revista presei pe energie 17 august

2010/08/17

Bursa: Reducerea achiziţiilor a triplat profitul “Oil Terminal” Constanţa

“Oil Terminal” Constanţa şi-a triplat profitul în primul semestru, deşi a realizat investiţii consistente şi cu toate că activitatea i-a fost afectată de criză. Cifra de afaceri a companiei a scăzut cu 7%, la 61,078 milioa ne lei, cu prestaţii realizate de 2.747.000 tone produse petroliere, iar profitul brut realizat, de 3,611 milioane lei, este de 3,5 ori mai mare decât cel raportat în prima jumătate a anului trecut. Conducerea companiei, controlată de Ministerul Economiei, susţine că aceste rezultate financiare bune se datorează reducerii cheltuielilor totale cu 8,509 milioane lei faţă de cele realizate în semestrul I 2009, la 58,2 milioane lei.
Silviu Wagner, preşedintele Consiliului de Administraţie al “Oil Terminal”, ne-a declarat: “Am redus cheltuielile totale cu circa 12% pentru că au scăzut comenzile clienţilor afectaţi de criză. Noi chiar am făcut o reducere adevărată a cheltuielilor, fără ca activitatea curentă sau investiţiile să aibă de suferit. Am tăiat 25% din cheltuielile cu achiziţiile şi reparaţiile, astfel încât am reuşit să terminăm semestrul cu un profit mare având în vedere contextul pieţei”.
În primul semestru, prestaţia pentru ţiţei, cu ponderea cea mai mare în afacerile “Oil Terminal”, a înregis trat, faţă de aceeaşi perioadă a anului trecut, o scădere semnificativă a cantităţilor derulate (1,27 milioane tone) şi, implicit, a veniturilor obţinute din această activitate (13,5 milioane lei). mai mult

Novinite: Bulgaria Eyes Azerbaijani Natural Gas Supply

Bulgaria, Georgia, and Azerbaijan will sign by September 24 an agreement for a preliminary research of possibilities for gas supply to Bulgaria.

The information was reported by the Bulgarian newspaper Klasa, citing the CEO ofBulgartransgaz, a subsidiary of the Bulgarian state-owned gas company BulgargazIvan Drenchovski.

Drenchovski says experts will meet either in Azerbaijan – in the capital Baku, or in theGeorgian capital Tbilisi to discuss transporting gas from Azerbaijan through Georgia by a pipeline and then on tankers for compressed gas through the Black Sea to Bulgaria. Up to 2 B cubic meters of natural gas can be delivered to Bulgaria. (Last year the total use of gas in the country was 2.6 B cubic meters.)

The tankers will travel to Bulgaria’s Varna where the gas will be sent on the national pipeline network or stored in the future storage facility near “Galata.” The project would not require a huge investment for a special terminal at the Varna port, but additional infrastructure would still be needed.

As early as March, Bulgaria’s Energy and Economy Minister, Traicho Traikov, haled talks with his Georgian counterpart regarding the possibility for delivery of compressed gas.

Bulgaria is to seek EU or US funding for the project.

It was announced last Friday the presidents of Azerbaijan, Georgia, and Romania are going to meet in Baku in September as part of the three countries’ joint natural gas supply project AGRI, which affects Bulgaria.

Also on Friday, Drenchovski said the Bulgarian government is working on the development of two transit routes of natural gas from Azerbaijan to Bulgaria – one via pipelines going through Turkey, and another one through compressed gas terminals and shipments through the Black Sea.

trend.az: Azerbaijan and Turkey sign agreement on strategic partnership and mutual assistance

Azerbaijan and Turkey sign agreement on strategic partnership and mutual assistance Azerbaijan and Turkey signed documents after the presidents’ meeting in an expanded format with participation of delegations on Monday, the AzerTaj state news agency reported.

Azerbaijani President Ilham Aliyev and Turkish President Abdullah Gul signed an “Agreement on strategic partnership and mutual assistance between the Republic of Azerbaijan and the Republic of Turkey”.

gazeta.kz: Kazakhstan has introduced export customs duties on oil and oil products

The Kazakh government has approved the following rates of the export duties USD 20 per tonne of crude oil, USD 99.71 per tonne of light-oil products and USD 66.47 per tonne of heavy-oil products.

The crude export duties, as specified in the resolution, will not be applied in the following cases: exports of the crude oil produced by the mineral resource companies under the production sharing agreements which were duly concluded with the Kazakh government or the authorized agency before January 1st 2009 and which were assessed for tax purposes and granted exemption from export duties, exports of the crude oil produced by the mineral resource companies under the subsoil use contracts which provide exemption from crude export duties and which are not production sharing agreements, except for the crude oil exported by the mineral resource companies that pay royalty.

The Finance Ministry expects that revenues to the national budget from oil exports will come to KZT 60 billion in 2010 and KZT 177 billion in 2011.

energybuletin.net: Petro China is the world’s most valuable listed company

The journalist Björn Lindahl at Svenska Dagbladet [a Swedish broadsheet] is, without doubt, Sweden’s leading journalist on oil and natural gas issues. In today’s “Industry” section of the newspaper he has written a very interesting article on Petro China and their development into the world’s highest value listed company. At a value of 333 billion dollars it is now larger than Exxon. Of course, Saudi Aramco would have a greater value if that company was listed on a stock exchange. At the moment Björns article is not available on the internet but I hope that it will be.

Compared with the size of its landmass, China’s oil reserves are quite modest. In total they are about 16 billion barrels. They have chosen to divide up their oil industry into three companies: the Chinese National Petroleum Company, (that is Petro China’s mother company), the Chinese National Offshore Company (that has a monopoly over offshore production in Chinese waters) and Sinopec, that has its main activity in refining and distribution of gasoline and other products.

Let me quote Björn’s description of China’s development as an oil nation:

“The Chinese oil industry is young in comparison to those of America and Russia. The giant oilfield Daqing was found when geologists began to search for oil on the dry plains of northern China in 1959. (Read about my visit to Daqing, , part1part2). The communist party’s chairman Mao Zedong decided that the nation should become independent of oil imports by developing the field. In their propaganda, Wang Jinxi (or “The Ironman” as he was called) was held up as a symbol of the new China. His legendary drilling team No. 1205 drilled many of the more than 1000 wells in Daqing under very primitive conditions. The field reached its highest production in 1999 at 1.1 million barrels per day. According to Mikael Höök at Uppsala University who recently wrote a report on the Chinese giant fields, together with the fields Shengli and Huabei, Daqing represented 80% of total Chinese production in 1980.” (Link to our article on the Chinese giant fields.)

The decision to form Petro China came in 1999 and by April 2000 the company was listed on the stock exchanges in Hong Kong and Shanghai. There was also possible to buy stocks in New York. They had hoped to raise 10 billion dollars but at that time the low oil price meant that its value became only 2.9 billion.

’The conclusion of Björn Lindahl’s article is interesting:

“But the oil price rose. In 2002 the well-known investor Warren Buffet read Petro China’s annual report and came to the conclusion that the company was undervalued. During two years he bought shares worth 488 million dollars. In 2007 the company found the largest new Chinese oilfield for 50 years in the Bohai Gulf with an estimated 7.5 billion barrels of oil. At the same time an additional 3.7% of the shares were sold in an issue on the Shanghai stock exchange. The demand was so great that the market value of Petro China tripled. A short time later the company was worth more than 1000 billion dollars. Warren Buffet took the chance to sell his shares that were now worth more than four billion dollars.”

It is interesting to note that it is communist China’s national oil company that has helped make Warren Buffet the world’s richest person. It seems appropriate that he now wants to give away half of his fortune.

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