Samir reports 135pc net profit rise
RABAT: Samir, Morocco’s sole oil refiner, reported a 135 per cent jump in first-half net profit on higher output and expanded sales.

Net profit rose to 315 million dirhams ($37.6 milion) for the first six months of 2005 from 134 million in the same period last year as refined volume rose 14 per cent, it said.
Its turnover expanded 48 percent to 11.175 billion dirhams in the firt half, while operating profit jumped to 415 million dirhams from 120 million a year ago.
Samir said its strong results were due to increased refined oil volume, the sale of shares in an unspecified subsidiary and improved performance following an investment plan of $700 million to upgrade its operations.
The company, which is controlled by Sweden-based and Saudi-owned Corral Holding AB, processed 3,454 million tonnes of crude oil in the first half versus 3,044 million and 1,584 million in the same periods of 2004 and 2003, respectively.

Austria firm sells Ecuador oil assets
BOGOTA: Austrian oil firm OMV said it had sold its Ecuadorean assets to Burlington Resources and Perenco, part of its effort to restructure its Latin American petroleum operations.
The announcement came after Ecuador said it will renegotiate all its oil contracts with private operators to increase state participation in the deals.
OMV, which produces about 5,000 barrels of Ecuadorean oil per day, did not reveal any of the details of the deal, which it said will be finalised as soon as government regulators approve the transaction.
OMV, which announced the move in a statement posted on its website, has since 2003 owned 25 per cent of Block 7 and 17.5 per cent of block 21 in the heart of the Andean country’s oil-rich Amazon region.
Burlington and Perenco are already involved in the operation of the blocks.

BP will pay $21m over Texas blast
NEW YORK: BP said it will pay $21.3 million to the US Occupational Safety and Health Administration to settle more than 300 alleged safety violations at its Texas City refinery, after an explosion there last March killed 15 workers.
The company said it was accepting responsibility for the explosion at the refinery and said it was setting aside $700 million to compensate victims. But the company said under the settlement agreement, it does not admit the 300 alleged safety violations or agree with their characterisation by OSHA.
BP also said it has settled a separate incident with OSHA, a September 2004 accident that killed two workers. The company will pay a $102,5000 settlement for that incident.