Tag: oil

The Australian bank appoints industry veteran Stephen Taylor to lead its energy markets division’s new venture into physical oil trading in Asia. Three Indian oil companies, Malaysia's Petronas and Spain's Repsol are awarded the mandate to partner with the Venezuelan state oil company on a multi-billion dollar oil ... Demand for oil from non-OECD countries in Asia is expected to surpass the demand from the US in 2010, according to Soozhana Choi, head of commodities research at Deutsche Bank. Chu Kong Pipe seeks capital to expand its production. Meanwhile, China Oil and Gas tapped the market for $80 million last night through a top-up placement at a 16.7% discount. The company's second sale of treasury shares in four months is almost entirely bought by insurance company LIC. Department store operator PCD Stores seeks to raise $387 million, while oil and gas pipeline manufacturer Shengli is aiming for an IPO of up to $250 million. By buying the Canadian energy company, state-owned KNOC makes a small step towards increasing Korea's self-sufficiency within oil and gas. The deal, which will open for subscription on September 7, will be the second part-privatisation by the Indian government this year, after NHPC's popular $1.25 billion IPO ... The two Chinese oil producers emerge triumphant in an auction by US Marathon Corporation of a 20% equity stake in an Angolan oil field called Block 32. Saudis are promoting other sectors of the economy in an effort to build on competitive advantages other than oil. Forget about cheap gasoline, today's low oil price masks a looming energy crisis that could dwarf the current economic problems. The Swiss bank hires a team of natural resources bankers from Lehman Brothers for its investment banking business in Asia, while the head office in Zurich announces more job cuts. Sinopec has launched the biggest Chinese takeover of a listed North American company by making a bid for Tanganyika. The Land of the Two Holy Mosques treads carefully in order to find an oil price equilibrium that suits its best interests. The first Thai IPO in 10 months raises $269 million as the Ministry of Finance decides to sell only a portion of its shares. The price pitches the oil rig manufacturer at a discount to its key comparables and allows it to raise $409 million. The deals price at the mid- to low-end of guidance thanks to volatile markets, sluggish debuts by other newly listed companies, and the proximity of year-end. VisionChina and WSP Holdings receive a mediocre reception on debut, but both close above their IPO prices. The oil services provider will compete for IPO funds with a spin-off from Taiwan food producer Uni-President and paper manufacturer China Sunshine. Oil services company Anton Oilfield hopes to raise $200 million from its IPO at a time when oil prices are trading above $90 per barrel.