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The government of Kuwait called off plans to form a joint venture between government-owned Petrochemicals Industries Inc. (PIC) and Dow Chemical Co. PIC would pay Dow $7.5 billion to acquire a 50% interest in several of Dow's chemical plants. Dow planned to use part of the funds to finance its $15.3 billion acquisition of electronic materials firm Rohm & Haas Co.

Royal Dutch/Shell Group's plans to restructure the company such that its two parent companies will be merged will result in a revaluation of its stock prices, with implications for European stock market indexes.

Royal Dutch-Shell Group of Cos. plans of merger of its British and Dutch parent companies to form a new entity called Royal Dutch Shell PLC.

British Petroleum Company PLC has seen its net income nearly double in the third quarter. Nevertheless, it has warned that the earnings will be offset by higher oil-field costs connected with its energy exploration and production projects. Unfortunately, given the scant supply of crude oil to meet the current demands of the global economy, oil companies like British Petroleum will not necessarily be initiating new production projects, but will instead be directing their earnings into the high cost of maintaining their current sites.

The Russian government's plan to sell OAO Yukos unit Yuganskneftegas at a low price has been criticized by the U.S. Stephen Hadley, U.S.. Deputy National Security Adviser cautioned Russian officials about selling the unit at a cut-rate price. It is thought the sale will look like a power grab by the Kremlin.

Royal Dutch-Shell Group of Cos. is aiming to convince investors that it is committed to boosting its energy reserves. Its new financial strategy aims to direct revenue from high oil prices into the resuscitation of its oil and gas exploration projects.

A merging of Russia's state oil company with OAO Gazprom, the country's Kremlin-controlled natural gas giant, will lead to the lifting of restrictions on foreign investment in Gazprom and will thus create the largest oil and gas company in the world that is open to foreign investment . President Vladimir Putin's approval of the deal is consistent with his effort to attract foreign investors to Russia.

Russia plans to merge OAO Rosneft and OAO Gazprom to create the world's largest energy company, which will be open to foreign investment.

Having seen its gas and oil production output grow only 2.9% in 2002, BP PLC has decided to invest heavily in oil and gas field development in six key areas. The company has entered into a joint venture agreement in Russia with Access-Renova and Alfa Group and the new company expects production of 1.2 million barrels per day. BP will also heavily finance oil and gas fields in Trinidad, the Asia-Pacific region, Azerbaijan, the Gulf of Mexico and Angola.

The parent-company boards of Royal Dutch/Shell Group will consider strategies concerning recent revelations that the oil firm's natural gas and oil reserves had been significantly overstated. The resultant 20% reduction in those figures has led to significant drops in stock values.

The United States and Iraq consider creating a new state-owned petroleum company as the best way to manage the oil reserves of the Middle East country. The move would allow the greatest amount of control for Iraq, while still leaving the door open to foreign investment.

Ibrahim Bahr al-Uloum, the oil minister of Iraq, is inviting foreign investors to invest in the country's oil industry. Iraq is seeking foreign help in developing its oil industry.

Ibrahim Bahr al-Uloum, the new Iraqi oil minister, said that he advocates the privatization of his country's oil industry. However, the political nature of al-Uloum's appointment presents problems in handicapping potential investment opportunities in Iraq.

Officials from the U.S. are calling for a comprehensive strategic review of the Iraqi oil industry. Philip J. Carroll, an American adviser to the Iraqi oil ministry, said that the Iraqis themselves will make the decisions pertaining to the industry.

Organization of Petroleum Exporting Countries (OPEC) is being asked by the International Energy Agency not to lower oil production. The OPEC is holding a meeting at which it will decide on oil production. Some ministers have raised concerns about a glut in the market and lower prices.

U.S. and U.K. oil companies trained members of the British Royal Engineers on running oil fields. BP PCL was one company mentioned in this article. Halliburton Co. is described here as having been engaged for months in developing plans to rebuild the oil field infrastructure.