Oil, Billion | featured news

Africa's wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would double Nigeria's current oil output.

General Electric Co is buying oilfield pump maker Lufkin Industries Inc for $2.98 billion, sharply increasing its presence in the fast-growing market to extract oil and natural gas from shale rock, the conglomerate said on Monday.

Rosneft is seeking to borrow up to $30 billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.

The U.S. trade deficit grew to $42 billion in July, widened by fewer exports to Europe, India and Brazil that offset a steep decline in oil imports.

China's top offshore oil producer CNOOC Ltd has entered into an agreement to buy Canada's Nexen Inc for about $15.1 billion, the Chinese company said on Monday.

A Baltimore County jury has ordered Exxon Mobil to pay more than $1.5 billion in damages involving an underground gasoline leak at a rural Maryland gasoline station.