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It's advantage S.Korea as Asia's oil bill slumps

SINGAPORE - As a combination of plunging commodity prices and declining exports drastically changes Asia's terms of trade, exceptionally weak currencies, such as South Korea's, are likely to see disproportionate benefits. Most of Asia, barring Malaysia and Vietnam, imports huge ...

Dragon Oil production rises 28 pct in 2008

LONDON, Jan 20 - Oil exploration group Dragon Oil Plc (DGO.I) (DGO.L) announced a 28 percent increase in gross production in 2008 and said it was targeting a 15 percent rise in average daily production in 2009. "Although the industry is presently contending with a lower oil price ...

Hungary's MOL says needs no new credit until 2010

BUDAPEST, Jan 20 - Hungarian oil and gas group MOL MOLB.BU does not need any new credit until Oct. 2010 as its existing loans are sufficient to cover its financing needs, Chief Financial Officer Jozsef Molnar told daily Napi Gazdasag. Molnar also told the business daily on ...

Price details unclear in murky Russia-Ukraine deal

MOSCOW - Who pays and who profits from Sunday's apparent agreement on a new gas relationship between Russia and Ukraine? In a normal, commercial world, it should be easy enough to work out. But the complex, opaque nature of the two nations' gas dealings and the lack of full ...

Court halts Utah land lease for oil, gas exploration

LOS ANGELES, Jan. 18 -- A U.S. federal judge has halted the Bush administration's efforts to open 110,000 acres of federal land in Utah to oil and gas exploration, it was reported on Sunday. In a ruling late Saturday, U.S. District Court Judge Ricardo M. Urbina said the danger of ...

Russia and Ukraine aim to sign gas deal on Monday

MOSCOW - Russia and Ukraine aim to sign an agreement on Monday to restart gas flows to Europe through Ukraine after finally agreeing a price for 2009 supplies. The two former Soviet neighbors, whose pricing dispute left parts of southeast Europe without gas in the middle of ...

Oil price weakness pressures Iran, Venezuela: CIA

WASHINGTON - Weak global oil prices threaten to destabilize major oil producers Iran and Venezuela, but Russia is better able to manage because of its sovereign investments, CIA Director Michael Hayden said on Thursday. "Here's one (event) that's destabilizing, but it could be ...

Iran informs 21 oil customers of supply cuts: report

TEHRAN - Iran has told 21 Asian and European customers it will reduce oil sales to them, its OPEC governor said in remarks published on Sunday, as Iran and other members of the cartel cut output to halt sliding prices. Mohammad Ali Khatibi, Iran's representative to the Organizati...

CORRECTED-Macquarie slashes 2009 Brent crude oil forecast

PERTH, Jan 19 - Macquarie Group (MQG.AX) has cut its forecast for Brent crude oil prices by over 20 percent to an average $59 a barrel over 2009, it said on Monday, citing weaker world oil consumption and high stock levels. The Australian bank's economists see world gross ...

U.S. EIA lowers 2009 world oil demand forecast

WASHINGTON - The U.S. Energy Information Administration on Tuesday again pared back its 2009 world oil demand forecast due to the global economic downturn, but predicted a slight recovery in consumption for next year. World oil demand will drop by 810,000 barrels per day in 2009 ...

China to produce 189 mln tonnes of crude oil this year

BEIJING -- China is forecast to produce 189 million tonnes of crude oil in 2008, a growth of 1.61 percent over the 186 million tonnes last year, according to a recent report released by the nation's leading oil producer, PetroChina. The production would rank the nation fifth ...

Russia-Ukraine deal on gas for Europe hits trouble

MOSCOW/KIEV - A deal to restore Russian gas supplies via Ukraine to Europe appeared on the verge of collapse after Moscow rejected additions by Kiev as a 'mockery of common sense'. Russian President Dmitry Medvedev appealed to EU leaders late on Sunday to exert influence on Kiev ...

Venezuela says Amuay refinery ops normal after fire

CARACAS - Venezuela's 640,000 barrel per day Amuay refinery is operating normally after a fire at one of its naphtha units, state oil company PDVSA said in a statement on Sunday. Refinery sources on Saturday said the fire broke out on December 24 and damaged a furnace at Amuay's ...

Malaysia Petronas Gas to call bids for new plant-report

KUALA LUMPUR, Dec 27 - Malaysian industrial gas provider Petronas Gas (PGAS.KL) is expected to call bids for a 900 million ringgit ($258.8 million) power plant project in Sabah on Borneo early next year, the Business Times reported on Saturday, citing an unidentified source. ...

Crude oil tumbles to 35 dollars on economic woes

NEW YORK, Dec. 24 -- Crude oil shed 9 percent to the level of 35 U.S. dollars a barrel Wednesday as a buildup in U.S. gasoline stockpiles and more worrying economic data added to the demand concern. Light, sweet crude for February delivery fell 3.63 dollars to settle at 35.35 ...

PetroChina Daqing adds 200 mln T oil deposits-paper

BEIJING, Dec 26 - PetroChina (601857.SS)(PTR.N) (0857.HK), China's top oil firm, has found more than 200 million tonnes, or 1.46 billion barrels of proven oil reserves this year in its Daqing oilfield, local media reported on Thursday. Daqing, China's largest field by output, has ...

Oil rises 2 percent to above $36 after UAE cuts supplies

TOKYO - Oil rose above $36 on Friday, after the UAE joined Saudi Arabia in deepening supply curbs to comply with OPEC's biggest-ever crude output cut last week. Abu Dhabi National Oil Co (ADNOC), the main producer in the United Arab Emirates, the world's fifth-largest oil ...

Wall St Santa rally small comfort after grim year

Wall Street entered the Christmas holiday in subdued mood on Wednesday, posting a modest Santa Claus rally, as investors digested more gloomy data on the economy and, with just four trading days left in 2008, began to take stock of a torrid year. The crisis that started in the US ...

CNOOC may slow or delay projects on oil slump-source

BEIJING, Dec 25 - China offshore oil specialist CNOOC Ltd (0883.HK) is reevaluating its operational activities and is likely to scale down or delay some projects as slumping oil prices threaten to invalidate its previous oil economics, a company source said on Thursday. Oil ...

UAE first to follow OPEC deal with Jan oil cuts

TOKYO/DUBAI - The UAE joined Saudi Arabia in deepening oil supply curbs after OPEC's biggest ever output cut last week, telling refiners on Thursday it would tighten shipping limits on exports of its main grades. While top exporter Saudi Arabia effectively started implementing ...
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China offers inspirations to global dilemmas
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world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
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Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

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Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
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Boeing Wins Biggest Order of US$26b
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trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
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Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
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