Falklands : Hydrocarbons Daily Record (28/06/07)
Submitted by Falkland Islands News Network (Juanita Brock) 29.06.2007 (Article Archived on 13.07.2007)
Remarks made about inflation concerns by the Federal Reserve Bank have helped crude prices to increase today.
HYDROCARBONS DAILY RECORD: THURSDAY, 28 JUNE 2007
By J. Brock (FINN)
At 1800LMT on Thursday, 28 June 2007 Light Sweet Crude was trading at $69.57 up 60 Cents on the New York Mercantile Exchange and Brent Crude was trading at $71.13 up 60 Cents on London’s Ice Futures Market.
ANALYSIS:
Comments from the Federal Reserve Bank in the US that interest rates would remain at 5.25% due to a mild increase of economic growth but that the organisation was still concerned about inflation caused the price of crude to rise today.
THE MARKETS:
FTSE 100: 6,571.30 up 43.73
FTSE 250: 11,391.90 down 145.21
SmallCap: 4,001.10 down 27.19
DJI: 13,427.73 up 90.07
NASDAQ: 2,605.35 up 31.19
S&P500: 1,506.34 up 13.45
INTERNATIONAL DEVELOPMENTS:
(Russia)
Hugo Chavez, Venezuela’s President, arrived in Moscow on Thursday for a three-day official visit, including a meeting with his Russian counterpart Vladimir Putin. President Chavez is expected to have talks about trade ties, energy security and arms sales with President Putin, President Chavez will also attend the Russian-Venezuela business forum on Friday. President Chavez will travel on to Belarus and Iran. Bolivia’s President Evo Morales also plans to visit Iran and Russia and Iran to seek investment in the Bolivia's natural gas industry. According to a government press release, the visit is tentatively scheduled for August. The trip could also include stops in Libya, Angola, and Qatar.
(Lukoil)
Eleven Directors of the Board have been elected by shareholders during LUKOIL's annual meeting that was held on Thursday. Donald Everst of ConocoPhillips will replace Kevin Meyers in the new BOD, AK&M got to know during the meeting. The Bord of Directors also includes LUKOIL's president, Vagit Alekperov, GD of Lukoil-Garant, Milhail Berezhnoy, RITEKs' GD, Velery Graifer, Oleg Kufatin, Ravil Maganov, Sergey Mikhailov, Nikolay Tsvetkov, Igor Sherkunov, Richard Matske, and Alexander Shokhin.
REGIONAL DEVELOPMENTS:
(Peru)
PRIMAX, the sentinel independent oil and gas market based in Peru, has retained the retail division of Colemanbrandwor (CBX), an important branding, design and consultancy agency based here, to develop a new prototype for its convenience store operation. Recently PRIMAX retained CBX to develop “corporate identity and retail branding” strategies for the gas station and convenience store network in Peru it had acquired from Royal Dutch Shell. The purchase consisted of 165 petroleum retail sites, which have since been re-branded under the PRIMAX banner and feature new pylon signs, gas canopies, fuel dispensers, and shop fronts.
(Argentina)
It is expected that in 2008 Argentine banker Enrique Eskenazi will finalise the purchase of 25% of Repsol YPF SA.
In an interview with La Nacion, Eskenazi said: 'I have serious group backing and have been working on this deal for a year.' Eskenazi says that the Argentine part of Repsol/YPF could close down if the deal doesn’t go through. The banker heads up the Petersen group, which controls various Argentine provincial banks and is also active in the construction business. In the La Nacion interview, Eskenazi said the financing for the acquisition of 25 pct of YPF would come from foreign banks.
RELEVANT SHARE PRICES:
TLW: 477.25 down 13.00
DES: 30.25 unchanged
FOGL: 80.00 up 0.50
RKH: 42.00 down 0.50
BOR: 24.50 unchanged
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