BP's pullout may delay sale of Russia's Rosneft

Article Abstract:

British Petroleum PLC (BP) pulled out of the race for a 75% stake in Russian oil producer NK Rosneft. BP withdrew from the $1.6 billion tender following the Royal Dutch/Shell Group's announcement that it was pulling out due plunging world crude-oil prices and financial instability in Russia. The pullout delays Russia's biggest privatization for a second time. It also damages the Kremilin's hopes of replenishing its empty coffers, paying off wage arrears of striking miners and shifting away from short term borrowing on domestic bond markets, where yields have soared to over 100%.

Comment:

BP pulled out of the race for a 75% stake in Rosneft

Asset sales & divestitures, Acquisitions & mergers, Russia, British Petroleum Company PLC, Rosneft

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Saudis lead plan to for new OPEC to boost price of oil by ending glut

Article Abstract:

Saudi Arabia, the world's biggest oil producer, is putting into action its call for a new alliance of petroleum-exporting nations. The goal of the new OPEC would be to cooperate in secret to raise oil prices by reducing the current oil glut. The new alliance would not include Libya, due to idealogical differences, but would add Mexico and Norway. Iraq could participate only after the United Nations lifts current economic sanctions.

Comment:

Saudia Arabia is is calling for a new OPEC

Organization of Petroleum Exporting Countries, Public affairs, Geographic

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Royal Dutch and Texaco plan to merg refining, marketing activities in Europe

Article Abstract:

Royal Dutch/Shell and Texaco Inc. announced that they are planning to combine their refining and marketing operations in Europe. The plan adds to both companies' other US alliances. It also promises to reduce costs by $200 million on a yearly basis. The announcement ended speculation over the two firms. In August 1998, Shell confirmed it was engaged in talks with Texaco about a European refining alliance.

Europe, Alliances, partnerships, Texaco Inc., Royal Dutch-Shell PLC

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