Word: petroleum
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Dubai's financial crisis may have calmed a bit now that the central bank of the United Arab Emirates has promised to stand behind the city-state's banks with fresh liquidity. After all, the U.A.E., to which Dubai belongs, has perhaps $700 billion accumulated from petroleum riches - a resource that Dubai, which is apparently stuck with tens of billions of dollars in debt, does not enjoy...
...Washington, both chambers of the U.S. Congress are preparing to pass widely supported bills that would punish corporations anywhere in the world that supply Iran with refined petroleum. One or both of the bills could pass before the end of the year, and they are sufficiently tough to raise concern in the Administration that they could close off all chances for diplomacy. "The problem with congressional measures is you can't turn them on and off as you like," says the senior Administration official. "We've been having ongoing discussions with the Hill," to tailor the bills and slow them...
...early October, Citigroup sold its commodities-trading division Phibro to energy company Occidental Petroleum. Citi was motivated to dispose of the unit because of pressure from regulators to curtail the pay of Phibro's top trader Andrew Hall, who made $100 million last year, and reportedly has a contract that would award him roughly the same amount in 2009. Oxy declined to comment on Hall's compensation. But the energy giant says Hall will remain with the unit at Oxy. Hall had threatened to leave Citi if his pay was cut, which means Oxy is probably honoring his contract. Says...
...August, China signed a $41 billion contract to buy liquefied natural gas over the next 20 years from Australia. Last month, China's state-owned China National Offshore Oil Corp (CNOOC) entered talks with Nigeria to buy as much as one-sixth of the West African nation's proven petroleum reserves, the Financial Times reported. This week, Guinea's junta announced a $7 billion mining deal with an unnamed Chinese company, which human-rights activists say could prop up a government implicated in a mass killing of demonstrators in September...
...China and Russia have yet to come to terms on an agreement for Gazprom to sell natural gas from fields in western and eastern Siberia to the China National Petroleum Corp. (CNPC). In 2006 the two companies signed a memorandum of understanding to develop two pipelines, one that would link Sakhalin Island with northeast China and a second that would join the Siberian Kovykta gas field with China's northwestern Xinjiang region. Completion of that deal stalled on disagreements over several issues, including price. (See pictures of China's electronic-waste village...