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VENEZUELA, RUSSIA SAY OIL PRICES MUST STABILISE

Posted by Gilmour Poincaree on November 27, 2008

Posted to the web on: 27 November 2008

Sapa-AP

CARACAS – Venezuela will support Opec oil production cuts until prices increase, Oil Minister Venezuela's Oil Minister Rafael Ramirez speaks with the media in Caracas, Feb. 8, 2008Rafael Ramirez said yesterday.

During a visit by Russian President Dmitry Medvedev, he said Venezuela will support Opec production cuts of 1-million-barrels per day at Opec’s upcoming meeting on Saturday. But if new cuts are not enough to increase prices, “we will keep cutting until the market stabilises,” he said.

President Hugo Chavez has said he’s proposing Opec countries consider setting a price range for oil to stabilise the global market.

“Let’s look for a band between $80 and $100; we’re thinking about that,” Chavez said Monday.

“We think that price would be a fair price for oil.” Venezuela is a founding member of Opec, which cut production by 1,5-million-barrels per day last month to boost prices.

While Russia is not an Opec member, Chavez has often spoken of the necessity to strengthen relations between Opec and Russia. Russian President Dmitry Medvedev did not respond directly when asked if he would support Chavez’s price band, but said Russia wants “just and stable” oil prices.

“These don’t need to be really low or really high” he said through an interpreter. In Nymex trading, prices for light, sweet crude for January delivery rose slightly to settle at $54,44 a barrel yesterday. Oil prices have recently fallen to a third of their July value.

Among other things, yesterday’s prices were affected by speculation that Russia – one the world’s largest crude producers – may join Opec in output cuts, Energy Minister Sergei Shmatko said in New Delhi on Tuesday, Press Trust of India news agency reported.

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PUBLISHED BY ‘BUSINESS DAY’ (South Africa)

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Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FOREIGN POLICIES, FUELS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL RELATIONS, OPEC, PETROL, RECESSION, REFINERIES - PETROL/BIOFUELS, RUSSIA, VENEZUELA | 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.

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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 »

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.”

CLICK HERE FOR THE ORIGINAL ARTICLE

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 »

RN RECEBE TRÊS NOVAS SONDAS PARA PERFURAR POÇOS (Brasil)

Posted by Gilmour Poincaree on November 13, 2008

13/11/2008 – Tribuna do Norte

A Petrobras está recebendo o reforço de três novas sondas de perfuração que chegaram da China e A PETROBRAS NO RIO GRANDE DO NORTE - BRASILirão permitir a ampliação do número de poços perfurados em todo o Estado. Os equipamentos, trazidos pela empresa ETX, estão contratados pela Petrobras para ficar durante oito anos perfurando em território potiguar. Ao todo, a operação das três sondas deverá gerar cerca de 132 empregos diretos no campo de operação, e cerca de outros 40 na base operacional. Além disso, estima-se a geração de outros 200 empregos indiretos em função delas, em atividades como transporte, alimentação e hospedagem de funcionários, uniformes e caminhões-guindaste. Cada sonda é capaz de perfurar até 2.000 metros.

O peso total do equipamento que desembarca no Porto de Natal é de 1.350 toneladas.

Esta movimentação indica o reaquecimento da atividade perfuratória no Estado, que apresenta curva de crescimento significativa: em 2005-2006, a media anual de poços perfurados variou entre 150 e 180 poços. Este ano, a estimativa da Petrobras é de 300 poços, com mais 15 a 20 furados pelos produtores independentes. Para 2009, a previsão da empresa é de cerca de 500 poços a serem perfurados no Estado. Além das três sondas, outras oito devem chegar ao RN no início de 2009.

A operação das três sondas deverá gerar o recolhimento de cerca de R$ 9 milhões em ISS ao longo de todo o contrato oito anos, beneficiando diretamente cada município em que as sondas operarem. A ETX é uma empresa de prestação de serviços de perfuração e completação de poços fundada em 2005 por executivos do setor de petróleo, em parceria com grupo investidor de Hong Kong. O grupo também participa de investimentos diretos em exploração e produção como produtores independentes em associação com investidores da Austrália.

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PUBLISHED BY ‘TRIBUNA DO NORTE’ (Brasil)

Posted in A QUESTÃO ENERGÉTICA, AUSTRALIA, BRASIL, CHINA, CIDADES, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, EXPANSÃO ECONÔMICA, FLUXO DE CAPITAIS, HONG KONG, INDÚSTRIAS, INTERNATIONAL, O MERCADO IMPORTADOR, PETRÓLEO, POLÍTICA REGIONAL, REFINERIES - PETROL/BIOFUELS, RELAÇÕES INTERNACIONAIS - BRASIL, RN | Leave a Comment »

PRODUCEN ACEITES DIELÉCTRICOS A PARTIR DE CRUDO AVILEÑO (Cuba)

Posted by Gilmour Poincaree on November 11, 2008

(Actualizado 5 de noviembre de 2008, 9:00 am)

por Lubia Ulloa Trujillo (AIN)

La obtención de aceite dieléctrico a partir del crudo avileño se consolida en Cuba después de 10 meses La refineria Sergio Soto, en Sancti Spiritus sin necesidad de importar ese producto.

Rafael de la Grana León, director general de la refinería Sergio Soto, en Sancti Spíritus, informó que al cierre del 2008 la Isla habrá ahorrado más de un millón de dólares por ese concepto, gracias a la calidad del combustible que se extrae de los pozos de Ciego de Ávila.

La producción del lubricante garantiza la demanda que exigen los 12 000 equipos que elabora la fábrica de transformadores cubanos marca Latino, aseguró el directivo.

Por cada tonelada de aceite adquirida en el exterior el Estado cubano desembolsaba 1 975 dólares, mientras que procesarlo en el territorio nacional cuesta menos del 50 por ciento de ese precio, explicó el especialista.

La refinería de Sancti Spíritus asimila todo el crudo que los petroleros del municipio de Majagua, en Ciego de Ávila, extraen de los cuatro yacimientos, pues es el único que sirve para alcanzar este tipo de grasa dado su bajo porcentaje de azufre, que oscila entre 1,9 y 2,0.

Además del hidrocarburo de Ciego de Ávila se logra diésel, keroseno, aceites básicos demandados en la industria y en la agricultura, así como también la nafta, que se emplea para obtener gasolina y como reductora de viscosidad.

La Sergio Soto, que cumplirá 61 años de fundada el próximo diciembre, fue la primera de las cuatro refinerías nacionalizadas en Cuba y la que inició el procesamiento del crudo soviético que entró al país cuando Estados Unidos suspendió su entrega.

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PUBLISHED BY ‘INVASOR’ (Cuba)

Posted in CHEMICALS (processed components), COMMERCE, COMMODITIES MARKET, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETROL, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »

CHEVRON TOPS WEEK OF HUGE PROFITS (USA)

Posted by Gilmour Poincaree on November 3, 2008

01:00 AM EDT on Sunday, November 2, 2008

by Marla Dickerson – Los Angeles Times

Chevron Corp. on Friday announced earnings of $7.9 billion in the third quarter, capping a week of historic profits for some of the world’s major oil companies.

Net income at the San Ramon, Calif.-based oil giant more than doubled compared with the same period a year ago to $3.78 a share, fueled by soaring crude-oil prices that shot past $145 a barrel in July. The nation’s number-two oil company would have reaped even fatter profits if not for Hurricanes Ike and Gustav.

Storm-related shutdowns at Chevron’s operation in the Gulf of Mexico helped push down oil and gas production to 2.443 million barrels a day in the third quarter, a decline of 3.7 percent from the period ended in June.

Through the first nine months of the year, Chevron earned $19 billion. It ended the quarter with $10.6 billion in cash on its balance sheet.

“Earnings … benefited from prices for crude oil that were significantly higher,” said David O’Reilly, Chevron’s chairman and chief executive officer.

The company’s shares rose 42 cents on Friday to close at $74.60.

Chevron’s record performance was just the latest in a string of eye-popping earnings reports in recent days from some of the industry’s biggest publicly traded oil companies. Exxon Mobil, Royal Dutch Shell, BP and Occidental Petroleum all reported enormous profits, a marked contrast to the recession fears, mass layoffs and lousy earnings reports reverberating through much of the rest of the U.S. economy.

Consumer advocates have charged that oil companies aren’t investing enough to develop new sources of supply, preferring to hold their windfalls in cash or use it to buy back their own shares. The so-called five majors — Exxon, BP, Shell, Chevron and ConocoPhillips — devoted $38 billion to purchases of their company stock through the first nine months of the year, according to a report released Friday by the Consumer Federation of America, a national nonprofit advocacy group.

“That money comes out of the consumer’s pocket,” said Mark Cooper, research director of the Federation. “The system is literally redistributing wealth from average American consumers to oil company stockholders.”

Other critics were quick to jump on the Halloween timing of Chevron’s release.

“These profits show the extent of the oil industry’s vampire attack on a weakened economy,” said Judy Dugan, research director of the nonprofit, nonpartisan group Consumer Watchdog. “Fuel and energy prices bled away the reserves of family budgets and corporate treasuries. Energy inflation deepened the effect of the financial markets’ meltdown.”

But petroleum prices have plunged since their peak last summer. Crude for December delivery closed at $67.81 a barrel on the New York Mercantile Exchange on Friday.

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PUBLISHED BY ‘The Providence Journal’ (USA)

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

SAUDI MARKET JUMPS 6% AT WEEK’S START

Posted by Gilmour Poincaree on November 2, 2008

First Published 2008-11-01 – Updated 2008-11-01 13:38:31

Saudi stock market shows gains in all sectors, with 9.06 percent surge in petrochemicals.

RIYADH – The stock market in oil powerhouse Saudi Arabia, the largest in the Arab world, rose by six A crowd of mostly stock traders gathers at the Kuwait Stock Exchange on Monday, Aug. 21, 2000 in Kuwait City one day after the government announced the approval by Kuwait's cabinet of regulations necessary to implement a bill allowing foreigers to own stock and trade at the local stock market - AP Photos - Gustavo Ferraripercent on the first day of the trading week on Saturday, with all sectors, but chiefly the leading petrochemicals sector, showing gains.

The Tadawul All-Shares Index (TASI) closed on 5,871.24 points, up 6.02 percent on last week’s close on Wednesday.

All sectors were up, with petrochemicals surging 9.06 percent gain as petrochemicals giant SABIC finished the day 9.85 percent up.

The construction sector also climbed by more than nine percent while the banking sector registered a more modest gain of 3.72 percent.

The Saudi stock market trades from Saturday to Wednesday, while other bourses in oil-rich Arab countries in the Gulf operate from Sunday to Thursday.

The TASI finished last week down 10.1 percent and shed a massive 25.8 percent in October amid the global financial turmoil. The index is 46.81 percent lower than at the end of last year.

The Saudi bourse’s gains on Saturday came a day after US and European share markets ended their week with solid gains at the end of a month of wild volatility and losses amid fears that a deep recession lies ahead.

The total value of shares listed on stock markets in the Gulf region plummeted by 250 billion dollars in The Saudi stock market is the largest in the Arab worldOctober as indexes sank by an average 25 percent amid the global market meltdown.

A mild upturn at the end of the month did little to counteract the earlier rout and markets in the oil-rich states ended October worth 720 billion dollars, an enormous 400 billion less than at the start of the year.

Bourses in Gulf states other than Saudi Arabia closed slightly higher at best on Thursday, their final trading day of the month, as low investor confidence prevented them from responding to a huge rally by global stock markets in the previous few days.

Investors also failed to react to concerted support moves by Gulf state governments, such as injection of funds in the financial system and the guaranteeing of bank deposits.

Dubai topped the list of October losers, diving 28.7 percent, while Oman fell 26.9 percent. Doha plunged 25.6 percent, Kuwait shed 23.8 percent and Abu Dhabi was down 16 percent.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘MIDDLE EAST ON LINE’

Posted in CHEMICALS (processed components), COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PETROL, REFINERIES - PETROL/BIOFUELS, SAUDI ARABIA, STOCK MARKETS, THE ARABIAN PENINSULA, THE FLOW OF INVESTMENTS | Leave a Comment »

REFINAN PETRÓLEO EN CUBA

Posted by Gilmour Poincaree on October 31, 2008

30/10/2008

Por William Fernández Jiménez

Cuba trabaja de manera intensamente en la creación de nuevas capacidades de refinación de petróleo REFINERIA CAMILO CIENFUEGOS - CUBAcomo resultado de los diferentes mecanismos de solidaridad, integración y cooperación con la República Bolivariana de Venezuela.

Esas acciones posibilitarán ampliar las producciones en las refinerías de Cienfuegos, recién reinaugurada y modernizar la existente en Santiago de Cuba, donde también se proyecta construir una con capacidad para procesar 150 000 barriles anuales.

El descubrimiento de nuevos pozos y la continua exploración para hallar otros, permiten incrementar las reservas del país y mantener niveles de producción similares a los actuales e incluso, pudieran ampliarse.

Antes había que contratar las máquinas para perforar, reparar y cementar; hoy el país cuenta con el equipamiento necesario para asumir los pozos de la Empresa Cubana del Petróleo.

Unido a esto, se impulsa el aprovechamiento del gas acompañante en la generación de combustible doméstico y el correcto manejo del agua, partes de la mezcla triflujo que emana de los pozos.

A eso se suma que de conjunto con el Ministerio de Ciencia, Tecnología y Medio Ambiente la mayor de Las Antillas desarrolla acciones encaminadas a minimizar las afectaciones al entorno.

Fuente AIN

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PUBLISHED BY ‘CUBA SÍ’

Posted in CENTRAL AMERICA, CUBA, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PETROL, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS, VENEZUELA | Leave a Comment »