ROSNEFT: WHO NEED RUSSIAN MONEY?
REUTERS. Rosneft's indirect investment in Italy's Pirelli that will make the Russian oil group the tyre maker's single-biggest shareholder is worth more than 500 million euros ($696.25 million), a source close to the matter said on Monday. According to a statement issued by Italian bank Intesa Sanpaolo, Russia's top oil producer Rosneft was set to acquire a 50 percent shareholding of a company which holds 26.2 percent of Pirelli, ending with a 13 percent stake in the tyremaker. Rosneft will also take on an unspecified amount of the debt now owed by Pirelli's holding Camfin, the source said.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.