ROSNEFT & SARAS DELAYED
Saras SpA (SRS), an Italian oil refiner, delayed plans to set up a trading joint venture with its Russian partner OAO Rosneft because of worsening relations between Europe and President Vladimir Putin's government.
"In recent weeks, activities with Rosneft have been put on hold because of political events," Dario Scaffardi, executive vice president and general manager, said today on a conference call. The "activities" relate to the JV as well as to commercial initiatives.
Saras, based in Milan, was scheduled to start a trading joint venture in April with its partner, which was delayed to the summer following the purchase by Rosneft of Morgan Stanley's oil-trading business. The Russian oil company, which currently holds 21 percent in the refiner, held informal talks with the Moratti family, Saras's biggest investor, to boost its stake, Il Sole 24 Ore reported in February.
Europe and the U.S. have tightened sanctions aimed at hurting Russia's economy following the annexation of Ukraine and the shooting down of a plane that killed almost 300 people. Igor Sechin, Rosneft's chief executive officer, is on a list of sanctioned individuals.
The company runs the Sarroch refinery in Sardinia with a capacity of 300,000 barrels of oil a day.
|May, 21, 11:10:00|
|May, 21, 11:05:00|
|May, 21, 11:00:00|
|May, 21, 10:55:00|
|May, 21, 10:50:00|
|May, 21, 10:45:00|
API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.
BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.
REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.