Californian oil major Chevron has announced plans to streamline its operations worldwide, with an emphasis on its downstream operations in Europe, the Caribbean and Central America.  A decline in fuel demand caused by the global economic slowdown has reduced profits as oil prices have remained high.

The US oil major Chevron has said it is seeking a buyer for its UK refinery in Pembrokeshire. The plant employs around 1,400 people and processes 220,000 barrels of crude oil per day.

Northrop Grumman and its European partner EADS have pulled out of bidding for a $50 billion US Air Force air-to-air refueling tanker contract.  The announcement clears the path for Chicago-based Boeing to win the contract to replace the Air ForceÔÇÖs fleet of 1950s-built air tankers. It is one of the biggest US defense procurement projects on record.

UK oil services group Petrofac reported a 25 per cent jump in profits for 2009 and said it had identified a further £131 billion of engineering contracts coming up for tender in its Middle East and African markets over the next two years.

Calgary-based Daylight Resources has announced it is buying West Energy for $570 million.  Daylight, a junior oil trust, said it wants to expand its holdings in the Pembina Cardium oil region of central Alberta. It said its intentions towards Calgary-based West intensified following WestÔÇÖs acquisition of assets formerly owned by Talisman Energy in January. About 90 per cent of West's assets lie in the Pembina oil field, where it has 10,360 hectares of oil rights. Pembina is located in the Cardium Formation, which was discovered in the 1950s.

Royal Dutch Shell has teamed up with PetroChina to make a A$3.7 billion (Ôé¼2.4 billion) bid for AustraliaÔÇÖs Arrow Energy.

The US economy showed continued signs of recovery early this year, with retailers posting their best monthly sales performance since before the recession began in 2007.  The 3.7 percent gain, which beat analystsÔÇÖ expectations, showed that shoppers are starting to spend more, with many willing to pay for certain higher-end goods.  The February sales report was the third consecutive monthly increase, according to the International Council of Shopping Centers (ICSC). The trade group, which analyzes data from 29 chain stores, was expecting only a two percent increase.

The Switzerland-based commodity trader Glencore has announced it will buy back its prized Prodeco coal operations in Colombia from the international mining giant Xstrata.

The New York-based pharmaceuticals company Pfizer will bid up to Ôé¼3 billion ($4.08 billion) for the German generic drug maker Ratiopharm Group International, according to reports.

The UK-based oil and gas services firm Petrofac and Sweden's Lundin Petroleum are to spin off their North Sea oil assets into a new venture to be floated on the London Stock Exchange.