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THE RUSSIANS ARE COMING TO SOUTHEAST ASIA
Russia is rebuilding its profile across Southeast Asia with new diplomacy, naval exercises and deals in arms and energy, as it tries to diversify its trading partners and renew its sway in the Pacific. In Indonesia, Russian state-controlled Rosneft is studying a joint venture to build a $14 billion oil refinery it hopes would create a new market for Russian crude and draw Indonesian investment to Russian oil fields. Rosneft also recently said it created a local venture in Singapore to design offshore oil rigs.
D.E. SHAW STRIKES DEAL FOR SUNEDISON’S STAKE IN CALIFORNIA
Hedge fund D.E. Shaw has offered to buy SunEdison’s stake in a California solar power project for $80 million. SunEdison filed for bankruptcy protection in April, awash in debt and with its finances under investigation. The company owns an array of alternative power projects in various stages of development, and it has agreed to start selling some assets while it weighs whether to reorganize or shut down after a series of sales.
INDIAN POINT REACTOR SHUTS DOWN
One of two nuclear reactors at Indian Point Energy Center in Westchester County shut down unexpectedly early Wednesday when workers tested its electrical systems. No radioactivity was released, and no employees sought medical attention, said Patricia Kakridas, a spokeswoman for Entergy Corp., the plant’s owner. Indian Point, located about 35 miles north of Manhattan, supplies about 25% of the power used in New York City and Westchester.
Crude oil prices strengthened on Thursday as the prospect of a drawdown in U.S. crude inventories reinforced views that the global oil market is tightening. Industry group The American Petroleum Institute said late Wednesday that its data for the week ended July 1 showed a 6.7-million-barrel decrease in crude supplies, a 3.6-million-barrel fall in gasoline stocks, and a 2.3-million-barrel drop in distillate inventories, according to market participants. This was a significantly larger drop than some other estimates. The Wall Street Journal’s survey of analysts and brokers forecast that U.S. crude stockpiles had likely declined by 2.3 million barrels.The U.S. Energy Information Administration will release the official data later Thursday. Read our latest market report at wsj.com.