Shell Oil may sell assets as part of restructuring

Article Abstract:

U.S.-based Shell Oil Co., which is undergoing a massive restructuring program, is planning to sell assets which are valued at over $1 billion. Shell Oil, which is a subsidiary of Royal Dutch/Shell Group and was the fifth-largest American oil firm in 1998, will focus on selling much of its chemical and refining operations. The company has been hurt by sliding oil prices and industry consolidation. Shell Oil recently announced the sale of an Oklahoma pipeline and oil fields in Texas and the Gulf of Mexico.

Shell Oil Co.

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Chernogorneft creditors deal blow to BP Amoco investment

Article Abstract:

BP Amoco PLC's $484 million (Euro446.5 million) investment in Russia, has been doing even worse, ever since Chernogorneft creditors voted to sell the bankrupt OAO Sidanko subsidiary to the highest bidder. BP Amoco said that the creditors' vote was invalid, and planned to challenge it in court.

United Kingdom, Capital expenditures, Russia, BP PLC, OAO Sidanko, Chernogorneft Enterprise

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Phillips is searching for a merger partner

Article Abstract:

Phillips Petroleum Corp. is seeking a partner for a possible merger deal as a new series of mergers take place in the oil industry. Chevron Corp. has been mentioned as a possible partner.

Strategy & planning, Oil Products, Petroleum Refineries, Petroleum refining, Planning, Petroleum products, P, Phillips Petroleum Co. (Bartlesville, Oklahoma)

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