#AceFinanceNews – UNITED STATES – October 13 – So why is this happening? Partly because the United States keeps producing more and more oil, but also partly because some conflict-ridden countries are starting to pick up production.

Libya, for one, is boosting its oil output after civil war and internal tensions had shut things down for a spell. Iraq’s oil sector is slowly recovering.

All that new crude is flooding the market, causing global prices to dip.

Meanwhile, potential economic slowdowns in both Germany and China are driving down forecasts for oil demand (and reducing prices further).


#china, #germany, #global, #iraq, #libya, #oil, #prices, #united-states

` Rosneft considering ` Several Options ‘ for ` Participation in Oil Projects ‘ in Iraq ‘

#AceFinanceNews – BASRA – March 29 – The Russian oil company Rosneft is considering several options for participating in oil projects in Iraq, Deputy Prime Minister Arkady Dvorkovich said.

“Rosneft is considering participating in several projects in Iraq. Our companies always respect the laws of the countries where they work. Rosneft will do the same,” he said.

Rosneft is eyeing the possibility of joining the Nasiriyah project, which calls for extracting oil and building an oil refinery in Iraq.

The Russian company may also partner with American Exxon for a joint project in Iraq’s Kurdistan.
Dvorkovich also said several Russian energy companies, including Inter RAO and Technopromimport, might build thermal power plants in Iraq.

Russian Oil and Media Sources


#american-exxon, #basra, #iraq, #kurdistan, #nasiriyah, #rao, #rosneft, #russian, #technopromimport

` Russia’s Soyuzneftegaz Oil Offshore Exploration in Syria to take no less than 5-Years'

#AceFinanceNews – MOSCOW – Chairman of the board of Russian energy company Soyuzneftegaz Yuri Shafranik believes that exploration of oil fields in Syrian territorial waters will take no less than five years.

In his view, an oil pipeline may be built between that country and Iraq upon the end of hostilities in Syria.

The Syrian Ministry of Petroleum and Mineral Wealth and Russian energy company Soyuzneftegaz signed an deal on oil and gas offshore exploration in the Syrian capital of Damascus on December 25, 2013. So, Soyuzneftegaz became the first foreign and Russian company which was granted the right for oil exploration, development and production at Block-2 in Syrian territorial waters.

The company believes that oil exploration in Block-2 will take no less than five years, Shafranik said in an interview with British news agency Reuters. Upon results of oil exploration the company will make a conclusion whether commercial oil production is expedient there.

“If there is no possibility of normalising the situation throughout the country at once, the situation should be stabilised gradually in regions where it is possible to conclude an agreement,” Reuters quoted Shafranik as saying. “Then humanitarian aid should be provided, and then we should move on to energy projects, removing obstacles to them including any sanctions slowing down the country’s economic recovery,” he added.

Shafranik also dwelt on plans to build an oil pipeline between Iraq and Syria.

“The project could be carried out with the participation of Russian and Italian companies,” the Soyuzneftegaz chief executive said, adding that governments of Syria and Iraq support these plans and are prepared to launch their implementation upon the end of hostilities in Syria.


#damascus, #iraq, #moscow, #reuters, #russian, #soyuzneftegaz, #syria, #syrian


United Nations

United Nations  The United Nations Compensation Commission (<“http://www.uncc.ch/“>UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.24 billion available to the Government of Kuwait.

With today’s payment, the Commission has disbursed $43.5 billion, leaving approximately $8.9 billion remaining to be directed to the only outstanding claim, stated a <“http://www.unog.ch/unog/website/news_media.nsf/(httpNewsByYear_en)/AACDE58294E89727C1257C0E00386FA2?OpenDocument“>news release issued by the Geneva based Commission.

This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets. It represents the largest award by the Commission.

Successful claims are paid with funds drawn from the UN Compensation Fund, which receives five per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.

The Commission was established in 1991 as a subsidiary organ of the UN Security Council. It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.

#aceworldnews, #government-of-kuwait, #invasion-of-kuwait, #iraq, #kuwait, #kuwait-government, #kuwait-petroleum-corporation, #opendocument, #the-commission, #the-government-of-kuwait, #un-compensation-fund, #united-nations, #united-nations-compensation-commission, #united-nations-security-council