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Daily Telegraph: Legal and Energy Database: Wednesday 7 February 2007

Last Updated: 2:09am GMT 07/03/2007

A round-up of headlines from across the financial sectors, provided by Bloomberg News


• BP has received grand jury subpoenas in a federal probe relating to the 2005 explosion at its Texas City, Texas, refinery that killed 15 people.


• International Power, which owns power plants in 17 countries, said fourth–quarter net income rose 20pc as electricity prices rose. The shares had their biggest one-day gain in more than three years.

• UK natural gas prices for delivery in June fell as high inventory levels reduced demand for fuel to store for use next winter.

• New nuclear power plants have a role in Britain’s future energy mix, with a cleaner use of fossil fuels, renewable power and closer controls on electricity consumption, the chief executive of Scottish & Southern Energy said.

• BP relied on Russian unit TNK-BP to boost proven reserves as crude oil and natural gas reserves fell in most locations. Chief executive Lord Browne’s annual bonus was cut almost in half last year after criticism of BP’s safety, environmental and operational record.

• Royal Dutch Shell said a pipeline spill in the Niger River had cut production by 187,000 barrels a day. metals and mining

• Xstrata said full-year profit rose 14pc to a record after metal prices surged.

• Merafe Resources, a producer of ferrochrome in South Africa in a venture with Xstrata, posted a 20-fold increase in second-half profit as rising metal prices saw it boost production.

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