SIEMENS BUILDS FOR LIBYA
PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.
The Munich-based industrial conglomerate said Monday that the plants will be built in Misrata and Tripoli and that the value of the contracts with the state-owned General Electricity Company of Libya includes long-term service agreements.
It said the deal will expand Libya's power generation capacity by about 1.3 gigawatts, but didn't specify in a statement when the new plants will start operation.
The deal comes weeks after Siemens AG announced plans to cut about 6,900 jobs worldwide at its power, gas and drives divisions, half of them in Germany. It pointed to a sharp decline in earnings amid increasing pressure from renewable energy sources.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.