GENEVA, Jan 22 (Reuters) – Nigerian President Goodluck
Jonathan said investment in the country’s oil industry was
falling because of delays to its landmark energy bill.
The Petroleum Industry Bill (PIB) – designed to cover
everything from tax terms to reform of the state oil company and
funds for communities living on oil fields – was presented to
the parliament in August and is still being discussed.
GENEVA/LONDON, Jan 22 (Reuters) – The United States now gets
so much crude from its own shale deposits that Canadian
exporters are selling as far afield as Europe, showing how
deeply the U.S. energy revolution is transforming global oil
As recently as 2011, close to 100 percent of Canada’s crude
exports went to its neighbour the United States, according to
the U.S. government’s Energy Information Administration (EIA).
GENEVA (Reuters) – Investment in Algeria’s oil and gas sector may fall as concerns about the costs of security after a bloody siege at a desert gas plant eclipse the impact of a hydrocarbon law designed to win over foreign firms, executives and analysts said on Monday.
Algeria’s parliament acted quickly on Monday to endorse an oil and gas law, cancelling a windfall tax on foreign firms, in a move seen as a bid to reassure foreign investors and reverse declining interest in the OPEC member.
GENEVA, Jan 19 (Reuters) – More than 140 countries have
agreed on the first global treaty to cut mercury pollution
through a blacklist of household items and new controls on power
plants and small-scale mines, the United Nations said on
The legally-binding agreement aims to phase out many
products that use the toxic liquid metal such as batteries,
thermometers and some fluorescent lamps, through banning global
import and exports by 2020.
BERNE, Jan 18 (Reuters) – Swiss officials said commodities
companies should voluntarily police themselves, rather than face
legally binding rules, as the government ponders its first set
of national transparency measures for the $20 billion sector.
Switzerland has come under pressure by other western
countries to close regulatory gaps, but many fear that strict
rules could harm the traditionally secretive business that now
accounts for nearly 4 percent of Swiss gross domestic product.
ZURICH/GENEVA, Jan 17 (Reuters) – Swiss testing and
inspection services company SGS cut its dividend on
Thursday after booking a charge for restructuring its European
operations, saying it needed cash to continue making
SGS, whose activities range from testing toys to vetting
seven-star hotels, said that most of the 47 million Swiss franc
($51 million) charge was related to the planned closure of its
clinical trial activities in France.
GENEVA, Jan 15 (Reuters) – Nigeria’s Qua Iboe oil grade will
suffer delays in February, trade sources said on Tuesday, just
one month after operator Exxon lifted a force majeure on
the major export grade.
Oil supplies in the top African producer were due to rise in
February by around 10 percent after flooding and theft late last
year caused major disruptions to exports.
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.
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
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.
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.