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Royal Dutch Shell Plc .com: From THE WALL STREET JOURNAL: Oil News Roundup

THE WALL STREET JOURNAL ONLINE
July 11, 2006 7:48 p.m.

Oil futures gained in New York after Iran’s president was quoted as saying his country won’t back down from plans to complete its uranium-enrichment program. Here’s Tuesday’s roundup of oil-related news.

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MIDEAST CASH FLOWS TO ASIA: Investors from the Middle East, flush with cash from high oil prices, are expected to start funneling more funds into Asia, according to investment bankers in Hong Kong and Dubai. Arabs are looking at tie-ups with oil companies and port operators throughout Asia, Islamic-banking businesses in Malaysia and Indonesia, and infrastructure investments in Pakistan and India.

BP TAKES ROSNEFT STAKE: BP agreed to buy a stake in Rosneft, just two days before the state-controlled Russian oil giant’s IPO, the Financial Times reports. BP is just the kind of big, strategic investor Rosneft needed to help make its controversial deal a success, the FT says. “People close to the IPO expressed confidence in the deal, saying the order book would close on Wednesday, a day earlier than planned,” the FT reported.

SHENHUA AND SHELL: Royal Dutch Shell PLC and Shenhua Ningxia Coal Industry Co. — a unit of Shenhua Group, China’s top coal producer — agreed to pursue a three-year study of a coal-to-liquids plant in the remote western Ningxia region, taking another step closer to a project that could involve an investment of $5 billion to $6 billion.

•U.K. Embraces Nuke Power: The British government embraced nuclear power as a key energy source in the coming decades in a new policy unveiled Tuesday, angering environmentalists eager to promote renewable power sources such as sun, wind and waves, the Associated Press reports.

•China Shuffles Policy Makers: China has replaced two top energy officials in its National Development and Reform Commission, the country’s top energy-policy body, the commission’s media office said.

•Get Used to It: Surging auto sales in China and record U.S. gasoline demand mean oil prices will probably stay higher than $70 for quite some time, CNN/Money reports.

•Profiting From Gas Pain: Looking on the bright side, CNN/Money also reports that some consumers are profiting from high oil and gas prices in a burgeoning paraphernalia industry.

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