Need to know
Royal Dutch Shell, the Anglo-Dutch oil group, and Iogen, the Canadian biotech company, have agreed to extend their commercial alliance to accelerate their biofuel project, which involves cellulose ethanol. The agreement will allow Shell to make a significant investment in the technology development with Iogen and to increase its 26.3 per cent stake in the company to 50 per cent.
Opec, the oil producers cartel, has revised down its forecast for the growth of world oil demand this year to 1.2 per cent, from 1.28 per cent, citing the economic slowdown and high fuel prices.
TNK-BP Russian authorities have agreed to grant nearly 50 work permits to the foreign staff of TNK-BP, the joint venture oil company. The decision leaves open questions that top management, including Bob Dudley, the chief executive, could be forced to leave Russia, as the number of permits issued has fallen short of the total required.
http://business.timesonline.co.uk/tol/business/industry_sectors/article4340187.ece
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