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Equatorial Guinea announced plans to build two new oil refineries among other energy projects worth $1 billion, its energy minister was quoted as saying, in a bid to diversify a sector that provides more than 90% of its foreign revenue. Minister of Mines and Hydrocarbons Gabriel Obiang Lima said the new refineries would process 30,000-40,000 barrels per day (bpd) of crude oil including from the key Zafiro offshore field, said a statement from the Africa Oil Power Conference held in the capital Malabo this week. "Phase two is the investment year ... For many years, we have been exploiting our resources and exporting them, but now is the time that we get to the stage of processing," Obiang Lima said, citing 10 new public-private partnerships the country hopes will attract foreign investment.
KUALA LUMPUR/LONDON Nov 22 (Reuters) - With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia's state energy company Petronas decided to take a pass on Friday. Expectations that Aramco customers and allies around the world would take significant stakes in the company have so far not materialised, with the listing looking like it will be reliant on local retail and institutional investors. Aramco, which kicked off the share sale process on Nov. 3 after a series of false starts, declined to comment to Reuters on the lack of any named anchor investors in its listing so far.
Worries over the outcome of the upcoming U.S.-China trade talks drove emerging market currencies lower on Monday, after three sessions of gains, with the lira declining the most on concerns about Turkey's military operations in Syria. The lira dropped about 0.9% to 5.744 per dollar after the White House said Turkey will soon be moving forward with its military operation into northern Syria against Kurdish-led forces, although U.S. armed forces will not support it or be involved. "News that the U.S. will step aside for an imminent Turkish operation ... has been the catalyst," said Simon Harvey, an FX market analyst at Monex Europe.
Urals crude oil differentials firmed in northwest Europe on high demand for August cargoes of the grade, while light Caspian CPC Blend differentials also improved as lower supply and arbitrage shipments lent support. * Urals crude oil premiums to dated Brent moved closer to record highs in northwest Europe. * Greece's Hellenic Petroleum recently purchased an August cargo of CPC Blend in a tender at dated Brent minus $1.50 per barrel, traders said.