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Russia Ramps Up Oil Exports as OPEC Cuts Back
Russia is surpassing Saudi Arabia in oil exports for the first time since the Soviet Union’s collapse as Prime Minister Vladimir V. Putin exploits OPEC production cuts to gain market share.
Exports of crude oil and refined products from Russia rose to 7.4 million barrels a day in the second quarter, from 7.25 million in the [...]
China Oil Company, PetroChina Co. Reported First Time Drop Profit Since 2001
PetroChina Co., the world’s second- largest company by market value, posted its first drop in full- year profit since 2001 after refining losses widened fourfold and crude oil prices slumped.
China Petroleum & Chemical, Sinopec’s Reported Profit May Double on Pricing Changes (Update1)
China Petroleum & Chemical Corp. may double its profit this year, rebounding from the first decline in seven years, as it benefits from relaxed fuel price controls and declining crude oil costs, analysts said.
Shenhua Energy May Raise $6.3 Billion in Share Sale (Update2)
China Shenhua Energy Co., the nation’s largest coal producer, is planning what may become China’s biggest share sale this year to raise as much as $6.3 billion for expansion as demand for the fuel surges.
Shenhua plans to sell as many as 1.8 billion yuan- denominated shares in Shanghai, it said in a statement to Hong [...]
UBS Is Hired for PetroChina’s $5.9 Billion Shanghai Share Sale
UBS AG has been hired by PetroChina Co. to arrange what may become China’s biggest share sale this year, raising as much as $5.9 billion, people with direct knowledge of the decision said.
UBS Securities Co., the China venture of Europe’s largest bank by assets, won a mandate for PetroChina’s share sale, the people said, asking [...]
Asian Stocks Decline in U.S. Trading, Led by PetroChina Shares
Asian stocks fell in U.S. trading, as Chinese central bank Governor Zhou Xiaochuan said equities in the mainland may be overvalued and Lehman Brothers Holdings Inc. said the country is an emerging market to avoid.
PetroChina Co., the nation’s biggest oil company, declined.
The Bank of New York Co.’s Asia ADR Index, tracking the region’s American depositary [...]
OPEC does not have any plan to pump more oil, word of Libya, Qatar
OPEC, which supplies about two-fifths of the world’s oil, won’t heed calls from consumers to increase output for the summer driving season, officials from Libya and Qatar said.
“We are convinced that the market is not short of supply,” Qatari Energy Minister Abdullah Al-Attiyah told reporters in the Persian Gulf nation’s capital Doha today. Geopolitical risks [...]
BHP Says Third-Quarter Copper, Nickel Output Rises (Update5)
BHP Billiton Ltd., the world’s biggest mining company, said third-quarter copper, iron ore and nickel output rose, taking it toward record annual production of its biggest mineral products.
Copper output climbed 22 percent to 357,600 tons in the three months ended March 31, from 293,600 tons a year earlier, Melbourne-based BHP said today in a statement. [...]
Peru Stocks Gain as Economy Lifts Builders Over Mines
Domestic growth is turning Peru’s mining-dominated stock market into the Americas’ best performer this year even as the prices of zinc, gold and copper remain below last year’s peaks.
The Lima General index has surged 181 percent in the past 12 months, driven by companies such as Grana y Montero SA, Peru’s biggest builder, and industrial [...]
