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Its first performance disclosure since it was founded in 1976, the Abu Dhabi Investment Authority said it has made an annualized return of 6.5% in the past 20 years and 8% over the past 30 years. The fund has estimated assets of $500 billion.

In a letter to lobbyist group United Against Nuclear Iran, Caterpillar Inc. said it will order its non-U.S. subsidiaries to stop selling heavy equipment to independent dealers if they intend to resell the equipment to customers in Iran. Although the transaction is legal under U.S. regulations of exports to Iran, the company wants to avoid bad publicity stemming from even limited trade with that country.

Viewed as a sign of economic development, Iraq auctioned several of its most promising oil fields to international bidders. Royal Dutch Shell and Malaysia's Petroliam Nasional Bhd. won the Majnoon field with 12 billion barrels of reserves, while Russia's Lukoil and Norway's Statoil ASA will develop the West Qurna Phase 2 field.

Byline: CHIP CUMMINS LITIGATION Bahrain probes alleged kickback by Japanese trading firm DUBAI -- Bahraini prosecutors are probing $8.7-million in alleged kickbacks by a large Japanese commodities-trading firm into bank [...]

Byline: CHIP CUMMINS AND MARGARET COKER; WALL STREET JOURNAL STAFF DUBAI -- Prince Alwaleed bin Talal, seen just a few months ago as a bastion of Mideast support for banking [...]

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.

Byline: JEFFREY BALL AND CHIP CUMMINS; WALL STREET JOURNAL STAFF Kuwait scuttled its multibillion-dollar joint-venture deal with Dow Chemical Co., set to take effect Thursday, in a major blow to [...]

In a letter sent to the U.S. Treasury and other Western finance ministries, the United Arab Emirates pledges it will not use revenues from its investments abroad for political aims. Article discusses political and national security issues related to foreign wealth funds in the United States and Europe.

Byline: CHIP CUMMINS; WALL STREET JOURNAL STAFF Amid a backlash against overseas investments by government funds, Abu Dhabi - home to the world's largest such fund - has pledged it [...]

Turkmenistan halted gas exports to Iran in December 2007, creating concerns within the European Union as to whether a pipeline project aimed at reducing European dependence on gas from Russia is still viable. The cutoff is a result of disputes over pricing.

Byline: RICK CAREW, MARCUS WALKER, CHIP CUMMINS, AND KATHARINA BART; Zhou Yang in Beijing contributed to this article HONG KONG, BERLIN, DUBAI, BRUSSELS -- The powerful government-run investment funds of [...]

Political, economic, and national security issues related to Middle Eastern and Asian state-managed funds' investments in Western countries are analyzed. Article discusses Abu Dhabi's recent acquisition of a 4.9 percent stake in US-based Citigroup Inc.

US-based Hunt Oil Co. has made an agreement with the Kurdistan regional government to jointly explore for oil in the Kurdish region. Hunt, a family held entity, will operate the exploration project.

A natural-gas exploration agreement between BP PLC and Col. Muammar Qadhafi's Libyan government has been made, the end result of 18 months of negotiations by BP's chief executive officer Tony Hayward, which he began when he was the firm's head of production and exploration. The deal, totaling $900 mil, is expected to increase BP's reserve base.

Cost-saving measures at BP PLC's refinery in Texas may have played a role in the explosion that killed 15 workers and injured 180 in 2005. Company executives ignored a number of warnings about deficiencies in the refinery's safety practices as a result of reductions in maintenance spending .

Peter Sutherland, chair of British Petroleum Company PLC, is taking an active role in bolstering the company's image, in the face of investigations into the company's safety and energy-trading practices.

A safety review of its BP PLC's U.S. operations will provide the first big challenge for new CEO Tony Hayward. Following a fatal explosion at the company's Texas oil refinery in 2005, BP has been accused of not doing enough to ensure safe working conditions.

John Browne, CEO of BP PLC, has resigned, and will be replaced by Tony Hayward. BP is being investigat ed for trading irregularities in the United States, and is also trying to recover from Alaskan oil spills and a fatal refinery fire in Texas . B y naming a new CEO, BP's board hopes to be able to reverse the company's direction.

Royal Dutch Shell PLC has relinquished control of the Sakhalin II oil project to OAO Gazprom, for $7.4 5 billion. Shell, which has recently been behind in reserve replacement and output , is forecasting a further drop as a result of this deal .

Royal Dutch-Shell, which owns a 55% stake in the Sakhalin-2 project, may cede control of the Russian energy project to OAO Gazprom. Russia is opposed to foreign control of its energy projects.

An iinternal review into a 2005 accident at BP PLC's Texas refinery raises concerns that cost-cutting, resulting in decreased safety, may have been a contributing factor. BP is facing a criminal investigation and civil suits; the accident killed 15 people and injured 180.

BP PLC of the United Kingdom is to be fined $384,000 in a proposal over workplace safety violations at the Whiting, Indiana petroleum refinery by Indiana regulators. In March 2005 an industrial accident at the Texas City plant killed 15 workers. The profit margin soared to $22.3 billion at BP PLC in 2005.

The Chemical Safety and Hazard Investigation Board, which as been investigating the cause of a fatal explosion at BP PLC's Texas refinery, puts the blame on cost-cutting efforts by the company. Fifteen people were killed and 180 injured in the accident. BP is facing a criminal investigation and civil claims as a result of the explosion.

Profits for petroleum companies Exxon Mobil Corp. and Royal-Dutch Shell are lessening, indicating that the period of very high earnings may be slowing down. While both companies are still reporting high third-quarter incomes, factors such as flat oil prices and increased costs are negatively affecting the results.

British mining company Anglo American PLC has appointed an American, Cynthia Carroll, as its new CEO. Ms. Carroll's appointment makes her the highest- profile woman in the natur al resources industry, as well as the first non-British CEO of the company.

Petroleum company Royal Dutch-Shell has offered $6.84 billion to buy out the minor shareholders in Shell Canada . If successful, it would be the first major deal under CEO Jeroen van der Veer, and a test of his new vision for the company.

Major petroleum companies are concerned about maintaining profit growth, due to the falling price of crude petroleum. Exxon Mobil Corp. Royal Dutch-Shell, and BP PLC have all recently reported record profits.

In an attempt to raise falling oil prices, members of the Organization of the Petroleum Exporting Countries are meeting to strategize. OPEC officials need to agree on how to announce cuts in crude oil production, and how to retain their credibility as an enfor cer of oil prices.

BP PLC of the United Kingdom posted a soaring 30 percent increase in earnings. Net income for the second quarter is $7.27 billion, up from $5.59 billion last year. The petroleum giant is planning new safety improvements at Alaskan petroleum operations and American refineries.

British Petroleum Company PLC of the United Kingdom is being investigated for price fixing in 2004 by the United States Commodity Futures Trading Commission. It is alleged that the petroleum company cornered the market in propane, driving up prices of cooking and heating fuel in the rural United States.

BP PLC of the United Kingdom has appointed Robert Malone the chairman and president of BP America Inc. of the United States. The strategic move is the latest management reshuffle after a number of environmental and safety issues in the United States.

BP PLC of the United Kingdom posted a 15 percent decrease in first quarter net profit to $5.62 billion. United States regulators levied a $2.4 million fine for safety violations at a United States refinery. BP PLC is also under criminal investigation by United States environmental officials for oil spills at its Alaska pipeline.

Violence against oil industry facilities and employees in Nigeria by an obscure rebel group have roiled the international stock market, making prices of oil increase. Emails signed by 'Jomo Gbomo' the head of the rebel group takes responsibility for the terrorist acts and threatens new attacks.

Royal Dutch-Shell Group of Cos. of the Netherlands has bought oil sands in Alberta, Canada for $465 million Canadian Dollars ($400 million United States Dollars). With skyrocketing oil prices and decreasing petroleum reserves, the oil sands have become targeted for new investment.

Petroleum production in Iraq is down to 1.66 million barrels per day from 1.96 million per day in the previous quarter. Lower production rates are due to political and bureaucratic infighting that casts a shadow over petroleum projections.

BP PLC of the United Kingdom posted a 22 percent rise in fourth quarter profit to $3.69 billion. Revenue rose 22 percent to $65.91 billion. The increase is due largely to high petroleum prices, however, the refining and marketing sectors performed poorly, losing $160 million in the fourth quarter in part due to Gulf of Mexico hurricane damage.

Russia's decision to resume its supply of natural gas to Ukraine is discussed. It is explained that government-owned OAO Gazprom had cut off natural gas shipments to Ukraine over a price dispute, and that the move is seen as a reflection of tense relations between Ukraine and Russia since the election of pro-Western Ukrainian President Viktro Yushchenko.

Royal Dutch-Shell Group of Cos. of the Netherlands posted net profit increases of 68 percent to $9.03 billion for the third quarter up from $5.37 billion a year earlier. The petroleum giant's revenue rose eight percent to $76.44 billion from $70.69 billion. High returns are bouyed by soaring oil prices, increased refining profits and increased revenues from divestments.

The petroleum industry has been hit with storm damage by Hurricane Katrina, translating into millions of lost dollars a day for some companies. Production slow downs and disrupted refinery operations has seen higher margins aiding reduced production volume.

On Thursday, July 7th, 2005 in morning rush hour, four bombs exploded in rapid succession in London, England, three in the London Tube and one red double-decker bus. The London Metropolitan Police announced they had received no warning so it is possible the Irish Republican Army is not responsible. A reception for war veterans was hosted by Prince Charles of Wales in the afternoon.

The results of an internal investigation conducted by BP PLC into the causes of an explosion at the company's refinery in Texas City, Texas, are discussed. The British petroleum company is blaming the blast, which killed 15 employees and injured 170 others, on poor safety procedures at the facility. U.S. workplace safety and environmental regulators will be considering the results of the company's internal report in conducting their own investigations of the incident.

Chief Executive Officer Helge Lund, Statoil ASA of Norway is planning financing of oil exploration in the face of soaring but uncertain oil prices. Statoil ASA is purchasing oil fields in the Gulf of Mexico from EnCana Corp. for $2 billion.

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.

CEO John Browne believes that BP PLC can continue maintain its productivity and position as the second-largest publicly-traded energy company in the world, thanks to several new projects planned.

The petroleum industry is in a set to with the United States Securities and Exchange Commission over the standard for calculating natural gas and oil reserves. A report by the oil industry finds the United States Securities and Exchange Commission method is outdated and too conservative in it estimation.

United Kingdom's petroleum giant, BP PLC reported an 8.6 percent rise or $2.53 billion net income in the fourth quarter, amidst high oil and gas prices. BP PLC has raised its dividend 26 percent and may return as much as $23 billion to investors through increases and share buybacks over the next two years.

Royal Dutch-Shell Group of Cos. has reported a sharp cut in its estimate of energy reserves, having written off an additional 1.4 billion barrels of oil and indicating the need for new resources. Fourth quarter profit for Royal Dutch-Shell Group of Cos. surged to $4.48 billion.

Royal Dutch-Shell Group of Cos. fourth-quarter profit rose sharply to $4.48 billion, but this news was offset by reports that the company would again reduce its estimates of energy reserves.