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UPDATE 1-China says has every right to drill in East China Sea

BEIJING, July 24 (Reuters) - China said on Friday it had every right to drill in the East China Sea close to waters disputed with Japan, adding that it did not recognise a "unilateral" Japanese median line setting out a boundary between the two in the waters.

UPDATE 2-Iran eyes return to SWIFT system, foreign stakes in privatisations after sanctions lifted

* Says foreign stakes in privatisations will be eased (Adds details on reserves, research and development, context)

Exterran withdraws high-yield bond, delays spin-off

NEW YORK, July 24 (IFR) - Exterran withdrew a high-yield bond offering on Friday and said a related spin-off of its international services business would be delayed due to "adverse market conditions".

UPDATE 1-Strong refining margins boost India's Reliance Q1 profit

* Q1 GRM of $10.4/bbl highest in six years (Adds GRM, shares)

Expulsion from Derna bastion may show limits for Islamic State in Libya

* Potential expansion limited by lack of Sunni-Shi'ite divide

CORRECTED-New S.African crude blending terminal to supply Asia from 2017

CAPE TOWN, July 23 (Reuters) - Using the world's first dedicated crude oil blending terminal, South Africa will by 2017 mix different grades of crude oil for export to refineries across Asia, enabling them to produce cleaner fuels more cheaply, an official said on Thursday.

Iran's foreign reserves total $115-125 bln - minister

VIENNA, July 24 (Reuters) - Iran's foreign reserves total between $115 billion and $125 billion, including assets in its sovereign wealth fund, its industry minister said on Friday in one of the most detailed public descriptions of the reserves by an Iranian official.

UPDATE 1-Saipem hires Bain to get in shape for cheaper oil

MILAN, July 24 (Reuters) - Italian oil contractor Saipem is working with Bain & Company to draw up a restructuring plan to help it cut costs and counter falling oil prices that have sapped its order book and stretched its balance sheet, three sources said.

UPDATE 1-Aggreko issues profit warning due to oil and gas slowdown

LONDON, July 24 (Reuters) - British temporary power firm Aggreko said on Friday that its pretax profit for this year would be between 8 and 15 percent lower than market forecasts, due to a slowdown in oil and gas and less favourable contract terms.

UPDATE 1-Russia's Gazprom says files case against Turkmengaz over gas price

MOSCOW, July 24 (Reuters) - Russian gas company Gazprom said on Friday it had lodged a case against Turkmenistan's Turkmengaz at the international arbitration court in Stockholm over the price in a supply contract.

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