Iran wants big changes to nuclear fuel deal
Iran wants major amendments within the framework of a U.N. nuclear fuel deal which it broadly accepts, state media said, a move that could unravel the plan and expose Tehran to the threat of harsher sanctions.The European Union’s foreign policy chief said on Tuesday there was no need to rework the U.N. draft and he and France’s foreign minister suggested Tehran would rekindle demands for tougher international sanctions if it tried to undo the plan. Among the central planks of the plan opposed by Iran, but requested by the West to cut the risk of an Iranian atom bomb, was for it to send most of its low-enriched uranium reserve abroad for processing all in one go, state television said. Read more
China considers new law to protect oil and gas pipelines
Chinese legislators are discussing a draft law on the protection of oil and gas pipelines, which, they say, are facing growing problems due to rapid urbanization and the expansion of pipeline networks. Those who steal from pipelines could face heavy fines of up to 10 times the value of the stolen oil or gas, according to the draft law tabled with the country’s top legislature on Tuesday. Read more
Militants group Bagong Alyansang Makabayan urge boycott of oil firms over prices
Militant group Bagong Alyansang Makabayan on Tuesday called on the public to boycott oil firms that would refuse to bring down oil prices, stressing that they will remain profitable even with the imposition of a price ceiling.”The boycott should be a sign of protest against oil profiteering. We find hard to believe the threats by oil companies that there will be an oil shortage because they are allegedly losing revenues,” said Bayan secretary general Renato Reyes Jr. in a statement. “Oil products over the past month have remained more expensive than they should be. Read more
Oil up above $79 a barrel on weak dollar after 3-day slide
Oil prices were back above $79 a barrel Tuesday as the dollar fell against the euro and the Japanese yen, supporting oil after three straight days of declines. By midday in Europe, benchmark crude for December delivery was up 54 cents to $79.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.82 to settle at $78.68 on Monday. Crude jumped to a 12-month high at $82 a barrel last week as the dollar weakened amid concerns that massive global stimulus spending will eventually spark inflation. Since oil is priced in dollars, a drop in the U.S. currency makes oil prices rise. Read more
profits more than halving from a year ago.
Its replacement cost profit between July and September was $4.98bn , down from $10bn a year earlier. However, the results were ahead of analysts’ forecasts after the company made bigger-than-expected cost cuts. Although oil prices have risen in recent months to about $80 a barrel, they are well off the $147 high set in July last year. BP said unit production costs were 18percen lower than in the third quarter of 2008, while oil and gas production was up 7percen on last year.Net income at its Russian joint venture TNK-BP rose 34percen to $1.7bn. Read more
Explor Resources Announce Annual General Meeting
Explor Resources Inc. is pleased to announce that at the Annual General Meeting held on October 26, 2009 the following directors were elected: Christian Dupont, of Janeville New Brunswick, Geoff Carter, of Toronto, Ontario, Mario Colantonio of Porcupine, Ontario and Jacques Frigon, of Amos, Quebec.
The accounting firm of Dallaire & Lapointe Inc. were re-appointed as auditors. The shareholders have also approved the continuation of the Company’s stock option plan. Read more
