Economics

Venezuela says considering options to repay debts

VIENNA (Reuters) — Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.

ACC: New report shows potential for major Appalachian petchem industry

WASHINGTON — An economic report released by the American Chemistry Council (ACC) shows that the Appalachian region could become a second center of US petrochemical and plastic resin manufacturing, similar to the Gulf Coast.

DONG Energy to sell oil, gas business to Ineos for $1.3 B

COPENHAGEN (Reuters) — Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 B, it said on Wednesday, the latest in a string of North Sea deals.

OPEC set to prolong oil cuts as delegates predict smooth meeting

VIENNA (Reuters) — OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.

China says will eventually allow private companies to invest in oil storage

BEIJING (Reuters) — China will eventually allow private companies to invest in the country's oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries.

Carlyle battles insurers in New York over Moroccan oil losses

LONDON (Reuters) — US private equity firm Carlyle Group is suing a group of its insurers over $400 MM worth of oil it claims it lost when Morocco's sole refinery went bankrupt two years ago, court documents show.

Clariant, Huntsman to merge, creating $20-B enterprise

MUTTENZ, Switzerland — Clariant and Huntsman Corporation announced that their Boards of Directors unanimously approved a definitive agreement to combine in a merger of equals through an all-stock transaction.

EIA: OPEC net oil revenues in 2016 were the lowest since 2004

Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 B in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 B earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.

Vietnam's sole refinery plans to sell 5%–6% stake in IPO in Q4

HANOI (Reuters) — Vietnam's Dung Quat oil refinery plans to sell a 5%–6% stake in the company in the fourth quarter of 2017 via an initial public offering (IPO), it said in a statement.

South Africa to decide on new oil refinery this year

CAPE TOWN (Reuters) — South Africa, a net importer of refined oil products, needs a new refinery and the cabinet is expected to make a firm decision later this year on whether to build one, the new energy minister said on Friday.