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BP to Meet Whiting Refinery Union for Second Round of Talks This Week

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BP (BP) is set to resume talks with the United Steelworkers union representing workers at its Whiting refinery on Thursday, the company said Wednesday.

The BP Whiting refinery and elected representatives of United Steelworkers Local 7-1 previously met on Monday to discuss an agreement, including proposals to modernize job structures.

The British company said it is proposing a six-year agreement, an extended 150-day industrial peace clause before any future strike or lockout after the contract expiration, and wage increases that would raise pay by an average of 13% over the first four years of the contract.

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BP to Hold Second Round of Labor Talks with Union Over Whiting Refinery

BP (BP.L) will hold a second meeting with the United Steelworkers union representing workers at its Whiting refinery in the US on Thursday, according to a Wednesday release.Following the meeting with USW Local 7-1 elected representatives on Monday, the oil and gas company said it is ready to "keep talking" with the union to reach a fair agreement for employees to return to work.

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Equities

Trans Mountain Courts New Asian Oil Buyers to Diversify Exports

Canadian government-owned Trans Mountain Corp. has been meeting with new Asian oil buyers to diversify its crude export customer base, Bloomberg reported Wednesday, citing the company's chief administrative officer.Jennifer Pierce returned last weekend from a trip visiting customers in China, Korea and Japan, as well as "future customers" in India, Singapore, Brunei, Thailand and Vietnam, she said at the Oil Sands Expo in Fort McMurray, Alberta, according to the report.South Korea has become a regular purchaser of Canadian heavy crude in recent months, and Japan has just begun taking cargoes, while India and Brunei have taken only a handful of shipments, the report said."Not being dependent on one country over another" is the goal, Pierce said, pointing to opportunities to expand sales to Korea, Japan, Thailand, Malaysia and Vietnam, according to the report.

Equities

Market Chatter: Saudi Arabia Seeks To Restore Half Of Key Oil Pipeline Capacity Within Days

Saudi Arabia is seeking to restore about half the capacity of its East-West oil pipeline within days after it was halted following drone attacks, Bloomberg reported, citing a person familiar with the matter.Saudi Aramco is working to bypass a damaged section of the pipeline, with full capacity targeted in about six weeks, the report said.The shutdown has caused delays for European customers and pushed up regional crude prices, while refiners have sought replacement cargoes, Bloomberg reported.Aramco has also sold about 20 million barrels to Asian refiners for September and October pickup, according to traders cited by the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)