Companies

Adnoc plans to merge ADMA-OPCO with the Zakum Development Co.. or Zadco. of which it also owns 60 percent. by the end of the year.

Lukoil. a big oil products importer on the European market. would continue working on European projects and would keep its retail net in Turkey.

The sale is part of a move by the company to sells its assets in the Italian downstream retail market.

The possibility of Rosneft taking over the whole of PDVSA seems a bit far-fetched.

Vitol. the world’s largest independent commodity trader. is increasing its export prepayment deals to secure more oil trade with cash-strapped producers.

On average. the oil company produced 325.000 barrels of oil equivalent per day (boepd) in the first quarter.

Under a new draft agreement SOCAR’s share would rise to 25 percent from 11.65 percent.

The move comes as BP re-evaluates its portfolio in the wake of a dramatic slump in oil prices three years ago.

Joint project company will be named TurkAkim Gaz Tasima AS. says Russian daily.

Sechin’s oil price forecast is basically in line with Russia’s economic estimates from earlier this year.