US reviews Shell’s Arctic drilling

WASHINGTON: The US Interior Department said it has received a plan by Royal Dutch Shell to explore drilling opportunities in the Arctic.

The company’s plan envisions "exploration drilling in the shallow waters of the Chukchi Sea Outer Continental Shelf, off the northwest coast of Alaska."

Late last month, the Obama administration upheld a 2008 Arctic lease sale, clearing an important hurdle for Shell.

The Interior Department will now consider the company’s drilling plan, which could take 30 days.

Caixabank eyes Repsol stake sale

MADRID: Spain’s Caixabank is considering selling the bulk of its 11.9 per cent stake in Spanish oil major Repsol REP.MC to its parent group, a move that could boost the lender’s capital and finances while maintaining a grip on the energy firm.

Caixabank, which has owned big industrial stakes in Spanish and international companies for years, is reorganising its business as new international banking regulations force lenders to set aside more capital to hold those stakes.

The bank has also recently signalled it wanted to focus on its core business to achieve ambitious profitability targets. One of the most acquisitive lenders during Spain’s deep financial crisis it launched a takeover bid for Portugal’s BPI in February.

Vopak staff to strike over pay

AMSTERDAM: Workers at oil storage firm Vopak are planning strike action if the company does not make an improved pay offer as part of a collective bargaining agreement, a union official said.

The CNV Vakmensen union is preparing actions for next week after talks aimed at securing an improved agreement for workers broke down, union spokesman Gijs Dupont told Reuters.

"We sent them an ultimatum, as we must under Dutch labour law," Dupont said. The union’s demands include jobs guarantees and a 3 per cent pay rise for staff.

The union would decide what form industrial action should take and which parts of Vopak it should affect in consultation with staff if the deadline passed with no new offer, he said.