Gov&#39;t reaches agreement to lend oil
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An agreement has been reached to lend 1.7 million barrels of oil from the government&#39;s Strategic Petroleum Reserve to two companies whose refineries were running short of crude
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Iraqi officials said Friday that a U.S.-backed draft oil law will soon be returned to the Cabinet for approval after Kurds agreed to a compromise revenue-sharing measure. But they said many key sticking points remain unresolved &#151; and not even addressed &#151; in the watered-down legislation.
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But the collaboration on the deal has contributed to improved relations between the two nations.
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The nation's largest natural gas pipeline company agreed to pay the federal government $7.7 million to settle corruption allegations related to the U.N. oil-for-food scandal over aid to Iraq, according to a settlement announced Wednesday.
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Nigeria and Sao Tome signed a landmark oil exploration contract with a U.S.-dominated consortium on Tuesday, marking Sao Tome's first steps into the world of big oil, authorities said on Tuesday.
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The federal government said Thursday it plans to loan a limited amount of crude oil from the nation&#39;s strategic reserve in a bid to offset shortages caused by Hurricane Ivan.
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Shell agreed today to finalized settlements with U.S. and UK regulators over its mis-statement of proven oil reserves.
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BAGHDAD -- The Iraqi Cabinet approved a draft law yesterday to manage the country's vast oil industry and distribute its wealth among the population -- a major breakthrough in US efforts to press the country's Shi'ite, Sunni, and Kurdish groups to reach agreements to achieve stability.
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Iraq's U.S.-backed government confirmed  on Wednesday it has awarded a contract to develop the Khurmala  Dome oilfield to an Iraqi-Turkish company.
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The government is to offer more financial support to private sector Northern Rock buyers.
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Malaysian, Indonesian and Saudi Arabian firms on Monday signed agreements for construction of a pipeline that aims to divert 20 percent of oil flowing through the strategic Malacca Strait, the project owner said.
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WASHINGTON - The Energy Department said last week it has approved another emergency oil loan to a refining company to make up for crude supplies disrupted by Hurricane Ivan.
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A major Indian state-owned oil company signs up to a joint venture to  develop a gas field and liquefaction plant in Iran.
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London Mayor Ken Livingstone is to sign an oil deal with the Venezuelan government giving cheap fuel and cut-price travel.
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Oil futures hit a record high Friday as the government began lending oil from emergency reserves to refineries running low on crude after Hurricane Ivan.
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The Energy Department said on Friday it has approved another emergency oil loan to a refining company to make up for crude supplies disrupted by Hurricane Ivan.
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The Bush administration announced Thursday it would provide U.S. refineries with "limited quantities" of crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.