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The Times: Global Business Briefing: Natural Resources

Natural Resources
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The Russian Duma is debating a Bill that would entrench Gazprom’s monopoly over gas exports, ending the possibility of foreign companies exporting Russian gas.

India’s flagship explorer Oil and Natural Gas Corp’s overseas investments will fall by $1 billion (£540 million) to $1.5 billion this financial year because of subsidies to refiners, according to the Petroleum Secretary M.S. Srinivasan.

Petrobras, the Brazilian state oil company, said that Bolivia was talking only about a tax increase and not assets nationalisation.

Royal Dutch Shell said that it will pick a renewable energy source for commercial production, but added that it was too early to tell which one.

Lukoil, Russia’s leading oil producer, wants to buy Kuwait Petroleum International’s 80,000-barrel-per-day Europort refinery in Rotterdam.

Melrose Resources, the Scottish oil and gas explorer and producer, said it planned to raise £75 million in a placing and open offer of up to 22.7 million new shares at 330p each.

ConocoPhillips has withdrawn its application to build a liquefied natural gas terminal 11 miles off the Alabama coast. The oil major said it appeared that Bob Riley, the Alabama Governor, had environmental concerns that independent reports could not assuage.

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