19th November 2008
The owners of an oil-laden Saudi Arabian supertanker hijacked off the coast of Somalia are in talks with pirates over a ransom.
Negotiators are aboard the Sirius Star, a man identifying himself as Farah Abd Jameh, a member of the group that hijacked the tanker, said in an audio tape aired today by Al Jazeera. He didn't say how much money his group wants to free the vessel, which belongs to Saudi Arabia's state-owned shipping line, Vela International Marine Ltd, and is carrying more than 2...
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19th November 2008
The biggest oil companies including Saudi Aramco, Royal Dutch Shell Plc and Petroleo Brasileiro SA are accelerating spending cuts and delaying projects as the world enters a recession, said Morgan Stanley & Co.
As many as 44 projects have been delayed and faced cuts in investments as of Nov. 18, compared with 19 in a Nov. 5 report, analysts Theepan Jothilingam and James Hubbard said in a note today.
Benchmark oil prices in New York have declined 63% since reaching a record $147.27 a barr...
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19th November 2008
Petroleo Brasileiro SA, Brazil's state-controlled oil company, said it's too early to decide whether the decline in oil prices and the worldwide credit crunch will require a revision of exploration and output plans.
Petrobras, as the company is known, said today in a statement on its Web site that a revision of its 2009-2013 strategic plan hasn't been completed. The scheduled October release of the revision already has been delayed until the end of the year. All budgets are under review w...
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