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3 comments:
Vince - the Saudi's have about 2-3MM bpd excess capacity - about what Iran produces.
The problem is any disruption in Iran would create havoc as Iran would try and shut the Straits of Hormuz, thru which most Saudi oil is transported. And most of that Saudi oil is headed towards SE Asia, so the Chinese were very unlikely to support sanctions that affected their economy more than the West.
Vince, thank you for the update on Morumbi Oil and Gas. I was looking at website for Bouganville Copper and in one of their news releases they wanted to survey shareholders on what they thought would be a good buyout price for the company. Apparently a Chinese company is interested in taking over the company.
I have put the November news release down below.
"At which price would you sell your BCL shares?
China is supposed to increase its copper demand UP 79 percent until 2015, Bloomberg reported recently. Since many years Chinese companies are investing abroad to meet this future demand: Chinalco, Tongling Non Ferrous Metals and others are searching for new opportunities worldwide. A take-over of Bougainville Copper might be a highly interesting one: Already in July this year a Chinese delegation visited the Panguna mine site. As Chinese investments in Bougainville are supported by ABG President John Momis, it’s probable that a take-over or a merger for Bougainville Copper Limited is in preparation. The ESBC welcomes any Chinese engagement in Bougainville. Therefore we would like to know which proposed share price would meet your expectations. "
Hi Guys,
On the Saudi's having 2-3 MM capacity, that is a myth told by the Saudi's. They have at most .5-1.0 MM and it's the heavy stuff that no one wants. The Chinese and Japanese will never go for the plan as they both realize they won't be able to get oil anywhere else. It's only the US media that falls for the Saudi excess capacity myth.
On MOC, Bougainville is such a mineral rich area that at some point exploration will occur - as you say with the help of the Chinese.
stateside
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