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Russian Companies Interest Find New Oil and Gas Fields
Against the background of difficult international energy market conditions Russian companies have become less interested in finding new oil and gas fields and developing existing deposits. Notably, the country’s gas monopoly Gazprom dropped its earlier plans to take over a giant Kovykta deposit and has postponed the development of yet another huge project, Shtokman.
Gold Prices Increase on Falling Supply and Rising Demand
February gold futures broke $1200 for the first time a little after 4AM New York time. February 2010 is now the major front month contract after the expiration of the December contract on November 30th.
Gold futures were up 14% in November, the best monthly performance in ten years. Silver was also up 14%. Gold traded [...]
Vietnam Coal and Mineral Group began Coal Mining Exploration at Red River Delta Coal Basin in 2010
Vietname Prime Minister has given permission to the Vietnam Coal and Mineral Group (Vinacomin) to begin exploration of coal mines located in the Delta River coal basin. Coal mining exploration in River delta coal basin will begin in 2010. Vinacomin planned coal production from mines River Deltar of 210 billion tons.
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 [...]
Steel Prices and Demand in China Drop, China Steel Industry To Face Anti-Dumping Threats From US and Europe
On April 8, the European Commission announced the levying of an up to 24.2% temporary anti-dumping tax on seamless steel tubes made in China.
Oil Industry Investment To Continue Decline in 2010 If Crued Oil Prices Steady
Mr Helge Lund CEO of Norwegian oil and gas producer StatoilHydro as saying that, the company expects the oil industry’s investment spending to continue to decline in 2010 if oil prices remain steady around current levels.
Gold Mining Companies Eye Oppurtunity To Grab Venezuela Gold Reserves Potential
Venezuela is known for its biodiversity, petrochemicals, gold reserves and tourist potential. Even as the country sells world’s cheapest petro products due to heavy subsidies, there is not much heard about the gold treasure hidden in the country.
Coal India Limited (CIL) Joint Venture With Oil and Natural Gas Corporation Exploration Coal Gasification Project
BS reported that Coal India Limited expects the exploration of coal block for its proposed coal gasification project in joint venture with Oil and Natural Gas Corporation to be done within 18 months.
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.
