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Gazprom and Bank of China sign 2 billion euro, 5-year loan

Gazprom Russia energy

MOSCOW (AP) — The Bank of China will give Gazprom a 2 billion euro ($2.2 billion), five-year loan, the Russian state-run energy company’s largest loan agreement from a single credit institution. In a Thursday press release, Gazprom said this is the company’s first loan deal with the Bank of China. Driven by China’s growing energy needs, Beijing has been investing ...

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UN approves toughest sanctions on North Korea in 20 years

UN approves toughest sanctions on North Korea in 20 years

UNITED NATIONS (AP) — The U.N. Security Council unanimously approved the toughest sanctions on North Korea in two decades on Wednesday, reflecting growing anger at Pyongyang’s latest nuclear test and rocket launch in defiance of a ban on all nuclear-related activity. The United States and North Korea’s traditional ally China spent seven weeks negotiating the new sanctions, which include mandatory ...

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Iraq’s oil exports in February fall below planned levels

An Iraqi oil export terminal in Al Basra. (Image via Pixabay - CC0)

BAGHDAD (AP) — Iraq’s Oil Ministry said Tuesday that crude exports averaged 3.225 million barrels a day in February, far below levels planned to provide the nation with badly needed cash for ongoing military operations against Islamic State extremists. Last month exports grossed about $2.2 billion, based on an average price of about $23 per barrel, ministry spokesman Assem Jihad ...

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Mexico will defer oil exploration projects to slash spending

Mexico will defer oil exploration projects to slash spending

MEXICO CITY (AP) — The state-run oil company, Petroleos Mexicanos, said Monday it will slash spending 22 percent and cut unprofitable production about 100,000 barrels a day as it struggles with liquidity problems and past-due payments to suppliers. The company, known as Pemex, said it will cut $5.5 billion from its 2016 budget, delay deep-water exploration and decrease production of ...

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British airport runway closed due to suspected oil spill

British airport runway closed due to suspected oil spill

LONDON (AP) — Dozens of flights have been delayed or diverted at London’s Gatwick Airport after its one runway was closed because of a suspected oil spill. The airport said flights were suspended after a “spillage” on the runway at around 10:15 a.m. Monday. The runway reopened about 90 minutes later. According to Gatwick’s website, at least 19 incoming flights ...

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Turkey repairs pipeline connecting to Iraqi Kurdistan

Turkey repairs oil pipeline connecting to Iraqi Kurdistan

ISTANBUL (AP) — Turkey’s energy ministry says it has begun repairs to a pipeline transporting crude oil from northern Iraq to the Mediterranean coast. The ministry said Saturday the delivery of crude oil via the Kirkuk-Ceyhan pipeline came to a halt Feb. 17 after it was attacked by militants from the Kurdistan Workers’ Party, or PKK. The PKK launched another ...

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Peruvian president investigated in Brazil Petrobras probe

Peruvian President Ollanta Humala. (Image: Presidencia de la Republica Mexicana via Flickr)

SAO PAULO (AP) — Brazilian police investigating a massive kickback scheme at state-run oil company Petrobras are now looking closely at Peruvian President Ollanta Humala and a former Argentine transportation minister, according to an internal document obtained by The Associated Press. The 44-page federal police report dated Feb. 5 now moves the sprawling corruption probe beyond Brazil’s borders, saying investigators ...

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