Energy Business Roundup: BP Grows Its STAKE In Papua, Petrobras EXPLAINS Production Drop

Shares of the aluminum-bodied railcars maker FreightCar America, Inc. (NASDAQ:RAIL) move down following its second quarter earnings results that said that, “coal demand remained under pressure from low natural gas prices, high coal inventories and reduced industrial activity.” First quarter orders for new railcars slumped from1,244 to 967, and from 1,089 year-over-year.

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BP (NYSE:BP) intends to pump $12 billion into West Papua for the development of the Tangguh liquefied natural gas project, according to the Jakarta Globe. The building of a new refinery complete with the capacity to produce 3.8 million tons per year, should commence in 2013 and is scheduled to be finished in 2017.

China Petroleum & Chamical Corporation (NYSE:SNP) and ENN Energy Holdings (XNGSF.PK) have extended their offer of $2.2 billion bid for China Gas by one more month, while they attempt to gain regulatory approvals so as to proceed with Hong Kong’s first unsolicited acquisition attempt. However, it might be that the government is waiting for a higher bid, and then watch the regulations disappear.

Petrobras (NYSE:PBR) reports that the maintenance work which caused the second quarter domestic crude output to drop by 2.4 percent year-over-year will continue into the third quarter, but the company thinks that output will rebound in the fourth quarter, aided by the installation of two floating production, storage and offloading vessels in the second half. Moreover, Petrobras says it will ramp up second half asset sales in concordance with its $14 billion divestment plan.

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