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THE WALL STREET JOURNAL: Oil News Roundup: 13 June 2006

June 13, 2006

Oil prices fell more than $1 to settle at $70.36 a barrel on the New York Mercantile Exchange as worries that Tropical Storm Alberto would disrupt Gulf oil production faded. Here is Monday’s roundup of oil and energy news.

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ROSNEFT REPORTS: OAO Rosneft, Russia’s state-owned oil company, released details of its IPO, saying it would float shares in Moscow and London and raise about $10 billion. That’s half the amount originally expected, but high oil prices have curbed Rosneft’s need for cash. Rosneft also reported first-quarter results, saying its income had gained 10.8% from a year ago.

MEXICO’S DILEMMA: Mexico’s top two presidential candidates must decide whether to open oil development to outsiders to help keep the country’s oil boom going, the Associated Press reports. “If Mexico doesn’t act quickly, the question of what to do with the oil wealth may be moot — in a decade, there may not be enough oil left to supply the economy,” the report says.

Mirant Bid Scrapped: Atlanta power producer Mirant abandoned its contentious, $8 billion bid for Princeton, N.J., power producer NRG Energy. The unwelcome takeover bid had deteriorated into a lawsuit and accusations of improper actions by former Mirant advisor Goldman Sachs.

Russia-Japan Pipeline: Japan and Russia plan to start building an 850-kilometer gas pipeline in 2008 to transport natural gas from Sakhalin Island in Russia’s south to Aomori prefecture in the northern part of Japan.

Middle East Futures: The Middle East’s first oil futures contract took a step closer to fruition, the Financial Times reports.

Schwarzenegger on Global Warming: The Western Governors’ Association, including California’s Republican Gov. Arnold Schwarzenegger, adopted resolutions at their annual meeting to cut greenhouse gasses and fight global warming.

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