NEW YORK (AFX) – Analyst Tyler Dann at Banc of America upgraded Exxon Mobil to “buy” from “neutral,” saying in an overnight note to clients that he believes the oil company can afford to pay a special dividend of $1 to $2 a share anytime over the next couple of years. He also upped his...

JAKARTA (AFX-ASIA) – Indonesia expects to sign a memorandum of understanding soon with energy firms Shell, ChevronTexaco Corp and Sempra Energy for supply of liquefied natural gas (LNG) to the US West Coast, local media reported, citing government officials. Kompas daily reported that the chairman of BP Migas — an Indonesian regulatory body on the...

TOKYO (AFX-ASIA) – Visiting Iranian Foreign Minister Kamal Kharazi said his nation has decided to start talks with the International Atomic Energy Agency (IAEA) for inspections of its nuclear sites and that it is ready to offer “constructive” cooperation, according to a Japanese official. Mr Kharazi, who arrived in Japan last week after trips to...

By Steve Christy * Russian oil product exporters are facing major challenges with consequences for not just Europe, but for all international markets. Perhaps the biggest issues are being posed in the fuel oil market itself. Fuel oil cargoes have recently to move further afield into Asia to find a home. The recent relative strength...

KUALA LUMPUR (AFX-ASIA) – Crest Petroleum Bhd said it booked net loss of RM10.11 million in the first half to June, a reversal from a net profit of RM11.09 million the previous year. (US$1=RM3.8). It attributed the weaker showing to higher losses incurred in the offshore installation and construction division, decreased performance in marine services...