11th December 2011
The chairwoman of U.N. climate talks urged delegates to approve a compromise deal on fighting global warming in the interests of the planet, but an accord remained elusive on Sunday and rich and poor states traded barbs over the limited scope of the package.
South African Foreign Minister Maite Nkoana-Mashabane said the four separate texts represented a good outcome after two weeks of sometimes angry debates in the port city of Durban.
"I think we all realise they are not perfect. But we...
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11th December 2011
India's Reliance Industries is currently selling two to three million tonnes of petroleum products a year to Africa and sees potential for more, P.Raghavendran, the company's president of refinery business, said on Saturday.
Reliance, which owns the world's biggest refining complex with total combined capacity of 1.24 million barrels per day (bpd) of oil, currently directly sells products into East Africa through its marketing firm Gapco.
"Volumes going into Africa are far lower than t...
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11th December 2011
The prospect of oil topping $150 a barrel within a year has become the biggest bet in the options market as the U.S. and Europe work to limit Iran’s crude sales.
The number of outstanding calls to buy oil at $150 next December has jumped 29 percent since a Nov. 8 United Nations inspectors’ report on the Persian Gulf country’s nuclear program, to more than any other option on the New York Mercantile Exchange. The contracts equate to about 38 million barrels of oil, or 43 percent of daily globa...
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