Energy Business Review: ConocoPhillips Rumor Rejected By India, Gevo Plummets On Forecast
India’s Oil & Natural Gas Corp. is rejecting rumors that it has made an offer for stakes in Canadian oil sands assets which are owned by ConocoPhillips (NYSE:COP). On Monday, a source at the former had said the company, plus two other state-controlled refiners had offered $5 billion for the assets.
The government of Russia is still pondering the possible divestiture of a stake in the state oil company Rosneft Oil Co. (RNFTF.PK) to BP (NYSE:BP), according to the first deputy prime minister. BP told Russian President Putin and the Rosneft Chief Executive Igor Sechin about their desire to invest in Rosneft last week, if it could sell its 50 percent investment in TNK-BP.
Shares of the biofuels company Gevo, Inc. (NASDAQ:GEVO) lost more than a fifth of their value on the day, as news that it will temporarily shift to ethanol at its Luverne, Minnesota facility, and cease the production of isobutanol. The firm does not think that the Luverne plant will attain its desired year-end run rate until 2013, having said it would before the end of 2012.
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