BP conceded defeat in the auction yesterday of a $7.6 billion stake in Rosneft that had been held by the bankrupt company Yukos.
This allowed the state oil company to buy its own stock at a 10 per cent discount to the market value.

China may have sat out the Iraq war, but that does not stop it eyeing up the spoils of war. Desperate to find it new sources of oil to fuel its growing economy, it could be the first country to take advantage of Iraqi’s new controversial Oil Law.

The Iraqi oil law will open the […]

Vermont is famous for its maple trees. But for how much longer? Climate change is pushing the North American maple zone gradually but inexorably northwards towards Canada. According to Rupert Cornwell in the Independent, one day soon the maple may be gone.
“Without the maple, Vermont would not be Vermont. Mention the name of this beautiful, […]

The New Zealand Green Party has unveiled a new climate change policy that rejects carbon taxes and emissions trading in favour of an emitter-pays approach.
They argue their solution offers the best hope of carbon charges and trading while ensuring taxpayers are not left holding the estimated $600 million bill for New Zealand’s Kyoto liabilities come […]

Chinese President Hu Jintao arrives in Moscow today, offering trade deal in return for Russian oil and gas. Hu’s three-day state visit to Russia will be his third as president, showing how seriously Beijing is courting President Putin.
“At present, Chinese-Russian relations are developing vigorously and have reached unprecedented levels,” Hu said. He is expected to […]