Oil Companies News
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The three oil producers under investigation by the European Commission for manipulating oil prices are being sued in a class-action lawsuit in the U.S.
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Equatorial Guinea, sub-Saharan Africa’s third-biggest oil producer, will hold legislative and municipal elections on May 26, according to the government’s website.
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Energy price-reporting organizations including Platts said they ordered independent reviews of their methods after calls by regulators last year to safeguard against market manipulation.
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Statoil ASA sold a tanker of Norwegian crude valued at about $63 million to BP Plc on May 9. The deal, along with six others so far this month, wasn’t subject to any oversight by financial authorities, yet would help establish the price for more than half the world’s oil.
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Ecopetrol SA subsidiary Cenit plans to boost the capacity of Colombia’s oil storage facilities and reinforce sections of pipeline to counter rebel attacks, Cenit President Camilo Marulanda said in an interview today in Bogota.
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Oil-tanker owners will struggle to retain crews and maintain ships after losing the most money in four decades, according to the industry’s biggest trade group.
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Turkey, which gets almost all of its energy from abroad, will debate a bill today that seeks to lure foreign companies to explore for oil and gas by ending the preferential treatment of state-run TPAO Turkiye Petrolleri AO.
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Government bonds should be excluded from the European Union’s planned financial-transaction tax because the levy would drive up sovereign borrowing costs, a panel of European debt-management officials said.
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Canadian energy producers lobbying for U.S. approval of the Keystone XL pipeline are targeting undecided Democratic lawmakers in Washington in advance of a decision on the $5.3 billion project.
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Royal Dutch Shell Plc Chief Executive Officer Peter Voser said it’s too early to speculate about the European oil-price fixing probe and the company is committed to the “highest standard of corporate behavior.”
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