Russia’s biggest private oil producer Lukoil has no plans to leave Romania or change the management of its Petrotel refinery, said Lukoil Vice President Thomas Mueller. Recently Bucharest has seized €2 billion worth of Petrotel assets.
Oil prices continued to slide Tuesday with the Russian ruble as Iran and six world powers reached a conclusive deal on Iran’s nuclear program. The deal comes into force in 90 days after UN Security Council ratification.
Two blasts have rocked a petrochemical plant in Bouches-du-Rhône department in southern France, authorities say. The explosion occurred close to Marseille Provence Airport, the fifth-busiest in the country.
Ukrainian Finance Minister Natalie Jaresko announced that Kiev will be lowering its natural resource royalty taxes to spur business. The move comes following complaints from investors that the 55 percent rate introduced last year was too high.
The oil price slid early on Monday ahead of a deal on Iran’s nuclear program as foreign ministers of Iran and six world powers hold a coordination meeting on Monday. Tehran has 30 million barrels of crude in storage to add to the global oil glut.
Even though Americans and Iranians want peace and cooperation between their two countries, US oil cartels, defense companies and the Israel lobby is preventing a deal going forward, says Caleb Maupin from the International Action Centre.
The impact of Iranian oil expected to come onto the world markets after it signs the agreement on its nuclear program is still difficult to forecast, as there are too many other global factors, said Russian Finance Minister Anton Siluanov.