Oman Observer - Business

India’s ONGC-led consortium wins 40pc stake in Venezuelan oil block

From G Mathews
MUMBAI — Indian oil companies have made another significant acquisition abroad. A consortium led by India’s Oil and Natural Gas Corporation (ONGC) has bagged 40 per cent stake in a $19 billion project to develop a major crude oil block in Venezuela. The group will pay $1.05 billion (around Rs 4,700 crore)...

IEA raises 2010 oil demand forecast

LONDON — Global oil demand will grow by 120,000 barrels a day more than previously expected in 2010 and will average 86.5 million bpd, the International Energy Agency (IEA) said yesterday, but all growth will come from emerging markets. The Paris-based adviser to 28 industrialised economies added that demand would now grow 1.6 million....

ZURICH — Credit Suisse yesterday announced a return to annual net profit, which reached 6.7 billion Swiss francs in 2009, despite the impact of fourth quarter debt charges and a US fine over Iranian sanctions. The full year net profit for the Swiss bank, equivalent to 4.6 billion euros or $6.3 billion, marked a turnaround from an 8.2 billion...

PARIS/OSLO — French oil company Total and Norwegian rival Statoil reported drops in fourth-quarter profit due to weak refining margins and lower gas prices, echoing a theme seen across the sector. Total said yesterday fourth-quarter net profit, excluding one-off items and unrealised gains on fuel inventories, fell 28 per cent from a year earlier to 2.08 billion euros.

Japan Inc troubles mirror nation’s economic malaise

TOKYO — Japan’s corporate titans once seemed unstoppable, but now Toyota is in crisis, Japan Airlines is bankrupt and a host of other companies are in trouble, adding to the nation’s long economic malaise. Its top two automakers, Toyota and Honda, are both reeling from massive safety recalls and another Japanese manufacturer....

BT pension woe overshadows solid Q3 results

LONDON — A looming and potentially lengthy row over pensions at BT overshadowed solid third-quarter results from the former state-owned British telecoms company, sending its shares to a six-month low yesterday. BT used its third-quarter results to announce a long-awaited triennial pension evaluation which put the deficit at £9 billion ($14 billion),....