* Valero completed Port Arthur refinery shutdown on Tuesday * Fire extinguished at Texas refinery * No injuries reported from blast, blaze By Erwin Seba HOUSTON, March 24 (Reuters) - A release of fluid set off an explosion and ensuing fire that forced the temporary shutdown of Valero Energy Corp's ( VLO ) 380,000-barrel-per-day (bpd) oil refinery in Port Arthur,...

* Company hopes for approval of Canada's Bay du Nord next year * Controversial North Sea project moving forward * EU has strong ties with Ukraine (Updates throughout) By Stephanie Kelly HOUSTON, March 24 (Reuters) - Anders Opedal, CEO of Norway's Equinor ( EQNR ), said on Tuesday the European Union was unlikely to increase Russian gas imports to offset...

SYDNEY, March 25 (Reuters) - Australia's centre-left government on Wednesday introduced legislation in the parliament to double penalties for fuel price gouging as global supply disruptions due to the Iran war triggered fuel shortages in some rural regions. Australia last year imported 84% of its petroleum product demand, government statistics show, leaving it exposed to global shocks. Supply fears have...

March 24 (Reuters) - Merck ( MRK ) is nearing a roughly $6 billion all-cash deal to buy biotech firm Terns Pharma , the Financial Times reported on Tuesday, citing people familiar with the matter. Talks between Merck ( MRK ) and Terns were at an advanced stage and a deal could be reached in the coming days, the report...