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UPDATE 2-OMV warns on Libya, Yemen as profit hit by oil slump

* Has hedged on oil price to protect cash flow (Recasts with comments on Libya, Yemen)

Iranian warships begin escorting Yemen-bound cargo vessel-agency

DUBAI, May 18 (Reuters) - Two Iranian warships have begun escorting the Yemen-bound Iran Shahed cargo ship in the Gulf of Aden, the vessel's captain said in remarks published by Iran's Tasnim news agency on Monday.

Tokyo Gas targets more U.S. shale gas investments -exec

* U.S.

China's nuclear approval process now back to normal - official

BEIJING, May 18 (Reuters) - The approval process for China's ambitious nuclear reactor building plans is now back to normal after a four-year interruption, giving Beijing a fighting chance to meet its 2020 capacity targets, an industry official told reporters on Monday.

Pertamina bids for majority stake in Southeast Asian refinery

JAKARTA, May 18 (Reuters) - Pertamina is bidding for a majority stake in a refinery in Southeast Asia, the firm's refineries director said on Monday, as the state energy company moves to increase domestic fuel supply and reduce costs.

UPDATE 4-Oil prices rise on Middle East fighting; OPEC output in focus

* Islamic State militia takes control of Iraqi city of Ramadi

UPDATE 2-BHP spin-off has cautious debut, valuing South32 at $9 bln

* Company worth 30 pct less than highest hopes (Recasts, updates valuation, adds analyst quote)

BHP Billiton hunts for deepwater oil assets

MELBOURNE, May 18 (Reuters) - BHP Billiton Ltd is looking to take advantage of a slump in oil prices to pick up assets where it can use its deepwater drilling expertise to boost growth as it slows expansion in onshore shale, its petroleum head said.

UPDATE 1-Malaysia's Petronas to delay RAPID'S refinery start-up to mid-2019

* Weak commodity prices prompt review, re-bidding of EPC contracts

Ukraine's Naftogaz transfers $32 mln to Russia's Gazprom as pre-payment for gas

KIEV, May 18 (Reuters) - Ukraine's state-run gas company Naftogaz has transferred $32 million to Russia's gas monopoly Gazprom as a further pre-payment for gas deliveries, a spokeswoman for the company said on Monday.

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