SubscribeAll Posts Tagged With: "state-owned"
China to Buy Oil Companies
A conference of officials from the National Energy Administration has agreed to consider establishing a special fund for China’s state-owned companies to buy oil and gas firms overseas. The beneficiaries would be the Beijing’s three giant energy companies – Petrochina, Sinopec and CNOOC.
"Firms will be able to benefit from low-interest loans and, in some cases, direct capital injections," according to China Petroleum Daily.
This state money would be used to fund takeovers or mergers with resource companies abroad. Which foreign firms, if any, have been identified for takeover has not been disclosed. But the dramatic fall in oil prices…
24Feb2009 | The Real Deal | 0 comments | ContinuedOil Prices Could be Ready to Rally if History is Any Indication
Last year’s 54% drop in oil prices may have set the table for a rally similar to the one experienced in 1999, when prices doubled after a similar decline.
The so-called “forward curve of futures contracts” traded on the New York Mercantile Exchange suggests prices will rise 28% this year, according to Bloomberg News.
The current curve looks almost the same as it did 10 years ago, when Russia’s default drove oil prices to drop as low as $10.82 a barrel in late December 1998 – a decline of nearly 40% from where they began that year.
At that time, the…
8Jan2009 | Money Morning | 0 comments | ContinuedBig Oil’s Secret Impoverishment
The headlines seem to be rolling in nonstop for Big Oil: “Chevron Posts Record $17 Billion Profit. BP Profit Up 52%, Record $4.4 Billion Quarter.†And the giant among giants, “Exxon Mobil Reported All-Time Record $39.5 Billion Profit.â€
We’ve all seen these headlines before and, sad to say, many investors bought into the hype. Both Chevron and Exxon Mobil shares have climbed more than 150% in the past five years. BP, despite constant problems with its pipelines and international operations, has scored a 50% gain in the past five years.
On the surface, it seems like a pretty safe bet, right? Big…
7Feb2008 | Anonymous | Comments Off | Continued
Loading ...
