Rafael Correa, President of Ecuador, would be relying on USD18 billion worth of oil resources inside the Yasuni National Park to save the country from going bankrupt.
Energy
Occidental Petroleum set to sell and spin off assets
The second largest oil producer in Qatar, Occidental Petroleum Corp, is offering a minority share in its Middle Eastern operations.
East China petrochemical project stalls due to lack of proper site
The Taizhou project, a petrochemical complex located in East China, had stalled because of the lack of a proper location.
Royal Dutch Shell shelves GBP 8.3 billion eastern China refinery- paper
The Telegraph reported that Royal Dutch Shell had postponed its refinery project worth USD 1.3 billion in eastern China.
Marathon Oil Corp plans to sell Angolan oil field stake for USD 590 million
Marathon Oil Corp said it would selling its 10% stake in an Angolan oil and gas field for USD 590 million.
Latest News
The Malaysian state run oil firm informed the Venezuelan government of its withdrawal from the Carabobo-1 oil project.
The government of Japan announced that by next month, it would begin to thresh out the details of a joint procurement plan for the purchase of liquefied natural gas.
The China Business News reported five officials of PetroChina were detained, a report that was denied by the oil company as 'inaccurate.'
Marubeni-Itochu Steel announced its purchase of US pipes trader Sooner Inc for USD 600 million. Marubeni-Itochu Steel Inc said it would purchase Sooner Inc for USD 600 million.
Andre Esteves' Grupo BTG Pactual exercised option to purchase MPX Energia shares. The investment bank controlled by tycoon Andre Esteves, Grupo BTG Pactual, had announced the exercise of an option to acquire 28.
KUFPEC is looking at overseas assets to expand its oil assets and reserves. Kuwait has sought to purchase oil related properties internationally, such as as in Southeast Asia in order to meet output targets.
In an expected move, Versace is set to sell minority shares. The Italian luxury goods house Versace was, eariier this year was in discussion with a sale to Qatar, contracted to privately sell a minority stake in 2013.
KazMunaiGaz purchases Kashagan oil field shares for Kazakhstan. Soon after the blocking the USD5 billion deal for ONGC Videsh Ltd, Kazakhstan soon transferred a 8.
The pipeline from oil shale formations and oil sands is being opposed by hedge fund founder. Billionaire Tom Steyer threw his support behind a four part advertising campaign that intends to convince its viewers that the Keystone XL pipeline would hurt the economy and the communities around it.
