Algeria says seen no suitable Gaz de France deal

(Reuters) - Algerian said its energy giant Sonatrach has not received any suitable proposal for an alliance with Gaz de France, floated as an alternative to the French utility's merger with rival Suez.

Sonatrach wanted a strategic partnership that could give it access to international reserves, energy and mines minister Chakib Khelil said in an interview to be published on August 1 in Paris-based industry magazine Petrole et Gaz Arabes.


Read more at Reuters Africa

Crude Oil Reaches 11-Month High; OPEC May Maintain Cuts, U.S. Supply Fall

(Bloomberg) -- Crude oil rose to an 11-month high in
New York on higher demand after OPEC ministers said the group
should maintain its restrictions on production.

The Organization of Petroleum Exporting Countries yesterday
raised a forecast for demand for its crude by 100,000 barrels to
31.1 million barrels a day in the fourth quarter. The U.S. Energy
Department will probably report tomorrow that crude-oil supplies
fell 700,000 barrels in the week to July 13, according to analysts
surveyed by Bloomberg News.


Read more at Bloomberg Commodities News

Australian Oil Stocks Rise, Led by Woodside on Higher Oil: Rio Tinto Slips

(Bloomberg) -- Australian oil stocks rose, led by
Woodside Petroleum Ltd. and Roc Oil Co. after crude climbed to an
11-month high on speculation maintenance closures in the North Sea
may limit global supplies.

Rio Tinto Group fell for a second day after announcing it had
agreed to buy Alcan Inc. for $38.1 billion, increasing its debt.


Read more at Bloomberg Stocks News

Australia's S&P/ASX 200 Rises to Record, Led by Woodside: Rio Tinto Slips

(Bloomberg) -- Australia's S&P/ASX 200 Index rose,
set for a record high. Woodside Petroleum Ltd. and Roc Oil Co. led
gains after crude oil climbed to an 11-month high on speculation
maintenance closures in the North Sea may limit global supplies.

Rio Tinto Group fell for a second day after announcing it had
agreed to buy Alcan Inc. for $38.1 billion, increasing its debt.


Read more at Bloomberg Stocks News

China's CSI 300 Index Slides the Most in a Month: World's Biggest Mover

(Bloomberg) -- China's stocks fell the most in a
month on concern $20 billion of planned share sales will
overwhelm demand for equities as regulators seek to damp
speculation in Asia's best-performing stock market.

China Petroleum & Chemical Corp. and Baoshan Iron & Steel
Co. were among the biggest contributors to today's decline.


Read more at Bloomberg Stocks News

China's CSI 300 Index Slides the Most in a Month; Sinopec, Baoshan Slide

(Bloomberg) -- China's stocks plunged the most in a
month as new share sales heightened concern that funds will be
drained from existing equities and a state agency called on
policy makers to take action to damp short-term speculation.

China Petroleum & Chemical Corp. and Baoshan Iron & Steel
Co. were among the biggest contributors to today's decline.


Read more at Bloomberg Stocks News

Asian Stocks Climb, Paced by Woodside, Mitsui; Mitsubishi Estate Drops

(Bloomberg) -- Asian stocks rose for a third day, led
by energy-related shares, after declining U.S. fuel stockpiles and
attempted car bombings in the U.K. lifted the price of crude oil
to a 10-month high.

Woodside Petroleum Ltd., Australia's second-largest oil
producer, advanced to its highest in a week. Mitsui & Co., a
Japanese trading company that generated almost 15 percent of last
year's revenue from energy, jumped by the most in two months.


Read more at Bloomberg Stocks News

Banco Pine, Cosan, Petroleo Brasileiro and Unibanco: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock gained for a third
day, led by state-controlled oil company Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 342.14, or 0.6 percent, to 54,488.73 as of 9:36 a.m.
New York time.


Read more at Bloomberg Stocks News

Petronas Profit Rises 7.7 Percent on Higher Output, Crude Oil Price Gain

(Bloomberg) -- Petroliam Nasional Bhd., Malaysia's
state oil and gas company, said full-year profit rose 7.7
percent after it increased production overseas and sold oil at
higher prices.

Net income in the year ended March 31 climbed to 46.4
billion ringgit ($13 billion) from a restated 43.1 billion
ringgit a year earlier, Petronas, as the company is known, said
in a statement in Kuala Lumpur today. Revenue gained 10 percent
to 184.1 billion ringgit.


Read more at Bloomberg Energy News

Malaysia's MISC Postpones $750 Million Bond Sale on `Market Volatility'

(Bloomberg) -- Malaysia's MISC Bhd., the world's
biggest owner of liquefied natural gas tankers, postponed a
planned dollar-denominated bond sale because of ``market
volatility,'' according to an e-mail sent to investors today.

MISC, a unit of national oil company Petroliam Nasional Bhd.,
hired Citigroup Inc. and Deutsche Bank AG to sell $750 million of
10-year bonds, an e-mail sent to investors earlier this week
showed.


Read more at Bloomberg Bonds News

Conoco, Exxon to Quit Venezuelan Oil Projects as Talks Fail, Person Says

(Bloomberg) -- ConocoPhillips and Exxon Mobil Corp.
will quit Venezuela, where they invested billions of dollars in
oil and natural gas projects, after talks about ownership failed,
said a person on the government's side of the negotiations.

ConocoPhillips will cede its interests in the Petrozuata
heavy-oil joint venture to state-run Petroleos de Venezuela SA,
and Exxon Mobil will give up its concession in the Ceiba oil
block in western Venezuela, Petroleos de Venezuela said in a
statement today. The release didn't disclose the status of the
companies' other interests in the country, which the person said
would be given up.


Read more at Bloomberg Energy News

Australian Oil Stocks Decline, Led by Woodside Petroleum; Rinker Advances

(Bloomberg) -- Australian oil stocks fell, led by
Woodside Petroleum Ltd. after crude slid for a fourth day. Rinker
Group Ltd. gained after Mexico-based Cemex SAB extended its $14.2
billion offer by almost a month to garner a larger stake.

The S&P/ASX 200 Index slipped 14.20, or 0.2 percent, to
6372.80 as of 10:20 a.m. in Sydney. About five stocks slid for
every four that gained. The benchmark is set for a 1.2 percent
gain this week.


Read more at Bloomberg Stocks News

Brazil's Bovespa Gains, Led by Petrobras: Telmex Declines on Mexico Bolsa

(Bloomberg) -- Brazil's main stock index gained for
the first time in three days, led by Petroleo Brasileiro SA, on
speculation that profit will rise at the state-controlled oil
company after crude prices increased.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 627.64, or 1.2 percent, to 54,656.88. Petrobras added
51 centavos, or 1 percent, to 51.30 reais. Mexico's Bolsa index
gained 280.08, or 0.9 percent, to 31,830.84.


Read more at Bloomberg Stocks News

Brazil Stocks Fall, Led by Petrobras, on Strike Concern; Chile Stocks Rise

(Bloomberg) -- Brazil's main index fell for a second
day on investor concern that a possible strike at state-controlled
oil company Petroleo Brasileiro SA will hurt output.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 289.68, or 0.5 percent, to 54,354.04 as of 1:00 p.m.
New York time. Petrobras, whose shares account for about one-sixth
of the index, fell 62 centavos, or 1.2 percent, to 51.02 reais.


Read more at Bloomberg Stocks News

Oil Eases From Nine-Month High; Nigerian Unions, Government Start Talks

(Bloomberg) -- Crude oil traded near a nine-month high
in New York after reports Nigerian unions had started talks with
the government to avert a strike that would affect Africa's largest
oil industry.

Nigeria's two main oil unions plan to meet the government and
hold internal talks today to decide on the strike tomorrow, Reuters
reported, citing Peter Akpatason, the president of the National
Union of Petroleum & Natural Gas Workers.


Read more at Bloomberg Commodities News

Asian Stocks Decline From a Record High, Led by Nissan; Woodside Advances

(Bloomberg) -- Asian stocks fell after a report
showed confidence in the U.S. homebuilding industry dropped to
a 16-year low and crude-oil prices jumped to the highest in
nine months.

Nissan Motor Co. and James Hardie Industries NV. led a
decline among companies that rely on U.S. sales on concern
growth in the world's largest economy will slow. Korea Electric
Power Corp. fell on speculation higher fuel costs will erode
profits, while Woodside Petroleum Ltd. gained.


Read more at Bloomberg Stocks News

Tullow, Anadarko make big Ghana oil find

(Reuters) - London-based Tullow Oil Plc announced the discovery of up to 600 million barrels of high-quality oil at a block in Ghana owned with Anadarko Petroleum Corp., sending Tullow shares up over 10 percent.

Tullow also said in a statement on Monday the structure it successfully drilled in the West Cape Three Points Block extended into an adjacent exploration block, which Tullow also co-owns with Texas-based Anadarko, suggesting further potential upside for the partners.


Read more at Reuters Africa

Crude Oil Declines After Gains on Saudi Arabia Cutting Shipments to Asia

(Bloomberg) -- Crude oil fell after rising yesterday
on signs the Organization of Petroleum Exporting Countries may
extend production cuts to trim global stockpiles.

Crude oil for July delivery fell as much as 21 cents, or 0.3
percent, to $65.76 a barrel in after-hours electronic trading on
the New York Mercantile Exchange. The contract traded at $65.82 a
barrel at 11:13 a.m. in Singapore.


Read more at Bloomberg Commodities News

Crude Oil Climbs as Saudi Arabia Cuts Shipments to Asian Refiners in July

(Bloomberg) -- Crude oil rose in New York after
Saudi Arabia, the world's biggest exporter, told Asian refiners
that it would curb shipments for a ninth month in July.

Saudi Aramco, the world's largest state oil company, will
cut supplies of its Arab Light and Arab Heavy crude to refiners
in Japan, China and South Korea by between 9.5 percent and 10
percent below their contracted volume, officials said. The
Organization of Petroleum Exporting Countries last year pledged
to cut supplies by 1.7 million barrels a day to support prices.


Read more at Bloomberg Commodities News

Petronas, Sudan Have Sought Engineering Bids to Build Oil Refinery

(Bloomberg) -- Petroliam Nasional Bhd., Malaysia's
state-owned oil company, and its counterpart in Sudan are
awaiting engineering bids to build a refinery in Port Sudan, the
Malaysian company said.

The plant, a joint venture with Sudan's national oil
company, would process 150,000 barrels a day, Hassan Marican,
chief executive of Petroliam Nasional, or Petronas, said at the
Asia Oil and Gas Conference in Kuala Lumpur today. In August
2005, Petronas said the plant would process 100,000 barrels a
day, without giving the cost of the project. Marican wouldn't
comment today on the change in the proposed scale.


Read more at Bloomberg Emerging Markets News