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Oil & Gas

BP-Rosneft $16 Billion Share Swap Deal Fails

BP''s hopes of making Arctic oil production the key to its recovery from the Gulf of Mexico spill were dealt a severe blow after it failed to secure a $16
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LyondellBasell to Boost Ethylene Output in US

Bloomberg reports, LyondellBasell plans to boost U.S. ethylene output and may build another plant as rising shale-gas supplies increase the country’s competitiveness. Expansions at existing plants, possibly in Channelview and
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Iraq Asks Companies to Bid for New Energy Licenses

Iraq has asked companies to begin submitting bids in June for a new round of exploration licenses and plans to disclose the results in January, reports Bloomberg. The country
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Mystery Illnesses Plague Louisiana Oil Spill Crews

Jamie Simon worked on a barge in the oily waters for six months following the BP spill last year, cooking for the cleanup workers, washing their clothes and tidying up
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J&J Settles US, UK Bribery, Kickback Charges

Johnson & Johnson will pay $78 million to settle U.S. and UK charges that it paid bribes and kickbacks to win business overseas, reports Reuters. Johnson & Johnson agreed to
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BP Pays $30 Million for Florida Tourism Promotion

The Associated Press reports, BP PLC has agreed to pay $30 million to seven Florida Panhandle counties for tourism promotion over the next three years. Florida Gov. Rick Scott joined
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BP Sells Aluminum Unit to Japanese Consortium

BP announced it is selling its Arco Aluminum subsidiary to a Japanese consortium for $680 million, reports the Associated Press. The company is selling Arco, a supplier of rolled aluminum
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Nigeria Awards $2 Billion Gas Processing Facility Contract to Eni, Oando

Nigeria awarded a $2 billion contract to Eni SpA’s Agip and Oando Plc to build a natural gas processing facility at Obiafu in the southern Rivers state, reports Bloomberg. The
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Libya Threatens Oil Contracts with Western Firms

The World Tribune reports, Libya has threatened to sever energy contracts with companies from NATO states. Officials said the regime of Col. Moammar Gadhafi has linked the future of energy
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Consortium Rejects BP Proposal Over Deal with Russia''s Rosneft

BP PLC''s partners in Russian joint venture TNK-BP rejected a proposal by the British oil company, reports the Associated Press. BP said the consortium of Russian billionaire shareholders did not
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