World Business Quick Take


Tue, Sep 20, 2011 - Page 10


Petroliam to sell UK oil units

Petroliam Nasional Bhd, Malaysia’s state oil and gas company, agreed to sell the oil production business of its UK unit, Star Energy Group Ltd, to IGas Energy PLC, according to a company statement yesterday. Petronas, which also signed a gas supply agreement with IGas, will focus on optimizing the Humbly Grove Gas Storage Facility, which will remain with the company, it said. The move is in line with its strategy to focus on growing its European asset returns through marketing and trading, Petronas said.


Repsol on offshore license

Spanish oil group Repsol has farmed into Providence Resources Irish offshore “Dunquin” license, the Irish oil and gas company said yesterday. Repsol’s Irish subsidiary will acquire a 25 percent equity interest in the project based 200km off southwest Ireland, assuming half of its stake from Italian energy group Eni and half from US group ExxonMobil. Following the completion of the transaction, ExxonMobil and Eni will each hold a 27.5 percent interest in the license, Repsol will have 25 percent with Providence and Britain-based Sosina sharing 16 percent and 4 percent respectively.


Credit Suisse settles probe

Swiss banking giant Credit Suisse said yesterday that it has reached a deal with German authorities to end a tax evasion probe, and that it would pay 150 million euros (US$205 million) to settle the case. “Credit Suisse group and the Public Prosecutor’s Office in Duesseldorf have reached an agreement regarding the proceedings against Credit Suisse employees,” the bank said in a statement. “The entire proceedings are to be resolved.” The bank said that meant “a complex and prolonged legal dispute has been avoided.”


Jaguar to build UK plant

Jaguar Land Rover is investing in a new plant in Britain to build low-emission engines. The company said yesterday that the new plant near Wolverhampton, England, would cost £355 million (US$560 million) and would employ up to 750 people. Jaguar Land Rover is part of Tata Motors, which acquired the company from Ford in 2008. Jaguar Land Rover chief executive Ralf Speth said the company planned to invest £1.5 billion a year over five years to expand its product lines.


Hynix sale to be debated

Hynix Semiconductor Inc shareholders will discuss whether they will proceed with current sale plan amid a lack of bidders after STX Group dropped out of bidding for a stake in the world’s second-biggest computer memorychip maker, Korea Exchange Bank said. A date for the meeting has not been decided, Korea Exchange Bank spokesman Lee Sun-hwan said.


Asia steel imports probed

Australian authorities yesterday launched an inquiry into steel imports from China and four other Asian nations as domestic manufacturers suffer under the strong Australian dollar. Customs said it would examine dumping and subsidization of “certain hollow structural” steel products from Taiwan, China, South Korea, Malaysia and Thailand after a complaint from OneSteel, Australia’s second-largest steelmaker. Officials would examine imports between July last year and June 30 for evidence of OneSteel’s complaint, and look back as far as July 2007 for proof of injury to the steelmaking industry.