Nov. 5 (Bloomberg) -- PetroChina Co. almost tripled on its first day of trading in Shanghai, becoming the world's first company to be valued at $1 trillion, more than Exxon Mobil Corp. and General Electric Co. combined.PetroChina shares rose to 43.96 yuan from the sale price of 16.7 yuan, giving the state-owned oil producer a greater market value than the entire Russian stock market.The rally makes PetroChina shares four times more expensive than those of Exxon, even though China's biggest oil producer has a quarter of the revenue. China's stock market was valued at less than $1.1 trillion before tripling this year and giving the communist nation four of the world's 10 biggest companies, even after today's 5 percent tumble in Hong Kong stocks.PetroChina's valuation is ``an indication of China coming of age and also of its stock market bubble,'' said Hugh Young, who oversees $50 billion at Aberdeen Asset Management Asia Ltd. in Singapore.The oil producer's Shanghai listing pushes China's stock market beyond the U.K. as the world's third-largest. PetroChina trades at 55 times earnings, four times Exxon's ratio of 13 times earnings and near the 58 times for Google Inc., the world's most-used Internet search engine.In Hong Kong, PetroChina fell 8.2 percent to HK$18. Exxon shares rose 0.7 percent to $87.93, valuing the company at $488 billion on the New York Stock Exchange.`Sense of Responsibility'``I feel very excited today and also feel a very strong sense of responsibility,'' Chairman Jiang Jiemin said at the Shanghai Stock Exchange. ``This is PetroChina returning to our investors and society.''Jiang struck a gong as the market opened at 9:30 a.m., then toasted the start of trading with a glass of red wine.China's largest oil and gas producer had 20.5 billion barrels of oil and gas reserves in 2006, compared with 22.1 billion for Irving, Texas-based Exxon, data compiled by Bloomberg show. PetroChina has been adding new reserves at an average annual rate of 5 percent for the past three years, a faster pace than Exxon, Royal Dutch Shell Plc and BP Plc, the world's largest oil companies by sales.The share sale, the world's biggest this year, surpassed the 66.6 billion yuan raised by China Shenhua Energy Co. in September. PetroChina raised 66.8 billion yuan selling 4 billion shares last week as investors applied for more than 3.3 trillion yuan of stock, almost 50 times the amount PetroChina sold.Record OilThose investors were until now prevented from directly buying PetroChina stock, missing out on a 15-fold surge as economic growth turned the nation into the largest oil consumer after the U.S. and as crude prices reached a record $96.24 a barrel in New York.The CSI 300 Index of shares listed on the Shanghai and Shenzhen exchanges has increased about 170 percent this year as mainland Chinese investors seek returns on $2.3 trillion of savings, raising investor concerns that the market is too expensive.Billionaire investor Warren Buffett's Berkshire Hathaway Inc. sold its stake in PetroChina this year, reaping an eightfold gain that contributed to a 64 percent increase in third-quarter profit for the Omaha, Nebraska-based company. Berkshire had 2.34 billion shares as of the end of 2006, the largest holding after state-owned China National Petroleum Corp.Buffett said on Oct. 24 that Chinese share prices have risen too fast.`Carried Away'``It's easy to be carried away in the stock market when things are going very well,'' he said in the northern Chinese city of Dalian. ``We at Berkshire never buy stocks when we see prices soaring.''Gains in PetroChina's shares in Shanghai may have more to do with Chinese investors seeking better returns than the outlook for the company's exploration and production operations, or its refining business, known as downstream, said Larry Grace, an oil analyst at Kim Eng Securities Co. in Hong Kong.``Production is static with limited upside for the next three to four years,'' Grace said. ``As for the downstream, the price controls and overall regulatory trend limit the company's earnings.''China controls fuel prices to shield consumers in the world's most-populous nation from accelerating inflation. The policy limits the ability of PetroChina and China Petroleum & Chemical Corp. to pass on the burden of higher crude oil costs.The other Chinese companies that rank among the world's 10 largest by market value are China Petroleum, known as Sinopec, China Mobile Ltd., Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp.``A-share prices don't reflect global benchmarks of value,'' said Lorraine Tan, head of equity research at Standard & Poor's Investment Services in Singapore. ``There should be other measures of a company's position, including revenue and profitability. Market cap is not necessarily accurate.''PetroChina's share surge means it beat by years a Russian pledge to create the world's largest company.OAO Gazprom, Russia's natural gas export monopoly, would become the world's largest company by market value and top $1 trillion in ``seven to 10 years,'' Alexander Medvedev, the company's deputy chief executive officer, said in April. Gazprom's market valuation today is $296 billion.To contact the reporter on this story: Ying Lou in Shanghai at ylou1@bloomberg.net .Last Updated: November 5, 2007 14:39 EST
Jan. 2 (Bloomberg) -- Crude oil rose to $100 a barrel for the first time in New York, reflecting an industry struggling to find deposits at a time of record demand.Oil touched $100 today, extending last year's 57 percent rally, boosted by speculation U.S. stockpiles dropped to a three- year low last week. Unrest in Nigeria, Africa's largest oil producer, also spurred prices.Three-figure prices may bring energy costs near the tipping point that will cause global economic growth to falter. China has more than doubled oil use since New York crude dropped to this century's low of $16.70 a barrel on Nov. 19, 2001. That's soaked up most of the world's spare production capacity amid supply cuts in Nigeria, Iraq and Venezuela.Crude oil for February delivery rose $4.02, or 4.2 percent, to $100 a barrel at 12:10 p.m. on the New York Mercantile Exchange, the highest since trading began in 1983.Prices on Oct. 15 passed the previous all-time inflation- adjusted record. Measured in today's dollars, prices in 1981 rose as high as $84.73 after a decade of Middle East instability including the Arab-Israeli war in 1973, the Iranian revolution in 1979 and the Iran-Iraq war that began in 1980.Oil embargoes and higher prices helped trigger recessions in developed countries, prompting efficiency drives that sent prices lower for two decades to as little as $10.35 a barrel on Dec. 21, 1998.
Wednesday, February 20, 2008: NYMEX West Texas Intermediate for March delivery closed up $0.73 at $100.74 per barrel.
AFP - Thursday, February 21NEW YORK (AFP) - - New York oil prices struck a record 101.27 dollars a barrel Wednesday amid renewed global supply jitters, analysts said.ADVERTISEMENTNew York's main oil futures contract, light sweet crude for delivery in March, subsequently receded, but closed up 73 cents at an all-time high of 100.74 dollars.The latest price spike burst Tuesday's record price of 100.10 dollars and record close at 100.01 dollars.In London, Brent North Sea crude for April delivery settled 14 cents lower at 98.42 dollars, after striking a record 98.70 dollars Tuesday.Prices have soared amid growing speculation that OPEC, which supplies about 40 percent of the world's oil, may cut output at its March 5 meeting in Vienna, anticipating a fall in demand at the end of the northern hemisphere winter and a US economic slowdown, analysts said."Supply worries and comments by some OPEC members that the group might not raise output at their March meeting provided the catalyst for the sharp rally," said Barclays Capital analyst Kevin Norrish.Prior to Wednesday's new record, prices had traded in negative territory as many dealers opted to take profits following a rally."Oil gained sharply (on Tuesday) supported by a combination of factors, including persistent supply concerns," said Sucden analyst Andrey Kryuchenkov."In addition to continuing worries over the ongoing row between ExxonMobil and Venezuela, with the Latin American exporter threatening to cut more supplies to the US, investors are receiving more comments from various OPEC members indicating no change or even a possible cut to the group's supplies at its meeting in early March," he said.Libya's oil chief Shukri Ghanem said that OPEC will wait to see if oil prices hold around record highs of 100 dollars before making any decision on whether to cut output.Ghanem told AFP that with prices at current levels, OPEC wanted to see if 100 dollars per barrel prove to be the ceiling or if they would begin to fall back.Ghanem, chairman of Libya's National Oil Corporation, said that by then, OPEC members would have more information on the global economic situation.He said current price levels, "which have become very high," were at least as much due to financial speculation in the market as to geopolitical concerns.Earlier this month OPEC left its official daily output ceiling at 29.67 million barrels of oil, resisting calls from US President George W. Bush to increase supplies to help bring down prices.The price of New York crude had struck a then-record high of 100.09 dollars at the start of January.Another major factor currently supporting prices was the ongoing row between oil-rich Venezuela and US energy giant ExxonMobil, the world's biggest oil company.ExxonMobil says it has won court orders in New York, London, the Netherlands and the Netherlands Antilles freezing some 12 billion dollars of assets in those jurisdictions from Venezuela's state-owned oil producer PDVSA.The legal battle relates to ExxonMobil's bid to secure compensation after Venezuela's government nationalized key oil fields in the Orinoco basin, including two ExxonMobil operations.Traders are also on alert over possible further unrest in Nigeria, Africa's biggest crude producer, dealers said.
SG is also top 3 bunkering Hubs--SG,Rotterdam and Fujarah, located on the east coast of the UAE.http://www.worldbunkering.com/archive/november1999/pages/page42.htmRead STimes today 28.02.2008 page H16 and others.1.Why ship owners buy oil for their ships here?Value for $$$.Good quality---except the cases of selling contaminated oil and corruptions of oil surveyors!!It was a shame to SG reputation.2.Today is the opening of Helios Terminal of Chemoil.Yes.the boss dead in heli crash recently.Read the STimes advertiments then u know SG is still growing and can,and will attracting good and huge investment.www.chemoil.com/Lets looking forward to more oil related projects start thier machine here.Dunt foreget the underground oil caverns in Jurong Island underc onstruction. JTC begins construction of Jurong Rock Cavern at Jurong Island Singapore, 8 February 2007: Tunnelling work has begun at the construction site of Singapore’s first underground rock cavern for hydrocarbon storage – the Jurong Rock Cavern (JRC). JTC Corporation (JTC), which has been appointed by the Singapore Government to undertake the project, held a groundbreaking ceremony this morning to mark the commencement of this milestone project. The event was graced by Mr Lim Hng Kiang, Minister for Trade and Industry. 2 Located at Banyan LogisPark on Jurong Island, the multi-million dollar JRC project will be built at subterranean depths beneath the seabed of Banyan Basin. Phase 1 of the JRC, with a storage capacity of approximately 1.47 million cubic metres, will be used to store liquid hydrocarbons such as crude oil, condensate, naphtha and gasoil. JTC has engaged consultants to provide expert advice on the design and construction of the underground cavern. JTC will also be inviting interested parties to submit proposals for operation of the facility. 3 Storage of petrochemical products beneath the seabed through the JRC will further enhance safety and security on Jurong Island. In addition, the underground storage facility will free up land for higher value manufacturing operations. The size and storage capacity of the JRC translates to a saving of approximately 60 hectares of surface land space..... http://www.jtc.gov.sg/newsroom/pressreleases/pages/20070208(pr).aspx Jurong Rock Cavern (JRC) The Jurong Rock Cavern (JRC) is an underground oil storage complex to be built at subterranean depths beneath the seabed of Banyan Basin in Jurong Island. The underground caverns have a potential storage capacity of close to 3 million cubic metres and can be used to store liquid hydrocarbons like crude oil, condensates and diesel oil. Phase 1 of the JRC will have a storage capacity of about 1.5 million cubic metres. Development works on the cavern will begin in end 2006 and the first cavern is expected to be ready for use in 2011. This will be home to the first underground oil cavern for hydrocarbon storage in Singapore and will boost her position as an oil storage and chemicals hub. http://www.jtc.gov.sg/portfolio/jurongisland/newdev/jrc/pages/index.aspx
SINGAPORE, March 3, 2008 (AFP) - Oil prices stayed above 101 dollars per barrel in Asian trading Monday ahead of an OPEC meeting in which the cartel is expected to maintain current output levels, dealers said.In late morning trading, New York's main contract, light sweet crude for April delivery, held steady at 101.84 dollars, equalling Friday's close in New York.London's Brent North Sea crude for April delivery gained seven cents to 101.17.Prices are trading in a narrow range because "there has been no major news to affect prices," said Jason Feer, vice-president of energy market analysts Argus Media Ltd in Singapore.Aside from Wednesday's OPEC meeting, "the market is waiting for something to happen right now that is worth paying attention to," said Feer.The 13 members of the Organisation of the Petroleum Exporting Countries (OPEC), who together pump 40 percent of the world's oil, are due to meet Wednesday in Vienna to decide on current daily output level, which is currently set at 29.67 million barrels per day."Either we hold (output) steady or we cut in order to restore market balance and stability," OPEC President Chakib Khelil, who is also Algeria's energy minister, said in a statement.OPEC members Iran and Venezuela are calling on the cartel to cut production, arguing that prices are likely to slide when demand for crude drops during the second quarter.While expected to maintain production output, Feer said that OPEC members will be taking a "hard look" at prices and softening demand from the US and China.The March-June period coincides with warmer temperatures in the energy-hungry northern hemisphere, thus reducing demand for heating fuel.Oil prices struck a record-high 100 dollars at the start of January, and on Friday the price of New York crude hit a fresh peak of 103.05 dollars per barrel.
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