Joshua's Feed
Nov 26, 2013

Special Report: How China took control of an OPEC country’s oil

NEW YORK (Reuters) – China’s aggressive quest for foreign oil has reached a new milestone, according to records reviewed by Reuters: near monopoly control of crude exports from an OPEC nation, Ecuador.

Last November, Marco Calvopiña, the general manager of Ecuador’s state oil company PetroEcuador, was dispatched to China to help secure $2 billion in financing for his government. Negotiations, which included committing to sell millions of barrels of Ecuador’s oil to Chinese state-run firms through 2020, dragged on for days. Calvopiña grew anxious and threatened to leave.

Nov 26, 2013

A look at the traders behind the China-Ecuador-U.S. oil triangle

Nov 26 (Reuters) – Ecuador’s Socialist President Rafael
Correa has often railed against allowing private trading firms
to control the country’s oil shipments, a top source of export
revenue. Soon after his election in 2006, Correa pledged to cut
out middlemen.

But on his watch, the opposite has happened. As the OPEC
country committed to selling the bulk of its export crude to
Chinese state-owned firms, a little-known Swiss trading house
and its business partners have secured a role as intermediaries
in the South American country’s oil trade.

Nov 26, 2013

How China took control of an OPEC country’s oil

NEW YORK, Nov 26 (Reuters) – China’s aggressive quest for
foreign oil has reached a new milestone, according to records
reviewed by Reuters: near monopoly control of crude exports from
an OPEC nation, Ecuador.

Last November, Marco Calvopiña, the general manager of
Ecuador’s state oil company PetroEcuador, was dispatched to
China to help secure $2 billion in financing for his government.
Negotiations, which included committing to sell millions of
barrels of Ecuador’s oil to Chinese state-run firms through
2020, dragged on for days. Calvopiña grew anxious and threatened
to leave.

Nov 8, 2013

Colombia’s Ecopetrol seeks 63 pct production rise by 2020

Nov 8 (Reuters) – Ecopetrol, Colombia’s publicly
traded, state-controlled oil company, said on Friday it will
spend as much as $75 billion by 2020 to lift oil and gas
production to 1.3 million barrels of oil equivalent per day
(boed).

The investment, outlined in a presentation to investors and
the media in New York, would represent a rise of more than 60
percent over output levels of 800,000 boed in the third quarter.

Nov 8, 2013

Colombia’s Ecopetrol aiming for 63 pct rise in production by 2020

Nov 8 (Reuters) – Ecopetrol, Colombia’s publicly
traded, state-controlled oil company, said on Friday it will
spend as much as $75 billion by 2020 to lift oil and gas
production to 1.3 million barrels of oil equivalent per day
(boed).

The investment, outlined in a presentation to investors and
the media in New York, would represent a rise of more than 60
percent over output levels of 800,000 boed in the third quarter.

Sep 27, 2013

EU stands firm on aviation emissions position

MONTREAL/NEW YORK (Reuters) – Europe cannot accept a global deal to curb the growth of aviation emissions through a markets-based scheme starting in 2020 unless it allows for regional measures to operate in the interim, its top climate change official said Friday.

Connie Hedegaard, European Commissioner for Climate Action, said because it would take at least seven years to get a global market scheme in place, measures like the EU’s emissions trading scheme are needed in the meantime.

Jul 31, 2013

Exclusive: Russian billionaire seeks U.S. government financing for luxury jets

NEW YORK/ATLANTA (Reuters) – Billionaire Russian businessman Gennady Timchenko, a long-time associate of Russian President Vladimir Putin, plans to seek U.S. government-backed funding to buy luxury aircraft, Reuters has learned.

To smooth the path for financial backing from the U.S. Export-Import Bank and allay possible U.S. government concerns about him, Timchenko hired lobbyists from powerhouse Washington law firm Patton Boggs, according to emails and documents viewed by Reuters.

Jul 31, 2013

Russian billionaire seeks U.S. government financing for luxury jets

NEW YORK/ATLANTA, July 31 (Reuters) – Billionaire Russian
businessman Gennady Timchenko, a long-time associate of Russian
President Vladimir Putin, plans to seek U.S. government-backed
funding to buy luxury aircraft, Reuters has learned.

To smooth the path for financial backing from the U.S.
Export-Import Bank and allay possible U.S. government concerns
about him, Timchenko hired lobbyists from powerhouse Washington
law firm Patton Boggs, according to emails and documents viewed
by Reuters.

Jul 11, 2013

Insight: Quebec train set too few brakes, with deadly result

By Joshua Schneyer and Cezary Podkul

(Reuters) – The handbrake is the railroad industry’s ultimate fail-safe mechanism. It is supposed to help avert disasters like the one that engulfed a Canadian town on Saturday, when a runaway train loaded with oil hurtled downhill, derailed and exploded, leaving 50 people dead or missing.

The railroad initially blamed the catastrophe on the failure of the train’s pneumatic airbrakes after an engine fire, but the company acknowledged on Wednesday that the train’s engineer did not apply an adequate number of handbrakes to hold the train in place, and failed to comply with regulations.

Jul 11, 2013

Quebec train set too few brakes, with deadly result

July 10 (Reuters) – The handbrake is the railroad industry’s
ultimate fail-safe mechanism. It is supposed to help avert
disasters like the one that engulfed a Canadian town on
Saturday, when a runaway train loaded with oil hurtled downhill,
derailed and exploded, leaving 50 people dead or missing.

The railroad initially blamed the catastrophe on the failure
of the train’s pneumatic airbrakes after an engine fire, but the
company acknowledged on Wednesday that the train’s engineer did
not apply an adequate number of handbrakes to hold the train in
place, and failed to comply with regulations.