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Posts on ‘June 28th, 2010’

New York Fed probes Wall Street exposure to BP: sources

REUTERS

Joshua Schneyer and Kristina Cooke NEW YORK Mon Jun 28, 2010 4:59pm EDT

(Reuters) – The Federal Reserve Bank of New York has been probing major financial firms’ exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won’t put Wall Street or the global financial system at risk, according to two sources familiar with the matter.

After poring over documents and asking banks about their exposure to BP over the past two weeks, the Fed found no systemic risk, and hasn’t asked firms to alter their credit relationships with BP, the sources told Reuters. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Spain’s Repsol pulls out of Iran gas project

REUTERS

MADRID June 28 (Reuters) – Spain’s largest oil company Repsol (REP.MC: Quote) has pulled out of a contract it won with Royal Dutch Shell (RDSa.L: Quote) to develop part of the South Pars gas field in Iran, a spokesman said on Monday.

A spokesman for Shell declined to confirm whether the company will remain to develop phases 13 and 14 of the South Pars project, but noted that Shell will comply with any international trade restrictions which are placed on Iran.

A growing number of oil companies, trading houses and other international companies have stopped doing business with Iran this year amid a U.S. drive to isolate Tehran and international efforts to impose tougher sanctions. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Stock and bond markets nervous about a possible BP bankruptcy

BusinessWeek Logo

BP’s Corner-Cutting Extends to Its Finances: Alice Schroeder

Commentary by Alice Schroeder

June 28 (Bloomberg) — Once perceived as a fortress built on low leverage and strong cash flows, BP Plc seems to have managed its balance sheet much the way it ran exploration projects — dangerously. Projections the company is feeding investors about how much cash it will have to pay claims are finally getting the skepticism they deserve.

It’s obvious why the stock and bond markets are nervous about a possible BP bankruptcy. Last week BP abandoned its no- worries stance that its cash reserves would cover cleanup costs and announced that it had put together a war chest of $20 billion, including lending commitments from banks. This shift didn’t occur because cleanup costs are rising. BP didn’t have enough funds in the first place. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Total joins petrol embargo of Iran as sanctions loom

Financial Times

By Carola Hoyos and Javier Blas in London and Daniel,Dombey in Washington

Published: June 28 2010 03:00 | Last updated: June 28 2010 03:00

Total has become the latest big oil company to halt petrol sales to Iran, just days before Barack Obama, the US president, signs into law sanctions targeted at Tehran’s reliance on imported petroleum. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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