Business World

Tuesday 28 February 2017

Circle Oil obtains Morocco permits

GAS

LIMERICK-based explorer Circle Oil has signed up two exploration permits in Morocco to drill for shallow gas.

Circle has a 75pc stake in the permit and the Moroccan government holds the rest. The licence is for eight years but can be extended to 25 years, if commercial exploitation is established.

PetroNeft sells 50pc stake in well

Oil

IRISH-based PetroNeft Resources has sold a 50pc stake in a Siberian oil well to Russian oil explorer Arawak Energy. The Russian company will assume half of the costs of the licence although PetroNeft will remain as operator. Any future income will be shared on a 50:50 basis. The licence has an area of 2,447 square kilometres and is surrounded by proven and producing oil and gas fields, PetroNeft said.

Profits soar at Donegal airport

AVIATION

DONEGAL Airport booked profits of almost €250,000 in the year to April 2009, despite the global aviation downturn. The profits are revealed in accounts just filed for Aerphort Idirnaisiunta Dhun na nGall Teoranta, which show retained profits of just over €1m.

Retirement funds decrease by 1.1pc

PENSIONS

PENSION funds fell by 1.1pc on average last month despite strong rises in 2009, Mercer said yesterday. A number of concerns hit stock markets during January, with the impact of fiscal tightening in China, sovereign debt worries in Greece, announcements of new banks policy in the US, and strong inflation numbers in the UK, Mercers' Noel Collins said. There have also been significant currency swings, which will focus investors' minds on having a robust hedging policy.

Germany: GM to pay more for Opel

AUTO INDUSTRY

Germany wants General Motors to increase its contribution to the Opel unit's reorganisation before considering whether to provide state aid.

Economy Minister Rainer Bruederle, as part of his two-day US visit, will express that view during a meeting with Treasury Secretary Timothy F Geithner in Washington today, said two sources who declined to be identified. GM has said it will provide €600m for Opel's restructuring and ask for as much as €2.7bn from European governments.

Irish Independent

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