Energy & Industrials News by GLG Council Members

BP Steals a March on Competitors in Iraq

July 3, 2009

Analysis by:GLG Expert Contributor

Analysis of:Few Bidders to Develop Iraqi Oil and Gas Fields | www.nytimes.com

BP's bid for the Rumaila oil field has been approved by Iraq's cabinet.  Bids were rejected on 6 other fields, and the 8th contract (Mansuriyah gas field) saw no bids.  Iraq presents the classic oil industry case of IOC knowledge and money combining with an NOC's access to reserves to secure production.  The fee based contract for the Rumaila oil field is reported at $2/bbl and will...

Virgin Atlantic Flirts With Jobs Cull

July 2, 2009

Analysis by:GLG Expert Contributor

Analysis of:600 jobs at risk as Virgin cuts flights | www.telegraph.co.uk

Just weeks after announcing profits, Virgin Atlantic staff finds themselves staring down the shotgun barrel with capacity cuts that mean almost 10% of its workforce could soon be out of a job. So much for profitability!

Dave HillmanIndependent ConsultantDave Hillman

Will supply/demand dynamics eventually raise newsprint pricing?

July 2, 2009

Analysis of:North American Newsprint Consumption Continues Slide | www.paperage.com

Since 1999 newsprint production has fallen from an annualized rate of 12 milion st/year to the current 4+ tons/year.  Many entire mills have been closed....some remaining mills have shut one or more machines while other mills have taken 2 weeks to 2 months downtime.  With all this reduced supply it would seem only natural that prices have got to begin to stabilize.  FOEX reported...

Paul HodgesChairmanInternational eChem

US Chemical Demand Bouncing along the Bottom

July 2, 2009

Analysis of:US June auto sales fall 29% | www.icis.com

The freefall in US chemical demand has come to an end, now inventories have been reduced down the value chain.  Latest figures on housing and auto demand show we are bouncing along the bottom, but give no sign of any green shoots of recovery.

Another Summer Of Discontent At British Airways?

July 2, 2009

Analysis by:GLG Expert Contributor

Analysis of:British Airways calls negotiators over pay row | news.bbc.co.uk

Another summer, another strike at British Airways? Staff revolt could push the carrier to the financial precipice, but bankruptcy is not yet on the cards.

Michael LynchConsultantMichael E. Lynch

The BP/China National joint venture has hard redevelopment work facing it

July 2, 2009

Analysis of:Few Bidders to Develop Iraqi Oil and Gas Fields | www.nytimes.com

Timothy Williams in Baghdad reported in the July 1 issue of the New York Times that the Iraqi government failed to attract good offers in a public auction on Tuesday for rights to its oil fields. The single successful contract went to a joint venture of BP and China National Petroleum Corporation. The two companies won the right to develop Rumaila with reserves of 17 billion barrels, near the city...

The black liquor tax credit in the US has limited the fall of wood chip and pulpwood prices in the 2Q/09

July 2, 2009

Analysis by:GLG Expert Contributor

Analysis of:The Black Liquor War | online.wsj.com

In 2008, US pulp companies started to take advantage of a loophole in the US tax law, which will result in an influx of billions of dollars to a struggling industry. As a consequence, prices for wood chips and pulpwood in the US have not fallen as much as they would have without the subsidy.

Dave HillmanIndependent ConsultantDave Hillman

Is this "on again, off again" Tasmanian mill about to be built?

July 2, 2009

Analysis of:Gunns Picks JV Partner for Bell Bay Pulp Project | www.paperage.com

The demand for hardwood in Asia is expected to continue to grow significantly over the next 10-20 years - especially as India's paper industry develops to meet the needs of its huge middle class.  At least a half dozen new world-class mills will be needed.  The Gunn's mill in Tasmania is ideally located to supply the Indian sub-continent and all of SE Asia as well as China.  The Government...

Doug McVitie, MAFounder & Chief ConsultantArran Aerospace

US Mobilising Tanker Support

July 2, 2009

Analysis of:Boeing is the best company to build the Air Force tanker | seattletimes.nwsource.com

""Too many Americans, especially in our government, are not aware of what Europe is doing to kill off our aerospace industry," said US Sen. Patty Murray, referring to government subsidies and other support provided to Airbus. Says it all, really.

India & China - the best is yet to come

July 1, 2009

Analysis by:GLG Expert Contributor

Analysis of:Mining industry: On a growth trail | economictimes.indiatimes.com

I have been engaged in the Chinese & Indian mining industry over 12 years, particularly precious metals, coal, iron ore, nickel and copper. With new legislation being promulgated in China, big relaxation in investment opportunity is imminent. In India, with the new party in place, and the plans of BHP Billiton, Rio Tino and Vale / Xstrata, the best is coming.

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