Total Produce Share Discussion Threads

[waldron] 27/3/2007 09:44

Bribery accusations follow new Total chief
By Craig S. Smith

Monday, March 26, 2007
PARIS: It was not the most auspicious of starts for Christophe de Margerie, the new chief executive of Total.

Last week, de Margerie, who is of aristocratic lineage and an heir to the Tattinger Champagne empire, was formally placed under investigation on suspicion of paying bribes to win a huge gas project in Iran.

He was held overnight Wednesday before being released Thursday after additional questioning at the Palace of Justice here.

Total, the biggest corporation in France and one of the world's largest energy companies, insists that its chief executive is innocent and that the company abided by all "applicable law" in winning the Iranian gas concession.

But that is not necessarily saying much because bribes paid abroad were tax deductible in France until 1997 and not totally outlawed until 2000.

"Unfortunately, this sort of corruption has become an epidemic in Africa and the Middle East," said Nicolas Sarkis, director of the Arab Center for Petroleum Studies in Paris.

The story started in 1971 when Qatar discovered the world's largest gas field deep beneath the seas of the Gulf. Political instability kept Iran from exploring its own waters until the late 1980s when it found that the gas field extended into its territory, too.

Iran laid out a multiphase development plan for its share of the gas field, which it known as South Pars, or South Persia. Iran's national oil company embarked on the first phase, but the others phases have gradually been contracted to foreigners.

The alleged bribes concern phases 2 and 3, which were awarded to Total in 1997. It has since invested $2 billion in the project with its partners, Gazprom of Russia and Petronas of Malaysia, building two offshore drilling platforms that are linked by more than 160 kilometers, or 100 miles, of pipeline to a vast processing complex in the desert near Asalouyeh, Iran. It is one of the largest natural gas projects in the Middle East.

With a lack of oil in France, the company has built its business chasing development projects in remote corners of the world, from deep off the Angolan coast or in Nigerian mangrove swamps, to the scorching Libyan desert or below the rough North Sea. Total now conducts exploration and production operations in 44 countries.

The aggressive, far-reaching strategy has paid off. Its success at finding hydrocarbons nearly doubled the company's reserves between 2004 and 2006.

Today, Total is the world's fastest-growing major oil company and estimates that its oil and gas output will increase 5 percent a year through 2010. It is the top foreign oil producer in Africa and the one of the biggest in the Middle East. It is also the second-biggest producer, after Shell, of liquefied natural gas.

"A lot of the oil majors actually are going to have to move towards Total's model rather than the other way around as they replace volumes from the United States and the North Sea," said Jon Rigby, an oil analyst with UBS in London. "Total already has built a significantly differently shaped portfolio to the other majors."

The foray into Iran was the work of de Margerie, who was in charge of Total's business in the Middle East in the 1990s.

At the time, he was looking for ways to tap into the giant energy reserves of Iran and Iraq - both of which had been neglected after years of war and sanctions. Despite the political difficulties and hazardous environment, the countries were hard to ignore for oil executives: together, they hold more than 20 percent of the world's proven oil reserves.

A bankrupt Iran was anxious to develop its energy sector and attract foreign investors to its oil and gas industry, which was in tatters after the war against Iraq. Initially, Iran turned to Conoco, a U.S. company, but its overture was vetoed by then-President Bill Clinton, under pressure from the U.S. Congress. This opened the door to European companies, including Total.

But big business in parts of the Middle East is notoriously corrupt and the oil industry has a reputation for playing along with the game. There was little surprise within the industry, therefore, when allegations of bribery involving the South Pars concessions first surfaced in 2003.

In that case, officials at Norway's big oil company, Statoil, said that they agreed to pay more than $15 million in "consulting fees" to Mehdi Hashemi Rafsanjani, one of the five children of the former Iranian president, Ayatollah Ali Akbar Hashemi Rafsanjani, in order to win contracts to develop the offshore platforms in phases 6, 7 and 8 of South Pars.

After the company had paid $5.2 million on the contract, the deal was leaked to the press, eventually forcing the resignations of the Statoil chairman and chief executive, Leif Terje Loeddesoel and Olav Fjell. Late last year, the company paid $21 million in fines to the U.S. Department of Justice and Securities and Exchange Commission to settle the case. Statoil is subject to U.S. law because its shares are listed on the New York Stock Exchange.

During the Norwegian investigation, Statoil executives said the fees paid to Rafsanjani were based on a contract that he said had been used with other multinational oil companies, suggesting that Statoil was not alone.

In December 2004, Swiss police were notified that 9.5 million Swiss francs, or $7.8 million, had been transferred to an account opened under the name Siakal at the Geneva branch of the Swiss bank Lombard Odier Darier Hentsch. The account was controlled by an Iranian living in Switzerland named Bijan Dadfar, who the French media have since reported was an employee of the younger Rafsanjani.

Swiss authorities in Lausanne began a money laundering investigation and investigators traced the money back to Total, according to people familiar with the investigation, and discovered that the company had deposited tens of millions of Swiss francs into the account from 1999 to 2003.

In December last year the prosecutor in Lausanne, Switzerland, Patrick Lamon, responded to requests for information on the case from French investigative magistrate Philippe Courroye, who had already questioned de Margerie in a separate matter. In October, Courroye held de Margerie for two days in an investigation about the United Nations' oil-for-food program in Iraq, used by Saddam Hussein to skim billions of dollars in illegal fees.

The information that Lamon sent Courroye triggered the new French investigation.

Despite the cloud hanging over de Margerie, who is nicknamed "big moustache," Total named him chief executive Feb. 13.

Last week, he was finally summoned by police and spent Wednesday night in custody before being transferred to Courroye's office for questioning.

The head of Total's gas affiliate, Philippe Boisseau; the executive formerly responsible to the Pars South project, Michel Naylies; and another executive of the group, Patrick Rambaud, were also questioned.

Courroye later announced that he was placing de Margerie under formal investigation, one step short of indictment.

But people at Total note that such investigations often remain open for years until they are forgotten and then quietly closed.

The company issued a statement last week expressing its confidence that this one will eventually show that it did not engage in any illegal activities and saying that it "adheres to a strict code of conduct regardless of the difficulties linked to its activities and the environments in which it operates."

But the investigation has not helped the image of Total, already besmirched by a corruption scandal at Elf, a company that is now merged into Total, and an ongoing trial over the 1999 sinking of the oil tanker Erika, which led to the worst environmental disaster in French history.

Meanwhile, de Margerie's double bet in Iraq and Iran has largely unraveled. The war in Iraq means it will take many more years before the country's huge reserves are developed and, even then, U.S. companies are likely to be in better shape to step in than the French oil giant.

[waldron] 26/3/2007 09:25

European Commodity Stocks Climb; Volkswagen, Barclays Decline

By Andreas Hippin

March 26 (Bloomberg) -- European commodity stocks advanced, led by Royal Dutch Shell Plc, Total SA and BHP Billiton, as prices of oil and metals gained. Benchmarks in the region were little changed.

Volkswagen AG fell after Porsche AG raised its stake in the region's largest carmaker for less than the market value of the shares. George Wimpey Plc and Taylor Woodrow Plc surged after the companies said they planned to merge to create Britain's biggest homebuilder in an all-stock deal.

The Dow Jones Stoxx 600 Index dropped less than 0.1 percent to 375.88 as of 9:11 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both declined 0.2 percent.

European stocks posted the biggest gain in four years last week as takeover speculation intensified in the auto, utility and media industries.

``The market is taking a breather after an extremely strong week,'' said Carsten Klude, who helps manage the equivalent of $20 billion as head of investment strategies at M.M. Warburg & Co. in Hamburg. ``The positive environment for stocks hasn't changed. Valuations are still reasonable.''

National benchmarks fell in eight of the 18 western European markets. The U.K.'s FTSE 100, France's CAC 40 and Germany's DAX all slid 0.1 percent.

Shell, the region's biggest oil company by market value, rose 0.8 percent to 1,689 pence. Total, Europe's largest refiner, gained 0.9 percent to 52.15 euros.

Oil, Copper Gain

Crude oil rose to the highest in three months as Iran's detention of 15 British sailors and the UN's decision to tighten sanctions against the country heightened concern that Middle East supplies may be disrupted.

Oil for May delivery climbed as much as 61 cents, or 1 percent, to $62.89 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since Dec. 26. It was at $62.85 at 3.33 p.m. in Singapore.

[ariane] 23/3/2007 08:17

Total S.A Judicial Interviews Completed


RNS Number:5768T
Total S.A.
23 March 2007


South Pars Iran : Judicial interviews of Total employees completed


Paris, March 22, 2007 - Total confirms that the interviews of Robert Castaigne,
Chief Financial Officer of Total and Philippe Boisseau, Executive Vice President
Gas & Power, with investigators of the French financial police (BRDE) were
completed in the evening of March 21, 2007. Neither has been charged with any
offence.

After being held for questioning, Mr. Christophe de Margerie, Chief Executive
Officer of Total, has left the judge's office after being placed under formal
investigation in proceedings related to a judicial investigation, initiated in
December 2006. This investigation is related to the development of the South
Pars project in Iran, for which Total entered into agreements with the National
Iranian Oil Company (NIOC)in 1997.

Once again, the Group expresses its full support for its employees and confirms
that the agreements for the development of the South Pars project were entered
into in compliance with applicable law.

The Group is confident in its belief that the investigation will establish the
absence of any illegal activities and reaffirms that Total adheres to a strict
code of conduct regardless of the difficulties linked to its activities and the
environments in which it operates.

Total is one of the world's major oil and gas groups, with activities in more
than 130 countries. Its 95,000 employees put their expertise to work in every
part of the industry - exploration and production of oil and natural gas,
refining and marketing, gas trading and electricity. Total is working to keep
the world supplied with energy, both today and tomorrow. The Group is also a
first rank player in chemicals. www.total.com


This information is provided by RNS
The company news service from the London Stock Exchange

END

MSCEAXDDADAXEEE

[waldron] 23/3/2007 06:47

Total CEO charged in corruption probe over Iran gas contract


PARIS (AFX) - Total confirmed last night that chief executive Christophe de
Margerie has been formally charged as part of an investigation into alleged
corruption in a gas contract in Iran.
"At the end of his custody, Mr Christophe de Margerie left the office of the
judge after being charged in relation to an investigation against persons
unknown launched in December 2006 concerning the South Pars Industrial project
in Iran, signed by Total in 1997 with NIOCC (National Iranian Oil Company)," the
French group said in a press release.
Total gave no further details of the specific charges but added that it is
"confident that the courts will establish that no offences have been committed."
The oil company also confirmed that financial director Robert Castaigne and
Philippe Boiseau, head of the Gaz Electricite unit, were released from custody
on Wednesday evening without being charged.
Christophe de Margerie had remained in custody overnight from Wednesday to
Thursday in order to be questioned further about his role in the Iranian gas
contract as finance director for the Middle East at the time of the events.
[e-mail]
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[waldron] 22/3/2007 18:34

Russian watchdog says Total fails to fulfill licensing agreement
14:10 | 22/ 03/ 2007



MOSCOW, March 22 (RIA Novosti) - Russia's environmental and technological watchdog said France's Total oil company has failed to meet terms of a licensing agreement on a lucrative oil field in northern Russia.

The regulator, which launched a second probe into Total's compliance with technological and environmental requirements at the Kharyaga oil field March 12, said the license could be revoked.

"The Federal Service for the Oversight of Natural Resources has conducted a repeat check and established that Total has corrected none of the violations," said Sergei Fyodorov, who is in charge of geological development and mineral resources management in the Natural Resources Ministry.

Late last year, the regulator initiated license revocation discussions on Kharyaga after discovering that the operator had failed to follow field development recommendations, including the gas drive recovery process, burning up 60% of the natural gas produced in 2005.

"The company has violated the technical agreement and failed to meet production targets, and it does not properly dispose of gas but burns it off," Fyodorov said, adding that the materials of the inspection would be submitted to a commission for early license revocation.

In April, the Natural Resources Ministry accused Total of failing to increase production of crude and introduce new technologies and equipment for effective production since the 1995 production-sharing agreement (PSA) came into force in 1999.

Total owns a 50% stake in the project, alongside Norway's Hydro (40%) and Russia's Nenets Oil Company (10%).

The Kharyaga field, with total reserves of 160.4 million metric tons, is one of three production-sharing agreements in Russia. The other two are Sakhalin I and Sakhalin II.

This month, an inspection into alleged environmental violations will begin on the Sakhalin I oil and gas project off Russia's Pacific coast, operated by U.S. oil giant ExxonMobil.

Months of pressure last year on another vast hydrocarbon project in the Far East, Sakhalin II, regarded by experts as the Kremlin's drive to regain control of the country's mineral resources, culminated in the purchase by state-controlled energy giant Gazprom of 50% plus one share in the project from Shell and other companies involved.

Another hydrocarbon operator in Russia, TNK-BP, received a warning from Russian authorities in early February that it could be stripped of its license for the giant Kovykta natural gas deposit in East Siberia over failure to meet its obligations to supply nearby areas with gas. The Russian-British joint venture was given three months to rectify the situation.

[grupo guitarlumber] 21/3/2007 09:29

Total CEO questioned by police in corruption probe - source


PARIS (AFX) - Total SA chief executive Christophe de Margerie will today be
questioned by French police from the financial department as part of an inquiry
into suspected corruption in Iran and Cameroon, a source close to the matter
said.
The source, confirming a report in regional daily l'Est Republicain, told
Agence France-Presse that police acting under the orders of investigating judge
Philippe Courroye will question Margerie over suspected bribery over a gas
contract in Iran.
Nobody at Total was immediately available to comment.
The paper said police have also summoned Total's finance director Robert
Castaigne, personnel director Jean-Jacques Guilbaud and the head of its gas
business, Philippe Boisseau.
In December, sources close to the proceedings revealed that Margerie had
been placed under investigation in a wide probe into suspected illegal
commissions to gain preferential treatment for Total abroad.
Courroye was brought in to investigate the affair in Aug 2002 after being
approached by Tracfin, the French finance ministry's anti-corruption agency.
During 2005, prosecutors started to investigate the possibility that the
company had bypassed the oil embargo imposed by the UN on Saddam Hussein's Iraq.
AFP's source also said police will question Margerie today over suspicions
of bribery of public officials in Cameroon as part of a probe launched in
January following a fresh alert by Tracfin.


[e-mail]
afp/mrg/jfr

[hillbrown] 18/3/2007 19:45

Seems like 9.5% of the shares changed hands on Friday. Should be an announcement coming up.

[catandcrow] 16/3/2007 11:27

dealy - interesting watching the volume + price on the Irish exchange - sometimes the 2 quotes get out of lines - maybe that explains some of the weird action here.

[deadly] 14/3/2007 19:05

Bizarre price rise today - what's going on? On such a bad day there are 37k sells against 23k buys and it's one of the few gainers with +4% !!! The market is incomprehensible sometimes.

I sold 17k of these, only to take advantage of some other bargains out there, so am not complaining.

[gateside] 07/3/2007 07:15

New Edinburgh Distribution Centre


Total Produce plc is pleased to announce that it has now completed the
construction of and commenced operations from a new customised and
state-of-the-art fresh produce distribution centre at Sighthill, Edinburgh,
Scotland. This new facility replaces the Group's previous facilities at Chesser
Avenue, Edinburgh, and was officially opened by Mr. Andrew Kerr, Minister for
Health and Community Care.


The building extends to 34,000 sq. ft. and was completed at a cost of circa €7.0
million, including the site cost. The purpose-built facility is designed to
maximise operating efficiencies in an environmentally friendly manner. The
operational energy requirement has been minimised by the utilisation of the
latest energy-efficient electrical and cooling systems, coupled with the
extensive use of the highest grade of 100% recyclable materials.


The completion of the distribution centre is part of the continuing programme of
investment by Total Produce to expand and develop its business.

[ariane] 01/3/2007 12:28

Total Russian environmental watchdog to check Sakhalin 1 and Khariaga sites


MOSCOW (AFX) - The Russian environmental watchdog, Rosprirodnadzor, will
begin "checks" of the Sakhalin 1 gas and oil extraction project, led by Exxon
Mobil, and of the Khariaga deposits, operated by the French group Total, in
March.
"We expect to start the first stage of file checks on Sakhalin 1 on March
28. The second on-site stage will start in May", said Oleg Mitvol, deputy head
of Rosprirodnadzor, quoted by the Ria Novosti agency.
Checks on the Khariaga deposits will start on March 12, said Mitvol, adding
that the operation of oil wells will be looked at in particular.
The Russian government is accusing Total of delays in the project. The
French group owns 50 pct of the project, while Norway's Norsk Hydro has 40 pct.
Rosprirodnadzor is often seen as a device used by the government to put
pressure on oil companies.
The agency last year took action against Shell and its partners at the
Sakhalin-2 project, Mitsui and Mitsubishi, forcing them to allow state group
Gazprom to take control of the operation.
Russian press reports claim the authorities now want to secure entry into
the Khariaga project for state-owned company Zarubezneft.

[ariane] 27/2/2007 20:38

Conocophillips Venezuela project takeover draws concern


CARACAS, Venezuela (AP) - President Hugo Chavez's announced takeover of
Venezuela's most promising oil-producing operations will likely increase strain
on the country's heavily burdened state-run oil company and pressure production
at the world's eighth-largest oil exporter.
Chavez decreed late Monday that the government would take a minimum 60
percent stake in four heavy oil-upgrading projects -- the country's only
oil-producing operations remaining in private hands. The projects are run by
British Petroleum PLC, Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co.,
France's Total SA and Norway's Statoil ASA.
"The privatization of oil in Venezuela has come to an end," Chavez said,
promising to occupy the fields in the Orinoco River region and fly the national
flag over them by May 1.
Industry analysts and company executives question, however, whether
Petroleos de Venezuela SA, or PDVSA, has the money and capacity to take on the
pricey, complex projects, which upgrade heavy tar-like crude into lighter, more
marketable oils.
PDVSA control of the operations will affect production "without a doubt,"
said Patrick Esteruelas, an analyst at the New York-based Eurasia Group.
Companies have already put long-term investments on hold while negotiating their
new stakes and terms, he said.
Esteruelas noted that since PDVSA took control of 32 oil fields elsewhere in
Venezuela last year, production has declined by as much as 70,000 barrels a day.
"It could be similar in the Orinoco or greater," he said. The four projects
have a total production capacity of more than 600,000 barrels a day.
France's Total, which jointly owns the Sincor project with Statoil and
PDVSA, expressed concern Tuesday that putting PDVSA in charge would hamper
operations.
"What bothers us is the Venezuelan state's desire for majority control of
the projects, including Sincor, and the operational constraints this imposes,"
Total Chairman Thierry Desmarest said at a Paris news conference Tuesday, but
said the company would continue to negotiate with the government to "keep a
satisfactory profitability."
Enrique Sira, the Caracas-based associate director of Andean energy for
Cambridge Energy Research Associates, said most of the workers running the
projects are Venezuelans and if they are transferred to PDVSA, the impact on
operations could be "a lot less dramatic."
A publication of Chavez's decree Tuesday set a firing freeze on workers
contracted at the projects, indicating the government is keen not to lose their
expertise.
The four projects are pioneering development of the tar-soaked Orinoco River
belt -- an area of huge potential with heavy oil deposits that may outstrip
Saudi Arabia's current proven reserves.
As older fields elsewhere go into decline, development of the Orinoco is
seen as key to Venezuela's future production. But it will require large
investments -- something PDVSA may not be in a position to provide.
The company's financial commitments have been spiraling: as the cashcow of
Chavez's socialist movement, PDVSA now spends well over a third more on funding
social programs for the poor than on investment crucial to maintaining output.
It has taken on dozens of preferential oil deals with friendly countries
that represent little commercial benefit to the company. It plans to run the
electricity sector that is also undergoing nationalization and is also entering
the agricultural sector.
Chavez has not said how the government will pay for its increased share in
the projects that represent a total estimated investment of at least US$13.4
billion (euro10.1 billion).
The companies also have US$3.9 billion (euro2.9 billion) in outstanding
loans and bond issues that were raised to finance the projects.
Sira said those loans will have to be paid for and restructured when PDVSA
acquires its majority stake.
The government has compensated companies reasonably in recent weeks for
nationalizations carried out in other sectors, but those agreements were for
assets valued far less than the oil projects.
The decree gives the companies four months to negotiate whether they will
stay on as minority partners.

[waldron] 25/2/2007 18:31

Future bright for oil and gas interests in Yemen
By Adnan Hizam
Feb 24, 2007, 19:39

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Oil Minister `Khalid Bahah
Yemen's oil and gas sector is attracting new investment from companies who are positive about the sector's future, say oil executives. "We are very optimistic about the condition of the oil sector in the country, so we are investing in Yemen," said Andrew Grainge, Yemen general manager of Oil Services Limited.

"Of course there are many challenges, but we have a good working relationship with the Ministry of Oil, and we have local staff here in Sana'a we work through to pass any challenges. "We have been here for the last six years; we're just about to start offshore block No. 15. We have done extensive surveys." He said that the company has a number of onshore blocks. "We have blocks No. 35, 49 and 3, and we have two blocks waiting to be finalized."

Others share his rosy view of the future. "We are really optimistic about the future of the oil and gas sector in Yemen," said Rick Pultz, deputy manager of MIDAS Oil and Gas. He pointed out new fields that have been discovered. To really know the outcomes of these new discoveries will take some time, he said. He praised the new oil minister, Khalid Bahah. "The new minister simplified many things a great deal. It is easy to do our business in Yemen."

He said he was pleased with recent steps taken by oil companies toward increased Yemenization "It is very good to see Yemenization taking place in this sector. Most of our staff is Yemeni," he said. Recently, the oil minister said that some 55 new oil wells would be explored in 2007. He also stated that the ministry is working to increase the Yemenization of the work force within the international companies working in Yemen's oil and gas sectors to 90 percent.

"The ministry has an ambitious strategy for five years, started in 2006, and it began to obtain good results that will push the national economy and development." Yemen will announce a fourth round of international bidding for oil exploration and production in its offshore blocks next year. "2007 will be the year for promoting the offshore blocks," said Bahah. "It will be something unique.

All are invited to participate in the bidding." The ministry has already received notifications of interest from several companies, and would like to invite all oil companies to apply next year for the off-shore blocks. Bahah called on oil companies to deal with the government directly, without mediators. In the past, Yemen had 78 offshore blocks. Now, after reviewing the map, the country is offering 104 blocks, Bahah said.
The Australian Oil Search Company will re-drill offshore wells, which have been stopped since 1980s, he said.


A group of representatives of oil companies in Yemen
Yemen's economy mostly depends on the oil sector revenues, which have been used to set up a good infrastructure in order to pave the way for the exclusive development. According to official reports, the government share of crude oil production rose an average of more than 3 million barrels in 2006. It rose from 60.46 million barrels in 2005 to 63.71 million barrels in 2006. The report also said that the government revenues from exporting oil rose in the same period, from $3.114 billion in the year 2005 to $4.14 billion in the year 2006.

The increase in state revenues from oil was due to both the increase of the price of oil internationally, and to the increase in oil production in the year 2006. Yemen's shares from the oil exports that it gets from its partnership with foreign oil companies represents 63 percent of Yemen's total exports, and also represents 70 percent of the revenues of the state general budget. The oil production of Yemen, which is not a member of OPEC, is currently 380 million barrels per day. The oil minister said that the country has plans to increase oil output by 500,000 barrels a day in a phased process over the next three years.

The enhanced production is expected to come from oil blocks that were offered for exploration in the last three rounds of bidding, said Bahah. Yemen also plans to offer five to 10 new blocks for exploration in a fourth round of bidding expected in the second half of this year. Meanwhile, Yemen has worked to utilize gas.

The Yemen Liquefied Natural Gas project being built by Yemen LNG Company, majority owned by French oil and gas company Total S.A. (TOT), will be ready for production at the end of 2008. The second phase will begin by mid 2009, Bahah said. The project, when completed, will have the capacity to produce 6.7 million tons of LNG annually.

[robbie balboa] 23/2/2007 14:12

Sorry wrong thread.

[robbie balboa] 23/2/2007 14:12

You guys are talking out of your collective ar$es, the thread has become an utter farce.

I SHALL NOT be posting on here again.

[ariane] 23/2/2007 11:03

Oil extends gains as market mulls unexpected falls in US weekly stocks UPDATE


LONDON (AFX) - Oil extended yesterday's gains as market players focused on
unexpected falls in US distillate and gasoline stocks.
The Energy Information Administration, the statistical arm of the US
Department of Energy, released weekly data yesterday which showed a cold snap in
the Northeast and refinery troubles taking their toll on inventories.
At 10.25 am, front-month Brent North Sea crude contracts for April delivery
were up 77 cents to 61.39 usd per barrel. Oil gained 1.27 usd to close at 60.62
usd yesterday.
Meanwhile, front-month New York light sweet crude contracts for April
delivery were up 54 cents to 61.50 usd a barrel, after adding 88 cents to settle
at 60.95 usd yesterday.
Distillate stocks, which include heating oil, fell by 5 mln barrels against
analysts' expectations of 3.5 mln barrels last week. Gasoline inventories, which
are being more closely watched, fell by 3.1 mln barrels against expectations of
a 950,000 drop.
"Distillates are less important now, it's gasoline that took the market's
notice," said Global Insight analyst, Simon Wardell. As the market approaches
the second quarter, where demand is traditionally lower, focus is switched
towards gasoline with the US driving season beginning in May. Distillates, which
keep furnaces burning in colder weather, become less important as winter nears
its end.
However, gains were capped as data also showed a higher-than-expected gain
in crude stocks of 3.7 mln barrels against expectations of a 350,000-barrel
rise.
"This weeks data provided the crude bulls with a shot in the arm," said Man
Financial analyst, Ed Meir. But, he added, the impact of the numbers should fade
as the week goes on.
Refinery problems in the US and a shutdown pipeline, which had lifted prices
towards the 60 usd level earlier in the week, continued to underpin prices.
Traders were mostly concerned about outages from Valero, the largest US refiner
with an output of 170,000 barrels per day, which could be could be shut for
weeks.
US/Iranian tensions came back to the fore, also lending support to prices.
President Mahmoud Ahmadinejad vowed Iran would defend its nuclear programme to
the bitter end, a day after the UN nuclear watchdog again found it in breach of
a Security Council ultimatum to suspend uranium enrichment.
"Iran is the wild card and sanctions seem likely," said Wardell at Global
Insight. He added China and Russia's reaction to sanctions would be closely
watched. "The risk (for prices to spike) is there - it's not immediate but
possible in the future."
Elsewhere, market players are keeping OPEC's meeting in mid-March in mind.
Analysts widely expect, given current high prices, the cartel is unlikely to
make further production cuts.
[e-mail]
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[catandcrow] 21/2/2007 17:30

Look like they may have picked up a decent contract.

DCC / Allied might have been awarded one?

Total Produce may acquire at least one distribution deal with Dunnes.
Barry O'Halloran
310 words
10 February 2007
Irish Times
19
English
(c) 2007, The Irish Times.

Fyffes spin-off Total Produce is understood to be a candidate to pick up at least one distribution deal with the State's biggest retailer, Dunnes Stores.

Reports yesterday indicated that Total Produce is likely to win a contract to deliver milk to Dunnes Stores outlets around the State. It is also said to be a possibility to win a food distribution deal.

The deal is one of three worth a total of €200 million a-year that the supermarket giant plans to give out at the end of the month.

Whelan Frozen Foods holds the contracts, which include frozen and fresh food, but ended up taking Dunnes to the High Court last year in a row over charges.

Dunnes has since told Whelan that the contracts will cease at the end of this month, a move that threatens 470 jobs at the distributor as the supermarket chain is its sole client.

Donegal-based Natural Dairies packages the milk sold in Dunnes outlets under the multiple's St Bernard brand.

Up to now it has been distributed by Whelan.

Natural Dairies buys the milk at auction in Northern Ireland before packaging it.

Fruit distributor Fyffes spun off Total Produce in December in a move designed to refocus and boost the value of its two divisions, general produce and tropical fruit.

Fyffes has no stake in Total Produce, but its shareholders, including the McCann family and chairman Carl McCann, own equity in Total Produce.

Both companies delisted from the main markets in the Dublin and London stock exchanges, and listed on the former's IEX market and the latter's Alternative Investment Market (Aim).

Fyffes took a similar route with its property interests early last year when it floated them off as Blackrock International Land.

[ariane] 14/2/2007 07:55

Total Q4 adjusted net 2.74 bln eur, in line; sees 2007 oil/gas output up 6 pct


PARIS (AFX) - Total said fourth quarter adjusted net profit was 2.74 bln
eur, down 10 pct from a year earlier and in line with analysts' expectations,
amid falling oil prices, reduced refining margins, a weak dollar and rising
costs.
It plans to continue building up oil and gas output more strongly than its
European peers, with production in 2007 to rise up by 6 pct and production over
the 2006-2010 period averaging 5 pct annual growth.
Growth in Total's liquefied natural gas operations is seen at 13 pct per
year through 2010.
The company plans a 15 pct rise in its full year dividend for 2006, to 1.87
eur. It pledged to pursue a "dynamic" dividend policy and said it may engage in
share buybacks from its cash flow.
It called the oil market environment "generally favourable" for the company
since the start of 2007.
Investments this year are budgeted at 16 bln usd, with 75 pct earmarked for
exploration and production.


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