Energy & Oil

Tuesday, February 10th 2009 - 20:00 UTC
Colombia and S. Korea expand into Peruvian oil industry

Colombian state oil company Ecopetrol and its South Korean counterpart, Korea National Oil Corporation, have acquired Peruvian private oil firm Petro-Tech Peruana S.A. for 900 million US dollars.
Tuesday, February 10th 2009 - 20:00 UTC
Falklands Desire's green impact plan slightly delayed

Oil and gas exploration company Desire Petroleum Plc with licences to operate in the Falkland Islands said that the environmental impact assessment on two tranches in its southern licences in the North Falkland Basin was slightly behind schedule due to a delay in a sampling analysis results.
Tuesday, February 10th 2009 - 20:00 UTC
Bolivia and Gazprom sign long term gas development deal

Bolivia and Russia signed a long term agreement on investment and cooperation in the area of gas and petroleum research which is estimated could reach 3 billion US dollars, it was announced in La Paz.
Tuesday, February 10th 2009 - 20:00 UTC
Brazil electricity demand to increase 50% in ten years

Brazil needs to increase its electricity generation capacity by 50% over the next 10 years said Energy Minister Edson Lobao, who described the task as an “enormous challenge”.
Tuesday, February 10th 2009 - 20:00 UTC
Now Congress two houses must match Obama stimulus plan

The US Senate has passed an economic stimulus plan expected to cost some 838 billion US dollars. The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it.
Monday, February 9th 2009 - 20:00 UTC
Germany changes economic helmsman in the middle of storm

Karl-Theodor zu Guttenberg is to become Germany's new economy minister, following the surprise resignation of his predecessor Michael Glos. Mr Zu Guttenberg has been proposed by his party, the Bavarian-based Christian Social Union (CSU), and his appointment is due to be a formality. At 37-years-old, he will become the youngest ever person to fill the role.
Monday, February 9th 2009 - 20:00 UTC
OPEC calls for full compliance with agreed supply cuts

The oil cartel OPEC is willing to cut crude output further at a meeting in March, the group's secretary-general said on Monday in London. But he also underlined he would like to see full compliance of members with existing curbs first.
Monday, February 9th 2009 - 20:00 UTC
Russia temporarily bans beef imports from several suppliers

Russia announced it was temporarily suspending beef imports from United States, Canada, Uruguay, Byelorussia and Ukraine because “banned noxious substances” had been detected in some shipments.
Sunday, February 8th 2009 - 20:00 UTC
Petrobras elected leading ethical oil and gas company

Brazil's government managed oil and Petrobras was elected the leading ethical reputation multinational enterprise by Geneva-based Covalence Ethical Ranking 2008.
Saturday, February 7th 2009 - 20:00 UTC
Reviving the damaged financial system

Restoring financial health will require a three-pronged approach, involving the continued provision of ample liquidity and term funding support from central banks, dealing promptly and aggressively with distressed assets, and recapitalizing viable institutions with public funds.