Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Thursday.
WORLD OIL PRICES
Brent crude stayed above $93 per barrel on Thursday after rallying on an output cut by Norway and positive economic data from the United States, while investors eyed a summit of EU leaders that is unlikely to produce concrete measures to contain the bloc’s protracted debt crisis.
Top oil and gas company Petrom, majority owned by Austria’s OMV, finalised a 100 million euros ($124.57 million) investment in its Petrobrazi refinery, the company said on Wednesday.
Petrom plans to invest other 200 million euros in the refinery by 2014.
Indicated 0.5 percent higher
German premium carmaker BMW is considering building vehicles at the endangered Born plant in the Netherlands, which belongs to Japan’s Mitsubishi Motors, a spokesman for BMW said on Wednesday.
BMW and Toyota plan to expand a technological partnership, two sources close to the companies told Reuters, a deal that could prompt a shift in auto industry allegiances.
The Chief Executive of GM’s Opel unit Karl-Friedrich Stracke is due to present a European business plan to the auto maker’s supervisory board.
Hutton Energy and Total may be interested in Exxon Mobil’s shale gas exploration licences in Poland after the U.S. group dropped its own exploration plans, speculates Dziennik Gazeta Prawna, without citing any sources.
ENI SPA TO START EXPLORATION IN PAPUA BLOCK
Italian oil and gas major Eni is ready to start exploration in the Arguni I block in West Papua, with the firm initially carrying out a 200-kilometer 3D seismic survey from July to September, said Carlo Cito Russo, the company’s managing director.
BP – Russia’s TNK-BP, half-owned by BP, said on Wednesday it was encouraged by the results of unconventional drilling at an old west Siberian field, the first of several projects to determine the efficacy of fracking to boost output in the declining province.
* NATIONAL EXPRESS – The British transport group said its Spanish bus business was performing well despite the euro zone crisis and that the Spanish government was paying back cash owed to the company.
Oil major Royal Dutch Shell again extended a deadline for Cove Energy shareholders to accept its offer, giving itself more time to decide its next move as Shell vies with Thailand’s PTT Exploration and Production to acquire the explorer.
PSA PEUGEOT CITROEN
Opel’s board will meet on Thursday to discuss plans to work more efficiently and save costs as part of an alliance between Opel’s parent company General Motors and PSA Peugeot Citroen, the Financial Times reported on Thursday. Unidentified sources close to GM told the newspaper it was unlikely to announce any major initiatives in job cuts or plant closures.
The carmaker said it had signed an 8-year, 100 million euro ($125 million) loan accord with the European Investment Bank and will use the funds for investment in a new Transit van project.