MOSCOW, Russian Federation Finance Minister Alexei Kudrin November 24 by the newspaper Vedomosti reported that Russia's economy organized by the Russian financial annual forum, said there is no sharp depreciation of the dollar, oil prices within the next two years may be 60 U.S. dollars a barrel. According to Kudrin said, so far, oil prices has been maintained at 70-80 U.S. dollars per barrel, oil prices next year may continue to remain at this level.
Kudrin in his speech, did not rule out oil prices are likely to exceed this level in the short term, however, oil prices rose after two years may be 60 U.S. dollars a barrel. Russia's economic news agency Prime-Tass news agency quoted Alexei Kudrin as saying, "weak dollar" increased oil prices. Not further depreciation of the dollar, oil prices may drop to 60 U.S. dollars a barrel.
Nov. 27, 2009
Zambia plans to grant 11 workforce oil exploration licenses
Message on 19 November, the Minister of mineral resources in Zambia Maxwell Mwale Thursday, said that the Government is prepared to grant the country's Eastern, Western and North-western part of 11 workforce exploration licenses.He said that the current seven companies bid successfully 11 workforce, the Government is currently in the process of grant of license.
While block will be announced next year.In June of this year, Zambia has released is located at the junction with Angola workforce of 23 international tenders.The Minister said that these seven companies including Canada oil & gas company, American Exile resources Glint Energy Inc., the British GP oil and Petrodel resource companies as well as local three companies.
Nov. 21, 2009
While block will be announced next year.In June of this year, Zambia has released is located at the junction with Angola workforce of 23 international tenders.The Minister said that these seven companies including Canada oil & gas company, American Exile resources Glint Energy Inc., the British GP oil and Petrodel resource companies as well as local three companies.
Nov. 21, 2009
Brazil said the Tupi oil reserves of up to 8 billion barrels
Brazil's state oil company said today, after the Tupi oil and gas fields discovered on estimates of reserves, the oil and natural gas reserves at about 5 billion -8 billion barrels of oil equivalent. Tupi oil and gas fields in the Americas region since the 70s of last century since the discovery of the largest oil and gas fields. The oil and gas fields of storage depth of approximately 2100 meters.
Tupi oil and gas field belong to BM-S-11 exploration areas, by the Brazilian National Petroleum holds 65%, British Gas Group, holding 25 percent, Portugal, Galp Energy Group holding 10%.
Nov. 14, 2009
Tupi oil and gas field belong to BM-S-11 exploration areas, by the Brazilian National Petroleum holds 65%, British Gas Group, holding 25 percent, Portugal, Galp Energy Group holding 10%.
Nov. 14, 2009
OPEC: Global oil demand next year by 700,000 barrels per day
According to Norwegian media reports in Vienna November 10, Organization of Petroleum Exporting Countries (OPEC) Secretary-General Abdallah El-Badri said here today that, due to demand after a two-year contract began to recover after the increase in global oil demand in 2010 years will increase 700,000 barrels per day.
Badri said that China and India next year, will lead the global economic growth, OPEC expects world GDP will grow next year, 2.7%, compared with its July forecast of 2.3% increased 0.4%. These signs that global economic contraction in the 4th quarter of this year, weakened, most people believe that global oil demand contracted by two years after the rebound. Global oil demand by 2013 will be gradually increased to reach 1.2 million barrels per day level.
Nov. 12, 2009
Badri said that China and India next year, will lead the global economic growth, OPEC expects world GDP will grow next year, 2.7%, compared with its July forecast of 2.3% increased 0.4%. These signs that global economic contraction in the 4th quarter of this year, weakened, most people believe that global oil demand contracted by two years after the rebound. Global oil demand by 2013 will be gradually increased to reach 1.2 million barrels per day level.
Nov. 12, 2009
2015, Venezuela's oil investments will exceed 200 billion USD
Venezuelan Energy and Oil Minister Rafael Ramirez said the president of state oil company, according to the 2005 policy of "sowing the oil program" to Venezuela's oil industry by 2015, total investment will reach 225 billion U.S. dollars, of which 100 billion U.S. dollars will be devoted to the development of the Orinoco heavy oil belt, when Venezuela's oil production is expected to reach 4.25 million barrels / day, of which the output of heavy oil belt from the current 53 million barrels / day to 185 million barrels / day. Venezuela's oil output by 2021 is expected to be further expanded to 6.86 million barrels / day, in which heavy oil production with 466 million barrels / day.
Past two years, Venezuela's oil industry, the annual amount of investment of around 15 billion U.S. dollars are expected to next year's investment will be maintained at the same level. Currently, Venezuela has proven reserves of 1423 billion barrels of oil in 2010 is expected to reach 3160 billion barrels, of which 2350 billion barrels of heavy oil for heavy oil belt.
Nov. 10, 2009
Past two years, Venezuela's oil industry, the annual amount of investment of around 15 billion U.S. dollars are expected to next year's investment will be maintained at the same level. Currently, Venezuela has proven reserves of 1423 billion barrels of oil in 2010 is expected to reach 3160 billion barrels, of which 2350 billion barrels of heavy oil for heavy oil belt.
Nov. 10, 2009
China and Brazil signed the 10 billion U.S. dollars of oil deal
Brazil's largest state-owned oil company - Petrobras (Petroleo Brasileiro SA) Beijing November 4 night announced that the company and China has 10 billion U.S. dollars loan for oil, signed a definitive agreement. As a result, China is expected to receive at least the end of 2010 from Brazil, 10 million tons of crude oil / year.
Brazil's state oil company issued a notice shows that the company started in May this year with China's State Development Bank had already started the relevant negotiations, final agreement was finally signed this week, two. Under the agreement, China Development Bank to the Brazilian national oil company to provide 10 billion U.S. dollars loan for technological upgrading equipment modification and increase capacity, while Brazil's state oil company in the next 10 years, the supply of oil to Sinopec.
Nov. 8, 2009
Brazil's state oil company issued a notice shows that the company started in May this year with China's State Development Bank had already started the relevant negotiations, final agreement was finally signed this week, two. Under the agreement, China Development Bank to the Brazilian national oil company to provide 10 billion U.S. dollars loan for technological upgrading equipment modification and increase capacity, while Brazil's state oil company in the next 10 years, the supply of oil to Sinopec.
Nov. 8, 2009
ASCI oil companies interested in using the price of crude oil as an export base
Argus's head of U.S. operations, said Thursday Euan Craik, Latin America and the Middle East, major oil companies have stated their positions, said there is "strong interest" to switch to Argus of the US. Sour Crude Index (ASCI) index, as its exports of crude oil price benchmarks. Earlier, Saudi Arabia has decided to use the index.
Craik refused to disclose the country is considering making changes name, but he described that (their) interest is "unprecedented." "It feels like an upheaval. From our experience point of view, as it is an unprecedented event." Craik said in a telephone interview.
Last week, Saudi Arabia to give up the West Texas Intermediate crude oil (WTI) crude oil price as the price of its exported to the U.S. benchmark WTI U.S. Gulf of Mexico area due to the market environment increasingly out of touch people feel frustrated. Saudi Arabia to switch to English Argus index Argus company is a major success, the company for the physical energy market price assessment of the competitors, including the McGraw-Hill's cause of Platts.
Nov. 7, 2009
Craik refused to disclose the country is considering making changes name, but he described that (their) interest is "unprecedented." "It feels like an upheaval. From our experience point of view, as it is an unprecedented event." Craik said in a telephone interview.
Last week, Saudi Arabia to give up the West Texas Intermediate crude oil (WTI) crude oil price as the price of its exported to the U.S. benchmark WTI U.S. Gulf of Mexico area due to the market environment increasingly out of touch people feel frustrated. Saudi Arabia to switch to English Argus index Argus company is a major success, the company for the physical energy market price assessment of the competitors, including the McGraw-Hill's cause of Platts.
Nov. 7, 2009
Rumaila oil will become the largest producer of the world's No. 2 oil field
According to media reports in Baghdad, Europe's No. 2 oil company British Petroleum (BP) and the Chinese oil giant China National Petroleum Corporation (CNPC), today in Baghdad with Iraq's state-owned Southern Oil Company (SOC) signed a technical services contract to expand is located in the vicinity of Basra in southern Iraq Rumaila field's oil output. British BP and China's CNPC is held in Iraq in June this year, the post-war development of the first round of bidding to get a contract Rumaila oil fields, and after 4 months of negotiations, the two sides finally signed on November 3 Rumaila oil fields in the development a final agreement.
By BP (owned 38% shares), China Petroleum (which holds 37% stake) and the Iraqi government on behalf of the Iraqi State Oil Marketing Organization (SOMO / has a 25% stake), an international consortium has agreed to Rumaila field's daily oil for more than two-fold increase in production to reach 3 million barrels of daily output of oil around that time, Iraq's Rumaila oil fields will become the world's first two large-scale production fields.
Nov. 5, 2009
By BP (owned 38% shares), China Petroleum (which holds 37% stake) and the Iraqi government on behalf of the Iraqi State Oil Marketing Organization (SOMO / has a 25% stake), an international consortium has agreed to Rumaila field's daily oil for more than two-fold increase in production to reach 3 million barrels of daily output of oil around that time, Iraq's Rumaila oil fields will become the world's first two large-scale production fields.
Nov. 5, 2009
BHP Billiton was an important oil discovery in the Gulf of Mexico
October 31, according to media reports, the world's largest mining company BHP Billiton, Australia October 30 spokesman said the company recently in the two existing wells in the Gulf of Mexico has gained significant oil discovery.
The spokesman said, the international consortium is held by Australia's BHP Billiton operator of the Shenzi field two existing wells - Shenzi-G104 wells and Shenzi-8 Well - were found in the thickness of 170 m and 30 m reservoir. According to the spokesman, this is two existing wells are ultra-deep, depth of more than 7800 meters.
In the Shenzi oil field, the Australian BHP Billiton has a 44% stake in Spain's Repsol, U.S. Hess Corporation each own 28% of the shares.
Nov. 2, 2009
The spokesman said, the international consortium is held by Australia's BHP Billiton operator of the Shenzi field two existing wells - Shenzi-G104 wells and Shenzi-8 Well - were found in the thickness of 170 m and 30 m reservoir. According to the spokesman, this is two existing wells are ultra-deep, depth of more than 7800 meters.
In the Shenzi oil field, the Australian BHP Billiton has a 44% stake in Spain's Repsol, U.S. Hess Corporation each own 28% of the shares.
Nov. 2, 2009
BP plans to invest 20 billion U.S. dollars to improve Rumaila oil field production
Buenos Aires, October 8, European's No. 2 oil company British Petroleum (BP) CEO Tony Hayward October 8, told reporters here, as the company seeks to improve Iraq's largest Rumaila field of production of crude oil production, BP is possible, together with our partners to invest 20 billion U.S. dollars this project.
BP's Hayward in October 8 with the Iraqi government and the Chinese state-owned oil giant China National Petroleum Corporation (PetroChina / CNPC) signed a preliminary contract made the remarks after. He said that BP may be located in the major oil investment in southern Iraq from 10 billion to 20 billion U.S. dollars.
Iraqi Oil Minister Hussain al-Shahristani said that because Iraq has been looking for a partner to develop its own oil fields, therefore, he hoped that Rumaila field's oil production in the next six years will triple.
Oct. 10, 2009
BP's Hayward in October 8 with the Iraqi government and the Chinese state-owned oil giant China National Petroleum Corporation (PetroChina / CNPC) signed a preliminary contract made the remarks after. He said that BP may be located in the major oil investment in southern Iraq from 10 billion to 20 billion U.S. dollars.
Iraqi Oil Minister Hussain al-Shahristani said that because Iraq has been looking for a partner to develop its own oil fields, therefore, he hoped that Rumaila field's oil production in the next six years will triple.
Oct. 10, 2009
China began the next phase of the Strategic Petroleum Reserve
According to Reuters news agency reports from Beijing, China September 24, local media reported that the second phase of the Strategic Petroleum Reserve as a part of China has recently begun to far away from the capital of the western region of Xinjiang Dushanzi the construction of 5.4 million cubic meters of oil cans. China attended the groundbreaking ceremony, local media quoted government officials as saying that the project will cost 2.65 billion (0.39 billion U.S. dollars) and plans to be completed by July 2011.
Last year, China completed by the end of the first phase of the strategic oil reserves, the Chinese government had said that China plans to relatively low prices when the oil reserves.
Sep. 27, 2009
Last year, China completed by the end of the first phase of the strategic oil reserves, the Chinese government had said that China plans to relatively low prices when the oil reserves.
Sep. 27, 2009
Total issued a warning the world will face a shortage of oil
September 21 in Paris, Europe, France's No. 3 largest oil company Total's CEO Christophe de Margerie told reporters today said that due to inadequate investment worldwide may face severe shortage of oil supply. As the economic crisis, many oil companies can only try to use fewer investments in the development of new oil reserves.
He said: "If we do not take measures, then the world will be 2 to 3 years to face a serious shortage of oil supplies." He also said he believes oil prices per barrel from the current level of about 70 U.S. dollars once again climbed to more than 100 U.S. dollars a barrel.
Sep. 22, 2009
He said: "If we do not take measures, then the world will be 2 to 3 years to face a serious shortage of oil supplies." He also said he believes oil prices per barrel from the current level of about 70 U.S. dollars once again climbed to more than 100 U.S. dollars a barrel.
Sep. 22, 2009
China plans to invest in oil projects in Venezuela's 16 billion U.S. dollars
Venezuela and China's increasingly close cooperation in the oil field. Reporter yesterday that China has signed an investment agreement with Venezuela, China will in the next three years to invest in oil projects in Venezuela, a 16 billion U.S. dollars, the project's oil output would be raised to per day 0.9 million barrels.
Venezuelan President Hugo Chavez in a televised speech, disclosed that China has agreed to the next three years to an oil project in eastern Venezuela, invest 16 billion U.S. dollars. Chavez did not disclose details, saying only that the contract is Venezuela's state oil company and a Chinese state-owned oil company, signed Tuesday.
Because it is heavy oil project, so this investment in China involved in Venezuela's oil locked in oil, between Sinopec. CNPC overseas department stakeholders yesterday told reporters that there had been no receipt in the oil and Venezuela signed message. The office who Sinopec noncommittal on this news.
China and Venezuela in the oil sector this year has started in-depth cooperation. In February this year, China and Venezuela signed four billion U.S. dollars loan-for-oil deal. This year in August, Venezuela, committed to the next three years, almost all fuel oil output will be exported to China, will pay 8 billion U.S. dollars advance payment.
Sep. 19, 2009
Venezuelan President Hugo Chavez in a televised speech, disclosed that China has agreed to the next three years to an oil project in eastern Venezuela, invest 16 billion U.S. dollars. Chavez did not disclose details, saying only that the contract is Venezuela's state oil company and a Chinese state-owned oil company, signed Tuesday.
Because it is heavy oil project, so this investment in China involved in Venezuela's oil locked in oil, between Sinopec. CNPC overseas department stakeholders yesterday told reporters that there had been no receipt in the oil and Venezuela signed message. The office who Sinopec noncommittal on this news.
China and Venezuela in the oil sector this year has started in-depth cooperation. In February this year, China and Venezuela signed four billion U.S. dollars loan-for-oil deal. This year in August, Venezuela, committed to the next three years, almost all fuel oil output will be exported to China, will pay 8 billion U.S. dollars advance payment.
Sep. 19, 2009
OPEC increase world oil demand forecast this year and next
VIENNA, September 15, due to the global economy is expected to resume growth, Organization of Petroleum Exporting Countries (OPEC) has raised its global oil demand this year and next year's forecast. Is responsible for 40% of the world's supply of OPEC oil next year its forecast for global oil demand increased by 150,000 barrels a day, and this year its forecast for global oil demand increased by 140,000 barrels, respectively, reached 84.56 million barrels and 84.05 million barrels.
OPEC Secretariat, in its monthly report today, said that around 70 U.S. dollars a barrel oil prices "is likely to continue." The International Energy Agency (IEA) has three times this year raised its forecast for global oil demand next year. According to OPEC Secretariat, the OPEC's output quota by 11 member countries (excluding Iraq) in August of the oil production increased to 26.334 million barrels, OPEC cut production targets to complete the proportion has now dropped to 65%.
Sep. 16, 2009
OPEC Secretariat, in its monthly report today, said that around 70 U.S. dollars a barrel oil prices "is likely to continue." The International Energy Agency (IEA) has three times this year raised its forecast for global oil demand next year. According to OPEC Secretariat, the OPEC's output quota by 11 member countries (excluding Iraq) in August of the oil production increased to 26.334 million barrels, OPEC cut production targets to complete the proportion has now dropped to 65%.
Sep. 16, 2009
EIA forecasts oil prices remain at end of next year about 70 U.S. dollars
Energy Information Administration (EIA) in its monthly outlook report released Wednesday predicted the end of 2010, crude oil prices will fluctuate around 70 U.S. dollars. EIA said that in 2010 the average West Texas Intermediate crude oil price will be 72.42 U.S. dollars a barrel, with forecasts unchanged from August. The agency will forecast for the fourth quarter of this year from the previous 70 U.S. dollars down to 69.67 U.S. dollars. Is expected in the third quarter average price of 68.41 U.S. dollars, after predictive value of 67.38 U.S. dollars.
EIA said that if crude oil prices higher again, then the gasoline prices may again rise to June 22 hit a high of 2.69 U.S. dollars per gallon. 2010 average price of regular gasoline was 2.7 U.S. dollars, before the predictive value of 2.66 U.S. dollars, 2.34 U.S. dollars is expected in 2009.
Sep. 13, 2009
EIA said that if crude oil prices higher again, then the gasoline prices may again rise to June 22 hit a high of 2.69 U.S. dollars per gallon. 2010 average price of regular gasoline was 2.7 U.S. dollars, before the predictive value of 2.66 U.S. dollars, 2.34 U.S. dollars is expected in 2009.
Sep. 13, 2009
BP: Arctic Ocean may have a 200 billion barrels of oil and gas resources
September 2 in London, Europe's No. 2 oil company British Petroleum, said here today that the company estimates that the Arctic Ocean may have about 200 billion barrels of oil equivalent of oil and gas resources, this figure accounts for the global oil and gas reserves to be found in 25% to 50%.
British Petroleum is responsible for exploration operations director Mike Daly, September 2 In an interview with Horizon's in-house magazine interview, said that this is a huge unexplored areas. British Petroleum nowadays are Russia, Canada and the United States outside of Alaska at the Arctic Sea oil and gas exploration operations.
According to Daley said, the British Petroleum nowadays with the Russian oil giant Rosneft's cooperation in the Russian Far East and Arctic exploration for oil and natural gas. In January of this year, British Petroleum employs the world's largest seismic company CGGVeritas in Canada, outside of the northern coast of the Beaufort Sea exploration operations.
British Petroleum recently constructed in the U.S. Gulf of Mexico Tiber has discovered an estimated 3 billion barrels of oil reserves, oil fields. It is reported that British Petroleum is currently the amount of exploration work in 40% of the Gulf of Mexico, Angola and Egypt.
Sep. 4, 2009
British Petroleum is responsible for exploration operations director Mike Daly, September 2 In an interview with Horizon's in-house magazine interview, said that this is a huge unexplored areas. British Petroleum nowadays are Russia, Canada and the United States outside of Alaska at the Arctic Sea oil and gas exploration operations.
According to Daley said, the British Petroleum nowadays with the Russian oil giant Rosneft's cooperation in the Russian Far East and Arctic exploration for oil and natural gas. In January of this year, British Petroleum employs the world's largest seismic company CGGVeritas in Canada, outside of the northern coast of the Beaufort Sea exploration operations.
British Petroleum recently constructed in the U.S. Gulf of Mexico Tiber has discovered an estimated 3 billion barrels of oil reserves, oil fields. It is reported that British Petroleum is currently the amount of exploration work in 40% of the Gulf of Mexico, Angola and Egypt.
Sep. 4, 2009
SINOCHEM Group plans 400 million pounds acquisition of British Gulfsands Petroleum
LONDON, United Kingdom August 30 Daily Mail reported that the London Stock Exchange listed oil and gas exploration company Gulfsands Petroleum is talking to Chinese state-owned SINOCHEM Group in talks to buy.
Daily Mail quoted a source close to the negotiations on the news provider as saying that the British Gulfsands Petroleum will be in a few weeks to make the tender decision. China SINOCHEM Group plans to invest 400 million pounds (651.4 million U.S. dollars) to acquire Gulfsands Petroleum Gulfsands Petroleum shares in this offer than the August 28 closing price of 230 pence per share higher than 42%.
As Khuebet East oil fields in Syria, the success of exploration activities, Gulfsands Petroleum's shares from the beginning of the year when the 130 pence per share climbing. August Earlier, SINOCHEM Group agreed to buy 532 million pounds of British Emerald Energy, which is the United Kingdom Gulfsands Petroleum in Syria, a joint venture partner.
Sep. 1, 2009
Daily Mail quoted a source close to the negotiations on the news provider as saying that the British Gulfsands Petroleum will be in a few weeks to make the tender decision. China SINOCHEM Group plans to invest 400 million pounds (651.4 million U.S. dollars) to acquire Gulfsands Petroleum Gulfsands Petroleum shares in this offer than the August 28 closing price of 230 pence per share higher than 42%.
As Khuebet East oil fields in Syria, the success of exploration activities, Gulfsands Petroleum's shares from the beginning of the year when the 130 pence per share climbing. August Earlier, SINOCHEM Group agreed to buy 532 million pounds of British Emerald Energy, which is the United Kingdom Gulfsands Petroleum in Syria, a joint venture partner.
Sep. 1, 2009
Global oil demand next year will increase by 1 million barrels
According to MNA, Tehran, Iran, Iranian presence of Petroleum Exporting Countries (OPEC) August 26 government representatives said here today that, due to signs of recovery in the global economy, global oil demand in 2010 is expected to increase by 100 million barrels.
He said that the global economy, taking into account the relative recovery, Harty than expected global oil demand in 2010 will increase 0.5-1 million barrels. This year, global oil demand than the previous year fell from 1.5 million to 2 million barrels.
Turning over the past few months, said global oil inventories, oil-producing countries do not want to sell their inventory, they want to rising oil prices will continue to rise. From 13-member OPEC will not be meeting on September 9 to reduce oil production. Optimistic about the signs of the oil market and the global economic recovery will be gratifying news in January of next year before that pushed oil prices above 80 U.S. dollars a barrel.
Aug. 28, 2009
He said that the global economy, taking into account the relative recovery, Harty than expected global oil demand in 2010 will increase 0.5-1 million barrels. This year, global oil demand than the previous year fell from 1.5 million to 2 million barrels.
Turning over the past few months, said global oil inventories, oil-producing countries do not want to sell their inventory, they want to rising oil prices will continue to rise. From 13-member OPEC will not be meeting on September 9 to reduce oil production. Optimistic about the signs of the oil market and the global economic recovery will be gratifying news in January of next year before that pushed oil prices above 80 U.S. dollars a barrel.
Aug. 28, 2009
Iran Sousangerd oilfield discovered 8.8 billion barrels of crude oil reserves
August 24, according to media reports in Tehran, Iranian Oil Minister Gholam Hussein Nozari said here today that Iran has received over the past five years, the largest oil discovery. Nozari said that Iran recently Sousangerd oilfield found in the four strata of 8.8 billion barrels of crude oil reserves.
Iran's IRNA news agency quoted Nozari as saying, Sousangerd oilfield 4 Ge formation the drilling operation has been successfully completed, the four strata are estimated to have 8.83 billion barrels of crude oil reserves. Iran's Oil Ministry will prepare a development plan in the near future, due to new discoveries near existing infrastructure, therefore, Nozari hope Sousangerd oilfield can be put into operation in the near future.
Aug. 25, 2009
Iran's IRNA news agency quoted Nozari as saying, Sousangerd oilfield 4 Ge formation the drilling operation has been successfully completed, the four strata are estimated to have 8.83 billion barrels of crude oil reserves. Iran's Oil Ministry will prepare a development plan in the near future, due to new discoveries near existing infrastructure, therefore, Nozari hope Sousangerd oilfield can be put into operation in the near future.
Aug. 25, 2009
Cairn Energy to invest four billion U.S. dollars to enhance oil production in India
New Delhi, August 20 news, British Energy Cairn Energy India under the Cairn India subsidiary, announced here today that the company and its partners Indian Oil and Natural Gas Corporation (ONGC) in 2011 will invest 200 billion rupees (4 one billion U.S. dollars) to improve the state of Rajasthan in India's oil production Bermer field.
Bermer oil from three oil fields of the Mangala oil field, respectively, Bhagyam and Aishwariya oil fields. Cairn India to invest these three fields is aimed at these three oil fields to increase oil production from 25,000 to 200,000 barrels per day. In this project, Cairn India has a 70% stake, while India has a 30% stake in ONGC. This three field 2P have 0.7 billion barrels of recoverable oil reserves, as well as 0.3 billion barrels of oil recovery potential.
Aug. 22, 2009
Bermer oil from three oil fields of the Mangala oil field, respectively, Bhagyam and Aishwariya oil fields. Cairn India to invest these three fields is aimed at these three oil fields to increase oil production from 25,000 to 200,000 barrels per day. In this project, Cairn India has a 70% stake, while India has a 30% stake in ONGC. This three field 2P have 0.7 billion barrels of recoverable oil reserves, as well as 0.3 billion barrels of oil recovery potential.
Aug. 22, 2009
Qatar oil and gas capacity in 2014 reached 5 million barrels of oil equivalent
According to media Doha August 17 reported that the Qatar News Agency today quoted the country's oil sector, a senior official as saying that oil and gas capacity in Qatar in 2014 will reach 5 million barrels of oil equivalent, Qatar, the planned expansion of a number of energy projects will be completed in 2014.
Reuters quoted Qatar Petroleum oil and gas project manager as saying that the world's largest liquefied natural gas (LNG) exporter in 2014 in the Nissan prior to 23 billion cubic feet of natural gas. He said that Qatar is expected to be 2014 before the annual production capacity of 12 million tons of propane and butane, the country's total output of petrochemical products by 2015 will reach 4.3 million tons.
According to a Reuters survey, the smallest OPEC oil-producing countries in July the average daily output 710,000 barrels of oil. At present annual output of 45 million tons of LNG, Qatar intends to achieve in 2010 an annual output of 77 million tons LNG can.
Aug. 19, 2009
Reuters quoted Qatar Petroleum oil and gas project manager as saying that the world's largest liquefied natural gas (LNG) exporter in 2014 in the Nissan prior to 23 billion cubic feet of natural gas. He said that Qatar is expected to be 2014 before the annual production capacity of 12 million tons of propane and butane, the country's total output of petrochemical products by 2015 will reach 4.3 million tons.
According to a Reuters survey, the smallest OPEC oil-producing countries in July the average daily output 710,000 barrels of oil. At present annual output of 45 million tons of LNG, Qatar intends to achieve in 2010 an annual output of 77 million tons LNG can.
Aug. 19, 2009
Libya: The world oil demand so far no signs of recovery
Tripoli August 15 news, Organization of Petroleum Exporting Countries (OPEC) members of senior officials of the Libyan oil sector on August 14 said here today that world oil demand so far no signs of recovery in the current market is still over-supply. Libyan Oil Minister and Chairman of the Libyan National Oil Company Shukri Ghanem said: "Let us look at the market supply and demand figures, the current market is still too much supply."
Ghanem said that the world demand for oil has not yet any signs of recovery. Ghanem said OPEC should cut production targets to increase the percentage of completion. OPEC production is being done and the proportion of the target from 80 percent earlier this year dropped to about 70%. OPEC is to predict in the September 9 meeting to cut oil production is still too early.
Institutions of the International Energy Agency in Paris on August 12 have claimed that the department recently increased this year and next year's world oil demand forecast, the International Energy Agency expects global oil demand this year will fall 2.7%.
Aug. 17, 2009
Ghanem said that the world demand for oil has not yet any signs of recovery. Ghanem said OPEC should cut production targets to increase the percentage of completion. OPEC production is being done and the proportion of the target from 80 percent earlier this year dropped to about 70%. OPEC is to predict in the September 9 meeting to cut oil production is still too early.
Institutions of the International Energy Agency in Paris on August 12 have claimed that the department recently increased this year and next year's world oil demand forecast, the International Energy Agency expects global oil demand this year will fall 2.7%.
Aug. 17, 2009
Iraq oil exports in July hit a record high
Iraq's State Oil Marketing Organization Farah has announced that in July this year on Iraq's oil export volume has increased to 2.037 million barrels a day, for the war in Iraq since 2003, the highest on record.
Reports indicate that this year, Iraq's energy production to increase oil production enterprises and a substantial increase in the volume of crude oil exports to Japan, in addition to the international crude oil market continues to rise in oil prices. These factors make the Iraqi government revenue continues to grow. This has provided the Iraqi government more funds to promote economic plan to rebuild the country. According to the Iraqi Oil Ministry to develop ten-year development plan, Iraq's crude oil output in 2013 from the current 2.4 million barrels to 450 million barrels per day.
Aug. 11, 2009
Reports indicate that this year, Iraq's energy production to increase oil production enterprises and a substantial increase in the volume of crude oil exports to Japan, in addition to the international crude oil market continues to rise in oil prices. These factors make the Iraqi government revenue continues to grow. This has provided the Iraqi government more funds to promote economic plan to rebuild the country. According to the Iraqi Oil Ministry to develop ten-year development plan, Iraq's crude oil output in 2013 from the current 2.4 million barrels to 450 million barrels per day.
Aug. 11, 2009
U.S. oil and gas companies have published optimistic forecasts
Houston, August 6 news, as a result of rising oil prices and the declining cost of oil field services, the U.S. oil and gas companies have recently enhanced awareness of the remainder of the year the performance of the company's forecasts. As a result of oil prices from a quarter of the 43 U.S. dollars a barrel to 60 dollars, such as the United States and Bill Barret as Denbury Resources Inc. Oil and Gas companies have forecast the company's performance will be improved in the second half of this year.
Decline in the cost of services has also helped companies such as Exco and Berry Petroleum oil and gas companies as better than expected quarterly results. Analyst Amir Arif company Stifel Nicolaus, told reporters that the cost of services is expected to continue to decline 5-10 percent, a decline in service fees will be increased drilling activity.
However, BMO Capital Markets said the analyst, he considered that a further decline in the cost of services will reduce their impact on company bottom line.
Aug. 7, 2009
Decline in the cost of services has also helped companies such as Exco and Berry Petroleum oil and gas companies as better than expected quarterly results. Analyst Amir Arif company Stifel Nicolaus, told reporters that the cost of services is expected to continue to decline 5-10 percent, a decline in service fees will be increased drilling activity.
However, BMO Capital Markets said the analyst, he considered that a further decline in the cost of services will reduce their impact on company bottom line.
Aug. 7, 2009
Junin-7 block of Venezuela has 6 billion barrels of recoverable oil reserves
August 1, Caracas, Venezuela, government officials said in recent days by the Venezuelan national oil company (PDVSA) and the Spanish oil giant Repsol joint research of an oil block in Venezuela have more than 6 billion barrels of recoverable oil reserves the oil block likely to begin in 2011 oil production.
Venezuelan President Hugo Chavez in Venezuela to attend the Spanish energy companies and energy companies, signed in Caracas between the number of agreements on the media after the ceremony said: "This will be a great project." Chavez added that, Junin-7 block of Venezuela and Spain will be a joint venture formed to develop the oil block will be on more than 20 million barrels per day. The construction of the project to upgrade facilities to handle tar-like crude oil.
Venezuela and Spain agreed to start in 2005 at the Orinoco oil belt in eastern Venezuela's Junin-7 block the exploration and development cooperation. Orinoco region is considered the world's oil reserves and one of the major oil overweight.
Venezuelan Oil Minister Rafael Ramirez said that the oil block Junin-7 may be in the research end of this year. Once the joint venture sometime next year is approved, oil production may have been approved the day after the beginning of two years.
Aug. 3, 2009
Venezuelan President Hugo Chavez in Venezuela to attend the Spanish energy companies and energy companies, signed in Caracas between the number of agreements on the media after the ceremony said: "This will be a great project." Chavez added that, Junin-7 block of Venezuela and Spain will be a joint venture formed to develop the oil block will be on more than 20 million barrels per day. The construction of the project to upgrade facilities to handle tar-like crude oil.
Venezuela and Spain agreed to start in 2005 at the Orinoco oil belt in eastern Venezuela's Junin-7 block the exploration and development cooperation. Orinoco region is considered the world's oil reserves and one of the major oil overweight.
Venezuelan Oil Minister Rafael Ramirez said that the oil block Junin-7 may be in the research end of this year. Once the joint venture sometime next year is approved, oil production may have been approved the day after the beginning of two years.
Aug. 3, 2009
Iraq's government will auction 10 oil exploration rights
Baghdad, July 26 news, Iraqi government officials said here today that as a result of Iraq has been seeking foreign investors to increase their energy output, so that the Iraqi government will auction 10 oil zone development rights. The official also said that the Iraqi government has decided to be held from the end of this year the second round of the tender gas directory removed West.
Permit Iraq to sell oil contracts and the Council July 26, deputy general manager of the media in a telephone interview, said that potential bidders could be August 25, held in Istanbul during the one-day roadshow to obtain information about these fields .
No. 3 has the world largest oil reserves in Iraq by 2015 intends to bring the country's oil output from the current 2.4 million barrels to 600 million barrels per day. Iraq will hold two rounds of bidding this year to attract foreign investment to help develop its oil and gas assets.
The first two tenders to auction the Majnoon oil fields, respectively, -2 West Qurna oil field, Badra field, the East Baghdad oil field, Garraf field, Halfava field, Naimah oil fields and oil fields Qaivarah. In addition, Furat district of the eastern and central development of the project will also be right to be put to auction.
Jul. 28, 2009
Permit Iraq to sell oil contracts and the Council July 26, deputy general manager of the media in a telephone interview, said that potential bidders could be August 25, held in Istanbul during the one-day roadshow to obtain information about these fields .
No. 3 has the world largest oil reserves in Iraq by 2015 intends to bring the country's oil output from the current 2.4 million barrels to 600 million barrels per day. Iraq will hold two rounds of bidding this year to attract foreign investment to help develop its oil and gas assets.
The first two tenders to auction the Majnoon oil fields, respectively, -2 West Qurna oil field, Badra field, the East Baghdad oil field, Garraf field, Halfava field, Naimah oil fields and oil fields Qaivarah. In addition, Furat district of the eastern and central development of the project will also be right to be put to auction.
Jul. 28, 2009
Canada's two major oil company merger
According to media in Ottawa on July 22 reported that the Canadian Competition Bureau has approved the Government of Canada No. 2 Spodiopogon sand production company Suncor Energy Inc. and No. 3 largest oil company in Canada Petro-Canada merger.
Competition Bureau Canada, the Government agreed to the agreement called for Suncor Energy Inc. and Petro-Canada to take measures to maintain Ontario's retail and wholesale business and in the next 10 years into the Ontario area of the supply and production. Suncor Energy President and CEO, said the new company after the merger will become Canada's largest energy companies. Under the agreement, Suncor Energy Inc. and Petro-Canada from the merger of August 1 this year will take effect.
Jul. 23, 2009
Competition Bureau Canada, the Government agreed to the agreement called for Suncor Energy Inc. and Petro-Canada to take measures to maintain Ontario's retail and wholesale business and in the next 10 years into the Ontario area of the supply and production. Suncor Energy President and CEO, said the new company after the merger will become Canada's largest energy companies. Under the agreement, Suncor Energy Inc. and Petro-Canada from the merger of August 1 this year will take effect.
Jul. 23, 2009
BP: the world's remaining proven reserves of crude oil production to 42 years
Published on the 17th British Petroleum "BP Statistical Review of World Energy 2009," said the world's remaining proven oil reserves of 1.258 trillion barrels (excluding the Canadian oil sands), in accordance with the 2008 annual exploitation rate could be mining for 42 years.
Statistical report also pointed out that in the same manner in accordance with the terms of the existing exploitable natural gas reserves 60 years, and the exploitation of coal reserves could be 122 years.
According to BP's statistics, in 2008 the global primary energy consumption increased by 1.4% in 2001, the slowest growth since a year. China's energy consumption growth slowed for the first 5 years. Overall energy consumption in developed countries fell by 1.3 percent, the U.S. energy consumption declined by 2.8%, in 1982 the largest decline since. BP chief economist at the Ruhr Christopher pointed out that non-OECD countries in 2008 primary energy consumption in OECD countries for the first time.
"BP Statistical Review of World Energy 2009" shows that in 2008 global oil consumption by 0.6%, which is since 1993 the first decline in 27 years is also the biggest drop. Oil consumption in OECD countries fell 3.2%, the third consecutive decline in 3 years. Among them, the United States drop the top, down 6.4%.
Jul. 19, 2009
Statistical report also pointed out that in the same manner in accordance with the terms of the existing exploitable natural gas reserves 60 years, and the exploitation of coal reserves could be 122 years.
According to BP's statistics, in 2008 the global primary energy consumption increased by 1.4% in 2001, the slowest growth since a year. China's energy consumption growth slowed for the first 5 years. Overall energy consumption in developed countries fell by 1.3 percent, the U.S. energy consumption declined by 2.8%, in 1982 the largest decline since. BP chief economist at the Ruhr Christopher pointed out that non-OECD countries in 2008 primary energy consumption in OECD countries for the first time.
"BP Statistical Review of World Energy 2009" shows that in 2008 global oil consumption by 0.6%, which is since 1993 the first decline in 27 years is also the biggest drop. Oil consumption in OECD countries fell 3.2%, the third consecutive decline in 3 years. Among them, the United States drop the top, down 6.4%.
Jul. 19, 2009
Canada has 178 billion barrels of oil (oil sands) reserves
According to the U.S., "Oil and Gas Journal" The latest statistics show that ended in January 2009, Canada has a 178 billion barrels of proven oil reserves, second only to Saudi Arabia, the world's second-place ranking. Those of the majority of proven oil reserves (more than 95%) are located in Alberta's oil sands reserves. Oil sands and conventional crude oil than in the extraction and processing more difficult.
Canada is a net exporter of oil in 2008, net oil exports one million barrels / day. Canadian oil production in 2008 reached 3.35 million barrels / day, decreased slightly in 2007 than 70,000 barrels / day. Despite the decline last year, but in the past decade, Canada's oil production has been a steady increase, as new oil sands projects and offshore oil project put into operation one after another to make up for the old oil field production. Canada, in 2008 consumption of 2,320,000 barrels / day of oil. Canadian oil exports goes to the United States more than 99%.
Jul. 15, 2009
Canada is a net exporter of oil in 2008, net oil exports one million barrels / day. Canadian oil production in 2008 reached 3.35 million barrels / day, decreased slightly in 2007 than 70,000 barrels / day. Despite the decline last year, but in the past decade, Canada's oil production has been a steady increase, as new oil sands projects and offshore oil project put into operation one after another to make up for the old oil field production. Canada, in 2008 consumption of 2,320,000 barrels / day of oil. Canadian oil exports goes to the United States more than 99%.
Jul. 15, 2009
IEA: oil demand rebound next year
International Energy Agency (IEA) report published yesterday, the forecast of global oil demand will rebound next year, with the global economy to recover gradually from the recession, oil demand experienced since the early 1980s after the biggest drop since the future will be pick-up.
IEA, in its the first time in 2010 to predict the demand for the monthly report that global oil consumption next year will increase 1.4 million barrels per day, or 1.7 percent, to 85.2 million barrels, mainly from growth in economic cooperation and Development (OECD) member countries other than the emerging markets.
Market was looking forward to the Government launched a global program could save the city from the sixties to the most serious recession, oil prices at the beginning of this year, an increase of three percent, but market worries about the recovery efforts, once again yesterday, oil below 60 U.S. dollars, low-see 59.5 U.S. dollars. Last year, today, oil prices have been high in the all-time high of 147.27 U.S. dollars.
Jul. 11, 2009
IEA, in its the first time in 2010 to predict the demand for the monthly report that global oil consumption next year will increase 1.4 million barrels per day, or 1.7 percent, to 85.2 million barrels, mainly from growth in economic cooperation and Development (OECD) member countries other than the emerging markets.
Market was looking forward to the Government launched a global program could save the city from the sixties to the most serious recession, oil prices at the beginning of this year, an increase of three percent, but market worries about the recovery efforts, once again yesterday, oil below 60 U.S. dollars, low-see 59.5 U.S. dollars. Last year, today, oil prices have been high in the all-time high of 147.27 U.S. dollars.
Jul. 11, 2009
Oman 4 months of this year exports of 79.68 million barrels of crude oil
According to Kuwait News Agency (KUNA) reported in Muscat, Oman Ministry of Economic Affairs the Government on July 5, said here with the same period last year 71,365,000 barrels of crude oil exports, compared to Oman in January this year in April to increase oil exports to 79.68 million barrels a day, increased almost 8.32 million barrels per day.
Oman Ministry of Economic Affairs issued a July 5 report that the monthly statistics, as of the end of April so far, Oman this year, 4 months before the production of crude oil reached 94.335 million barrels, more than the same period last year increased by 4.399 million barrels per day. Oman this year, 4 months ago the average daily output 786,100 barrels of crude oil than the same period last year 743,300 barrels of daily production increase of 42,800 barrels per day.
The report notes that Oman this year, 4 months ago the average price of crude oil exports to 44.95 U.S. dollars a barrel more than last year, 88.11 U.S. dollars a barrel during the same period fell by 49.4%. In the first four months, Oman, China is still the largest importer of crude oil. Oman this year, 4 months ago to the Chinese exported 27,486,000 barrels of crude oil, but the same period last year a decrease of 35,160,000 barrels of 7,674,000 barrels. South Korea this year, 4 months ago Oman's No. 2 oil major importing countries, 3 in Thailand.
Jul. 7, 2009
Oman Ministry of Economic Affairs issued a July 5 report that the monthly statistics, as of the end of April so far, Oman this year, 4 months before the production of crude oil reached 94.335 million barrels, more than the same period last year increased by 4.399 million barrels per day. Oman this year, 4 months ago the average daily output 786,100 barrels of crude oil than the same period last year 743,300 barrels of daily production increase of 42,800 barrels per day.
The report notes that Oman this year, 4 months ago the average price of crude oil exports to 44.95 U.S. dollars a barrel more than last year, 88.11 U.S. dollars a barrel during the same period fell by 49.4%. In the first four months, Oman, China is still the largest importer of crude oil. Oman this year, 4 months ago to the Chinese exported 27,486,000 barrels of crude oil, but the same period last year a decrease of 35,160,000 barrels of 7,674,000 barrels. South Korea this year, 4 months ago Oman's No. 2 oil major importing countries, 3 in Thailand.
Jul. 7, 2009
USGS: the Barents Sea continental shelf there are 76 billion barrels of recoverable oil and gas reserves
According to the U.S. Geological Survey (USGS) said the Barents Sea continental shelf have marked more than 76 billion barrels of recoverable oil and gas reserves. USGS estimates of the Barents Sea four geological provinces have been found, conventional and technically recoverable oil resources, including 110 million barrels of oil and 380 trillion cubic feet of natural gas and 20 million barrels of natural gas liquids.
USGS is in the 2008 assessment. Located in the Barents Sea continental shelf north of the Arctic Circle, an area of 1,760,000 square kilometers, most of the water depth of less than 500 meters.
According to the USGS report said: "This region has most of the Arctic basin, some of the important features, including sparse data, the higher the uncertainty of the geological potential of oil exploration and exploitation of abundant resources, as well as the technical difficulty and so on."
Jul. 3, 2009
USGS is in the 2008 assessment. Located in the Barents Sea continental shelf north of the Arctic Circle, an area of 1,760,000 square kilometers, most of the water depth of less than 500 meters.
According to the USGS report said: "This region has most of the Arctic basin, some of the important features, including sparse data, the higher the uncertainty of the geological potential of oil exploration and exploitation of abundant resources, as well as the technical difficulty and so on."
Jul. 3, 2009
Iraq to re-Ajeel oil production project
June 27 news in Baghdad, the Iraqi North Oil Company, general manager of June 25 the Iraqi media in an interview with reporters said, from Iraq's Northern Oil Company's technical staff and engineers recently launched a project aimed at the restoration of Kirkuk is located in Ajeel Province oil fields oil production projects.
He said the 35,000 barrels of oil have on the oil production capacity. This field in 2003 after the US-British coalition forces invaded Iraq to stop oil production in Iraq's North Oil Company plans to complete this before the end of this year to re-start the project.
The city of Kirkuk from the Iraqi capital Baghdad, about 156 miles, the northern Iraqi city of Kirkuk is the center of the oil industry.
Jun. 29, 2009
He said the 35,000 barrels of oil have on the oil production capacity. This field in 2003 after the US-British coalition forces invaded Iraq to stop oil production in Iraq's North Oil Company plans to complete this before the end of this year to re-start the project.
The city of Kirkuk from the Iraqi capital Baghdad, about 156 miles, the northern Iraqi city of Kirkuk is the center of the oil industry.
Jun. 29, 2009
Sinopec to buy 7.24 billion U.S. dollars will be Addax Petroleum of Switzerland
Beijing, June 25, China Petrochemical Corporation on the 24th announced that its subsidiary wholly-owned subsidiary of Sinopec International Petroleum Exploration and Development Co., Ltd., headquartered in Switzerland with the cash acquisition of Addax Petroleum reached agreement to each Unit price of 52.80 Canadian dollars to buy all the shares of the company.
It is understood that Sinopec to acquire a total 82.7 billion Canadian dollars, equivalent to 7.24 billion U.S. dollars. Sinopec said the acquisition Addax Petroleum has received the unanimous support of the board of directors. However, the final completion of the agreement must receive the approval of relevant government departments. As a multi-national oil and gas exploration and development company, Addax Petroleum in West Africa and the Middle East have oil and gas assets. As of the end of last year, the company's proven oil reserves of 5.36 million barrels, with an average daily output of crude oil 140,000 barrels of crude oil production was 7,000,000 tons.
Sinopec said that the acquisition of Addax Petroleum will be conducive to China's Sinopec International Petroleum Exploration and Development Co., Ltd. to achieve its strategic objectives and strengthen its presence in West Africa and the Iraq region. The company a good potential for deep-water oil exploration for Sinopec International Petroleum Exploration and Development Co., Ltd. to create a good development platform.
Sinopec also said that completion of the acquisition, Addax Petroleum will continue to retain the existing management team and employees.
Sinopec International Petroleum Exploration and Development Co., Ltd. on behalf of unity in the exercise of the upstream and downstream petrochemical investment projects for foreign cooperation and a unified management, is engaged in upstream and downstream petrochemical investment and management company of the only specialization. Its overseas oil and gas exploration and development projects throughout Africa, Central Asia, the Middle East, Russia, the Americas, South Asia more than 20 countries, has taken shape in the overseas oil and gas production strategic cooperation.
Jun. 25, 2009
It is understood that Sinopec to acquire a total 82.7 billion Canadian dollars, equivalent to 7.24 billion U.S. dollars. Sinopec said the acquisition Addax Petroleum has received the unanimous support of the board of directors. However, the final completion of the agreement must receive the approval of relevant government departments. As a multi-national oil and gas exploration and development company, Addax Petroleum in West Africa and the Middle East have oil and gas assets. As of the end of last year, the company's proven oil reserves of 5.36 million barrels, with an average daily output of crude oil 140,000 barrels of crude oil production was 7,000,000 tons.
Sinopec said that the acquisition of Addax Petroleum will be conducive to China's Sinopec International Petroleum Exploration and Development Co., Ltd. to achieve its strategic objectives and strengthen its presence in West Africa and the Iraq region. The company a good potential for deep-water oil exploration for Sinopec International Petroleum Exploration and Development Co., Ltd. to create a good development platform.
Sinopec also said that completion of the acquisition, Addax Petroleum will continue to retain the existing management team and employees.
Sinopec International Petroleum Exploration and Development Co., Ltd. on behalf of unity in the exercise of the upstream and downstream petrochemical investment projects for foreign cooperation and a unified management, is engaged in upstream and downstream petrochemical investment and management company of the only specialization. Its overseas oil and gas exploration and development projects throughout Africa, Central Asia, the Middle East, Russia, the Americas, South Asia more than 20 countries, has taken shape in the overseas oil and gas production strategic cooperation.
Jun. 25, 2009
Ineos PLC is working with PetroChina to discuss investment in oil refinery in Scotland
Ineos PLC is working with PetroChina to negotiate large-scale investment in Grangemouth refinery in Scotland, it may mark the first time Chinese companies involved in the European refining market.
June 19 report, PetroChina Co. Ltd. Is working with the troubled British chemicals company Ineos PLC to discuss a large-scale investment in oil refinery in Scotland, it may mark the first time Chinese companies involved in the European refining market.
Ineos PLC is a heavy debt burden of private chemical group. The company said in May this year, its loans have been approved to give up the termination of the extension period, provided that the breathing space, and adjust their liabilities of 7.5 billion euros.
Ineos PLC and PetroChina to carry out negotiations, a number of European companies are trying to sell its oil refineries, due to the demand for oil and chemical products, as well as the downturn of the decline in profits. Ineos PLC, said in a statement, the company is working with several potential partners to discuss opportunities for development of Grangemouth oil refinery. But the company, to negotiate a "tentative", not necessarily to the introduction of Grangemouth investment. The company said that the refinery Ineos PLC Group is still a core component of.
Recently, PetroChina president Zhou Jiping said the company should make full use of relatively low oil prices, and actively look for opportunities overseas.
Jun. 21, 2009
June 19 report, PetroChina Co. Ltd. Is working with the troubled British chemicals company Ineos PLC to discuss a large-scale investment in oil refinery in Scotland, it may mark the first time Chinese companies involved in the European refining market.
Ineos PLC is a heavy debt burden of private chemical group. The company said in May this year, its loans have been approved to give up the termination of the extension period, provided that the breathing space, and adjust their liabilities of 7.5 billion euros.
Ineos PLC and PetroChina to carry out negotiations, a number of European companies are trying to sell its oil refineries, due to the demand for oil and chemical products, as well as the downturn of the decline in profits. Ineos PLC, said in a statement, the company is working with several potential partners to discuss opportunities for development of Grangemouth oil refinery. But the company, to negotiate a "tentative", not necessarily to the introduction of Grangemouth investment. The company said that the refinery Ineos PLC Group is still a core component of.
Recently, PetroChina president Zhou Jiping said the company should make full use of relatively low oil prices, and actively look for opportunities overseas.
Jun. 21, 2009
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