South Africa Oil Companies Improve Pay Offer to Try End Strike, Union Says

(Bloomberg) -- BP Plc, Royal Dutch Shell Plc and
other oil refiners in South Africa improved their wage offer to
local workers in a bid to end a strike that has led to fuel
shortages in Africa's largest economy.

``We can't say yet what the improvement is,'' Welile
Nolingo, secretary-general of the Chemical, Energy, Paper,
Printing, Wood and Allied Workers' Union (CEPPWAWU) said by phone
from Johannesburg today. ``We're still negotiating.''


Read more at Bloomberg Energy News

Italy's UniCredit clinches Polish sale to GE Money

(Reuters) - MILAN, Aug 3 - Italian bank UniCredit said on Friday it had agreed to sell to GE Money about 66 percent of its so-called New BPH bank, which comprises 200 bank branches from UniCredit's Polish unit, for 625.5 million euros



in cash.


Read more at Reuters.com Bonds News

BP Says CATS North Sea Pipeline to Restart in September After Repair Work

(Bloomberg) -- BP Plc said divers completed an
inspection of the damaged CATS natural gas pipeline in the North
Sea and a permanent repair will be required before the pipeline can
resume operating in September.

``A metal sleeve will be installed to strengthen and protect
the affected area of pipeline,'' BP said in an e-mailed statement
today. ``Design and fabrication of the sleeve is already under way
and it is expected that the system will restart during September.''


Read more at Bloomberg Energy News

UPDATE 2-Occidental 2nd-qtr earnings rise on asset sales

(Reuters) - Net income rose to $1.41 billion, or $1.68 a share, from
$860 million, or 99 cents a share, a year earlier.




Excluding 50 cents in after-tax gains from the asset sales,
Occidental would have earned around $1.18 a share. The sales
included the company's stake in Lyondell Chemical Co. ,
assets in Pakistan, and a swap of assets with British oil major
BP Plc .


Read more at Reuters.com Market News

Philippine Bonds Gain as Government Sells Assets; Peso Ends Four-Day Rally

(Bloomberg) -- Philippine bonds rose after the
government sold part of its stake in Philippine National Bank,
raising speculation funds from privatization of state assets
will be enough to offset declining revenue.

``The government may not need to borrow more,'' which may
cause yields to fall, said Yvette Marquez, who helps manage the
equivalent of $5.3 billion of assets at BPI Asset Management in
Manila. ``The sale will help the government offset their
problems with their collection targets.''


Read more at Bloomberg Bonds News

Angola to Load 53 Crude Oil Cargoes in September, Unchanged From August

(Bloomberg) -- Angola, sub-Saharan Africa's second-
biggest petroleum producer, will load 53 crude-oil cargoes in
September, the same number as August.

Tankers will haul shipments ranging from 950,000 barrels to 1
million barrels for companies including Sonangol SA, the state oil
company, and foreign producers such as Total SA, Chevron Corp.,
Exxon Mobil Corp., Eni SpA, BP Plc, Statoil ASA and INA Industrija
Nafta DD, according to a copy of the loading program for the month.


Read more at Bloomberg Energy News