"Oil Above $50 Saves Gulf States During Crisis"
While their biggest customers may continue to wallow in recession into 2010, the oil producing nations of the Persian Gulf are again luring foreign investment and looking for places to park their own wealth. Crude prices that have stabilized above $50 a barrel mean the Middle East’s oil rich economies are likely to pull out of the global financial crisis sooner than the rest of the world. Saudi Arabia, the largest Arab economy and the world’s biggest oil exporter, is attracting renewed interest from investors including leveraged-buyout firm KKR & Co. Qatar and Abu Dhabi have returned to international capital markets.....Complete Story
"PetroChina To Buy 45.5 Per Cent Stake in SPC For $1 Billion"
PetroChina, the world's second most valuable oil and gas company after Exxon Mobil Corp yesterday said it was buying a 45.5-per cent stake in oil refiner Singapore Petroleum Company (SPC) for S$1.47 billion ($1.02 billion). The agreement was signed between PetroChina's indirectly wholly owned subsidiary, PetroChina International (Singapore) Pte Ltd, and Keppel Oil and Gas Services Pte Ltd, a wholly owned subsidiary of Singapore based Keppel Corporation Limited, which is part owned by Singapore investment company Temasek Holdings Pte. Ltd.....Complete Story
"Crude Oil Declines on Speculation Rally May Be Unsustainable"
Crude oil futures fell, extending their decline on concern that this year’s 37 percent rally is unsustainable because of sluggish demand brought on by the recession and a stronger dollar. The U.S. currency rose against the euro after North Korea said it conducted “successful” nuclear weapons test today, spurring demand for the relative safety of the dollar and reducing the attractiveness of commodities as an inflation hedge. “Oil’s rally above $60 a barrel was helped by positive equity markets and a weaker dollar, while the supply-demand balance provides a very different picture.....Complete Story
