Archive | January, 2009

WORLD: Trade volumes to fall 2.8% this year due to recession, said IMF

on account of the global economic recession, said the International Monetary Fund (IMF). In its previous forecast, the IMF had expected world trade to grow by 2% this year. The continuation of the financial crisis, with government policies failing to dispel uncertainly, has caused asset values to fall sharply across advanced and emerging economies, decreasing […]

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MARKETS: Schlumberger chief warns reduced investment could lead to lower oil and gas production

Limited, has warned that sharply reduced investments in exploration and production activities could lead to lower future oil and gas supplies. In releasing its fourth quarter financial results, the company said: “The sharp drop in oil and gas prices due to lower demand, higher inventories and the belief that demand will erode further in 2009 […]

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PAPUA NEW GUINEA: Japan’s Nippon Oil acquires exploration licences

farmout and alignment agreement with Oil Search Limited (OSL), a Papua New Guinea-based oil and gas exploration company, with an aim to co-operate in the development of natural gas prospects in PNG. NOEX is the wholly-owned upstream subsidiary of Nippon Oil Corporation. With further discoveries and development of gas fields expected in PNG, both companies […]

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CHINA: Sinopec completed crude storage tanks in Zhejiang

Zhejiang province on China’s east coast. Each tank has the capacity to store up to 954,000 barrels of crude oil. Laset December, Sinopec completed two tanks with a combined capacity of 24 million barrels at Ningbo port, also in Zhejiang province. Its rival, PetroChina, recently completed large crude storage facilities in the northwestern Xinjiang region. […]

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INDONESIA: Jakarta oil depot damaged after explosion

the surrounding areas in West Java and Banten has been seriously damaged in an explosion and fire. There were no reports of human casualties. Indonesian state oil firm Pertamina, which owns and operates the 27-tank depot in Plumpang in northern Jakarta, said a five-million-litre gasoline tank was destroyed in the incident on January 18. Officials […]

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