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Showing posts with label Oil and Gas. Show all posts
Showing posts with label Oil and Gas. Show all posts
Monday, August 29, 2011
Friday, April 17, 2009
Kenya Agrees to Buy Iranian Oil on Credit
The Deal alegedly calls for 90 day payment delays. This will place Kenya of an ongoing line of credit debt to Iran.
-Shimron Issachr
Iran will reportedly supply Kenya with 4 mm tons of oil annually as a part of range of deals signed in February between the two states.
The Kenyan government rejected the allegations that Iran offered its crude oil to Kenya at 10 % below the market price. It says Iran, the world's fourth largest oil exporter, has agreed to offer Kenya a 90-day credit period to pay its debt to Tehran.
Iranian President Mahmud Ahmadinejad visited east Africa's largest economy on February 25 and signed a range of economic agreements with his Kenyan counterpart Mwai Kibaki.
The Iranian president said it was of great importance for Tehran to promote political and economic ties with Kenya.
Iran currently exports industrial oil, carpets and chemicals to Kenya and imports tea.
Kenya plans to add beef and fish products to its list of exports to Iran.
Analysts believe the new agreements could increase the volume of Iran-Kenya trade to $ 500 mm by the end of next year.
Iran is helping Kenya on several major energy and infrastructure projects.
The two countries have also agreed to establish direct flights between Nairobi and Tehran, to set up a shipping line between the Iranian port of Bandar Abbas and the Kenyan port of Mombasa and to build an Iranian trade centre in Nairobi.
The Rest @ WorldNews
-Shimron Issachr
Iran will reportedly supply Kenya with 4 mm tons of oil annually as a part of range of deals signed in February between the two states.
The Kenyan government rejected the allegations that Iran offered its crude oil to Kenya at 10 % below the market price. It says Iran, the world's fourth largest oil exporter, has agreed to offer Kenya a 90-day credit period to pay its debt to Tehran.
Iranian President Mahmud Ahmadinejad visited east Africa's largest economy on February 25 and signed a range of economic agreements with his Kenyan counterpart Mwai Kibaki.
The Iranian president said it was of great importance for Tehran to promote political and economic ties with Kenya.
Iran currently exports industrial oil, carpets and chemicals to Kenya and imports tea.
Kenya plans to add beef and fish products to its list of exports to Iran.
Analysts believe the new agreements could increase the volume of Iran-Kenya trade to $ 500 mm by the end of next year.
Iran is helping Kenya on several major energy and infrastructure projects.
The two countries have also agreed to establish direct flights between Nairobi and Tehran, to set up a shipping line between the Iranian port of Bandar Abbas and the Kenyan port of Mombasa and to build an Iranian trade centre in Nairobi.
The Rest @ WorldNews
Friday, January 23, 2009
Libya Exploring Nationalization of Foreign Oil Firms
WASHINGTON (Reuters) - Libyan leader Muammar Gaddafi said on Wednesday his country and other oil exporters were looking into nationalizing foreign firms due to low oil prices and suggested Tripoli might not stick to OPEC production quotas.
Speaking via a satellite link from Libya to students at Georgetown University in Washington, he called the current price of oil "unbearable."
Oil was around $44 a barrel on Wednesday, less than a third of the price in July of $147.
"We would not adhere to OPEC's regulations because our livelihood depends on oil," Gaddafi said, without providing any details of how Libya might not stick to the oil producing organization's quotas.
Last month, Libya told oil firms to cut output by 270,000 barrels per day from January 1, more than the curb it needs to make under an OPEC deal to pump less.
Gaddafi, who decides Libya's oil policy, referred to recent Libyan newspaper reports over nationalization because of the dipping oil prices.
The reports, including in the main state paper widely seen as the mouthpiece of Gaddafi, said this week the Basic People Congresses, Libya's top executive and legislative bodies, should vote to nationalize oil firms when they meet in the next few days.
The Rest @ AP
"Oil exporting countries may move toward nationalization because of the rapidly declining prices. This is put on the table and is being discussed seriously," Gaddafi said through an interpreter.
"Oil maybe should be owned by national companies or the public sector at this point, in order to control the oil prices, the oil production or maybe to stop it," he told the students. "We may refuse to sell it at this very low price."
LIBYA HOPES FOR PRICE RISE
Petro-Canada, one of Libya's largest foreign oil producers, said it has heard no talk of nationalizing its interests in the North African country.
"We continue to have a cooperative relationship with the government of Libya, both signing agreements last summer and implementing contracts," said Andrea Ranson, spokeswoman for the Calgary-based company.
In June, Petro-Canada signed six long-term exploration and production deals with Libya's state oil company that it said would lead to a doubling of production there.
U.S. companies ConocoPhillips, Hess Corp and Marathon Oil are active in Libya under a consortium called Oasis Group with Libyan National Oil Corp. Other U.S. firms involved there are ExxonMobil, Chevron and Occidental.
Gaddafi said he hoped nationalization could be avoided by a price rise. Continued...
Speaking via a satellite link from Libya to students at Georgetown University in Washington, he called the current price of oil "unbearable."
Oil was around $44 a barrel on Wednesday, less than a third of the price in July of $147.
"We would not adhere to OPEC's regulations because our livelihood depends on oil," Gaddafi said, without providing any details of how Libya might not stick to the oil producing organization's quotas.
Last month, Libya told oil firms to cut output by 270,000 barrels per day from January 1, more than the curb it needs to make under an OPEC deal to pump less.
Gaddafi, who decides Libya's oil policy, referred to recent Libyan newspaper reports over nationalization because of the dipping oil prices.
The reports, including in the main state paper widely seen as the mouthpiece of Gaddafi, said this week the Basic People Congresses, Libya's top executive and legislative bodies, should vote to nationalize oil firms when they meet in the next few days.
The Rest @ AP
"Oil exporting countries may move toward nationalization because of the rapidly declining prices. This is put on the table and is being discussed seriously," Gaddafi said through an interpreter.
"Oil maybe should be owned by national companies or the public sector at this point, in order to control the oil prices, the oil production or maybe to stop it," he told the students. "We may refuse to sell it at this very low price."
LIBYA HOPES FOR PRICE RISE
Petro-Canada, one of Libya's largest foreign oil producers, said it has heard no talk of nationalizing its interests in the North African country.
"We continue to have a cooperative relationship with the government of Libya, both signing agreements last summer and implementing contracts," said Andrea Ranson, spokeswoman for the Calgary-based company.
In June, Petro-Canada signed six long-term exploration and production deals with Libya's state oil company that it said would lead to a doubling of production there.
U.S. companies ConocoPhillips, Hess Corp and Marathon Oil are active in Libya under a consortium called Oasis Group with Libyan National Oil Corp. Other U.S. firms involved there are ExxonMobil, Chevron and Occidental.
Gaddafi said he hoped nationalization could be avoided by a price rise. Continued...
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