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Maduro taps major general to lead Venezuela's deteriorating oil industry Venezuelan President Nicolas Maduro on Sunday tapped a National Guard major general to lead state oil company PDVSA and the Oil Ministry as the OPEC member labors under near 30-year lows in oil production. Manuel Quevedo takes over from two industry veterans to become one of the most powerful players in the country, which is home to the world's largest crude reserves.

Russia ready to support oil output deal as OPEC meeting looms Russia said on Friday it is ready to support extending a deal among oil producers on cutting output, less than a week before OPEC meets in Vienna to discuss policy, although it has yet to say how long it should be for. Russian Energy Minister Alexander Novak said that Russia would discuss the details of an extension of the global deal on Nov. 30, but made no mention of how long this should last beyond its March expiry.

China issues more 2017 oil import quotas to 3 independent refiners -sources China has issued crude oil import quotas for 2017 of 1.5 million tonnes to three independent refiners, three sources familiar with the situation said on Saturday, a sign Beijing is easing its policy towards these companies sometimes known as teapots. Shandong Qingyishan Petrochemical Technology Co was granted a quota of 800,000 tonnes, Zibo Xintai Petrochemical Co was given 500,000 tonnes and Shandong Yuhuang Shengshi Chemical Co a quota of 200,000 tonnes, the sources said, citing a Ministry of Commerce notice. They declined to be identified as they are not authorised to speak to the press.

BASF in talks to combine oil unit with Fridman's DEA BASF said it was in talks to combine its oil and gas unit Wintershall with DEA, the energy group owned by Russian billionaire Mikhail Fridman, as the German group expands its core plastics and chemicals operations."BASF would hold the majority of the shares in the joint enterprise. An initial public offering (IPO) of the joint enterprise would be an option in the medium term," BASF said in a statement.

INSIDE OIL November 27, 2017

Saudi Aramco, SABIC plan to build $20 bln oil-to-chemicals complex State oil giant Saudi Aramco and petrochemical producer Saudi Basic Industries Corp (SABIC) signed a preliminary deal on Sunday to build a $20 billion complex to convert crude oil to chemicals. The project, which the partners said would be the largest crude-to-chemicals facility in the world and the first in the kingdom, are part of the Saudi government's effort to diversify the economy beyond exporting crude.

Iraq offers nine oil and gas blocks for exploration near Iran, Kuwait borders Iraq will invite foreign energy firms to bid for the exploration and development of nine new oil and gas blocks bordering Iran and Kuwait, the oil ministry said in a statement on Sunday. Iraq is to hold a press conference on Monday to announce details of the exploration blocks which are located in the south and east of the country and include one offshore block in the territorial waters, according to the statement.

U.S. oil services firm Weatherford hires Morgan Stanley to sell units - sources U.S. oil services firm Weatherford International has appointed advisers including Morgan Stanley to sell units starting in the first quarter of 2018, banking sources told Reuters. Alongside oil producers, companies that drill wells, haul water and provide other services to energy exploration firms have been hit by a slump in oil prices, with benchmark Brent tumbling to about $27 a barrel in 2016 from more than $100 in 2014. It is now trading at more than $60.

IMF credit to Chad delayed over Glencore oil debt Chad's stalled talks with Glencore on restructuring more than $1 billion in debt due to the trading firm has delayed the release of IMF funds for the struggling central African country until at least early next year, sources familiar with the matter said. The International Monetary Fund has said Chad's external commercial debt, most of which is to Glencore, was unsustainable as it eats up most of the country's oil revenues.

Eni asks for seizure order to be lifted to avoid refinery shutdown Italy's Eni has asked a judge to lift a court order seizing measurement devices that is threatening to shut down its refineries in Italy, a spokesman for the oil major said. Measurement devices at Eni's refineries and oil-product storage facilities across Italy were seized by tax police earlier this week as part of a tax evasion probe.

2 INSIDE OIL November 27, 2017

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