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Turkey Country Analysis Brief

(Tue, 07 Jul 2015) Turkey is well placed to serve as a hub for oil and natural gas supply headed to Europe and other Atlantic markets from Russia, the Caspian region, and the Middle East. Turkey has been a major transit point for oil and is becoming more important as a transit point for natural gas.

UPDATE 1-Australian state could change mining approval rules, impact Rio Tinto project

* New South Wales minister wants to change mining approval policy

UPDATE 1-Oil prices stabilise after massive selloff

* Possible return of Iran oil exports weighs on forward contracts (Adds detail throughout, chart, updates prices)

Australian state could change mining approval rules, impact Rio Tinto project

SYDNEY, July 7 (Reuters) - The Australian state of New South Wales has proposed changing its mining approval process to give greater consideration to environmental concerns, potentially threatening a colliery expansion planned by mining giant Rio Tinto Ltd.

Venezuela recalls ambassador to Guyana amid territory dispute

CARACAS, July 6 (Reuters) - Venezuelan President Nicolas Maduro on Monday said he was calling in the country's ambassador in neighboring Guyana for consultations amid an escalating row over oil exploration in a disputed offshore territory.

China brokerages shift around $20 bln to stabilization fund -Shanghai Sec

SHANGHAI, July 7 (Reuters) - Chinese brokerages which pledged to set up a fund worth at least 120 billion yuan ($19.3 billion) to stabilize the stock market had already shifted money into accounts to be used in the scheme on Monday morning, the Shanghai Securities Journal reported on Tuesday.

Uruguay settles $400 mln Venezuela oil debt at 35 pct discount

MONTEVIDEO, July 6 (Reuters) - South American OPEC nation Venezuela will allow Uruguay to pay off a $400 million energy debt at a 35 percent discount, Uruguay said on Monday.

Tallgrass lifts force majeure on REX Wyoming compressor station

July 6 (Reuters) - Tallgrass Energy Partners LP on Monday lifted a force majeure on the Wamsutter echo springs compressor station of its Rockies Express (REX) natural gas pipeline.

Oil prices stabilise after massive sell-off

SINGAPORE, July 7 (Reuters) - Crude oil prices stabilized on Tuesday morning after posting one of their biggest selloffs this year the previous day over Greece's rejection of debt bailout terms and China's stock market woes.

UPDATE 1-Brazil's Petrobras must pay higher royalty in Whale Park dispute

RIO DE JANEIRO, July 6 (Reuters) - Brazil's state-run Petrobras must pay the government about 350 million reais ($112 million) more in royalties each quarter for oil produced in seven offshore fields under an arbitration ruling, the company said on Monday.

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