BERNE, Sept 13 (Reuters) – A new “golden age of gas” could
derail global efforts to fight climate change as indebted
governments mull a switch to the cheaper fuel, the International
Energy Agency’s chief economist said on Thursday.
Government subsidies designed to promote renewable energy
currently amount to around $70 billion globally, he said.
CAIRO/GENEVA, Sept 12 (Reuters) – Egypt’s cash-strapped
government owes foreign energy producers at least $3 billion,
industry sources told Reuters, as cancelled oil import tenders
and lengthening queues at petrol stations point to fresh strains
on fuel supplies.
Economic turmoil since a popular uprising unseated Hosni
Mubarak last year has stretched Egypt’s finances and inflated
the premiums the state petroleum company pays for fuel.
GENEVA, Sept 12 (Reuters) – Small to mid-sized oil firms are
stepping up exploration off Greece and Spain as the indebted
governments look to their own offshore territory in the
Mediterranean to cut dependence on expensive imports, executives
A huge gas find off Cyprus last year has raised hopes for
further discoveries in other little-explored parts of the
Mediterranean at a time when oil prices near $115 a
barrel are hurting European importers.
GENEVA, Sept 10 (Reuters) – Hungarian oil and gas group MOL
said on Monday a Syrian firm was continuing oil
production at its Hayan field, even after MOL suspended the
field’s activities in February, adding this was “illegal.”
Foreign oil firms in Syria such as MOL as well as majors
like Total and Royal Dutch Shell have
suspended or severely reduced their Syrian production due to
violence and international sanctions targeting the sector.
LONDON/ZUG (Reuters) – Glencore’s $34 billion takeover bid for miner Xstrata appeared to be back on after the commodities trader postponed a shareholder meeting on Friday that had been expected to vote on the faltering deal.
Glencore Chairman Simon Murray gave no details, telling shareholders in Zug, Switzerland, only that there had been “developments overnight”, hinting at an improved deal.
GENEVA, Aug 14 (Reuters) – A clampdown on trade finance by
some of Europe’s biggest lenders is proving a windfall for one
regional bank in Switzerland, home to some of the world’s
biggest commodity traders.
Banque Cantonale de Geneve (BCGE) is seeing strong demand
for commodity trade finance as trading houses become more
desperate for funding following the retrenchment of traditional
lenders, its Chief Executive Blaise Goetschin said on Tuesday.
GENEVA (Reuters) – Battles between the Syrian army and rebels in Aleppo have forced many terrified civilians to flee the city by perilous routes or take refuge in safer areas, a United Nations official said on Tuesday.
“Thousands of frightened residents are seeking shelter in schools, mosques and public buildings,” said Melissa Fleming, spokeswoman for the U.N. High Commissioner for Refugees (UNHCR).
GENEVA/LONDON (Reuters) – The Vitol oil trader dressed in heels picking her way through the armed rebels and pick-up trucks of post-war Tripoli had eyes only for the lucrative oil contracts up for grabs from Libya’s new revolutionary government.
Her landmark deal for Vitol to export Libyan crude heralded the return of commodity houses to their swashbuckling roots, trading oil and grain with countries troubled by war and debt.
GENEVA/LONDON, July 25 (Reuters) – The Vitol oil trader
dressed in heels picking her way through the armed rebels and
pick-up trucks of post-war Tripoli had eyes only for the
lucrative oil contracts up for grabs from Libya’s new
Her landmark deal for Vitol to export Libyan crude heralded
the return of commodity houses to their swashbuckling roots,
trading oil and grain with countries troubled by war and debt.
GENEVA (Reuters) – A firm backed by a Russian property tycoon will start building a $618m luxury resort in the Swiss Alps early next year, the company said on Tuesday, in a move likely to be interpreted as a boost for Switzerland’s struggling tourist sector.
Swiss-based firm Aminona Luxury Resort said it was in a position to press ahead with construction after a Swiss federal court gave the project the green light last week, dismissing environmental concerns about its construction.