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Oil & Gas

Shell sells Australian refinery to Vitol

Energy giant Royal Dutch Shell is to sell as many as 870 service stations and its Australian refinery to Swiss oil company Vitol. The deal is worth approximately $2.6 billion.
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French refiners report $945 million losses in 2013

Cheap U.S. natural gas and competition from Asia and the Middle East have dealt a heavy blow to the European refining sector, with French refineries alone losing about EUR700 million ($945 million) last year.
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China aims to develop shale gas industry

Chinese authorities are looking for ways to respond to climate change swiftly and effectively, turning their attention towards fracking and other non-conventional methods for energy production in the hope that the country will be able to radically cut down on its coal use.
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UK offshore exploration facing crisis, industry body warns

UK Continental Shelf exploration is in a "parlous state," according to experts, and the downward trend has persisted since 2011, when the number of wells drilled slumped by 50%.
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Iranian petrochemical industry faces challenges amid overcapacity, international sanctions

As international sanctions remain, Iranian petrochemical companies are facing contraction.
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Australia to advance in shale energy development

The U.S. shale energy revolution has led to a wave of shale exploration across the world, as governments are looking for ways to gain energy independence and cheap feedstock for a number of industries.
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Total to invest $21 million in UK shale gas exploration

French oil and gas company Total will obtain a 40% interest in two shale gas exploration licenses in Lincolnshire, under an agreement with British energy firm IGas Energy.
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ExxonMobil launches new capacity at Singapore chemical plant

U.S. energy company ExxonMobil has announced the opening of its expanded chemical plant in Singapore that will be able to process crude oil, as well as other commodities.
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Global crude oil demand to increase in 2014

This rise in consumption is attributed to demand from countries outside of the Organization for Economic Cooperation and Development, led by China.
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Colombia's petrochemical sector sees poor output performance in 2013

Colombian market conditions are expected to improve in 2014, leading to growth in industrial production and better performance of petrochemicals-consuming sectors.
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