Citgo's New Board Arrives, to Hold First Meeting
A board of directors appointed this month by Venezuela's opposition-controlled congress to run state-owned oil firm PDVSA's U.S. unit Citgo Petroleum on Thursday was arranging its first meeting at the company's headquarters, according with two people familiar with the matter.Venezuela's National Assembly…
Top Citgo Executives Removed as PDVSA Chaos Continues
Citgo Petroleum Corp has removed at least three top executives close to Venezuelan President Nicolas Maduro, people familiar with the matter said on Monday, in a move to cement management control under a new board of directors.The U.S. refining arm of Venezuelan state…
Saudi Aramco, Total in USD1bln Pact
Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with…
Total, India's Adani Join Hands in LNG Sector
French energy major Total and Adani Group have signed an agreement to jointly develop multi energy offers to the Indian energy market. This cooperation includes Liquefied Natural Gas (LNG) and Fuel Retail.The Adani Group is an Indian private conglomerate active in 50 countries and specialized in commodities trading…
NIS to Spend $2.2 Bln to Boost Production
Serbian oil company NIS plans to invest $2.2 billion in its operations by 2025 and increase production to secure a leading position in south-east Europe. Russia's Gazprom Neft owns 56.15 percent of NIS, the Serbian government 29.88 percent and small shareholders the remainder of the company.
Total Reinforces its Exploration in West Africa
Total and the National Office of Petroleum of Guinea (ONAP) signed a Technical Evaluation Agreement to study deep and ultra deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 square kilometers. “By taking this position on a new under-explored area…
Exxon Eyes Sale of Italian Retail Network
Exxon Mobil is seeking to sell half of its 2,500 petrol stations in Italy for up to 500 million euros ($537 million), several sources close to the process said. Exxon, through its local subsidiary Esso, is the latest oil company trying to reduce its exposure to Italy's oversupplied petrol retail sector.
Vitol-Carlyle to Buy Inter Oil BV
Varo Energy, a joint venture between the world's top oil trader Vitol and private equity firm Carlyle Group, says it has signed an agreement to acquire 100 percent of the shares in Inter Oil B.V., the holding company of retail and wholesale businesses operating under the brand names "Brand Oil" and "Amigo" in the Netherlands.
Rosneft, Trafigura Consortium to Acquire 98% Essar Oil
Essar Energy Holdings Limited and Oil Bidco (Mauritius) Limited—companies incorporated and managed under the laws of Mauritius—the controlling shareholders of Essar Oil Limited (EOL) have entered into separate definitive agreements for the sale of 98% of EOL. The first…
BP Not to proceed with Great Australian Bight Exploration
BP has taken the decision not to progress its exploration drilling programme in the Great Australian Bight (GAB), offshore South Australia. The decision follows the review and refresh of BP’s upstream strategy earlier this year, which included focusing exploration…
Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales
Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline…
DCC Eyes Energy Expansion Following Esso Deal
Support services group DCC said on Thursday it saw further opportunities to expand its energy division after agreeing to buy Esso's motorway retail network in France, its biggest ever acquisition, for 84 million pounds ($139 million). Chief Executive Tommy Breen told…
Petrol Prices Rise in Crimea Despite Promise
The cost of petrol has risen in Crimea for the first time since Russia seized the Black Sea peninsula from Ukraine in March, despite a promise by Moscow to reduce the price. This week's 2.8 percent rise in the retail price is in line with the seasonal trend across…
Marathon Traders Gain E.Coast foothold with Hess Deal
Marathon Petroleum Corp is poised to expand its growing Midwest and Gulf Coast fuel trading operation to the East Coast with Thursday's deal to buy Hess Corp's retail network and transport contracts. The purchase will give Marathon control of Hess's gasoline stations and access to pipelines…
