World Bulletin / News Desk
A fire burned for a third day in two fuel storage tanks at Venezuela's biggest refinery on Monday, putting in doubt plans to restart the facility quickly after one of the world's most deadly oil industry accidents.
Energy Minister Rafael Ramirez told state TV the blaze remained contained to the storage tanks. He has insisted that the Amuay refinery can be restarted within two days, once the flames have been extinguished.
A gas leak caused an explosion and then a fire before dawn on Saturday at the 645,000 barrel-per-day facility, part of the world's second biggest refinery complex - obliterating homes nearby, killing at least 41 people and wounding dozens more.
State oil company PDVSA said that none of Amuay's production units was affected, and that Venezuela has enough stocks to meet its commitments to the domestic market and keep up exports.
President Hugo Chavez promised a full investigation into the tragedy during an emotional visit to the scene on Sunday.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.
The French economist calls for redistribution of global wealth, which he says is too concentrated in the hands of the few.
Bank cites high financing costs and financing difficulties as challenges that need to be addressed to sustain growth.
Smuggling is denying Tanzania some 80 percent of receipts accrued from the precious gemstone
The Africa initiative will create "one huge free-trade union" allowing foreign investors in Egypt to more easily reach 260 million consumers from South Africa to Ethiopia.
Budapest says the collapse of the rival Western-backed Nabucco project to bring gas from Azerbaijan to Europe, and stalled plans to build inter-connector pipelines within eastern Europe, have left it with no alternative.