Energy & Oil

Thursday, March 20th 2008 - 21:00 UTC
Fearing inflation Beijing raises banks' reserve ratio

China's Central Bank increased the amount of money commercial banks must keep in reserve just hours after Premier Wen Jiabao warned inflation was a top concern. The People's Bank of China said in a statement the bank reserve ratio would rise half a percentage point to 15.5% from March 25, in yet another bid to implement tight monetary policies and cool the economy.
Thursday, March 20th 2008 - 21:00 UTC
Russia's Gazprom to develop Bolivia's top natural gas deposits

The world's largest gas company, Russia's Gazprom and Bolivia's government owned oil corporation YPFB signed this week in La Paz an accord to explore for gas in three of the country's southern fields.
Thursday, March 20th 2008 - 21:00 UTC
Lack of Argentine gas forces Methanex redundancies

Methanex in the extreme south of Chile announced this week it will have to cut its work force in approximately 15% because of the insufficient supply of Argentine natural gas.
Wednesday, March 19th 2008 - 21:00 UTC
Brazil considering higher taxes for new oil explorations

Brazil is considering raising taxes paid by companies to explore for new oil and gas fields in the country to take into account recent big finds in the sub-salt cluster, Brazilian energy Minister Edison Lobao said on Tuesday.
Wednesday, March 19th 2008 - 21:00 UTC
Brazil resumes construction of nuclear power plant

Following on Brazil's National Energy Policy Council recommendations the President Lula da Silva administration has given the green light for the resumption of construction of the third reactor at the Angra nuclear power plant, reports Sao Paulo's Gazeta Mercantil.
Tuesday, March 18th 2008 - 21:00 UTC
Venezuela wins asset freeze case against Exxon

Exxon Mobil Corp.'s freeze on $12 billion of assets belonging to Venezuela's state oil company was overturned by a U.K. court in a set-back for the U.S. energy company in its dispute with President Hugo Chavez.
Thursday, March 13th 2008 - 21:00 UTC
Petrobras diversifies LNG provision; signs accord with Shell

Brazil's government managed oil corporation Petrobras and Shell have signed a liquefied natural gas (LNG) “firm” supply agreement to furnish the Pecém (Ceará) and Baía de Guanabara (Rio de Janeiro) re-gasification terminals.
Thursday, March 13th 2008 - 21:00 UTC
Oil and Euro deny the Central bankers' revival plan a chance

Oil prices which reached 110.20 US dollars a barrel and the Euro which hit a new record high of 1.55 US dollars seem to have reduced the central banks concerted effort to a mere one day good intention.
Tuesday, March 11th 2008 - 21:00 UTC
Chile/Ecuador agree to explore for gas in Gulf of Guayaquil

Chile and Ecuador will join in exploring for oil in the Gulf of Guayaquil, visiting Ecuadorian President Rafael Correa said Monday in Santiago.
Tuesday, March 11th 2008 - 21:00 UTC
Argentina hikes gas export tax to ensure domestic demand

Argentina will raise taxes on the country's natural gas exports in an effort to ensure domestic energy supplies, Planning Minister Julio De Vido said on Monday. The amount of the increase was not immediately disclosed but the move hiked taxes already in place on Argentine natural gas exports.