Energy Update
MOSCOW, May 10 (Reuters) - OPEC is effectively extinct as a
united organisation and the time when it could determine global
oil market conditions should be forgotten, Igor Sechin, head of
Russia's biggest oil firm Rosneft, told Reuters.
FORT MCMURRAY, Alberta, May 10 (Reuters) - Repair crews were
expected to assess wildfire damage to the Canadian energy
boomtown of Fort McMurray on Tuesday as the oil sands companies
surrounding the ravaged city looked at bringing production back
on line.
SINGAPORE/HONG KONG, May 10 (Reuters) - Noble Group
is set to clinch about $3 billion in bank credit
facilities, sources close to the matter said, but it will have
to offer the highest interest rate it has ever paid as lenders
are wary after its ratings downgrades to junk status.
BEIJING, May 10 (Reuters) - China will offer more financial
support to drive the rejuvenation of its struggling northeast
rustbelt over the next five years, an official with the state
planning agency said on Tuesday.
TOKYO, May 10 (Reuters) - Japanese oil refiner Idemitsu
Kosan Co said on Tuesday its joint venture with
Canada's AltaGas would suspend commercialisation of a
liquefied natural gas (LNG) project in Canada due to low energy
prices.
PRAGUE, May 10 (Reuters) - Czech electricity producer CEZ
reported a 32 percent rise in first-quarter adjusted
net profit on Tuesday, lifted by higher trading income, currency
gains and a boost from renewable sources in Romania that
compensated for falling power prices.
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