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Archive for the ‘GASOLINE’ Category

DEREGULATED FUEL NOT NECESSARILY A GOOD THING (South Africa)

Posted by Gilmour Poincaree on January 15, 2009

15 January 2009

by Siseko Njobeni – Energy Affairs Editor

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH AFRICA, THE FLOW OF INVESTMENTS | Leave a Comment »

REFINARIA IPIRANGA TROCA DE NOME E GANHA NOVA MARCA – A EMPRESA GANHA UMA NOVA RAZÃO SOCIAL, PASSANDO A SER DENOMINADA REFINARIA DE PETRÓLEO RIO GRANDENSE S/A (Brazil)

Posted by Gilmour Poincaree on January 13, 2009

12/01/2009 – 17h26min

por Fernando Halal – Rio Grande

PUBLISHED BY ‘ZERO HORA’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ZERO HORA’ (Brazil)

Posted in BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EMPLOYMENT, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GASOLINE, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET | Leave a Comment »

OIL GIANT COMES IN FROM THE COLD – EXXON FUNDED GLOBAL WARMING DENIAL FOR YEARS. YESTERDAY, IN AN ASTONISHING U-TURN, IT CALLED FOR THE IMPOSITION OF GREEN TAXES

Posted by Gilmour Poincaree on January 10, 2009

Saturday, 10 January 2009

by Stephen Foley in New York

PUBLISHED BY ‘THE INDEPENDENT’ (UK)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE INDEPENDENT’ (UK)

Posted in BANKING SYSTEM - USA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | 1 Comment »

MEGA REFINERY AT JAMNAGAR READY IN RECORD 36 MONTHS (India)

Posted by Gilmour Poincaree on January 9, 2009

January 5-11, 2009

A Business Correspondent

PUBLISHED BY ‘PROJECTS MONITOR’ (India)

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PUBLISHED BY ‘PROJECTS MONITOR’ (India)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FUELS, GASOLINE, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, REFINERIES - PETROL/BIOFUELS, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

RELIANCE INDUSTRIES CEASES GASOLINE SALE TO IRAN (India)

Posted by Gilmour Poincaree on January 9, 2009

8 Jan 2009, 2005 hrs IST

PTI

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in BANKING SYSTEM - USA, BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, GASOLINE, HOUSING CRISIS - USA, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

STATE GAS PRICES TO SURGE ON CITIC DEAL (Australia)

Posted by Gilmour Poincaree on January 8, 2009

January 08, 2009

by Matt Chambers – The Australian

PUBLISHED BY ‘THE AUSTRALIAN’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »

DON’T GET USED TO CHEAP OIL, ANALYSTS SAY (USA)

Posted by Gilmour Poincaree on January 7, 2009

January 6, 2009

by John Porretto – Associated Press – Energy Writer

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, CONSUMERS AND PSYCHOLOGICAL FACTORS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, RECESSION, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

ZONE CHANGES AFFECT FUEL PRICE (South Africa)

Posted by Gilmour Poincaree on January 7, 2009

January 6, 2009

Sapa

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH AFRICA | Leave a Comment »

GOVT BOOKS P21.3B FROM REFINERY SALE (Philippines)

Posted by Gilmour Poincaree on January 7, 2009

Tuesday, January 6, 2009

by Lawrence Agcaoili

PUBLISHED BY ‘THE MANILA STANDARD TODAY’ (Philippines)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE MANILA STANDARD TODAY’ (Philippines)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FUELS, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

PANEL WANTS FUEL TAXES HIKED TO FUND HIGHWAYS (USA)

Posted by Gilmour Poincaree on January 2, 2009

January 1, 2009

by Joan Lowy – Associated Press Writer

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE BOSTON GLOBE’ (USA)

Posted in BANKRUPTCIES - USA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STATE TARIFFS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

INDONESIA SAYS CHEVRON MAY INVEST $3 BILLION THERE

Posted by Gilmour Poincaree on December 27, 2008

Dec. 26, 2008, 6:05AM

Bloomberg News

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE HOUSTON CHRONICLE’ (USA)

Posted in CHEMICALS (processed components), COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GASOLINE, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, NATURAL GAS, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, TRANSPORT INDUSTRIES, USA | Leave a Comment »

NEGOCIAÇÕES ENTRE PETROBRAS E ESTATAL VENEZUELANA PARA REFINARIA AVANÇAM (Brazil)

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008 – 21:42

Agência Brasil

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

Posted in A QUESTÃO ENERGÉTICA, BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, FOREIGN POLICIES, GASOLINE, INTERNATIONAL, INTERNATIONAL RELATIONS, O PODER EXECUTIVO FEDERAL, PETRÓLEO, PETROL, POLÍTICA EXTERNA - BRASIL, PROGRAMA DE ACELERAÇÃO DO CRESCIMENTO (PAC), RECESSION, REFINERIES - PETROL/BIOFUELS, RELAÇÕES COMERCIAIS INTERNACIONAIS - BRASIL, RELAÇÕES DIPLOMÁTICAS - BRASIL, RELAÇÕES INTERNACIONAIS - BRASIL, THE FLOW OF INVESTMENTS, VENEZUELA | Leave a Comment »

ALE COMPRA REDE DE POSTOS DA REPSOL NO BRASIL

Posted by Gilmour Poincaree on December 21, 2008

19/12/2008 – 19:56

Valor Online

PUBLISHED BY ‘VALOR ECONÔMICO’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘VALOR ECONÔMICO’ (Brazil)

Posted in A QUESTÃO ENERGÉTICA, BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FUSÕES E/OU INCORPORAÇÕES EMPRESARIAIS, GASOLINE, INTERNATIONAL, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

SETOR DE COMBUSTÍVEIS FECHA 2008 COM RECORDE DE VENDAS (Brazil)

Posted by Gilmour Poincaree on December 18, 2008

Terça-feira, 16 de Dezembro de 2008 13:11

Nielmar de Oliveira – da Agência Brasil

PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CAMPO GRANDE NEWS’ (Brazil)

Posted in A QUESTÃO ENERGÉTICA, BIODIESEL, BIOFUELS, BRASIL, COMÉRCIO - BRASIL, COMMERCE, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMY, ENERGY, ENERGY INDUSTRIES, ETHANOL, EXPANSÃO ECONÔMICA, FUELS, GASOLINE, INTERNATIONAL | Leave a Comment »

GAS PRICES CREEP UP (USA)

Posted by Gilmour Poincaree on December 17, 2008

December 16, 2008

SUN-TIMES STAFF AND WIRES

PUBLISHED BY ‘THE CHICAGO SUN-TIMES’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE CHICAGO SUN-TIMES’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL SERVICES INDUSTRIES, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, RECESSION, REFINERIES - PETROL/BIOFUELS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

ICELAND INCREASES TARIFFS ON WINE, TOBACCO AND OIL

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008 – 11:59

PUBLISHED BY ‘ICELAND REVIEW’

Iceland’s Althingi parliament accepted new laws yesterday on increasing the tariffs on alcohol, tobacco, oil and automobiles by 12.5 percent as well as introducing a tax on driven kilometers and an excise tax on vehicles and fuel.

According to the budget bill, the aforementioned tariffs were going to increase by 11.5 percent next year, but now the increase is 12.5 percent and takes effect already today. The state treasury will as a consequence have an additional income of more than ISK 3.5 billion (USD 30 million, EUR 23 million) in 2009, Morgunbladid reports.

The State Alcohol and Tobacco Company of Iceland (ÁTVR) said the price of tobacco will increase immediately, but it will take some time before the price of alcoholic beverages increases.

Minister of Finance Árni M. Mathiesen said at Althingi yesterday that the state tariffs on these products had depreciated with the development of the consumer price index and that the current increase is meant to counter that development.

Minister for Foreign Affairs Ingibjörg Sólrún Gísladóttir explained that the purpose with the new laws is to protect those who have the lowest wages. Child benefits and interest relief will remain unchanged, she said, and personal exemption will increase by ISK 2,000 (USD 17.25, EUR 12.99) next year, Fréttabladid reports.

However, the tariffs will also influence indexation and increase loans. “It is obvious that this will go straight into our loans. It is a very controversial path to take because it will also have an impact on the highly indebted state treasury, no less than households. I doubt that the state treasury will benefit from this in the end,” President of the Confederation of Labor (ASÍ) Gylfi Arnbjörnsson told Morgunbladid.

Runólfur Ólafsson, managing director of the Icelandic Automobile Association (FÍB), is equally critical of the new laws; expenses for average-sized cars will increase by ISK 20,000 (USD 172, EUR 130) per year because of them.

The price of gasoline and diesel oil will also increase considerably, by ISK 7.70 and 6.40 (USD 0.07 and 0.06, EUR 0.05 and 0.04) per liter respectively, and Ólafsson said it is not good at all that the state is going to take advantage of the recent decrease in the price of fuel in such a way.

Arnbjörnsson told Fréttabladid that the government only plans to increase benefits to senior citizens and the disabled by 9.6 percent, but not in consistency with indexation. The benefits of these groups are indexed and should thus increase every month, he said.

“They are planning to take four billions [ISK 4 billion = USD 34 million, EUR 26 million] from the poorest people. It is so incredibly unjust that we cannot agree to it,” Arnbjörnsson said.

Minister for Social Affairs Jóhanna Sigurdardóttir said Arnbjörnsson is wrong in his assumptions.

“We added two billions to the social security system compared to what was estimated in the budget bill. Next year pension benefits will be higher than ever compared to the lowest salaries of ASÍ,” Sigurdardóttir explained.

Click here to read about other recent measures taken by the government.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ICELAND REVIEW’

Posted in ALCOHOLIC BEVERAGES, AUTOMOTIVE INDUSTRY, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, ICELAND, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, RECESSION, STATE TARIFFS, THE WORK MARKET, THE WORKERS, TOBACCO | Leave a Comment »

VIETNAM LOWERS GASOLINE PRICES BY 8 PERCENT AMID DECLINING WORLD OIL PRICE

Posted by Gilmour Poincaree on December 12, 2008

December 10, 2008 – 2:57 AM

Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

HANOI, Vietnam – Vietnam has lowered gasoline prices by 8 percent as world oil prices hover around $43 a barrel.

The government said Wednesday that effective immediately, the price of gasoline was cut to 11,000 dong (65 cents) per liter. The government also raised import tax from 35 percent to 40 percent.

The government has cut gasoline prices 10 times since they reached a high of 19,000 dong ($1.1) in July when world oil prices hit a record high of nearly $150 a barrel.

Light, sweet crude for January delivery was up 91 cents to $42.98 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore as investors looked to an expected OPEC production cut next week to help stabilize prices that have plummeted amid a global economic slowdown.

Vietnam exports about 16 million tons of crude oil each year but has to import all refined oil products. The country’s first oil refinery is scheduled to open early next year.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, INFLATION, INTERNATIONAL, OPEC, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, SINGAPORE, THE FLOW OF INVESTMENTS, USA, VIETNAM | Leave a Comment »

LIBYA EYES 10% STAKE IN ITALY’S OIL GIANT ENI AND OTHER INFRASTRUCTURE VENTURES

Posted by Gilmour Poincaree on December 9, 2008

Published: December 07, 2008, 23:31

Reuters

PUBLISHED BY ‘GULF NEWS’ (Dubai – UAE)

Rome: Libya would be interested in buying up to 10 per cent of Italian oil giant ENI, one of a number of investments it is PRESS CONFERENCE BY FRANCO FRATTINI
considering in Italy, the North African country’s ambassador to Italy was reported as saying.

The investment, which at ENI’s closing price of 15.39 euros on Friday would entail spending more than 6 billion euros, would make Libya ENI’s second-biggest shareholder after the Italian state, which has a 20.3 per cent stake.

In comments about other potential investments published in Italian newspapers on Sunday, Hafed Gaddur said he was not interested in the telecommunications sector.

“We have in mind five to six operations, among which I exclude telecommunications,” he was quoted as saying in business daily Il Sole 24 Ore. Other newspapers had him speaking of four to five operations.

Although he did not elaborate, Italian Foreign Minister Franco Frattini told Reuters on Friday that Libya was interested in the transport, tourism and infrastructure sectors.

Important partner

Gaddur spoke to newspapers after Italy’s government said on Saturday that Libya was interested in buying a stake in ENI.

Just as sovereign funds from developing countries have recently made investments in US and European companies, Libya has emerged as a leading source of capital for Italian companies and an important energy partner.

It recently acquired nearly 5 per cent of Italian bank UniCredit.

Gaddur said the accord signed by Libya and Italy last August had made it easier for Libya to invest in Italian companies without provoking a hostile reaction.

On August 30, the countries signed an accord under which Italy would pay compensation for misdeeds during its colonial rule of Libya.

Libyan leader Muammar Gaddafi hailed the accord as opening a new era of cooperation.

“It allows for something that in different times would have been absolutely impossible, such as a foreign state that enters with a stake of 5 to 10 per cent in your national oil company, which is what we would want to do,” he was quoted by La Repubblica as saying.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘GULF NEWS’ (Dubai – UAE)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GASOLINE, HISTORY, INDUSTRIAL PRODUCTION, INTERNATIONAL RELATIONS, ITALY, MACROECONOMY, PETROL, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, WARS AND ARMED CONFLICTS | Leave a Comment »

MALAYSIA INVESTS $14B IN IRAN ENERGY

Posted by Gilmour Poincaree on December 3, 2008

Thu, Dec 04, 2008

PUBLISHED BY ‘THE IRAN NEWS DAILY’

TEHRAN — Malaysia is investing up to 14 billion dollars in development of Golshan and Ferdosi fields as well as a liquefied Iranian Oil Minister Gholam Hussein Nozari arriving on March 05, 2008 for a meeting of the Organization of Petroleum Exporting Countries (OPEC) at its Vienna headquarters. OPEC was set to leave oil output unchanged despite fresh calls by US President George W. Bush for an increase in supply to help bring down soaring energy prices.natural gas project, Minister of Oil Gholam-Hussein Nozari has said.

He added that meanwhile since 60-70% of the project’s value is finalized based on the price of goods; following the finalization of tender bids the final value of contract is specified.

“Iran and Malaysia have formed strategic relations and the two countries’ economic ties have been appropriate, to date. Meanwhile, with the conclusion of three cooperation deals and two memoranda of understanding, these economic ties will be reinforced and boosted more than ever.”

Meanwhile, in a meeting with the Iranian minister of oil, the former Malaysian premier Mahathir Mohammad, for his part, said that the two countries have reached agreements over development of a refinery in Malaysia with the capacity of 250,000 barrels; export of 120,000 barrels of CNG to Malaysia; development of a natural gas field in Iran; joint construction of refineries in Syria and Indonesia; and a number of other projects.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE IRAN NEWS DAILY’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GASOLINE, INDONESIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, IRAN, MALAYSIA, PETROL, REFINERIES - PETROL/BIOFUELS, SYRIA, THE FLOW OF INVESTMENTS | Leave a Comment »

ANALYSTS’ PICKS: RELIANCE INDUSTRIES – MERRILL LYNCH RETAINS ‘BUY’ RATING ON RELIANCE INDUSTRIES

Posted by Gilmour Poincaree on November 26, 2008

24 Nov 2008, 0552 hrs IST, ET Bureau

RESEARCH: MERRILL LYNCH

RATING: BUY

CMP: Rs 1,127

MERRILL Lynch has retained it ‘buy’ rating on Reliance Industries (RIL). Its refining margin has consistently been higher than the benchmark Singapore complex refining margin. Analyses suggests RIL’s superior refining margin is due to its ability to refine heavier crude than Dubai. Compared to the last refining downturn, RIL is set to benefit more in FY10-FY 11E from its ability to refine heavier crude.

Reliance Petroleum’s (RPL) refinery, which is expected to start operations soon, can process even heavier crude than RIL and has a superior product slate. The average discount of Arab heavy to Dubai since FY01 is $2.4/bbl. The discount has sustained at over $5/bbl even in the past six weeks, despite the slump in oil prices.

Merrill Lynch estimates RPL’s refining margin at $12.9/bbl if it were to operate in Q3 FY09, vis-à-vis Singapore margin of $7.3/bbl. It will produce more gasoline than RIL. Gasoline cracks have always been at a premium to naphtha and LPG cracks. Merrill Lynch feels that a weakening in diesel and gasoline cracks is the main risk to RPL attaining such high margins when it begins operations.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, GASOLINE, INDUSTRIAL PRODUCTION, INDUSTRIES, PETROL, REFINERIES - PETROL/BIOFUELS, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

IMF TERMS PACKAGE A STRONG SIGNAL TO DONORS: $3BN TO BE RELEASED INITIALLY, $13BN NEEDED FOR ‘STABILISATION’ (Pakistan)

Posted by Gilmour Poincaree on November 26, 2008

November 26, 2008 Wednesday Ziqa’ad 27, 1429

by Anwar Iqbal

WASHINGTON, Nov 25: The executive board of the International Monetary Fund has approved a $7.6 billion loan for Pakistan under a programme that also requires Islamabad to reduce its fiscal deficit to 3.3 per cent of the GDP and bring down inflation to six per cent.

“By providing large financial support to Pakistan, the IMF is sending a strong signal to the donor community about the country’s improved macroeconomic prospects,” said IMF Deputy Managing Director Takatoshi Kato. The programme was approved at a board meeting at the IMF headquarters in Washington on Monday.

“The programme aims to restore the confidence of domestic and foreign investors with a tightening of fiscal and monetary policies, while maintaining social stability through targeted spending,” the IMF said.

Hours after the approval, IMF’s mission chief to Pakistan, Juan Carlos Di Tata, told a news briefing on Tuesday that most of the adjustments for reducing fiscal deficit would come from eliminating fuel and electricity subsidies and from eliminating exemptions on income and agriculture taxes.

The government has already withdrawn fuel subsidies, while its efforts to increase electricity rates caused widespread protests this summer. Any measure that leads to an increase in fuel prices or electricity rates is bound to cause more violent reactions and may further reduce the already depleting popularity of the current government.

But the IMF assured the people of Pakistan that “expenditure on the social safety net will be increased to protect the poor through both cash transfers and targeted electricity subsidies”.

While many in Pakistan questioned the government’s wisdom in going to the IMF, the Fund’s mission chief for the country warned that Pakistan was not out of the woods yet. He said the country needed as much as $13 billion during the current financial year to stabilise its economy.

Mr Di Tata spelled out some of the conditions attached to the loan, but said the IMF had not asked Pakistan to reduce defence spending because it was for the government to determine how it wanted to bring down its expenditure.

He said that out of the $7.6 billion pledged on Monday, Pakistan would get a total of $4.7 billion during the current fiscal year. The rest will be disbursed after quarterly reviews during the next 23 months.

“The regular monitoring of the economy … will show how the macroeconomic objectives set by the government are being met and whether they need to be adjusted in the light of changing circumstances,” the IMF said.

Besides the IMF, the World Bank and the Islamic Development Bank will also give $3.8 billion to Pakistan during the current fiscal year, while $4.5 billion will come from the Friends of Pakistan club and other donors.

Earlier, the IMF issued a statement saying that Pakistan would get immediate access to $3.1 billion from the $7.6 billion pledged and this amount may be deposited into Pakistan’s account at the US Federal Reserve in New York as early as Thursday.

The IMF expects Pakistan’s economic growth to slow to 3.4 per cent in the current fiscal year from 5.8 per cent the previous year. It is forecast to recover to five per cent next fiscal year.

The Fund expects the country’s budget deficit to be reduced to 4.2 per cent of gross domestic product in the current fiscal year and 3.3 per cent the following year — from 7.4 per cent at the end of June.

“The reduction will be achieved primarily by phasing out energy subsidies, better-prioritising development spending and implementing tax policy and tax administration reforms,” Mr Kato said.

The State Bank of Pakistan, which recently conducted a two-percentage point hike in the discount rate, is expected to bring down inflation and shore up reserves, the IMF said. The central bank is also expected to stop financing the government.

The programme includes measures to improve monetary management and enhance the SBP’s bank resolution capacity, and avoid the use of public resources to support the stock market.

Mr Di Tata noted that the reduction in expenditures would create room to increase spending on the social safety net.

The fiscal programme for 2008-09 envisaged an increase in spending on the social safety net of 0.6 percentage points of GDP to 0.9 per cent of GDP, the IMF said.

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PUBLISHED BY ‘DAWN’ (Pakistan)

Posted in BANKING SYSTEMS, CENTRAL BANKS, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GASOLINE, IMF, INTERNATIONAL, ISLAMIC DEVELOPMENT BANK, MACROECONOMY, MILITARY CONTRACTS, NATIONAL WORK FORCES, PAKISTAN, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, WORLD BANK | 1 Comment »

AUTO-BLUES

Posted by Gilmour Poincaree on November 18, 2008

November 18, 2008 at 10:40 am

I want to begin with this quote I pulled from Newyorktimes … quoting ROBERT JOHNSONfrom a long time ago.

So how did the famous 1953 quotation from the former General Motors president Charles E. Wilson — that what was good for our country was good for G.M., and vice versa — become a dated notion to so many people?

How true is that… I often do today’s companies abuse this government and walk on it’s people. Instead of helping the economy, so many giants have fallen and as they topple they wish to be propped up by the government… and in all seriousness… in turn propped up by us, the American people.

Now onto the next reasoning behind my theory in American Auto-Maker failing.

3. Tying up the new ways of fuel in lawsuits and legal battle’.

Both fuel makers and car manufactures were trying to tie up the development of alternative non-”gas” car types and energies. Other’s just refuse to take part. Such as Exxon… (link provided)

Last year, Exxon, which is based in Irving, Texas, celebrated its 125th anniversary, marking a straight line that connects it to John Rockefeller’s original Standard Oil Trust before the government broke up the enterprise. While other oil companies try to paint themselves greener, Exxon’s executives believe their venerable model has been battle-tested. The company’s mantra is unwavering: brutal honesty about the need for oil and gas to power economies for decades to come.

And to be honest, brutal prices are also well within many of these fuels companies and car companies mantras. Another great point is some of the great in’s and outs of legal/political things some of the automakers delve into… lobbying.

So far this year, G.M. has spent $10 million on lobbying, out of $95 million in the past 10 years,placing it at No. 16 on the site’s “top spenders” list.

Ford, which ranks No. 19 on the list, has spent $5.7 million this year, out of $80.6 million the last decade.

And the next great fail of both gas/car companies are their will to not change. The strangle hold on oil and the strict standard for car makers all are there to drive out competition and keep prices high. Although this is mainly targeted at auto makers… fuel and the automobile go hand in hand… and often think the same.

(Link)

Oil is not safe, and oil companies do not follow proper precautions. One of our worst ecological disasters ever, the Exxon Valdez oil spill, recently had its punitive damages reduced from what once totaled $5 billion to $500 million. And such pandering to an industry that can afford to pay for the damage they have done, even over a twenty-year span, if not within a year, should have to do so, as this would deter future careless hiring practices and other precautions not taken, both of which contributed to this disaster. And don’t forget Grist’s note, above, of the hundreds of instances of damage from hurricanes (which come by every year, by the way). The oil industry is more confident that they can get off easily when they make mistakes, and are therefore less likely to take necessary precautions.

Both industries see the government as a scape goat. The car makers of America probably feel as though they can just receive help and get off easy when it comes to repaying its debt of following its protocols. As

Barack Obama has said the auto industry should get assistance, “I think that it can’t be a blank check,” he said Sunday on “60 Minutes.”

Maybe, some of this money should have been spent in developing… or investing… or research? Maybe? The same companies that tried to lock up the production and research of Hydrogen fueled cars, by stating that people would be unsafe… that in effect they would be driving hydrogen bombs. Long story short.. the ruling went against them after many years stating that… in order to have a Hydrogen bomb you need uranium… of which a Hydrogen cars don’t have.

In any even, these companies should spend less money and time on stopping new technology and research and more time figuring out a way to secure a future. A lot of problems could be solved from these companies if less time was spent tying up other companies and events and focus on a good business model… one that focuses less others and more on the industry itself.

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PUBLISHED BY ‘A SILENT RAGE’ (EUA)

Posted in AUTOMOTIVE INDUSTRY, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FUELS, GASOLINE, HYDROGEN - FUEL CELLS, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, NUCLEAR ENERGY, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE WORK MARKET, USA | Leave a Comment »

EXXON PLACES ITS BETS ON FOSSIL FUELS DESPITE UNCERTAIN TIMES – In terms of GDP, Exxon would rank between Austria and Greece as the 26th largest economy in the world. Since 2004, the company has made profits of US$180 billion

Posted by Gilmour Poincaree on November 18, 2008

Sunday, Nov 16, 2008, Page 12

by Jad Mouawad

NY Times News Service, New York

Six years of relentlessly rising prices have showered the oil industry with record profits even as EXXON JIMAwhipsawing energy costs have left many Americans alternately furious and baffled.

Now that the roller coaster ride appears to be screeching to a halt, one corporate giant remains confident it can weather the slowdown and uncertainty better than its rivals.

“It’s not that we like lower prices, but our competitive advantage is more obvious to people in a low-price environment,” said Rex Tillerson, the chairman and chief executive of Exxon Mobil, the world’s largest, mightiest oil company. “But in a high-price environment, our competitive advantage has been quite evident as well.”

However undaunted Exxon feels, it’s still facing more complicated scenarios than mere price shifts. It’s straining to adjust to a host of potentially seismic issues that raise pointed questions about its long-ExxonMobil’s liquefied natural gas plant RasGas, in Qatar, is pictured in this undated photo. PHOTO - NY TIMES NEWS SERVICEterm strategy. Oil reserves are harder to find, resource-rich governments have become more assertive, and global warming concerns have spurred forceful calls to action on environmental matters.

Moreover, with the election of Barack Obama, a new chapter is about to open for the country’s energy policy. Obama says he wants to move away from oil dependence, and his policies are likely to emphasize conservation, alternative energy sources and new limits on the emissions of greenhouse gases responsible for climate change.

FUTURE

The question for Exxon, which Obama repeatedly singled out as an exemplar of corporate greed during the presidential campaign, is whether the model that has served the company so well for so long will keep it competitive — or whether it will still be producing hydrocarbons long after the world has moved THE EXXON-VALDEZ OIL SPILL away from dirty fuels.

Last year, Exxon, which is based in Irving, Texas, celebrated its 125th anniversary, marking a straight line that connects it to John Rockefeller’s original Standard Oil Trust before the government broke up the enterprise. While other oil companies try to paint themselves greener, Exxon’s executives believe their venerable model has been battle-tested. The company’s mantra is unwavering: brutal honesty about the need for oil and gas to power economies for decades to come.

“Over the years, there have been many predictions that our industry was in its twilight years, only to be proven wrong,” says Tillerson. “As Mark Twain said, the news of our demise has been greatly exaggerated.”

From a purely financial standpoint, there’s no doubt that Exxon’s business strategy has paid off. Despite the broader economic turmoil, Exxon is worth about US$375 billion — more than General Electric, Bank of America and Google combined — making it the world’s largest corporation. EXXON CHART - COMPANY PROFIT GLOBAL WARMING

Its balance sheet is pristine and its credit rating is better than that of most governments. If Exxon’s revenue were stacked against the world’s GDPs, it would rank between Austria and Greece as the 26th-largest economy. As oil prices peaked this summer, the company once again set a record as the most profitable American corporation, earning US$14.8 billion in the third quarter. Since 2004 alone, the company has rung up profits of about US$180 billion.

Throughout its various incarnations — the Standard Oil Trust, Standard Oil of New Jersey, Exxon Corp and now Exxon Mobil — the company has been an ambiguous fascination for many Americans. It is an enduring icon, as lasting as Coca-Cola or General Electric, but also a perennial corporate villain, one that reminds the country of its dependence on hydrocarbons.

Rivals acknowledge its expertise around an oil field, even as they bristle at what they call arrogance. Exxon’s own executives brag that their company outperforms its peers by sticking to their playbook.

“Exxon is a very professional company,” says Jeroen van der Veer, the chief executive of a leading EXXON - GAS STATIONcompetitor, Royal Dutch Shell.

Others say they respect the company’s clarity of vision.

“People know the rules when they work with Exxon,” said a top oil executive who asked not to be identified in order not to jeopardize his company’s relationship with Exxon. “Exxon can pick its battles. It’s a pretty good strategy to have if people know that you will fight to the bitter end.”

Examples of such grit abound. After a dispute with the Venezuelan government, during which Exxon persuaded a British court to briefly freeze US$12 billion in government assets to fight what it considered an expropriation, the country’s oil minister accused the company of “legal terrorism.”

Whatever its critics might say about the company’s hard-headedness, it has paid off in Exxon’s bottom EXXON - REFINERYline. Last year, Exxon’s profit per barrel was US$17, exceeding BP’s US$12 a barrel, Shell’s US$14 and Chevron’s US$16, said Neil McMahon, a Bernstein Research analyst.

No one is apologetic at Exxon about what it takes to get those results, especially Tillerson.

“The business model is based on a disciplined and rigorous approach to dealing with scientific data and facts,” he says. “What we do is largely invisible to the public. They see the nozzle at the pump, and that’s about it. They don’t see the enormous level of risk that is managed very well to get that gallon of gas.”

Exxon has battled powerful forces in recent years, locking horns with governments and multinational rivals from Africa to Central Asia, from Eastern Europe to South America. But last spring, the challenge struck closer to home — at the company’s annual shareholder meeting in Dallas.

CHALLENGES

As oil prices zoomed above US$100 a barrel, a group of investors tried to force Exxon to lay out a new strategy for developing alternative fuels and addressing global warming. While the challenge was not COLLECTING PROFITS WITH A VACUUN CLEANERunprecedented — raucous shareholder meetings have been a staple for years — the dissent was led by a symbolic, if slightly quixotic, constituency: descendants of Rockefeller, who founded Standard Oil in 1882.

“Exxon Mobil needs to reconnect with the forward-looking and entrepreneurial vision of my great-grandfather,” said Neva Rockefeller Goodwin, a Tufts University economist, speaking for the family. The company, she added at the time, was focused “on a narrow path that ignores the rapidly shifting energy landscape around the world.”

Exxon’s top managers easily brushed off the Rockefeller revolt, as they have so many obstacles over the years. Even so, Exxon and the other oil giants are facing a stark new landscape.

High prices have meant stratospheric profits, of course, but they have also led to more restrictions on access to oil fields around the world, making it harder for companies to increase their production and replace reserves.

“The largest oil companies are under tremendous pressure,” said Fadel Gheit, a veteran oil analyst at Oppenheimer & Co, who worked for Mobil Corp before moving to Wall Street.

In the 1960s, the so-called Seven Sisters oil companies, including Exxon and Mobil, controlled most of ACCORDING TO THE GREENPEACE, 'EXXON IS A FOSSIL'the world’s oil reserves. Today, state-owned companies, like Saudi Aramco, hold the vast majority of these reserves, while other resource holders like Russia and Venezuela have become increasingly assertive about limiting access to their reserves.

“The problem is very real,” said Henry Lee, a lecturer in energy policy at Harvard University. “The oil majors are looking at a very different world than 20 years ago. That has big implications for the future of these companies. They all know it and they are all trying to figure out where they are going to be in 10 and 20 years.”

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PUBLISHED BY ‘THE TAIPEI TIMES’ (Formosa – Taiwan)

Posted in COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENVIRONMENT, FUELS, GASOLINE, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, PETROL, REFINERIES - PETROL/BIOFUELS, REGULATIONS AND BUSINESS TRANSPARENCY, USA | 2 Comments »

SENATE TO PROBE ‘SLOW’ DROP IN FUEL PRICES (Philippines)

Posted by Gilmour Poincaree on November 17, 2008

Thursday, November 13, 2008

by Efren L. Danao

The Senate committees on energy and on trade and industry will investigate why big oil companies did not make any significant cut in their prices of fuel commensurate to the drop in global oil price reductions.

The move came after Sen. Juan Ponce Enrile delivered a privileged speech questioning why local pump prices did not go down fast enough and low enough to reflect their international prices.

“There is basis to suspect that they are manipulating their prices and inventories,” he said.

He noted that oil companies are now buying a barrel of oil at $55.01, compared to $140 in July. He also cited the drop in the prices of diesel and regular fuel oil by 56 percent and 63 percent, respectively, at the Mean of Platts Singapore, which serves as the basis of prices of imported refined petroleum products.

“However, our domestic products dropped by a mere P18 or 31 percent for diesel and by P12 or 26 percent for regular fuel oil,” he charged.

He also cited the drop in the price of liquefied petroleum gas (LPG) from $804 per metric ton last month to between $314 and $490.

“According to reports, the price of LPG could still be cut by as much as P191 for an 11-kilo tank,” he said.

Enrile also wanted the joint inquiry to look into the reasons for the “distortion” or discrepancy in the reduction of fuel prices between diesel and regular fuel oil.

“The price gap has narrowed down to only 22 percent while this used to be 40 [percent] to 50 percent in previous years. This discrepancy has resulted in an uneven playing field within the transportation sector,” he said.

He called for the Senate to find the best way to maintain stability in the prices of fuel.

Sen. Richard Gordon blamed the slow and small drop in local oil prices to “price gouging” by oil firms.”

“They are fast in increasing their oil prices but very slow in price cuts,” he said.

Senate Minority Leader Aquilino Pimentel Jr. said that an oil-rich country, Abu Dhabi, is now going into nuclear power, which he called a bad sign for the future of oil.

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PUBLISHED BY ‘THE MANILA’ (Philippines)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, GASOLINE, INDUSTRIES, INTERNATIONAL, PHILIPPINES, REGULATIONS AND BUSINESS TRANSPARENCY | Leave a Comment »