Thursday, June 11, 2009

Daily news - 11 Jun

PetroChina may use SPC refinery for heavy crudes
Petrochina & Singapore Petroleum Company (SPC) – Petrochina, which is buying SPC, will likely want to make changes at SPC's Singapore refinery so that it can process heavy crudes including those from Venezuela, industry officials here say. 'Going by what we've seen, more and more refiners are reconfiguring their plants to handle the more difficult crudes being pumped out these days, including heavier and high- acid crude oils,' a refining official said. PetroChina - which will take over SPC's half-share in the 290,000 barrels per day joint-venture refinery of Singapore Refining Company (SRC) when the SPC deal is done - may well go this route, he added. The speculation ties in with what trading sources point to - that the Chinese oil giant has been bringing a lot of cargo from the West, including of Venezuelan crude and fuel oil, through Singapore - where it has been growing its trading and oil terminal operations.

Source: Kim Eng

1 comment:

Brad Zurich said...

The markets are range bound at the month and that could be the scenario for a couple weeks until there is a break down or up.

Its the ideal time for day traders to be active in the trading sessions, buy on dips and short on rise. I have made €1000 a week on average each for the last 3 months ever since the markets started the huge upswing and I have pocketed a net of €10,000 in the past 3 months. Just remain invested and take ur call on a day to day basis.

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