Independent refiner Premcor Inc. said it will cut its nonunion staff by about 20% and will record a $10 million restructuring charge in the third quarter related to the reduction. The Old Greenwhich, Conn.-based company said the cuts should reduce costs by $15 million/year.
In other recent company news:
* San Jose, Calif-based independent power producer Calpine Corp. has inked a deal with NAL Resources on behalf of NAL Oil & Gas Trust, Calgary, and another institutional investor for the sale of certain Canadian oil and gas properties, deemed "nonstrategic," for about $125 million (Can.).
* Algerian state oil company Sonatrach is taking its first foothold in Europe through a three-pronged agreement with Spain's Cepsa in which France's TotalFinaElf SA has a 44% stake.
* India's state-owned Oil & Natural Gas Corp. (ONGC) has increased its equity stake in Cairn Energy PLC's Cambay offshore oil and natural gas discovery
* Holly Corp., Dallas, along with its subsidiary Navajo Refining Co. LP of Artesia, NM, filed suit last month in state district court in Carlsbad, NM, in its long-running court battle with Dallas-based Longhorn Partners Pipeline LP (LPP), LPP's principal partners, …