Oil Steady as Russia Commits to Output Cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept.
Russian-led Arctic Oil Project to Cost $157 Bln
A ambitious new Arctic oil project led by Russia's top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia's deputy energy minister Pavel Sorokin told reporters.Vostok Oil, a joint project of Rosneft and Independent Petroleum Company (IPC), is set to include some oil fields that are already producing and others which have yet to start…
Rising US Oil Clout on Show in Houston
A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials, and most OPEC nations.As the…
Oil Surges 8% After Steep Slide
Oil surged on Wednesday, posting its strongest daily gain in more than two years in a partial rebound from steep losses that pushed crude benchmarks to lows not seen since 2017.Both U.S. and Brent crude rose about 8 percent, their largest one-day increase since Nov. 30, 2016, when OPEC signed a landmark agreement to cut production.
CEFC Paid Out Compensation After Rosneft Stake Deal Fell Through
CEFC paid almost 225 million euros ($257 million) in compensation to a consortium of Qatar Investment Authority and Glencore after the Chinese firm's deal to buy a stake in Russian oil firm Rosneft fell through, a document showed.The chief executive of Rosneft, Igor Sechin, said in September 2017 that CEFC had signed…
Rosneft's CEO Says VTB Did Not Finance Share Sale
Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft CEO Igor Sechin said on Wednesday.Reuters reported last week that VTB secretly financed the purchase of Rosneft shares by Qatar's sovereign wealth fund (QIA) this year."If it (VTB) did that…
Russian Energy Firms Discuss Cooperation Saudi Aramco Chief
The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said.Rosneft, the world's largest-listed oil producer by output, said in a brief statement that they "discussed a wide range of issues related to mutual…
Rosneft Snubs Government Oil Meeting
Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production curbs by OPEC and its allies next year cannot be ruled out, two sources…
Rosneft Nearly Triples Net Profit
Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.The company took a 133 billion rouble ($2 billion) impairment in refining and distribution, with domestic fuel prices lagging behind surging crude oil prices.
Russia's Rosneft More Than Triples Q2 Net Profit
Russia's Rosneft more than triples Q2 net profit, shares hit recordRussia's largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228 billion roubles ($3.6 billion) on higher production and prices, pushing its shares to an all-time peak.Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and BP…
Clash of the Russian Energy Titans
Russian energy major Rosneft is increasingly challenging domestic rival Gazprom in international gas markets, from West Africa to Turkey and even Europe, according to five industry sources with knowledge of the matter.Last week, Rosneft won a multi-billion dollar contract in Ghana that had been targeted by Gazprom, the sources said.
China's CEFC Investigation Hits $9 billion Russian Oil Deal
Chinese conglomerate CEFC had already started paying for a stake in Russian oil giant Rosneft when the economic crime police took its chairman Ye Jianming away, halting the $9.1 billion deal in its tracks, according to three sources close to the matter. The fate of the deal, one of the largest Chinese investments in Russia…
Rosneft, Eni Fail to Discover Oil at Black Sea Well
Russia's state oil company Rosneft and Italy's Eni did not make a commercial oil discovery in the Black Sea as the well they were drilling proved to be dry, a source close to the operations told Reuters on Wednesday. Rosneft chief executive, Igor Sechin, has partnered with a number of foreign companies to develop Russia's offshore regions…
Exxon Quits Some Rosneft Joint Ventures Citing Sanctions
Exxon Mobil Corp will exit some joint ventures with Russia's Rosneft, citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which had opposed the sanctions over Russia's invasion of Crimea and argued they unfairly penalized U.S.
Rosneft to Invest $735 Mln in Germany Over 5 Years
Russian state-owned oil major Rosneft plans to invest at least 600 million euros ($735 million) in Germany over the next five years, the company quoted Chief Executive Igor Sechin as saying on Monday on a trip to Germany. The company, in a statement, did not specify into what projects the money would be invested. Reporting by Christian Lowe
Oil Slips on OPEC Deal Uncertainty
Oil prices slipped on Wednesday as doubts set in about Russia's willingness to substantially extend a deal among some of the world's biggest exporters to curb output to help tackle global oversupply and support prices. Brent crude futures were down 17 cents on the day at $63.44 a barrel by 1350 GMT, while U.S. light crude fell 28 cents to $57.71 a barrel.
Rosneft CEO to Testify at Ex-minister's Trial
The head of Russia's Rosneft , Igor Sechin, will attend the trial of former economy minister Alexei Ulyukayev as soon as his schedule allows, TASS news agency quoted Sechin as saying on Thursday. Ulyukayev is on trial on charges of extorting a $2 million bribe from Sechin, in exchange for Ulyukayev approving a business deal.
Rosneft, NIOC Eye $30 Bln in Oil and Gas Projects
Russian oil producer Rosneft and the National Iranian Oil Company have signed a road map on the implementation of "strategic" projects in Iran with total investments worth up to $30 billion, Rosneft head Igor Sechin said on Wednesday. He said the deal paved the way for legally-binding documents to be signed within a year.
Rosneft Elects German Ex-chancellor Schroeder as Chairman
Former German Chancellor Gerhard Schroeder is set to face a fresh backlash at home after he was elected as chairman of Russia's biggest oil producer Rosneft on Friday. Schroeder, a Social Democrat who led Germany from 1998 to 2005, prompted widespread criticism in his homeland in August when he was nominated to Rosneft's board…
Russian Court Told That Oil Boss Gave Minister $2 Mln in a Bag
A Russian court was told on Tuesday that a close ally of President Vladimir Putin personally handed the country's then economy minister $2 million in cash inside a lockable brown bag as part of an elaborate bribery sting. Former Economy Minister Alexei Ulyukayev is on trial on charges of extorting the $2 million bribe from Igor Sechin…