Oppenheimer & Co. analyst Fadel Gheit tallied up some key numbers for the oil and gas sector in 2007. He found market capitalization for the group at year-end was $1.617 trillion, led by Exxon Mobil Corp. with $481 billion — close to a third of the group total.
Gheit says group net income dropped to $146 [...]
Citigroup Inc. agreed to pay $1.66 billion to creditors of Enron Corp. who lost money when the energy trader collapsed in 2001.
Citigroup was the last remaining defendant in what was known as the “Mega Claims” lawsuit, filed in 2003 against 11 banks and brokerages. The filer, Enron Creditors Recovery Corp., alleged that with the help [...]
Royal Dutch Shell PLC and privately held Virent Energy Systems, Inc. of Madison, Wis., will work together to convert plant sugars directly into gasoline and gasoline blend components, rather than ethanol.
The aim is to create new biofuels that can be used at high blend rates in standard gasoline engines. They could also eliminate the need [...]
JPMorgan Chase & Co. will buy ClimateCare, a privately held carbon offset company.
Terms of the deal were not disclosed. ClimateCare will be integrated into JPMorgan’s environmental markets group.
The combined entity will create carbon emission reduction projects worldwide and trade carbon emission reduction credits generated by the projects.
South African Reserve Bank governor Tito Mboweni said the price of oil is unlikely to drop any time soon, hampering efforts to contain inflation and adding to pressure for higher interest rates.
“On the inflation picture, what is of serious concern is that it doesn’t seem like oil prices are going to be of assistance to [...]
Malaysian Estate Owners’ Association president Boon Weng Siew said the price control mechanism under the Cooking Oil Subsidy Scheme (COSS) was causing the industry to suffer.
Responding to Domestic Trade and Consumer Affairs Minister Datuk Shahrir Abdul Samad’s suggestion to review price control and subsidies, Boon said artificial price controls led to shortages in the market.
Cooking [...]
March 26, 2008) - Red Hill Energy reported today that further to the December 21, 2007 news release, a National Instrument 43-101 report and assay results have been received by the company on its very significant Chandgana Khavtgai coal project. All three of Red Hill Energy’s coal resources are now National Instrument 43-101 compliant as [...]
Russian steel maker Mechel said on Wednesday it has agreed to pay $1.5 billion (750 million pounds) in cash to acquire ferro-chrome producer Oriel Resources as it expands its ferro-alloy business.
Mechel, Russia’s largest coking coal producer, said it would pay 219.86 U.S. cents per share in Oriel, a Britain-based company that operates a ferro-chrome [...]
Bulgaria’s regulatory authorities have cleared ArcelorMittal subsidiary Mittal Steel Holdings AG to buy a number of Russia-based coal mining assets from Severstal (RTS: CHMF), the regulator said in a statement.
ArcelorMittal said on January 31 that it was buying a number of coal mining assets in [...]
A powerful category-three cyclone has formed off the northwest coast of Australia and is likely to move south or southeast, potentially threatening production at some offshore oil fields.
Australia’s Bureau of Meteorology said on Wednesday that tropical Cyclone Pancho was located 1,208 km (750 miles) west of the Exmouth region at 4 p.m. local time and [...]
