Emma's Feed
Mar 26, 2012

Nigeria seeks bidders for annual oil contracts

GENEVA, March 26 (Reuters) – Africa’s top oil producer
Nigeria has opened a tender process to sell its oil via
multi-billion dollar annual term contracts beginning in June, an
official notice showed.

State-owned Nigerian National Petroleum Corporation (NNPC)
invited refiners, trading houses and local Nigerian oil
companies to submit bids by April 5, according to the notice.

Mar 23, 2012

Asian demand for W.African oil slips in April

GENEVA, March 23 (Reuters) – Asian imports of West African
crude oil are set to slip to 1.56 million barrels per day (bpd)
in April while holding above the average level for 2011, a
Reuters survey of oil flows showed.

Asia is expected to import 51 cargoes from West Africa in
April, compared with an average of 50 during last year.

Mar 23, 2012

Mankind kept 2011 global temperatures near record-WMO

GENEVA (Reuters) – Human activity kept global temperatures close to a record high in 2011 despite the cooling influence of a powerful La Nina weather pattern, the World Meteorological Organization said on Friday.

On average, global temperatures in 2011 were lower than the record level hit the previous year but were still 0.40 degrees Centigrade above the 1961-1990 average and the 11th highest on record, the report said.

Mar 21, 2012

High-frequency trading distorts commodities prices

GENEVA, March 21 (Reuters) – High-frequency traders have
caused U.S. commodity futures prices to disconnect from market
fundamentals of supply and demand since the 2008 financial
crisis, according to one of the authors of a forthcoming U.N.
report.

Also known as black-box players, they plug algorithms into
computers to generate numerous, lightning-speed automatic trades
that are designed to make money from arbitrage on razor-thin
price differences and movements.

Mar 21, 2012

Nigerian oil exports set to rise to 9-mth high

GENEVA, March 21 (Reuters) – Nigerian oil exports are set to
rise to around 2.1 million barrels per day (bpd) in May, trade
sources said on Wednesday citing provisional loading programmes,
a level that Reuters data showed to be a nine-month high.

Shipping lists showed the west African country will load
around 65 million barrels of oil on 73 tankers.

Mar 21, 2012

Petroplus seeks 6-month extension of grace period

GENEVA, March 21 (Reuters) – The holding and marketing arms
of insolvent oil refiner Petroplus have applied to a
Swiss court for a six-month debt moratorium to extend protection
from creditors as the company seeks to restructure debt, its
administrator said on Wednesday.

Petroplus Holdings AG and Petroplus Marketing AG, which
employs the firm’s remaining oil traders, received a two-month
grace period to restructure debt from a Swiss judge that is due
to expire on March 27.

Mar 12, 2012

The firm that keeps heating oil flowing to Assad’s Syria

LONDON, Mar 12 (Reuters) – Oil traders arranging
millions of dollars worth of fuel shipments to Syria sit in the
office of a little-known firm in Greece.

The fuel, liquid petroleum gas for cooking and domestic
heating, is not covered by international sanctions against the
government of President Bashar al-Assad, but some critics charge
that by keeping the supplies flowing the firm, Naftomar, may be
lessening the risk to Assad of a wider revolt.

Mar 9, 2012

Russia criticises UN over NATO role in Libya

GENEVA, March 9 (Reuters) – Russia criticised U.N.
investigators on Friday for failing to adequately probe deaths
caused by North Atlantic Treaty Organisation (NATO) bombs during
the uprising against Libyan leader Muammar Gaddafi last year.

Independent investigators for the U.N. Human Rights Council
last week issued a report saying NATO had caused civilian
deaths, but added the organisation had taken “extensive
precautions to ensure civilians were not killed”.

Mar 9, 2012

Swiss oil firms not breaking Syria sanctions – govt

GENEVA, March 9 (Reuters) – The Swiss body responsible
for enforcing sanctions said it has held talks with a number of
locally based trading firms including AOT Trading AG and Gunvor
over Syrian oil sanctions and has found no evidence of
violations.

Syria is under international scrutiny because of the violent
crackdown on protests against President Bashar al-Assad and
activists are keen to shame any companies still supplying his
government.

Mar 8, 2012

Petroplus halves workforce at Swiss HQ-sources

GENEVA/LONDON, March 8 (Reuters) – Oil refiner
Petroplus made around half its workforce redundant at
its head office in Switzerland ahead of a last-ditch survival
plan to reduce its refining fleet to two, sources familiar with
the matter told Reuters on Thursday.

Between 70-80 staff workers or nearly half the workforce at
the headquarters in the Swiss canton of Zug were informed of the
decision on Thursday, the sources told Reuters.