corp, the British Virgin Islands-based takeover vehicle of oil industry veteran Maurice Dijols, will offer 15.23 euros per share for CAT oil, it said on Friday. The offer comes after Joma built up an indirect controlling interest of nearly 48 percent in the German-listed CAT oil, which triggered a mandatory offer, according to German law.
Cat-and-Mouse Game Seen in Bid for CAT Oil
Austrian fracking specialist CAT oil appealed to a little known offshore bidder to reveal its intentions and strategy for the German-listed group, showing how investors can cloak their identities and make bids difficult to assess. British Virgin Islands-based Joma Industrial Source said last week it had amassed…
Joma to Make Mandatory Offer for CAT Oil
British Virgin Islands-based Joma Industrial Source acquired a 47.7 percent voting stake in CAT oil AG this week and will make a mandatory offer to other shareholders of the German-listed Austrian company, Joma said in a regulatory release on Friday. "Joma Industrial intends to offer the shareholders of C.A.T. oil…
Trading Dutch Well Placed to Pursue Russia Sanctions
The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives, a growing Dutch chorus has called for the country to use its trade power to hit Russia in the wallet.
Creditors Approve Restructuring Of Batista's Oleo E Gas - Update
Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90 percent of the Rio de Janeiro…
Sargasso Sea Protection: 11 Countries Pledge to Support Pact
Representatives from 11 countries and territories from North America, the Caribbean and Europe have committed support for the conservation of the Sargasso Sea eco-system for the benefit of present and future generations, informs the Sargasso Sea Alliance (SSA). The Alliance explains that for more than two years…
