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Standard Chartered fined $340m over Iran deals

New York (AFP) – Standard Chartered has settled allegations that it helped Iranian clients dodge US sanctions, announcing a fine of $340 million from a New York banking watchdog. The “civil penalty” disclosed on Tuesday came amid allegations that the London-based bank hid 60,000 transactions with proscribed Iranian clients worth $250 billion over 10 years. …

Daily News Egypt

IEA cuts global oil demand forecasts

Paris (AFP) — Faltering economic growth will undercut global oil demand this year and next, the International Energy Agency said Friday, citing slowdowns in China and the United States in particular. “Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand …

Daily News Egypt

State of the energy sector address by Petroleum Minister

By Ahmed Tolba In his first statement as Petroleum Minister, Osama Kamal has hinted that energy subsidies could be cut as part of measures to address shortages in Egypt. A number of proposals to rationalise energy consumption would be discussed in the coming period, Kamal said, noting that a large portion of the subsidies benefit …

Daily News Egypt

BP hit with $3.1bn Russian court bill

Moscow (AFP) — A Siberian court on Friday piled more legal pressure on BP by ordering the British group to pay $3.1 billion in damages for its attempted Arctic oil exploration tie-up with the state giant Rosneft. A BP attorney immediately denounced the decision as a “corporate attack” that demonstrated the court’s subservience to the …

Daily News Egypt

Shell to invest $600m in Western Desert operations

By Ahmed Tolba Badr Petroleum Company (Bapetco), a joint venture between the Egyptian General Petroleum Company (EGPC) and petroleum giant Royal Dutch Shell, announced that the latter has decided to invest $600 million in exportation and production operations in its Western Desert concession areas. The endeavor comes in the context of Shell’s exploration plan for …

Daily News Egypt

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