Venezuela moved closer to nationalizing its oil-rich Orinoco River basin, after four foreign oil companies signed deals giving Venezuela the lion’s share of the profits and two US companies pulled out altogether.
“ExxonMobil and ConocoPhillips are ending their participation in the exploration ventures,” Oil and Energy Minister Rafael Ramirez said Tuesday at the signing ceremony with […]
Oil and gas futures prices retreated Tuesday on expectations that a government inventory report today will again show that crude and gasoline stocks rose last week.
The weekly report by the Energy Department’s Energy Information Administration has become critical for analysts and traders during a spring and early summer that have seen an unusually high number […]
Oil prices were steady in Asia Wednesday as traders awaited the release of a U.S. government inventory report expected to show increases in supplies of crude, gasoline and distillates.
Light, sweet crude for August delivery lost 6 cents to $67.71 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. […]
A mining boom in Australia’s far west sparked a surge in initial public share offerings in fiscal 2007, with returns bettering those of the Internet stocks boom of seven years ago, consultancy firm Deloitte said on Wednesday.
IPOs in Western Australia state, home to 80 percent of Australia’s gold production and the world’s single largest iron […]
Qatar Petroleum Corp. will invest or is negotiating investments abroad worth $20 billion, including a $7 billion oil refinery in Panama with Occidental Petroleum Corp., Qatar’s energy minister said.
Qatar Petroleum International, the state-owned company’s foreign investment arm, has “teamed up” with Occidental to build a 350,000 barrel-a-day oil refinery in the Central American country, Abdullah […]
A 32-year-old Ukrainian oligarch is planning to launch his $2bn (£1.01bn) iron ore mining group on London’s main market next month. The flotation will be the first full UK listing for a company from the former Soviet republic.
Konstantin Zhevago plans to raise around $500bn by selling a quarter of his holding in Ferrexpo, a mining […]
Nickel fell for a second day in London on speculation rising stockpiles signal slowing usage as producers seek alternatives to the metal in stainless-steel manufacturing. Copper also dropped.
Nickel inventories monitored by the London Metal Exchange rose 1,446 metric tons, or 27 percent, to 6,834 tons, the exchange said today in a daily report, the biggest […]
Shanghai copper fell on concern that overseas purchases by China, the world’s biggest consumer of the metal, may slow following a surge in imports this year and growing domestic stockpiles.
China’s copper imports rose 61 percent to 1.1 million metric tons from January to April from year-ago levels. Shanghai Futures Exchange stockpiles are at their highest […]
Alcan Inc. announced that its Board of Directors unanimously recommends shareholders reject Alcoa Inc.’s (NYSE: AA) unsolicited offer to acquire Alcan. The Board determined that the offer is inadequate in multiple respects and is contrary to the best interests of Alcan’s shareholders. Accordingly, the Board recommends that Alcan shareholders not tender any of their shares […]
Petroleo Brasileiro SA, or Petrobras, Brazil’s state-controlled oil company, and Galp Energia SGPS SA, Portugal’s biggest oil company, signed an agreement with the Portuguese government to explore for oil and natural gas off the country’s coast.
The companies will invest as much as $300 million on drilling and up to $3 billion after that if they […]