With political turmoil in Egypt pushing up global oil prices, Finance Minister Pranab Mukherjee Tuesday hinted at keeping a status quo on the prices of petrol and diesel, saying the government will “manage” the current volatility in crude prices. “Unfortunately, developments in the Middle East and its impact on the Arab world is causing uncertainty [...]
Posts Tagged ‘Oil’
Will manage fluctuating oil prices: Pranab
February 2nd, 2011 |
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Cairo contagion fires up oil price
January 31st, 2011 |
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We’re nudging closer to $100 a barrel of crude oil. The tensions in Egypt making the news headlines are making oil traders nervous and adding to upward price pressures. But Egypt isn’t a big-scale oil producer, so why would that be? Here’s an interesting article summing it up…
BP in Russia: Dancing with Mr Putin
January 20th, 2011 |
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BP’s Russian venture offers big rewards and big risks
EARLIER this month Bob Dudley was ferried along the ten-lane avenue that links Vladimir Putin’s home to the Kremlin. The Russian prime minister shook hands with the boss of BP, sealing a $16 billion deal. The British oil firm will gain access to Russia’s vast and deeply frozen Arctic oilfields. It will also get a 9.5% stake in Rosneft, Russia’s state-controlled oil giant, to add to the 1.3% it already owns. In return Rosneft will get 5% of BP. The deal was announced to the world on January 14th.
It is the first share swap between a national oil company and a private oil major. It is also the first joint venture to explore in an area that could hold as much oil and gas as the North Sea. Far from keeping a low profile after its disastrous oil spill in the Gulf of Mexico last year, BP seems eager to prove that it is as bold as ever. …
Stocks down at midday on palm oil stocks; may fall
January 20th, 2011 |
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Palm oil stocks led Singapore shares lower at midday on Thursday as analysts expect crude palm oil prices may have limited upside in the near term following a strong rally.
Caution has also returned to the Singapore stock market with investors looking for cues from company results, which are likely to be announced in the next few weeks. Sentiment was also hit as Asian stocks fell due to poor earnings from Wall Street giants.
Even Small Amounts of Oil and Dispersant Are Toxic to Phytoplankton … the Basis of the Entire Gulf Food Chain
January 19th, 2011 |
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Naomi Klein said at her December 8th TED talk:What [scientists] found is that water with even trace amounts of oil and dispersants can be highly toxic to phytoplankton—which is a serious problem because so much life depends on it. So contrary to th…
Mumbai oil depot fire under control, no casualties
January 18th, 2011 |
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A huge fire broke out in an oil storage depot of the public sector Indian Oil Corporation Limited (IOCL) in Navi Mumbai early Tuesday. The fire was brought under control after nearly eight hours, police said. “After nearly eight hours, the fire has been contained. There are no reports of any casualties. We also do [...]
BP, Russia in Arctic oil deal
January 16th, 2011 |
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British Petroleum (BP) has signed a joint venture with Russian energy firm Rosneft to exploit potentially huge deposits of oil and gas in Russia’s Arctic shelf.
The “strategic global alliance” will see the firms exchange expertise in exploring the region.
NIS to open oil rigs in Turkmenistan
January 12th, 2011 |
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Oil Industry of Serbia (NIS) has won a tender for opening of five oil wells in Turkmenneft oil fields in Turkmenistan.
According to the official announcement, the project’s total value is about USD 33mn.
CVC Thomas to face trial in palm oil corruption case
January 11th, 2011 |
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The trial of Chief Vigilance Commissioner P.J. Thomas in the palm oil import corruption case will continue, the Supreme Court ruled Tuesday. The decks were cleared after the Supreme Court said former Kerala chief minister K. Karunakaran’s appeal against the trial in the case was infructuous following his death. Thomas was Kerala civil supplies secretary [...]
Technics Oil and Gas posts 62% rise in 1Q net profit to to $3.2m
January 10th, 2011 |
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Mainboard-listed Technics Oil and Gas, the full-service integrator of compression systems and process modules for the global offshore oil and gas sector, says net profit attributable to equity holders of the company climbed 62% to $3.21 million for the 3 months ended 31 December 2010 (1QFY2011) from $1.98 million for the 3 months ended 31 December 2009 (1QFY2010).
Technics Oil aims to raise as much as $16m in TDR sale
January 7th, 2011 |
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Technics Oil & Gas, a Singapore- based oilfield services company, aims to raise between $14 million and $16 million selling Taiwan Depositary Receipts, chairman Robin Ting said.
Technics Oil won approval from Taiwan regulator to sell 80 million TDRs, each representing 0.5 common share, the company said a statement on Jan. 3.
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“NIS could get Iraq oil contracts”
January 5th, 2011 |
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NIS has the opportunity to expand its exploration and oil exploitation work in the region and in Iraq, said a Serbian minister.
Energy Minister Petar Å kundrić is also president of the the formerly state-owned oil company’s Shareholders’ Assembly.
Palm oil stocks down on profit-taking
January 5th, 2011 |
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Palm oil shares fell on Wednesday due to profit-taking after a recent rally supported by firm prices, but traders and analysts said the sector still has upside in the near term because demand is likely to outstrip supply.
Commodity prices fell sharply on Tuesday as investors took advantage of record high prices to take profits, a move accelerated by a rally in the U.S. dollar.
Technics Oil & Gas upgraded to Buy by CIMB
January 4th, 2011 |
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CIMB upgrades Technics Oil & Gas (5CQ.SG) to Buy from Hold, raises its target to $1.08 from $0.89 on 10x CY12 P/E (a 20% premium above downstream engineering firms’ 5-year average) and factoring in a 10%-13% increase in earnings estimates for FY11-FY12 on higher order-win projections.
“The premium is justified thanks to Technic’s strong exposure to Vietnam’s oil & gas sector and above peers’ profitability, earnings growth as well as dividend yield.”
Jan 4: Boustead, Noble, Olam, Technics Oil
January 4th, 2011 |
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The following companies may have unusual price changes in Singapore trading today, says Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index rose 1.4% to 3,235.77.
Jan 4: Marco Polo Marine, Technics Oil and Gas, Chemoil, Chosen
January 4th, 2011 |
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Singapore shares may rise on Tuesday after Wall Street climbed overnight in its first session of the year, buoyed by strong U.S. manufacturing data. Singapore’s benchmark Straits Times Index <.FTSTI> rose 1.43% on Monday to 3,235.77 points. Here are some stocks and factors to watch:
Shares of Singapore-listed ship-chartering firm Marco Polo Marine (MAPM.SI) may be in focus after it said on Monday it plans to issue Taiwan depository receipts (TDR) to broaden its investor base.
Technics Oil wins approval to sell Taiwan Depository Receipts
January 3rd, 2011 |
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Singapore-based Technics Oil & Gas won Taiwan approval to sell 80 million Taiwan Depository Receipts, each representing 0.5 common share, according to a document sent to underwriter Polaris Securities Co. from the Financial Supervisory Commission in Taipei.
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Oil rig builders up on expected order wins
January 3rd, 2011 |
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Shares of oil rig builders Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) rose on Monday as investors expect the firms to continue winning orders, especially for more technologically advanced rigs.
Shares of Keppel Corp and Sembcorp Marine rose as much as 1.9% each. At 0351 GMT, Keppel shares were up 1.4% at $11.48 on a volume of 2 million shares, while Sembcorp gained 0.6% at $5.40 with 3.1 million shares changing hands.