Russian TNK-BP profit slumps on weak crude July 27, 2012 Russia’s third-largest oil producer TNK-BP International said on Friday its second quarter net profit slumped to $808m (£513) from $2.2bn a year ago on the back of lower crude prices and higher taxes. The company, half-owned by BP, said Russian Urals crude oil prices declined 7 per cent during the period, while it had to [...]
Romney’s trip to Europe draws attention to Obama’s diplomatic blunders July 25, 2012 MITT Romney’s overseas schedule this week is not just about creating the optics of a statesman. In Britain, Poland and Israel, the Republican presidential nominee will seek to showcase what he says is the damage caused by Barack Obama to America’s principles and three of her most important strategic allies. As a marked contrast to [...]
Rosneft returns to BP with offer for Russian arm July 24, 2012 A YEAR and a half after it sparked a £10bn row, Rosneft has waded back into the dispute between BP and its Russian partners by offering to buy half of their joint venture, TNK-BP. BP said yesterday it had entered formal talks with state-owned Rosneft to sell its 50 per cent holding in TNK-BP. Last [...]
Rosneft and BP in talks over TNK-BP stake July 24, 2012 Russian state oil company Rosneft said on Tuesday that it had expressed its interest in buying BP’s stake in Anglo-Russian oil firm TNK-BP and would enter talks with the British corporate. “The parties agreed to commence negotiations on this matter and signed a non-disclosure agreement,” Rosneft said in a statement. BP announced on 1 June [...]
UK energy policies are sabotaging industry’s global competitiveness July 23, 2012 THE revelation that George Osborne wants fossil fuels to remain a key and important supplier of Britain’s electricity generation shows he can talk the talk. But the chancellor will struggle to give legs to his policy. His statement comes immediately unstuck when you consider how the Treasury is preparing to lump huge taxes on such [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 22, 2012 FINANCIAL TIMES Electricity market reforms unworkable The Treasury’s refusal to back the energy department’s low-carbon agenda has made flagship electricity market reforms “unworkable”, “vacuous” and counterproductive, the government has been told. A draft bill designed to spur billions of pounds of spending on power sources such as wind farms and nuclear plants is so flawed [...]
Holy smoke! The Dark Knight Rises rocks July 19, 2012 FILM THE DARK KNIGHT RISES Cert 12A | By Steve Dinneen ***** UNLESS you’ve lived in a cupboard for the last six months, it won’t have escaped you that there is a new Batman movie. Even if you have, you’ll probably have heard about it anyway. You’ll have seen a trailer through the little crack [...]
BP closer to selling out in Russia July 18, 2012 BP’S plan to rid itself of troublesome Russian venture TNK-BP took another twist yesterday, as the oil firm agreed to sit down with its oligarch partners to discuss a sale. Alfa Access-Renova, the vehicle used by the Russian tycoons to control half of TNK-BP, said yesterday it would use its right to first refusal on [...]
Nordgold bids to buy up stock in High River July 18, 2012 RUSSIAN miner Nordgold, the country’s third-largest gold producer, will bid for the 25 per cent of High River Gold Mines it does not already own, in a deal valuing the Canadian-listed producer at $1.2bn (£769m). Nordgold, controlled by billionaire Alexei Mordashov and chaired by Philip Baum (pictured right), was spun off from Mordashov-owned Severstal earlier [...]
CITY MOVES | WHO’S SWITCHING JOBS July 18, 2012 Baroda Pioneer The asset management firm has appointed Jaideep Bhattacharya as its managing director. He joins from UTI Mutual Fund, where he was previously group president and chief marketing officer. Bhattacharya has also held senior roles at ICICI, the Indian bank. VTB Capital Peter Stonor has been appointed global head of infrastructure and transport for [...]