Sweden: 120% rise in E85 sales at Statoil in January
Statoil sales of E85 ethanol fuel in Sweden rose in January by 120% compared with January 2006 to 1.7 million litres. The three municipalities where sales rose most were Värmland, Örebro and Jönköping.
Statoil currently has 200 refueling stations for ethanol in Sweden and will open another 64 by the end of the year, most in the county of Stockholm, Västra Götaland, Skåne and Västernorrland.
Statoil currently has 200 refueling stations for ethanol in Sweden and will open another 64 by the end of the year, most in the county of Stockholm, Västra Götaland, Skåne and Västernorrland.
Serbia: Oil/petrol demand to increase in coming years
The Serbian national oil company Naftna Industrija Srbije (NIS) has reported that the consumption of oil and petrol products is expected to increase by around 3% to 4% per annum. The predicted growth of 100,000 up to 140,000 tonnes is expected to be achieved in the petrol and diesel product sectors, while an increase of mazout will depend on the energy strategy. The strategy plan was created by Merrill Lynch Raiffeisen company.
It was also reported that mazout could be replaced with natural gas. It was said that the Hungarian MOL built a total of 13 petrol stations in Serbia, followed by OMV with 12 and Helenik with five petrol stations.
The current oil and petrol production in Serbia is at 3.6mn tonnes, out of which domestic and foreign drivers use over 1mn tonnes of motor oil and diesel. The report showed that the Austrian OMV covers 9% of the oil and petrol trade in Serbia with its 43 stations, followed by the Greek Helenik Petroleum with 19 stations and MOL from Hungary with 13.
It was also reported that mazout could be replaced with natural gas. It was said that the Hungarian MOL built a total of 13 petrol stations in Serbia, followed by OMV with 12 and Helenik with five petrol stations.
The current oil and petrol production in Serbia is at 3.6mn tonnes, out of which domestic and foreign drivers use over 1mn tonnes of motor oil and diesel. The report showed that the Austrian OMV covers 9% of the oil and petrol trade in Serbia with its 43 stations, followed by the Greek Helenik Petroleum with 19 stations and MOL from Hungary with 13.
France: Interview with Total's CEO
Christophe de Margerie, who took over from Thierry Desmarest as Total's Chief Executive Officer on 14 February 2007, says in an interview in Le Figaro économie paper that the French oil company is capable of generating a profit margin of at least 20% in the long term. However, today's profitability level of 35% will not be maintained in future, because oil-producing countries are carrying cost and tax adjustments, according to Margerie.
Though oil and gas remain Total's priority sectors, a diversification in the nuclear sector is a 'supplementary option', Margerie points out. As far as investment is concerned, Total puts the emphasis on those markets which record the strongest consumption rises in its refinery activity, while the strategy is different in exploration and production, based on the identification by Total's engineers of the potential in a given region of the world.
Though oil and gas remain Total's priority sectors, a diversification in the nuclear sector is a 'supplementary option', Margerie points out. As far as investment is concerned, Total puts the emphasis on those markets which record the strongest consumption rises in its refinery activity, while the strategy is different in exploration and production, based on the identification by Total's engineers of the potential in a given region of the world.
Venezuela: Crude oil production fell by 5.5% in 2006
According to the International Energy Agency (IEA), Venezuelan crude oil production fell by 5.5% in 2006 to a daily average of 2.56mn barrels. The IEA has reported that Venezuela recorded the highest fall in crude oil production among Latin American oil producing countries. The IEA considers that the country will find it difficult to increase crude oil production due to the climate of uncertainty over oil contracts.
Europe: Gazprom branches out into more energy trading
Russian gas firm, Gazprom, is looking at diverse business lines in Europe for trading, including a range of energy commodities including power, oil, coal, carbon and weather derivatives. The firm's Gazprom Marketing and Trading (GMT) division revealed that the company wants to be a marketing and trading firm in energy, not exclusively in gas. GMT is the group's downstream division for Europe and is based in London.
The liberalisation of energy markets is providing the firm with more opportunities to develop. Most of the firm's sales are under long-term, oil indexed gas contracts with the region's gas firms, but this could now change. Oil and gas trading is already underway, as is power and carbon. Coal and weather derivatives are likely to be traded later in 2007.
The liberalisation of energy markets is providing the firm with more opportunities to develop. Most of the firm's sales are under long-term, oil indexed gas contracts with the region's gas firms, but this could now change. Oil and gas trading is already underway, as is power and carbon. Coal and weather derivatives are likely to be traded later in 2007.
Pakistan: IPIC concludes deal to build refinery
A US$ 5bn (EUR 3.86bn) refinery will be set up in Hub, Balochistan in Pakistan by International Petroleum Investment Company (IPIC). The ground-breaking ceremony for the Khalifa Coastal Refinery project will be held in March 2007. The conclusion of the deal was made when a local delegation headed by Secretary Ministry of Petroleum Ahmed Waqar visited Abu Dhabi in United Arab Emirates, where IPIC is based.
Market Assessment - What's moving the Oil Markets?
Global crude futures prices recovered on Thursday from Wed's late plunge following a lower-than-expected distillates stock draw in US inventory data, published by the EIA.
- Distillate stocks were down by 3 million barrels, less than the 4.6 million barrel drop analysts were expecting. As last week was determined by cold weather in the US, all eyes were on a strong draw in US distillate inventories on Wednesday, which failed to support market prices. Even the 600,000 barrel draw in crude stocks and a drop of 2 million barrels in gasoline did not manage to bring support to prices, as the technical picture remains bearish, according to traders.
- "NYMEX WTI needs to test and break $55/barrel for a big move lower, otherwise we will see rangebound crude futures prices between $56 and $60 for some more time," one broker said.
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