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UPDATE 11-Oil slides 2 pct to three-week low on U.S. crude build

* Distillate draw at twice more than expected (Updates with market settlements)

$71.5M Funding Program to Support Geothermal Development in Eastern Caribbean

The Inter-American Development Bank and the Caribbean Development Bank (CDB) have approved a new $71.5 million loan and grant package, called the Sustainable Energy Facility (SEF), that will focus on providing seed resources in support of geothermal development in the Eastern Caribbean.

New EU derivatives market legislation to add billions to commodity traders' costs

Much to the dismay of companies across the oil, power, gas, and agriculture sectors, the EU's new Markets in Financial Instruments legislation (MiFID II) is a policy that could add billions to cost of trading commodities.

Cuba says to drill for oil in deep water despite low prices

CAMARIOCA, Cuba, Oct 21 (Reuters) - Cuba plans to drill exploratory deepwater wells in the Gulf of Mexico by the end of 2016 or beginning of 2017 despite current low oil prices, officials from the state oil monopoly said.

Volkswagen says 3 million European cars need hardware changes

FRANKFURT, Oct 21 (Reuters) - Volkswagen said on Wednesday about 3 million cars in Europe have 1.6 litre engines, which will require hardware changes in the wake of the company's diesel emissions rigging scandal.

BP to invest in three new exploration blocks in Egypt

Oct 21 (Reuters) - BP Plc said on Wednesday it had been awarded three new offshore exploration blocks in Egypt and that it and its partners had committed to investment of $229 million.

UPDATE 1-Xi sees no hard landing for China, economy enters 'new normal'

LONDON, Oct 21 (Reuters) - President Xi Jinping said on Wednesday China would avoid a hard landing, though he acknowledged some downward pressure on the world's second largest economy.

UPDATE 1-Icahn launches super PAC with $150 mln, biggest one-time injection

NEW YORK, Oct 21 (Reuters) - Billionaire investor activist Carl Icahn tweeted on Wednesday that he is forming a Super PAC with an initial commitment of $150 million, representing the biggest one-time injection of money in the history of such political action committees.

REUTERS SUMMIT-Amid Noble flap, Israel recruits U.S. oil firms

* For other news from Reuters Commodities Summit, click on http://www.reuters.com/summit/Commodities15

BP signs $10 bln gas supply deal with China's Huadian

LONDON, Oct 21 (Reuters) - Oil major BP has signed a $10 billion liquefied natural gas (LNG) supply deal with China's Huadian power producer, sealing the agreement as part of Chinese President Xi Jinping's state visit to Britain.

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