Japan’s Nippon Oil Corp declared that it had filed a lawsuit with the Tokyo District Court, asking for a rejection of the National Tax Tribunal’s findings in January that imposed extra taxes on the refiner on gains from energy derivatives trading. For full story, click here
As per reports by the state run Korea National Oil Corporation, South Korea’s dependence on Middle Eastern crude oil edged up 1.4% to 83.1% in the first 4 months of 2009 compared with the same period in 2008. For full story, click here
China and Myanmar declared that it has signed a memorandum that gives China National Petroleum Corporation the right to design, construct and operate the crude oil pipeline that will link the two countries. For full story, click here
National Iranian Oil Company has set up its first Beijing office to push for crude sales in China, but the world’s No.4 crude exporter will have a tough job boosting volumes sharply in the absence of a refinery. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
The state-run Abu Dhabi National Oil Company reported that it will cut crude oil supplies for June by as much as 18 percent as the OPEC member state complies with the group’s last round of output reductions. For full story, click here
FairWest Energy Corporation has re-filed on April 1, 2009 its Annual Information Form which includes FairWest’s reserves data and other oil and gas information for the year ended December 31, 2008 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. For full story, click here
The National Iranian Oil Company inaugurated its representative office in the China’s capital, Beijing, in a bid to promote energy cooperation. China is one of Iran’s chief crude oil customers. Iran supplies 13 percent of China’s need for crude oil, ranking the third after Saudi Arabia and Angola. For full story, click here
After four weeks of refreshing slippage, NYMEX oil futures began to edge upward into the $120 per barrel range. It appears the rise was largely predicated on two factors.
As per estimates by XFN-Asia based on company statistics, China National Petroleum Corp processed about 62.3 mln tons of crude oil in the first six months. For full story, click here
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