UPDATE 1-Morgan Stanley cancels all Libya oil trade -source | Energy & Oil | Reuters
LONDON, March 7 (Reuters) - Wall Street bank Morgan Stanley has stopped trading oil with Libya, a trade source said on Monday, in an early indication that sanctions could hit exports from the north African producer.
The firm cancelled all crude oil and refined products in the past week "due to the OFAC," the source familiar with the firm's transactions said, referring to the U.S. Office of Foreign Assets Control, which controls trade sanctions.
President Barack Obama signed an executive order on Feb. 25 freezing the assets of Libya's President Muammar Gaddafi, his family and top officials, as well as the Libyan government and the country's central bank.
Traders said Morgan Stanley has regularly sourced oil from the North African country to feed the UK Grangemouth and the French Lavera refineries but did not know how much the bank was buying from Libya.
The bank also traded gasoline with Libya, sources said.
Morgan Stanley declined to comment.
Most estimates suggest around half of the country's 1.6 million barrels per day (bpd) of oil production capacity has been suspended due to clashes between government forces and rebels.
Some trade sources expect other oil companies to follow the bank's lead and halt oil trade with Libya, effectively halting exports to the international market.
Showing posts with label Oil. Show all posts
Showing posts with label Oil. Show all posts
Monday, March 7, 2011
Tuesday, January 25, 2011
Cable :Brazil ,Oil,& Trade Concessions
Cable Viewer
SUBJECT: AMBASSADOR DISCUSSES BRAZILIAN OIL CONCESSION MODEL WITH DELFIM NETTO
the concession model and even more unlikely that it would choose to change the rules on existing concessions. Political and economic stability have been the cornerstones of Brazil's policies and largely led to Brazil obtaining investment grade status (Ref D). While some modification of exploration and concession rules may take place for these new "mega fields", it is doubtful the GOB would do anything to undermine the overall image of Brazil as a stable country in which to invest.
¶7. (C) Unlike Delfim Netto's view that the USG should hold off on intervening to establish these new rules, Brazil's Ministry of Mines and Energy, regulators, and US energy companies have suggested that it could instead be within this period for the USG to intervene. Indeed, Petrobras' interest in consolidating deep-sea drilling in the Gulf of Mexico and vertical integration in the US market could open an important window of opportunity for the USG. Furthermore, ANP has expressed interest in learning more about US small and medium sized energy companies operating in US states to develop a similar capacity in Brazil. They have, in fact, asked for USG assistance to travel to the US to meet with and further learn about this important part of the energy equation. Clearly, Brazil's energy sector offers new partnerships, opportunities, and increased energy security for the US. As Brazil begins to increase exploration of its newfound "pre-salt" reserves that many believe could be larger than the finds in the North Sea, the US could potentially capitalize on these new technologies to develop our own offshore exploration efforts. Early engagement may be crucial to ensuring that US firms will have opportunities in this market. END COMMENT
SUBJECT: AMBASSADOR DISCUSSES BRAZILIAN OIL CONCESSION MODEL WITH DELFIM NETTO
the concession model and even more unlikely that it would choose to change the rules on existing concessions. Political and economic stability have been the cornerstones of Brazil's policies and largely led to Brazil obtaining investment grade status (Ref D). While some modification of exploration and concession rules may take place for these new "mega fields", it is doubtful the GOB would do anything to undermine the overall image of Brazil as a stable country in which to invest.
¶7. (C) Unlike Delfim Netto's view that the USG should hold off on intervening to establish these new rules, Brazil's Ministry of Mines and Energy, regulators, and US energy companies have suggested that it could instead be within this period for the USG to intervene. Indeed, Petrobras' interest in consolidating deep-sea drilling in the Gulf of Mexico and vertical integration in the US market could open an important window of opportunity for the USG. Furthermore, ANP has expressed interest in learning more about US small and medium sized energy companies operating in US states to develop a similar capacity in Brazil. They have, in fact, asked for USG assistance to travel to the US to meet with and further learn about this important part of the energy equation. Clearly, Brazil's energy sector offers new partnerships, opportunities, and increased energy security for the US. As Brazil begins to increase exploration of its newfound "pre-salt" reserves that many believe could be larger than the finds in the North Sea, the US could potentially capitalize on these new technologies to develop our own offshore exploration efforts. Early engagement may be crucial to ensuring that US firms will have opportunities in this market. END COMMENT
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