Wells Fargo Reduces 66% of Credit Lines to Oil and Gas Players

Around 66 percent of Wells Fargo’s credit lines to energy exploration and production companies have been reduced as a result of the two-year drop in oil prices, The Street reported.

The E&P loans make up more than half of the San Francisco-based bank’s US$17.8 billion in loans to oil and gas ventures. Just under half of the outstanding loans have been vetted so far, according to a presentation by CFO John Shrewsberry on Tuesday. Continue reading

Greece enters into ‘strategic alliance’ with Israel

Greece has reported forming a strategic alliance with Israel.

Officials said Athens and Jerusalem launched strategic cooperation over the last year. They said the cooperation included military exercises, strategic dialogue and intelligence exchanges on regional threats.

Officials said Avramopoulos sought U.S. help to enhance regional cooperation that would include Israel. They said Greece wanted to ensure the safety of energy exploration projects in the eastern Mediterranean, particularly off the coast of the Republic of Cyprus. Turkey, asserting the exploration violated its sovereignty, has sent warships to disrupt the projects.

Full article: Greece enters into ‘strategic alliance’ with Israel (World Tribune)