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Nigeria must reform oil sector: finance minister

Nigeria must reform its oil sector to end decades of suspicion of widespread corruption and build up public trust, the country's finance minister said in an article published on Thursday. The minister, Ngozi Okonjo-Iweala, said that an investigation ordered by President Goodluck Jonathan into allegations of large-scale embezzlement by the state-run oil company had to be carried through.

Nigeria must reform oil sector: finance minister

Nigeria must reform its oil sector to end decades of suspicion of widespread corruption and build up public trust, the country's finance minister said in an article published on Thursday. The minister, Ngozi Okonjo-Iweala, said that an investigation ordered by President Goodluck Jonathan into allegations of large-scale embezzlement by the state-run oil company had to be carried through.

US to release 5 mn barrels from strategic oil reserve

The US Energy Department said Wednesday a decision to release five million barrels from its Strategic Petroleum Reserve was a long-planned test, amid speculation it related to the Ukraine crisis. The department's decision for a "test drawdown" of the huge reserve is being done to test new regional pipeline systems in Texas and Louisiana, and has been under discussion "for many months", the department said. Department spokesman Bill Gibbons said it is required to undertake the test by law, though the last time a test release took place was in 1990.

S. Korea unveils plan to build regional oil trading post

SEJONG, March 12 (Yonhap) -- South Korea announced an ambitious plan on Wednesday to build the world's fourth-largest oil hub and a key trading post in Northeast Asia. The country took its first step toward building an international oil hub last year when it opened its first-ever commercial oil storage facility in Yeosu, 455 kilometers south of Seoul, which can store up to 8.2 million barrels of oil.

S. Korea unveils plan to build regional oil trading post

SEJONG, March 12 (Yonhap) -- South Korea announced an ambitious plan on Wednesday to build the world's fourth-largest oil hub and a key trading post in Northeast Asia. The country took its first step toward building an international oil hub last year when it opened its first-ever commercial oil storage facility in Yeosu, 455 kilometers south of Seoul, which can store up to 8.2 million barrels of oil.

Exclusive: India to slash Iran oil imports to meet nuclear deal parameters - sources

By Nidhi Verma NEW DELHI (Reuters) - India has to cut its Iranian oil imports by nearly two-thirds from the first quarter after the United States asked it to hold the shipments at end-2013 levels, in keeping with the nuclear deal easing sanctions on Tehran, Indian government sources said. India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day (bpd) to drop its intake average to 195,000 bpd for the six months to July 20.

Tanker escapes to sea with cargo of Libyan rebel oil

A North Korean-flagged tanker laden with oil from a rebel-held terminal in eastern Libya slipped the warships deployed to intercept it and escaped to sea on Tuesday, MPs said. The Morning Glory, which docked in Al-Sidra on Saturday and is reported to have taken on at least 234,000 barrels of crude, is the first vessel to have loaded oil from a rebel-held terminal since the revolt against the Tripoli authorities erupted last July.

Tanker laden with Libyan rebel oil slips naval escort

A North Korean-flagged tanker, carrying an "illegal" cargo of oil from a rebel-held terminal in eastern Libya, escaped the warships that were escorting it to port on Tuesday, MPs said. "The oil tanker took advantage of poor weather conditions to head for the open sea. The ships that were surrounding it were not in a position to follow it," said a member of the General National Congress, the country's highest political authority.

Typhoon hits Philippine coconut oil exports

Philippine coconut oil exports fell 35 percent at the start of this year, driving up global prices, after a super typhoon destroyed millions of trees, an industry group said Tuesday. In normal times the Philippines accounts for more than 40 percent of world exports in the oil, which is used in daily items such as detergents, bath soap and margarine, according to the United Coconut Association of the Philippines.

Libya intercepts tanker loaded with rebel oil

Libyan authorities said they intercepted a North Korean-flagged tanker Monday which had loaded crude from a rebel-held eastern port, as the conflict over the country's key petroleum revenues escalated. Former rebels calling for autonomy for the eastern Cyrenaica region have been blockading the port of Al-Sidra and other key eastern export terminals since July. But the North Korean-flagged Morning Glory, which docked in Al-Sidra on Saturday, was the first ship to take on crude from a rebel-held port since the standoff with the central government began.
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