Energy Business Recap: Shell’s View on Nigerian Tax Law, Exxon Invests In Louisiana

Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) says that the tax rules in Nigerian oil legislation could render offshore oil and gas projects “non-viable.” The proposed law would end years of regulatory uncertainty which has turned away billions of dollars of investment there, but the draft bill in its current form “requires significant improvements to secure Nigeria’s competitiveness.”

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BP (NYSE:BP) might receive less that the 50 percent of the $2.85 billion it anticipated in the divestiture of its Texas City refinery, thinks Bloomberg, because values for United States’ plants have not kept up with rising margins. Average prices of domestic refineries sold since 2009 implies that the facility should go for around $1 billion, which if realized would represent the lowest in two decades. However, a source believes that Valero (NYSE:VLO) might be interested.

Exxon Mobil Corporation (NYSE:XOM) will shell out more than $200 million for the expansion of two Louisiana chemical and lubricant facilities, and construction should start begin at the end of 2012. The move would make Exxon’s Baton Rouge plant the largest producer of finished lubricants used in motor oils, gear oils and greases in the world, and will supplant an existing factory in New Jersey.

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