VENTURE CAPITAL POST

Saudi Arabia's state-owned oil major Aramco will takeover Port Arthur Texas refinery in the US. Saudi Arabia will refine its oil shipped from Middle East at Port Arthur refinery and also sell it in the huge North American market.

Exxon Mobil Corp's (XOM.N) push to persuade workers at its Beaumont, Texas refinery to sign a five-year contract, nearly twice as long as the last one, is part of an effort to avert labor stoppages during a possible expansion that could make it the largest such plant in the United States, sources familiar with refinery operations said.

The head of the Senate energy committee plans to introduce a bill next week to force approval of the Keystone XL oil pipeline, though the full chamber faces a battle in obtaining needed votes to overcome any veto by President Barack Obama.

Canada's Alimentation Couche-Tard Inc (ATDb.TO) will buy smaller U.S. rival Pantry Inc (PTRY.O) for about $861 million, a deal that positions it as one of the top convenience store operators in North America.

U.S. Representative Joe Barton will introduce a bill on Tuesday to lift the 40-year ban on exports of crude oil, but the measure has almost no chance of passing due to lawmaker concerns about fuel prices and costs to refiners.

An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing.

To capitalize on a flood of domestic and Canadian crude into the U.S. Gulf Coast, logistics giant Kinder Morgan Energy Partners is spending more than $1.5 billion in Houston to build the most flexible oil and fuel transport hub in the country.

The British government has urged the U.S. Supreme Court to review an appeals court ruling against BP Plc (BP.L) over a 2010 Gulf of Mexico oil spill that produced one of the largest class actions in American history.

Houston, US-based firm Fieldwood Energy LLC, a portfolio company of Riverstone Holdings LLC, bought the Gulf Coast unit of Oklahoma-based firm SandRidge Energy Inc in a deal valued at $750 million.

Seeing a possible windfall of money from oil and gas rich investors, Britain is urging banks to create instruments to address the USD2.6 trillion market by 2017.

The UAE railway network's first phase has been completed.