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Iran makes $6 billion deal with Total, CNPC

total SA, Iran

According to the Wall Street Journal, Iran plans to sign a preliminary $6 billion deal with Total SA on Tuesday to help develop an onshore gas field. The move by Total is the first return by a Western energy company since sanctions were lifted this year. Total was long one of the most active Western oil companies in Iran, and ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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OPEC must enact cuts for sustained oil price rise, IEA says

Oil Field in Desert

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

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British government OKs fracking at 1 site despite opposition

Britain fracking

LONDON (AP) — The British government has approved fracking at a site in northern England despite opposition from the local county council. The landmark decision by Communities Secretary Sajid Javid Thursday means the shale company Cuadrilla will be able to proceed with plans to develop a site in Fylde, 230 miles (370 kilometers) northwest of London. The government stopped short ...

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AP Explains: What does OPEC’s tentative deal mean for oil?

OPEC, oil prices, oil glut

DUBAI, United Arab Emirates (AP) — OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can’t OPEC agree to anything more binding? ...

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Iran oil industry fires, blasts raise suspicions of hacking

Iran, hacking

DUBAI, United Arab Emirates (AP) — A series of fires at Iranian petrochemical plants and facilities have raised suspicions about hacking potentially playing a role, with authorities saying that “viruses had contaminated” equipment at several of the affected complexes. Iran officially insists the six known blazes over the span of three months weren’t the result of a cyberattack. However, the ...

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Vattenfall gets EU green light to sell German coal assets

Wyoming coal

BERLIN (AP) — Energy company Vattenfall AB says it has received approval from the European Commission to sell its loss-making coal assets in Germany. The Swedish state-owned company said Thursday that it expects the transfer to Czech energy company EPH and private equity group PPF Investments to be completed in the coming weeks. The assets include four active mines and ...

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No diesels need apply: Electric cars rule at Paris show

electric cars, Paris auto show

FRANKFURT, Germany (AP) — Carmakers are finding the Paris auto show , held in a city whose mayor wants to ban diesels to reduce pollution, to be a fine place to show off new zero-emission electric vehicles. Most prominently, Volkswagen will unveil a new small electric car as part of its pivot from diesel to more electric models as it ...

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Helicopter crash off Angola kills 4, Chevron says

helicopter crash, Angola, Chevron

JOHANNESBURG (AP) — Chevron says four people were killed when a helicopter crashed on the way to an oil facility off the coast of Angola. A statement by the oil company says the helicopter left Cabinda province on Monday afternoon with five passengers and a pilot. Four of the five passengers were contractors, and the fifth was an employee of ...

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