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Economics

Brazil seizes $655 M in assets from Odebrecht, OAS, executives

Brazil's federal auditing court, ordered the seizure of about $655 M worth of assets from engineering firms Odebrecht SA and OAS SA and some of their executives, to recoup losses from contracts related to the country's biggest ever corruption scandal.

US crude stocks fall unexpectedly in week: EIA

US crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose, according to data from the Energy Information Administration.

South African fuel strike ends as union signs new pay offer

South Africa's petroleum sector employers and striking workers signed a new two-year wage deal on Wednesday, ending a three-week strike that caused limited supply disruptions.

Gunvor secures financing for Rotterdam refinery upgrade

Gunvor secured $200 M in financing for the development and infrastructural upgrade of its refinery in Rotterdam.

EIA: US crude oil exports are increasing and reaching more destinations

The number of countries receiving exported US crude oil has risen since the removal of restrictions on exporting US crude oil in December 2015.

Gas suppliers Praxair, Linde hold merger talks

US industrial gas supplier Praxair Inc. and German peer Linde AG are in early-stage talks about a merger to create a market leader with a value of more than $60 B.

PDVSA sees future in consolidation with China

HP Editorial Staff: HP News

People’s Minister of Petroleum and President of Petroleos de Venezuela SA, Eulogio Del Pino, highlighted the importance of China-Venezuela bilateral relations to guarantee growth.

Louisiana refineries not hit by floods, markets expect trouble

Flooding in Louisiana hasn’t affected refinery output in the state, but markets responded to the expectation of reduced production anyway.

Australia's gas paradox: supply crunch looms despite rich reserves

Australia is on track to become the world's biggest LNG exporter by 2019, yet faces a looming shortage at home as states restrict new drilling onshore and cash-strapped oil and gas companies cut spending.

Petrobras' profit declines on lower prices, charges

State-led oil company Petrobras reported Q2 profit fell by nearly a third from a year earlier, missing analysts' expectations as oil prices fell, it took charges for layoffs and the impairment of a refinery.

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