Emma's Feed
Jan 7, 2013

Nigeria state oil firm borrows $1.5 bln to pay fuel debt-source

LAGOS/GENEVA, Jan 7 (Reuters) – Nigerian state oil firm NNPC
has obtained a $1.5 billion syndicated loan to help it pay debts
to international fuel traders, a senior banking source with
knowledge of the deal said on Monday.

The deal was struck at the end of last year and is seen as
crucial to easing the burden on big commodity traders facing the
prospect of painful multi-million dollar write-offs, oil trading
sources told Reuters.

Dec 20, 2012

Iran sidesteps sanctions to export its fuel oil

DUBAI/GENEVA, Dec 20 (Reuters) – Iran is becoming
increasingly creative in dodging Western sanctions, managing to
sell a rising volume of fuel oil to generate revenue equal to up
to a third of its crude exports, which have been badly hit by
restrictions.

Compared with the first half of the year, Iran has on
average exported more fuel oil per month since July, when
European Union oil and shipping insurance sanctions came into
effect and more than halved its crude exports.

Dec 18, 2012

Insight: Swiss, facing EU tax pressure, ponder how to attract firms

GENEVA (Reuters) – “Happy Taxation” is a 2011 book by Pascal Broulis, finance minister of the Swiss canton of Vaud and celebrant of the low taxes that distinguish Switzerland. But as times get tougher, discontent about Swiss tax breaks is mounting.

Cash-strapped foreign governments have already chipped away at the secrecy that allows rich individuals to store tax-free funds in Swiss bank accounts. Now Europe’s governments have turned the spotlight on the incentives Switzerland offers companies.

Dec 18, 2012

Swiss, facing EU tax pressure, ponder how to attract firms

GENEVA, Dec 18 (Reuters) – “Happy Taxation” is a 2011 book
by Pascal Broulis, finance minister of the Swiss canton of Vaud
and celebrant of the low taxes that distinguish Switzerland. But
as times get tougher, discontent about Swiss tax breaks is
mounting.

Cash-strapped foreign governments have already chipped away
at the secrecy that allows rich individuals to store tax-free
funds in Swiss bank accounts. Now Europe’s governments have
turned the spotlight on the incentives Switzerland offers
companies.

Dec 14, 2012

Glencore signs contract to export oil from Chad in 2013

GENEVA, Dec 14 (Reuters) – Glencore has signed a
contract with Chad’s state oil company to export crude in 2013,
industry sources said, after the commodities trader agreed to
invest more than $300 million in the central African country’s
oilfields.

Chad’s oil production is around 120,000 barrels per day and
has until now been mostly sold by long-standing upstream
partners such as ExxonMobil and Malaysian company
Petroliam Na s ional Berhad.

Dec 13, 2012

Nigeria says has no plan to reform its oil sales

VIENNA, Dec 13 (Reuters) – Nigeria, Africa’s largest oil
exporter, has no plans to reform its state oil company NNPC and
the way its crude oil is sold, its oil minister said on
Wednesday.

“The issue of changing the way we sell our oil has been
looked at by NNPC who do not feel there is a major problem with
that,” Diezani Alison-Madueke told reporters after an OPEC
meeting in Vienna.

Dec 13, 2012

Libya to sweeten terms for foreign oil companies

VIENNA, Dec 13 (Reuters) – Libya plans to improve the terms
for foreign oil firms ahead of its next licensing round and
could begin seeking bids in the third quarter of 2013, the OPEC
member’s new oil minister said.

OPEC member Libya has reserves of over 40 billion barrels,
but analysts have warned that some of the toughest terms in the
business could act as a deterrent for companies, some of which
have yet to return after the 2011 civil war.

Dec 13, 2012

Libya to sweeten terms for foreign oil companies

VIENNA, Dec 13 (Reuters) – Libya plans to improve the terms
for foreign oil firms ahead of its next licensing round and
could begin seeking bids in the third quarter of 2013, the OPEC
member’s new oil minister said.

OPEC member Libya has reserves of over 40 billion barrels,
but analysts have warned that some of the toughest terms in the
business could act as a deterrent for companies, some of which
have yet to return after the 2011 civil war.

Dec 12, 2012

Iraq-Saudi OPEC standoff over next oil curbs

VIENNA, Dec 12 (Reuters) – A new rivalry at the top of the
OPEC oil group has emerged, pitting up-and-coming Iraq against
undisputed cartel heavyweight Saudi Arabia.

Having overtaken Iran as OPEC’s second biggest producer, a
rejuvenated Iraq is beginning to worry Riyadh.

Dec 12, 2012

Nigeria oil output 2.4-2.5 mln bpd, seen steady in 2013 – min

VIENNA, Dec 12 (Reuters) – Nigeria, Africa’s largest oil
exporter, is currently producing around 2.4 million to 2.5
million barrels per day and output should remain at similar
levels next year, the oil minister said on Wednesday.

A major fire at a Shell facility, an Exxon
spill and severe flooding cut oil output by up to a fifth in
October and November, and caused lengthy delays to exports.