Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Few Big US Land Drillers Set to Ride Out Oil Downturn

Large U.S. onshore drilling firms that operate new, faster rigs are best placed to weather the looming downturn brought by slumping crude prices and could gain

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Eni Enters Portuguese Upstream

Italian oil and gas group Eni has acquired from Petrogal a 70 percent stake in three offshore exploration permits in Portugal, it said on Thursday, as it seeks to diversify its exploration portfolio.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Sweden Doubles Waste Fee for Nuclear Power Plants

Sweden's government has decided to almost double a fee nuclear power plant operators pay to the nuclear waste fund, in order to help it cover the rising costs of decommissioning,

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Italian Shipbuilder Pleads Guilty to Environmental Crimes

An Italian shipping firm based in Genoa, Italy, pleaded guilty to violating the Act to Prevent Pollution from Ships by falsifying required ships’ documents to hide

Russian Power Exports Rise to Finland as Rouble Falls

Finland's imports of Russian power are on the rise on the back of the plunging rouble, and could increase further as the Nordic country's grid operator seeks to capitalise on cheaper prices.

Kemp: Clausewitz and Oil Prices

"If we consider the actual basis of this (intelligence), how unreliable and transient it is, we soon realise that war is a flimsy structure that can easily collapse and bury us in its ruins.

Denmark Arrests Former OW Bunker Manager Wanted for Fraud in Italy

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.

Saudis: OPEC Can't Cut Pricing Without Help

Saudi Arabia's powerful oil minister said on Thursday that OPEC could not cut output without the support of other big producers and attempts to get them on board had not worked.

Transpacific Container Shippers Plan Price Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

S.Korea: No Arrest of KOGAS CEO

A South Korean district court said on Thursday it had rejected an arrest warrant application against the president and chief executive of Korea Gas Corp (KOGAS), Jang Seok-hyo.

Thermal Coal Futures Steady at 7-yr Low

Russian rouble down around 45 pct this year; China unlikely to become coal exporter after tariff cut. Thermal coal futures prices steadied on Thursday, having

Slashed Energy CapEx Pumps Brent Pricing

More companies cut upstream investments around world; strong U.S. production continues to drag on prices. Brent crude jumped 3 percent to above $63 a barrel on Thursday,

China Loaning Sonangol Billions for Oil Projects

China's Sinopec has joint venture with Sonangol; Angola cash-strapped after oil price slump. China will lend Angola's Sonangol $2 billion to expand oil and gas projects,

Central Banks React Differently to Oil Drop

The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are

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