Energy Update
Assessing the changing profile of Russian refineries and exports, as lower crude oil prices, tax reforms, refinery upgrades and financing difficulties create a mixed outlook.
May 25 (Reuters) - U.S. crude inventories slumped last week,
the biggest weekly drop in seven weeks, as imports dropped and
refiners cut output, while gasoline stocks soared ahead of the
start of the U.S. driving season, the government said on
Wednesday.
May 25 (Reuters) - Oilman Abraham Shiera has been granted
bail in return for a $1 million bond payment, as he awaits
sentencing in Houston after admitting to taking part in a $1
billion conspiracy to pay bribes for contracts from PDVSA,
Venezuela's state oil company.
PARIS, May 25 (Reuters) - A proposed French tax targeting
palm oil will most likely be approved later this year after a
meeting between both parliamentary assemblies on Wednesday
failed to agree on a wider biodiversity bill, members of the
Senate said.
May 25 (Reuters) - The French industrial company Alstom SA
has filed a U.S. lawsuit accusing General Electric Co
of breaching a contract related to the latter's sale of a
rail signaling business last November.
Spruce Finance Inc., a solar-financing company backed by Kleiner Perkins Caufield & Byers LLC, arranged $120 million in debt for rooftop solar systems in the U.S. The deal closed Friday.
MAPUTO, May 25 (Reuters) - State-owned Mozambique Asset
Management (MAM) missed a May 23 deadline to make a $178 million
loan repayment but remains in talks with creditors about
rescheduling the debt, finance ministry spokesman Rogério Nkomo
said on Wednesday.
Saudi Arabia is seeking to revive its stalled solar-power program, scaling back more ambitious targets it set four years ago after making little headway in transforming the energy supply of the world’s biggest oil exporting nation.
MONACO, May 25 (Reuters) - Indonesian Formula One driver Rio Haryanto needs more money to keep his seat at the Manor Racing team, but he is safe for the first half of the season, his manager said on Wednesday.
KHOBAR, Saudi Arabia/DUBAI May 25 (Reuters) - Venezuela has
nominated the country's former energy minister, Ali Rodriguez,
as the next secretary general of oil producer group OPEC, three
industry sources said on Wednesday.
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