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Low oil industry profits expected The nation's biggest oil companies certainly won't need a bailout from the federal government, but they won't have to defend staggering profits anytime soon either. Topix.netLos Angeles Conservation Corps: Los Angeles Conservation Corps Raises $400,000 at Annual Luncheon LOS ANGELES, CA (MARKET WIRE) More than 600 people gathered today at the Los Angeles State Historic Park to celebrate the Los Angeles Conservation Corps' 23rd anniversary and pay tribute to the organization for their groundbreaking work with at-risk youth and environmental conservation. Shell Oil Company and sports clothing innovator Patagonia were honored at the annual Luncheon Celebration, which raised more than $400,000 for the Corps. Outstanding LA Corps members, students, and alumni were also recognized for their great work with college scholarships. Attendees included celebrity presenters Jake Gyllenhaal, Wilmer Market WireOil settles near $50 on economic recovery hopes Despite a steady drumbeat of poor financial news, investors continued to prop up oil prices, betting the global economy would turn around this year. Houston ChronicleDuke willing to defer Save-A-Watt pricing question Duke Energy Carolinas has a new Save-A-Watt proposal for South Carolina: Save now, pay later. Biz JournalOPEC set to miss output-reduction target OPEC will cut crude-oil shipments by 2.5 percent in the four weeks ending May 2, putting the group short of its reduction target, according to Oil Movements. Houston ChronicleSaudi Aramco To Finalize Contract With Saipem For Building Crude Processing Facilities Saudi Arabian Oil Company (Saudi Aramco) is about to confirm a cost-plus contract at the Manifa oilfield project by hiring Saipem S.p.A (Saipem) for the EUR1.44 billion ($1.9 billion) task of constructing crude processing facilities, according to Saipem. Similar cost-plus contracts for two other onshore engineering, procurement and construction packages for Manifa may be entered shortly with Tecnicas Reunidas, S.A and possibly JGC Corporation. Energy-business-review.comPenn West Energy Announces Equity Offering Penn West Energy Trust, an oil and natural gas energy trust, entered into an equity distribution agreement for equity offering. Subject to the terms of the equity distribution agreement and applicable regulatory requirements, up to 20,000,000 units may be issued and sold from time to time at the discretion of Penn West over a period of up to 25 months. The units will be distributed at market prices prevailing at the time of the sale of such units (if any) and, as a result, prices may vary as between purchasers and during the period of distribution. Energy-business-review.comSan Miguel To Acquire Additional 50.1% Stake In Petron From Ashmore Investment San Miguel Corporation, a food, beverage, and packaging company, has entered into a option agreement to acquire 50.1% stake in Petron Corporation, an oil refining company, from Ashmore Investment Management Ltd., a unit of Ashmore Group PLC. The company can exercise the option in two years, until December 24, 2010. Energy-business-review.comPetrobras announces another offshore oil find Brazilian state-run oil company Petrobras says it has made a new deep-water discovery of light crude in the Santos Basin off the coast of Sao Paulo state. Topix.netAshland increases resin and gelcoat prices in Europe and Asia Pacific regions Ashland Performance Materials, a commercial unit of Ashland Inc., is increasing the price of its unsaturated polyester resins and gelcoats sold in Europe and Asia Pacific regions by 3 to 4 percent ... chemie.de1 2 |
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