World Bulletin / News Desk
Venezuelan firefighters completely extinguished a blaze at the country's largest refinery on Tuesday, state oil company PDVSA said, following a blast that killed nearly 50 people in one of the most deadly oil industry accidents in decades.
The 645,000-barrel-per-day facility could restart operations on Friday, Energy Minister Rafael Ramirez told Reuters in an exclusive interview on Monday.
The explosion on Saturday at Amuay killed 48 people and helped pushed up U.S. fuel prices in markets that were already bullish because of a threat that Tropical Storm Isaac could disrupt refinery operations on the U.S. Gulf Coast.
Traders say the impact on fuel markets may continue even after Amuay is up and running again. Tank farm accidents often cause problems with gasoline blending, which means PDVSA may have to boost imports.
Chavez said at the scene on Monday that he was creating a fund worth about $23 million to help pay for clean-up operations and replace homes destroyed by the pre-dawn blast.
It was one of the most deadly oil industry accidents in recent years, nearing the toll of the 1997 fire at India's Visakhapatnam refinery that killed 56 and topping the 2005 blast at BP Plc's Texas City refinery in which 15 people died.
Some EU member states remain nervous about the impact on their own fragile economies. The sanctions deal was agreed only after initial proposals were narrowed.
Bankers in Singapore say Russians looking for a new Cyprus have come to the wrong place.
The default could get much messier and take longer to clear up if creditors force an "acceleration" for early payment on their bonds.
The ban came a day after the European Union and United States imposed their first sanctions aimed at hitting broad sectors of the Russian economy
Russia called new U.S. sanctions "destructive and short-sighted"
While the default will obviously hurt the economy, it will not be as severe as in 2001, economists say
The Czechs, who supported the action, have been against sweeping sanctions, worried about trade relations with Russia
The trade program has been criticized for disproportionately benefiting certain industries and a handful of countries, including Nigeria, South Africa and Angola.
The United Kalavrvta tanker, carrying some 1 million barrels of crude worth about $100 million, arrived off the coast of Texas on Saturday but has yet to unload its disputed cargo.
The uncertainty comes at a bad time for the 18 countries in the euro zone, whose economy is already in the doldrums.
"Kalashnikov regrets that consumers are faced with such a problem," said spokeswoman Yekaterina Boni.
Cairo and Khartoum had earlier accepted a proposal by Addis Ababa to hold the talks in Sudan in the third week of August.
Discounting the bulk of Japan's 48 reactors due to their long-term outage, the report said the number of operating units in the world has fallen to 388, 50 less than the peak in 2002.
Over 200,000 NUMSA-affiliated metalworkers declared a nationwide strike on July 1 to demand a 15-percent pay raise for laborers and a ban on labor brokers
The council said in a statement that any trade in oil ISIL or Nusra Front, would violate United Nations sanctions as both groups have been blacklisted.
The project is being implemented in collaboration with the Ethiopian and Norwegian governments at a cost of over $2.8 million.