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Oil major BP warned of $1bn of restructuring charges over the coming year on Wednesday, as turmoil in the crude market continued with prices dropping to a fresh five-year low. In a day-long presentation to investors in London, the company said it expects to incur non-operating restructuring charges
Read moreStocks in the oil producing and oil services sectors were hit by renewed selling pressure on Wednesday as crude prices dropped to fresh five-year lows. A weaker demand forecast from OPEC and a surprise increase in US crude inventories were weighing heavily on oil prices in afternoon trade, with Bren
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* 2014 European refining margins up 70 pct on year * Companies face heavy drop in revenue with lower oil prices * http://link.reuters.com/kak63w By Ron Bousso and Libby George LONDON, Dec 10 (Reuters) - The pain of the drop in crude prices for Europe's oil companies will b
Read more* Essar, Rosneft to sign deal during Putin visit - sources * Oil India to sign energy pact with Zarubezhneft - sources (Adds more details) By Nidhi Verma NEW DELHI, Dec 10 (Reuters) - India's Essar Group will sign a long-term crude oil import deal with Russia's Rosneft during
Read more* Move comes amid broad $43bln cost cutting drive * BP to review 2015 spending cuts amid falling oil prices (Adds details from investor day, Deutsche Bank, updates share) By Ron Bousso LONDON, Dec 10 (Reuters) - BP will cut thousands of jobs cut across its global oil and gas b
Read moreNEW DELHI, Dec 10 (Reuters) - India's Essar Group will sign a long-term crude import deal with Russia's Rosneft during President Vladimir Putin's visit to New Delhi on Thursday, government and industry sources said on Wednesday. "Essar will sign an MoU (memorandum of understanding) with th
Read moreDeutsche Bank has downgraded its rating for Shell (to 'hold') but upgraded BP (to 'buy') as part of its review of the oil sector in light of the recent plunge in crude prices, now trading at their lowest levels in five years. "In a sector where all are under pressure there are no easy calls. Our bia
Read moreDeutsche Bank has downgraded its rating for Shell but upgraded BP as part of its review of the oil sector in light of the recent plunge in crude prices, now trading at their lowest levels in five years. "With the commodity down by some 45% and the sector's dividend yield moving towards 6% the tempta
Read moreLONDON, Dec 10 (Reuters) - Oil major BP said on Wednesday it would spend $1 billion on group-wide restructuring in the coming year as it laid out its long-term plans for its upstream oil and gas business. The British company said as part of its programme to simplify across its upstream and
Read moreMOSCOW, Dec 10 (Reuters) - Russia's Rosneft plans to raise 800 billion roubles ($14.8 billion) from the sale of new domestic rouble bonds, RIA Novosti news agency said on Wednesday quoting company statements. Last year, Rosneft closed a deal to buy its peer TNK-BP for $55 billion, using ca
Read more(Adds background, details) CAIRO, Dec 9 (Reuters) - Egypt will launch a tender for a second liquefied natural gas (LNG) import terminal in the coming weeks, which could help address the country's ongoing energy crisis, a source at the state gas board said on Tuesday. High consumption,
Read moreThe US Supreme Court has decided not to hear the case brought to it by BP over its liability for compensation claims resulting from the 2010 oil spill in the Gulf of Mexico. As a result, the oil giant could see the eventual bill for the spill rise significantly above the $9.7bn it had already provis
Read more(Adds examples of businesses, paragraph 10) By Lawrence Hurley WASHINGTON, Dec 8 (Reuters) - The U.S. Supreme Court on Monday rejected BP's challenge to its multibillion-dollar settlement agreement over the 2010 Gulf of Mexico oil spill, which the oil giant complained has allowed payo
Read moreAn on-going slide in the price of oil was weighing on the oil and gas sector again on Monday with crude prices falling to their lowest level in five years. West Texas Intermediate (WTI) futures for January delivery were down 2.4% at $64.27 a barrel by the afternoon in London, while Brent for January
Read moreWASHINGTON, Dec 8 (Reuters) - The U.S. Supreme Court on Monday rejected BP's attempt to halt payouts to certain businesses that say they are owed money because of losses stemming from the 2010 Gulf of Mexico oil spill. The court's refusal to hear BP's appeal means the London-based oil compa
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