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Have you been following this company? Still invested in this? I have some stocks in this but I am not sure what I should do with the stocks now. I think it is now delisted. Any advise? pls reply to rshinto at gmail.
Now this stock is not listed anymore on my trading platform- Ameritrade. Does this mean that all the money is lost? Can anyone advise me what I should do with the stock that I have. Anyone know anything about this company coming back into operation? It is a pity that even with oil prices so high, this company is still down.Kindly reply to rshinto at gmail if you have time.
TMYEQ @ .001!
Thanks C $
helpful info 4 sho
Interesting T&S..
not sure what to make of it, as it's Day one of an uptick out of the entire blue, but did seem someone was chasing something early this am, as all shares were being gobbled up very fast. Tomorrow might shed some light on this action,...still...it's small money passing through...nothign to get too excited about i suppose.
TMYEQ Stats & Chart 3/28/2011 Total Volume Total Sales # of Sales Average PPS
Please Read My Signature!
3,211,617 $7,341.45 59 $0.00229
Price Shares Total $ % of Total Vol
0.0012 226,000 $271.20 7.04%
0.0014 42,000 $58.80 1.31%
0.002 1,164,800 $2,329.60 36.27%
0.0021 245,625 $515.81 7.65%
0.0024 27,003 $64.81 0.84%
0.0025 545,000 $1,362.50 16.97%
0.0026 40,000 $104.00 1.25%
0.0027 55,000 $148.50 1.71%
0.0028 257,189 $720.13 8.01%
0.0029 609,000 $1,766.10 18.96%
It Awakes
Plenty of action on Q stocks lately, only a matter of time before TMYEQ gets a run going.
http://stockcharts.com/h-sc/ui?s=BUTLQ&p=W&yr=1&mn=0&dy=0&id=p10386342631
http://stockcharts.com/h-sc/ui?s=QSGIQ&p=W&yr=1&mn=0&dy=0&id=p94355703137
http://stockcharts.com/h-sc/ui?s=RNCHQ&p=W&yr=1&mn=0&dy=0&id=p11409194330
http://stockcharts.com/h-sc/ui?s=TMYEQ&p=D&yr=0&mn=3&dy=0&id=p65425742449
Big volume today!
TMYEQ @ .0029!
TMYEQ @ .002!
TMYEQ @ .0017!
BBC has been talking a lot lately about TMYEQ; land leases in the Artic have the chance of being bought out....
CSTI is walking this up,,,
TMYEQ @ .0015!
CSTI has bought 300k between 7->8 now, lets see if he goes for 9s next. Very thin here,, watching closely~
BBC had mentioned this co. last night, and I'm going to be taking a serious look here...~
Will move SUPER fast w/ volume~
97k$ market cap at current PPS, ridiculous~
Hearing this co. may still be up~
this looks like it could be worth putting 500 bucks in it an seeing what happens hahahahahaha.
almost like betten on red an black.
I feel bad that TMY is going bankrupt....This was my first stock that i ever invested in...i made 120 dollars in one day off of this, i was so excited....i hardly knew what i was doing back then but all that mattered is that i made some money...it was beginners luck...ill probably remember this stock forever as well as CNR..it was the first time i received stockholder information, like voting and future plans..etc...i felt important :).....well...good luck to everyone..i know i need some right now
TMYE.PK... man, what happened? What happened to "As of December 31, 2007, its net proved reserves were 58,571,296 barrels of oil."? Been gone for awile but can't believe some of these stocks I followed....jmhjo and GLTA
I got out quite a while back, in July, just not liking what I saw in the dynamic and not having any real reasons for seeing that dynamic...
Since then, the stock has been pounded, with a couple of fairly obvious reasons... the general decline in oil prices, the Russian invasion of Georgia, and the impact that has on the market value of investments in Russia, along with the impact of the deliberate threat Russia intends to the formerly Soviet occupied territories that are now independent countries.
Haven't looked to see what impact the various events have had on the TMY specific developments. I don't expect that Russian posturing threatening pipelines in the Caucus would concern the Chinese investors all that much... as they likely intend to develop alternative deliver methods and routes along with alternative destinations? Still, it might give them some room to work a better deal without blowing the whole thing up? Will start having a look again to see what is going on here that is related to company specifics.
Short term also looks good.
Agree with the short term target...
Will wait a bit to see what happens before deciding how long is "too long" to see the rest happen. If it is a question of taking months and months to get from $1.50 to $3... yeah, I'll likely find faster places to park cash. If the new owner is more interested in dusting it off a bit and re-vending to regional interests sans the problems and with assets in development... might not take long to pop higher... but need to hear the new plans first.
Still expect it may become a good trading stock that will be useful to have on the short list for rotation depending on the timing.
So, agree again that I don't really want to marry this one. Not a core, long term holding for me... but holding from the April lows has been gratifying.
Hey, I'm not marrying this stock nor any other stock, just looking for $1.50 atleast. With the DD I did, to me it looks like we should see $1.50 very soon. Afterall $3 is what were willing to pay for it.
So I figure have is atleast what it's worth, while in reality I know if I hold it will be worth $3, $4, $5. I don't have the patience unfortunately for long term.
GLTU and goodnight
I bought some around one o'clock... when there were a lot of shares flowing. I noted it tracked down in a straight line all morning, and then after a large pile of share sales, stayed more or less flat at $0.60 while the entire distribution from the sales after noon were ALL bought back in $0.05 lower than the open. Leaves stochastics neutral, MACD heading up, etc.
The keys I think are the accumulation turned back up... and the chart pattern for the 24th and 25th look suspiciously like that on the 16th and 17th...
Maybe just chart painting ?
Sell me your shares please someone!!!
I have an order in for 10000 shares at .60
TMY was $0.50 when I first posted on it here. It is around $0.75 now. It seems to have a consensus value of over $1.30 to $1.50 now, and the recently announced capital infusion may enable more rapid realization of greater value... but, it seems to have stalled "just" below MACD positive... in my estimation as a function of deal risk, which, when resolved, is likely to propel the shares along smartly toward real value.
TMY made a deal that took out the threat of the junior holders takeover... and put a lot of new capital into the company to allow them to move forward. The deal comes with dilution, but not the open ended dilution risk the junior holders intended.
Trading up since the deal was announced... but still around $0.75 and "just" ready to cross into MACD positive territory with a good chance of going vertical.
TMY Valuation Metrics
TMY has December 31, 2007 net proved reserves of 58,571,296 barrels of oil, with 117 million shares out, trading at $0.57 at the close today. A market cap of $67 million. Proven oil for $1.14/bbl with each share representing .50 barrels.
I found another small public company doing similar business in the very same regions, that has a total of 38 mboe, all in the same region. This company has 174 mil shs outstanding, and is trading now at $2.71 /sh., in a 52 wk range of $2 to $3. And, that is with a stock that is not even trading on a major exchange. A market cap of $471 million. Proven oil for $12.39/bbl with each share representing .21 barrels.
Either buy .5 barrels for $1.14 or .21 barrels for $12.39 ?
I don't know... some pretty tough math, huh ?
Schlumberger, First Reserve to Buy Saxon Energy (Update4)
By Dan Lonkevich
May 5 (Bloomberg) -- Schlumberger Ltd., the world's biggest oilfield contractor, and First Reserve Corp., an energy industry buyout fund, agreed to acquire Canada's Saxon Energy Services Inc. for about C$592.1 million ($583 million) to expand in South America.
Saxon shareholders will get C$7 a share, Calgary-based Saxon said in a statement today. That's a 1.9 percent premium to Saxon's closing price May 2. Saxon, had 84.59 million shares outstanding as of April 30, according to Bloomberg data.
Schlumberger, based in Houston and Paris, is seeking a bigger stake in the growing Latin American market for oilfield- services companies as oil prices surge to records. Saxon has rigs in Venezuela, Colombia, Ecuador, Peru, Mexico, the U.S. and Canada.
The company ``doesn't have a big presence in South America, so it makes terrific sense to add to their footprint,'' said David Rewcastle, an analyst at Argus Research Inc. in New York, who rates Schlumberger shares ``buy'' and doesn't own any.
Schlumberger rose $1.99, or 2 percent, to $101.62 as of 11:06 a.m. in composite trading on the New York Stock Exchange. Saxon gained 10 cents, or 1.5 percent, to C$6.97 in trading on the Toronto Stock Exchange.
``The C$7 a share price is a bit skinny,'' said Irwin Michael, who helps manage $1.25 billion at ABC Funds in Toronto including about 6.25 million shares in Saxon. ``We think it's worth C$7.50 or more.''
Higher Potential
Saxon is worth more because of record oil prices, according to Michael.
``We have a lot of faith in (Chief Executive Officer) Dale (Tremblay),'' he said in an interview. ``The earnings have yet to come through but the potential is there.''
Saxon said on May 1 its first-quarter profit fell 36 percent to $5.1 million, or 6 cents a share, from $8 million, or 10 cents a share, a year earlier. Revenue climbed 31.5 percent to $72.2 million.
Crude oil futures traded in New York have risen 91 percent in the past year. They touched a record $119.93 a barrel on April 28.
Stephen Harris, a Schlumberger spokesman, declined to comment. A spokesman for First Reserve couldn't be reached.
Saxon was advised by Thomas Weisel Partners Canada Inc.
To contact the reporter on this story: Dan Lonkevich in New York at dlonkevich@bloomberg.net.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aWYa9dJqr9lQ&refer=canada
Russia Mulls Stronger Partnership With Uzbekistan
By Sergei Blagov
Friday, May 2, 2008
The Kremlin has moved to strengthen ties with Uzbekistan, Central Asia's most populous nation, through the Russia-led Collective Security Treaty Organization (CSTO) as well as major energy projects.
CSTO Secretary General Nikolai Bordyuzha was in Tashkent from April 27 to 29 to meet top Uzbekistan officials, including the ministers of defense and internal affairs. Few details of the talks were announced, but officials were reported to have discussed military cooperation. The CSTO is due to evolve from its current status of a military-political organization into a multi-faceted international institution, Bordyuzha announced on April 29 (Interfax, RIA-Novosti, April 29). The CSTO includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
In 1992 Uzbekistan joined the post-Soviet security organization, then known as the Tashkent Treaty group, but left it in 1998. In December 2006 Uzbekistan revived its membership in the CSTO.
Earlier this year, the CSTO came up with new initiatives in an apparent bid to prop up its regional clout. In January 2008 Bordyuzha announced an initiative to convene a top level meeting of the CSTO, the Commonwealth of Independent States (CIS), the Eurasian Economic Commonwealth (EEC), the OSCE and the Shanghai Cooperation Organization (SCO) in 2008.
In the wake of Tashkent's policy shift in Moscow's favor, Russia has been keen to build stronger relations with Uzbekistan. Bilateral ties are based on a partnership agreement, signed by Russian President Vladimir Putin and Uzbek President Islam Karimov in Tashkent in June 2004. In November 2005, Putin and Karimov signed a strategic alliance treaty. In January 2006 Uzbekistan formally joined the Russian-led EEC. In February Putin became the first leader to meet Karimov in Moscow, following his controversial re-election last December.
Trade between Russia and Uzbekistan has been growing fast. In 2007 trade between the two countries amounted $4.2 billion, up 40 percent from the previous year, according to Uzbek statistics. Bilateral trade turnover was $1.6 billion in 2004, $2 billion in 2005, and $3 billion in 2006.
There are more than 700 companies with Russian investments in Uzbekistan, including such major companies Gazprom, LUKoil, RAO UES, as well as smaller Russian firms. Notably, Russia's oil major LUKoil has been pursuing sizable investment projects in Uzbekistan.
LUKoil is to invest $5.5 billion in Uzbekistan, aiming to produce 16 billion cubic meters (BCM) of gas a year by 2015, LUKoil CEO Vagit Alekperov announced on April 24 during a visit to Tashkent. LUKoil is confident in the potential of Uzbekistan’s gas reserves, Alekperov said, adding that the planned 16 BCN per year output would be based on already discovered deposits. Alekperov also said that the project at the Kandym gas fields would become operational in 2009 (Interfax, ITAR-TASS, RIA-Novosti, April 24).
In late 2007 LUKoil started production at the Kandym, Khauzak and Shady gas fields and plan to produce 2.5 BCM there this year. LUKoil also plans to raise gas production there up to 15 BCM a year by 2012, build a new gas-processing plant in Kandym and export 12 BCM a year from these fields.
In March LUKoil Overseas closed a $580 deal to acquire 7 gas deposits in Uzbekistan: Jarkuduk, Gumbulak, Amanata, Pachkamar, Adamtash, South Kyzylbairak and Koshkuduk. Combined reserves of these deposits are estimated at 100 BCM of gas and 6 million tons of oil, while gas production there is expected to reach 3 BCM per year by 2012 at an estimated cost of $700 million.
In 2004 the two sides signed a $1 billion, 35-year Production Sharing Agreement (PSA) to develop Uzbek natural gas deposits. Under the PSA, top Russian oil producer LUKoil is to develop the Kandym, Khauzak and Shady gas fields in the south of the country, which have 280 BCM of proven reserves. LUKoil controls a 90 percent share in the project, with Uzbekneftegaz holding the remaining 10 percent. By April LUKoil had reportedly invested more than $300 million in Khauzak.
Moscow also moved to offer better terms for Uzbek gas exports. In March 2008 Russia agreed to raise the gas price for Turkmenistan, Kazakhstan and Uzbekistan to European levels from 2009 onward. The decision was announced following a meeting in Moscow on March 11 between Gazprom CEO Alexey Miller, KazMunaiGaz CEO Uzakbai Karabalin, Uzbekneftegaz CEO Nurmukhamad Akhmedov and Turkmengaz CEO Yagshigheldy Kakayev. Gazprom reportedly expected gas export prices to Europe to reach about $350 per 1,000 cubic meters (TCM) by mid-2008 and up to $400 per TCM by the end of this year.
The decision is understood to be aimed against the U.S.-backed Trans-Caspian under water gas pipeline, which would bypass the Russian pipeline network by linking Kazakhstan and Turkmenistan directly to the West. Moscow indicated its willingness to pay more for Central Asian energy resources, presumably to undermine the competing Trans-Caspian pipeline project.
In May 2007 the Russian, Kazakh, Turkmen and Uzbek leaders agreed to jointly develop gas pipeline networks in Central Asia. Their declaration agreement paved the way for reviving the Central Asia-Center pipeline network at its original capacity of about 100 BCM per year, aimed at funneling increased gas volumes from Turkmenistan, Kazakhstan and Uzbekistan. It was decided that the joint project should be launched in the first half of 2008, but now implementation appears to be behind schedule. Increasing the Central Asia-Center pipeline network's capacity up to 80 BCM per annum, or roughly doubling the current level, is expected to cost $2 billion, while a further increase up to 100 BCM would require another $1 billion, according to Russian estimates.
Despite Moscow's continuing efforts to develop multi-faceted ties with Uzbekistan, some bilateral projects have tended to take longer than expected.
http://jamestown.org/edm/article.php?article_id=2373025
RUSSIA REINFORCES FORCES IN ABKHAZIA AS A POSSIBILITY OF ARMED CONFLICT LOOMS
By Pavel Felgenhauer
On April 29 the Russian Foreign Ministry accused Georgia of concentrating forces and weapons in the upper part of the Kodori Gorge in Abkhazia. An official foreign ministry communiqué stated, "More than 1,500 Georgian army and police personnel are already in the Kodori Gorge." According to the foreign ministry, the Georgian troop concentrations in the Kodori Gorge "constitute a preparation of a bridgehead to begin a military operation against Abkhazia." On the same day, the Russian Defense Ministry in a separate statement accused Georgia of concentrating troops, of moving mortars and 122mm guns into the Kodori Gorge and of threatening to use force and provocations against Russian peacekeepers. The defense ministry warned Georgia that "Any attempts to use force against Russian peacekeepers or Russian citizens on the territory of Abkhazia and South Ossetia will be met with a stringent and adequate response....(continued)
http://jamestown.org/edm/index.php
...Also this year, Chevron expects its 50%-owned Tengizchevroil affiliate in Kazakhstan to increase total crude-oil production capacity to 540,000 barrels a day from 400,000 barrels per day...
Chevron net rises 10% on higher oil, gas prices
By Steve Gelsi, MarketWatch
Last update: 9:29 a.m. EDT May 2, 2008
NEW YORK (MarketWatch) - Rounding out an impressive set of results from the major oil producers, Chevron Corp. on Friday said first-quarter net income climbed 10% as revenue jumped on higher prices for crude oil, natural gas and refined products.
The San Ramon, Calif. integrated oil and gas giant said earnings for the three months ended March 31 increased to $5.17 billion, or $2.48 a share, from $4.72 billion, or $2.18 a share in the year-ago period, which included a one-time $700 million gain.
Revenue rose to $65 billion from $46 billion, as the company's oil and gas production business grew, even as its refining and marketing results were essentially break-even for the period.
Wall Street analysts expected Chevron to earn $2.39 a share, according to a survey by FactSet.
"Upstream earnings benefited from a significant increase in the price of crude oil from a year ago," said Chairman and CEO Dave O'Reilly. "However, market conditions prevented our downstream business from fully recovering these higher costs through the price of gasoline and other refined products."
Shares of Chevron, a component of the Dow Jones Industrial Average rose 1% in pre-market trade.
Money plowed into capital projects, dividends
Common stock buybacks in the period totaled $2 billion. Chevron announced a 12% increase in its quarterly dividend on common stock earlier this week.
Chevron said capital and exploratory expenditures in the first quarter, including its share of expenditures by affiliates, rose by $1 billion to $5.1 billion, compared with $4.1 billion in 2007.
"Continued strong cash flows from operations have enabled the funding of major development projects that are providing the foundation for the company's growth," Chevron said.
The company expects the 2008 startup of deepwater projects at 68%-owned Agbami in Nigeria, with 250,000 barrels a day of production expected within a year; also 75% -owned Blind Faith in the U.S. Gulf of Mexico, with an expected yield of 70,000 barrels a day.
Also this year, Chevron expects its 50%-owned Tengizchevroil affiliate in Kazakhstan to increase total crude-oil production capacity to 540,000 barrels a day from 400,000 barrels per day.
Chevron's update marks the last of the big five oil majors to report big gains in quarterly profit as oil futures crossed the $100 mark for the first time early in the year and natural gas prices climbed.
http://www.marketwatch.com/news/story/chevron-net-income-rises-10/story.aspx?guid=%7BFD74A427-620D-4E60-96FD-00ADCD71BF12%7D&dist=msr_8
Management vs. Jr. Preferred 18 JUN 2008
from YMB
by bdk4pop
"We will have roller coaster stock prices until June 18. The Junior Preferred shareholders have and will continue to short this stock. They are due nearly $20 million on June 18 if the company is not sold by then. No way TMY can pay that in cash--they will have to pay in stock. The Preferreds will receive stock based on 97% of the June 18 closing price. The lower the price, the greater the number of shares they receive. Management will do whatever they can to support the price. If they don't, they will loose control of the company. Look for 1st Q. revenues in the $16-18M range and after that an announcement that they have stimulated the five wells boosting production, taking advantage of the record oil prices."
An excellent post imho! GLTA.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_T/threadview?m=te&bn=23748&tid=84572&mid=84572&tof=4&frt=2#84572
...This, in fact, has been the approach adopted by the Bush administration over the last seven years. It has involved repeated visits to key oil suppliers, including Azerbaijan, Kazakhstan and Nigeria, by top U.S. officials, including President Bush, Vice President Dick Cheney and Secretary of State Condoleezza Rice, along with promises of economic aid and, on occasion, increased levels of military assistance...
(full context below)
------
April 30, 2008, 7:45PM
We're both over a barrel; let's cooperate with China
Shrinking oil supplies will stretch if we work together
By MICHAEL T. KLARE
TOOLS
Among the many reasons given for the recent surge in gas prices is China's soaring demand for petroleum. Because the Chinese are running around the world buying up every available barrel of oil, the theory goes, we Americans have to pay that much more to outbid them for the leftover pools of crude. And the fact that the Chinese yuan has been growing stronger while the American dollar is shrinking in value has only exacerbated the problem.
Unquestionably, there's some truth to this. China's consumption of oil rose from about 4.2 million barrels a day in 1997 to 7.8 million barrels in 2007, an increase of 86 percent, the U.S. Department of Energy reported earlier this year. More to the point, the percentage of this oil that had to be imported grew even more. In 1997, China supplied all but 1 million barrels of the oil it consumed each day from domestic fields; by 2007, the shortfall between domestic output and consumption had jumped to 4 million barrels, all of which had to be imported.
To obtain these additional barrels, the Chinese have, in fact, been shopping in some of the same foreign oil bazaars as the United States — and, with more demand chasing a finite supply, prices naturally tend to rise.
But let's put this in perspective. In 2007, according to Energy Department figures, the United States consumed about 21 million barrels of oil a day, nearly three times as much as China. Even more significant, we imported 13 million barrels every day, a vastly greater amount than China's import tally. So, although it is indeed true that Chinese and American consumers are competing for access to overseas supplies, thereby edging up prices, American consumption still sets the pace in international oil markets.
The reality is that as far as the current run-up in gasoline prices is concerned, other factors are more to blame: shrinking oil output from key producers such as Mexico, Russia and Venezuela; internal violence in Iraq and Nigeria; refinery inadequacies in the United States and elsewhere; speculative stockpiling by global oil brokers, and so on. These conditions are likely to persist for the foreseeable future, so prices will remain high.
Peer into the future, however, and the China factor starts looming much larger.
With its roaring economy and millions of newly affluent consumers — many of whom are buying their first automobiles — China is rapidly catching up with the United States in its net oil intake. According to the most recent projections, Chinese petroleum consumption is expected to jump from 8 million barrels a day in 2008 to an estimated 12 million in 2020 and to 16 million in 2030. American consumption will also climb, but not as much, reaching an estimated 27 million barrels a day in 2030. In terms of oil imports, moreover, the gap will grow even smaller. Chinese imports are projected to hit 10.8 million barrels a day in 2030, compared with 16.4 million for the United States. Clearly, the Sino-American competition for foreign oil supplies will grow ever more intense with every passing year.
How, then, should we respond to this challenge? One answer, favored by many officials in Washington, D.C., is to step up American political, economic and military involvement in Africa, the Middle East and Asia so as to enhance America's competitive advantage in the struggle for access to the world's remaining untapped supplies of crude oil.
This, in fact, has been the approach adopted by the Bush administration over the last seven years. It has involved repeated visits to key oil suppliers, including Azerbaijan, Kazakhstan and Nigeria, by top U.S. officials, including President Bush, Vice President Dick Cheney and Secretary of State Condoleezza Rice, along with promises of economic aid and, on occasion, increased levels of military assistance. China, sad to say, has responded in kind, inflaming regional tensions and sparking a series of local arms races.
This competitive approach may give American companies a slight advantage in a few oil-producing areas, but it is unlikely to alter the big picture or reduce the cost of gasoline to American consumers. At the same time, it is sure to boost U.S. military expenditures and produce a greater risk of American involvement in overseas energy conflicts.
A far wiser course, I believe, would be to promote energy cooperation with China, rather than competition. Given that the United States and China are the world's two biggest users of petroleum — a fuel whose worldwide availability is likely to peak at 100 million barrels or so per day in the next five years or so and then commence an irreversible decline — it makes great sense for us to collaborate in the development of oil alternatives and energy-saving technologies.
Such collaboration could take the form of joint ventures to develop advanced biofuels (not derived from food crops) and transportation fuels extracted from coal (without releasing heat-trapping carbon dioxide into the atmosphere). It could also include the development of superlight vehicles, advanced hybrid engines and other energy-saving systems. Such endeavors have been discussed on a preliminary basis by U.S. and Chinese officials, so it is hardly utopian to envision a more elaborate and constructive undertaking of this sort.
Make no mistake: Intensified competition between the United States and China for access to the world's remaining supplies of oil (and other sources of energy) will inevitably add to the forces pushing gasoline prices skyward and will generate an increased risk of regional instability. Trying to fight China over oil is the wrong approach; we'd both be better off by cooperating in the search for petroleum alternatives.
Klare is a professor of peace and world security studies at Hampshire College and the author of "Rising Powers, Shrinking Planet: The New Geopolitics of Energy." This article originally appeared in the Los Angeles Times.
http://www.chron.com/disp/story.mpl/editorial/outlook/5744175.html
Kazakhstan, Azerbaijan and Georgia should Have Unity of Purpose: Interview with Georgian Minister of Economic Development
01.05.08 10:50
Kazakhstan, Astana, 30 April / corr. TrendCapital K. Konirova/ The exclusive interview of the special correspondent of TrendCapital in Astana with the minister of economic development of Georgia Ekaterina Sharashidze, who visited Kazakhstan recently.
Question: Association Head of Kazakhstan Exporters said that under such cut-throat competition among the routes, all depends on what Caucasus will suggest us. Were the transit tariffs for the export of Kazakhstan cargo through Georgia discussed during your meeting in Astana?
Answer: We did not discuss the tariffs. We discussed the possibility of Kazakh cargos transit, especially the oil and oil products through Georgia, through our ports in Batumi and Poti. Apart from this, we also discussed the various possibilities of the use of oil pipelines such as Baku-Tbilisi-Ceyhan. As you know, the capacity of BTC may be increased. There are rehabilitation works continuing in Baku-Supsa pipeline at present. By the way, a new port will be built in Poti, so the capacity of this port will increase in the future. We also discussed the transit of cargo via railway through Caucasus.
Question: There have been some problems concerning the transit of Kazakh strategic goods (oil, gas and grain) via Caucasus corridor. As I recall, a year and half ago, the Georgian parliament speaker Nino Burjanadze raised the issue of railway transit tariffs in Tbilisi during her meeting with Karim Masimov, Kazakh Premier…
Answer: As to the position of my country, Georgia strongly pursues open policy today. We do every effort so that the cargos passes through our country without any obstacles by eliminating all the tariff and administrative barriers, Today a lot of efforts are made to make the country more attractive for the transit purpose. The roads and related infrastructure have been built and we have begun investing into the development of Poti sea port. We have done that so that our regional transit tariffs would not be higher than the other countries and the cargos would not pass through Iran and Russia. We also make efforts to make the Caucasus corridor more attractive. There are high railway tariffs in Baku-Tbilisi section. We are holding talks with Azerbaijan in this regard and we know that Kazakhstan and Azerbaijan are discussing it as well. Our chief goal is that Kazakhstan, Azerbaijan and Georgia could have a unity of purpose. We believe that the development of a unified policy is a target of strategic importance for all these three countries today.
Question: What are your views about the implementation of project on construction of Baku-Tbilisi-Kars railway?
Answer: Works on the construction of Georgian section of the railway began at the end of 2007. Everything is being carried out in line with the schedule. As to the dividends expected from the project, they are very promising. This section will connect the Georgian railway infrastructure with Turkey, which is going to connect to the European railway infrastructure soon. Baku-Tbilisi-Kars will be one of the opportunities to expand the transit potential of the three countries, Azerbaijan, Georgia and Turkey, as it will connect Asia with Europe. The construction of the railway is expected to end in two years. We are sure that when the railway will be lunched, lot of cargos will come from China and Russia as well. Most important thing for today is that the processes are continuing dynamically and we are optimistic about the future of the Caucasus corridor.
Question: Todd Levy, the head of TSO, a large oil extracting company of Kazakhstan, stated recently that they plan to increase oil production from 2008 and part of it will be transported via BTC or via railway through Caucasus. Now the management of TSO is holding talks on transit of additional volumes of Tengiz oil via Caucasus route. Is Georgia ready for transit of such big volumes?
Answer: Yes. Baku-Supsa oil pipeline, which goes through our territory, is being reconstructed at present. As a matter of fact, there are two pipes. Their total capacity makes up to 10mln-15mln tons a year with a possible expansion of 27mln tons of oil a year. The oil pipeline is under the management of BP. As the representatives of the company said during the talks, the first stage of reconstruction will end by the end of May and early June 2008.
Question: How do you assess the participation of State Oil Company of Azerbaijan (SOCAR) in energy sphere of Georgia?
Answer: We have very good ties with Azerbaijan, especially with SOCAR. We purchase gas from the neighboring country’s Shah Deniz field. The national oil company of Azerbaijan is developing gas network and distribution in our country. They have completed the construction of Kulevi terminal and have also been granted one-year license.
Question: During his meeting with the President of Georgia, the President of Kazakhstan has expressed his wish for Georgian mandarins and apples to be brought to Kazakhstan…
Answer: We discussed this topic in Astana with the Prime Minister Karim Masimov. Discussions were held on how to assist the entrepreneurs of the two countries in supplying fruits from Georgia already in this season. The harvesting is supposed to be rich. From our side, we are prepared to export our products to Kazakhstan. Three or four years ago, we had lack of roads and electricity in the rural regions. At present, everything has changed. Roads have been constructed, electricity has been supplied and there is a favorable climate. In short, we are ready. Now everything depends on the Kazakh side and on the volume of orders. I think that today this question was raised at the level of governments and there will be positive results.
Question: There is an opinion that the absence of direct flights between Tbilisi and Astana presents obstacles for the development of many business projects between the two countries. What is your view point on this?
Answer: Georgia pursues an open sky policy. Everything will depend on the range of business people demand for flights to Kazakhstan and to Georgia. We have two or three Georgian private air companies. Earlier the flight were carried out to Almaty and Astana, and to my knowledge, there are intentions to re-establish the flights soon.
Question: It is not a secret that over the recent period, the media paid much attention to the discussions on Georgia’s entrance to NATO. One of the opposite arguments was that the membership to NATO envisages huge expenses for the country that joins the Alliance. Is Georgia prepared for that?
Answer: Georgia has implemented all the conditions and necessary expenses for its entrance to NATO. With regards to the military expenses, nearly 20% of the Public budget is being directed towards Georgian army. In my opinion, it is a normal case for a developing country. We began establishing our army from zero. Today our army has been trained well, physically and technically. Defence, social program and infrastructure projects are key articles of expenditures of Georgia today. We always look at the current situation. For instance, if we see that the development of economy will help in the development of infrastructure, we increase our expenses in this direction. But if the food crisis has been recorded in the recent period, we increase our expenses for the social programs.
Question: I heard that preference is given to the young people in labor establishment in Georgia, but there are difficulties for those under 50 years of age. Is that true?
Answer: Yes, there is such a problem. It deals with those who can not find their place in the realities of life. Today the Government carries out special job-trainings involving not only young generation, but also the old generation. In the beginning, the private companies make announcement on specialties they require, and the Government holds three months seminars where the people pass practice and receive $200 salary from the government. It is a huge help to the company and people. The firms gain additional workforce and people gets guaranteed salary and opportunity to test themselves.
Связаться с автором статьи можно по адресу: Capital@trend.az
http://capital.trendaz.com/index.shtml?show=news&newsid=1189098&lang=EN
New overland gas pipeline through Kazakhstan to Russia:
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An Anniversary in Central Asia
One year after regime change, Turkmenistan remains an enigma
BY JESSE KAPLAN
It was a busy first year in office for Turkmen president Gurbanguly Berdymukhammedov. The dentist-turned-bureaucrat formally assumed the presidency in February 2007 and has since visited Beijing, Brussels, New York, and Mecca. He has also received numerous visiting dignitaries and opened the country’s first internet cafés, all while reversing some of the bizarre and repressive policies of his predecessor, Saparmurat Niyazov. Niyazov had abolished tenth grade education, forbidden mention of infectious diseases, and even renamed the month of January after himself.
Yet if Berdymukhammedov's Turkmenistan is a “little less the North Korea of Central Asia” than was Niyazov’s, as Olga Oliker, Senior International Policy Analyst at the RAND Corporation, told the HPR, the new regime has followed the same aggressive neutrality policy. Within the past year, Turkmenistan has negotiated deals with Russia and China while soliciting the attention of Western energy firms. For all of Berdymukhammedov’s rhetoric of opening the country, Turkmenistan has intentionally remained diplomatically nonaligned, leaving unclaimed the biggest prize in the race for influence in Central Asia.
Products of Paranoia
Few question Turkmenistan’s strategic importance. The country possesses some of the most abundant natural gas deposits in the world as well as substantial untapped oil reserves. So large are Turkmenistan’s hydrocarbon resources, and so little is consumed domestically, that the government distributes gas essentially free to its citizens. As for the geographic significance of Turkmenistan, the country borders Afghanistan and Iran and is a proverbial stone’s throw from China and Russia.
Under Niyazov, Turkmenistan proved to be the most hermetic nation in the world; his policies were products of his jealous grip on power. Fear that a well-educated populace threatened his rule led Niyazov to systematically dismantle elements of the Turkmen educational system. He reduced the length of compulsory schooling and replaced standard curricula with those based on the Rukhnama, a quasi-historical moral guide he penned in office. He also mostly forbade study abroad. “Niyazov had this idea that anybody with higher education would want to overthrow his government, which, when you think about it, is probably true,” Scott Horton, a lecturer at Columbia Law School who has worked extensively on foreign investments in Central Asia, told the HPR. As a result, an entire generation of Turkmen remains uneducated.
Niyazov’s paranoia did lead to some positive consequences for Turkmenistan internationally. Spurning outside influence, Niyazov used the country’s UN-recognized neutrality to balance the interests of competing geopolitical powers. For example, his preoccupation with maintaining his rule, which hindered new infrastructure development, pleased Russian leaders wary of competition against existing gas pipelines that ran through Russia. Yet to reduce reliance on Moscow, Niyazov allowed American use of Turkmen airspace and removed Turkmenistan from permanent membership in the Commonwealth of Independent States. Niyazov may have been “crazy,” Horton noted, but Western perceptions to the contrary, “He wasn’t stupid.”
Gazpromonopoly
Niyazov’s energy policy, whatever it did for his political fortunes, prevented Turkmenistan from realizing the potential wealth from its reserves. Russia purchases 1000 cubic meters of Turkmen gas for approximately $100; the market price in the European Union for this gas is $250. Turkmenistan exports between 90 and 95 percent of its gas through Russia, leaving the Kremlin free to dictate trade terms. When Niyazov briefly cut off exports to Russian oil company Gazprom over a pricing dispute in 1996, the Turkmen economy collapsed.
To correct this imbalance, Berdymukhammedov has voiced support for a trans-Caspian pipeline favored by Western nations that would link with lines in the Caucasus, bypassing Russia. Berdymukhammedov appears “willing to place Russia in a market rather than a patriarchal context,” said Erika Dailey, director of the Turkmenistan Project at the Open Society Institute, in an interview with the HPR. Yet he remains willing to make deals advantageous to Moscow: In May, he committed to a new gas line overland through Kazakhstan to Russia, the proposed capacity of which may put visions of the trans-Caspian line to rest.
Due to simple geographic reality, Russia will continue to play the most significant role in Turkmen energy politics. “It's very difficult to build pipelines in that part of the world that don’t involve Russia,” said Oliker. “Look at a map.”
Courting the West, and the Rest
Some experts remain wary of investment in Turkmenistan. Berdymukhammedov has done little to open Turkmen society; he accompanied his much-lauded establishment of cybercafés by banning private satellite dishes. Added to the concern is the difficulty of pinpointing the size of energy reserves in the country, as well as the uncertainty surrounding hydrocarbon extraction. “What’s in the ground has been regarded as a [Turkmen] state secret,” Michael Cohen, specialist on Newly Independent States at the Energy Information Administration, told the HPR.
Regardless, American courtship of Berdymukhammedov continues. Chevron and ConocoPhillips sponsored the 2007 Turkmenistan International Oil & Gas Conference, and in late January the U.S. Coordinator for Eurasian energy diplomacy, the commander of U.S. Central Command, and the CEO of Midland Oil and Gas all visited the Turkmen capital of Ashgabat.
Other nations have followed America’s lead. China began exploration drilling for gas in eastern Turkmenistan in July. Iran, which “sees itself as the natural ruler of Central Asia,” as the former U.S. ambassador to Turkmenistan, Michael Cotter, told the HPR, may seek to use its substantial Turkmen population as leverage to increase its influence in the region. In addition, the European Union, which hosted Berdymukhammedov in November, as well as India and Pakistan, who desire a trans-Afghan pipeline to support growing energy consumption, are jockeying for influence. It is unclear how Berdymukhammedov will orient himself. “His dance with the nations is meaningful,” Steve LeVine, author of The Oil and the Glory, an analysis of Caspian Sea energy politics, told the HPR. “He’s simply an uncertain dancer.”
Berdymukhammedov appears willing to stay on the dance floor for the foreseeable future. Central Asian relations are not a zero-sum game; discussions of spheres of influence ignore the viability of a nonaligned Turkmen foreign policy similar to that of neighboring Kazakhstan. Pipeline diversification and foreign investment are beneficial to Turkmenistan, but the continuing need for internal consolidation of his power will also prevent Berdymukhammedov from taking decisive steps internationally. As Johannes Linn, Senior Fellow at the Brookings Institution, told the HPR: “All signs point in the direction of continued neutrality.”
This spring, Berdymukhammedov will receive a delegation from the Harriman Institute to facilitate educational exchange with the West. Turkmenistan is considering an invitation to join the Central Asian Regional Economic Cooperation Program. And the country will, for the first time, allow an independent audit of its gas resources. All of this presages another busy year for Gurbanguly Berdymukhammedov during which his intentions will likely remain as inscrutable as ever.
Wednesday, April 30, 2008 at 11:24AM
http://hprsite.squarespace.com/an-anniversary-in-cent-042008/
KAZAKH URANIUM STRATEGY STUMBLES ALONG
Thursday, May 01, 2008; Posted: 04:36 AM
ALMATY - Kazakh authorities have reiterated "plans" to become a world leader in uranium production.
Kazakhstan, apart from sitting on the world's largest untapped oil deposit off the Caspian coast, is also immensely rich in non-ferrous metal ore, including copper, gold, silver, zinc and last but not least uranium. It has the second largest reserves after Australia, with deposit volumes of class A (proven) and class B (assessed) amounting to 11.6 million tons. About two-thirds of the country's uranium is located in the northern provinces, with other fields scattered over the west, south and the east of the country.
http://www.tradingmarkets.com/.site/news/Stock%20News/1474947/
Azerbaijan and Turkmenistan Discuss Caspian’s Status
[1 MAY 2008] 17:41
Azerbaijan, Baku, 1 May / corr. TrendNews S. Agayeva/ On 1 May, the Azerbaijan-Turkmenistan talks on status of the Caspian Sea began in Ashgabat. “The delegation of Azerbaijani Foreign Ministry headed by Khalaf Khalafov, the deputy foreign minister, has paid an official visit to Turkmen capital city in order to hold talks in this regard,” the Embassy of Azerbaijan in Turkmenistan said on 1 May.
Azerbaijan, Russia and Kazakhstan do not have claims to each-other concerning the division of Caspian’s bottom. Both bilateral and three-sided agreements on this issue have been signed amongst these three states. The parties have also reached a consensus on determination of the co-ordinates of the medium division line.
However, Turkmenistan and Iran abstain from determining the co-ordinate of the medium division line. It hinders the determining status of the Caspian sea.
The basic disagreement between Azerbaijan and Turkmenistan is over the Kapaz field, which Turkmenistan considers to be its own field with a name of Sardar. According to the seismological prospecting, the field is supposed to have some 150mln barrels of oil and gas-condensate reserves.
The correspondent can be contacted at: trend@trend.az
http://news.trendaz.com/index.shtml?show=news&newsid=1189584&lang=EN
OVL eyes Transmeridian’s oilfield in Kazakhstan
Our Bureau
New Delhi, July 23 [2007] ONGC Videsh Ltd (OVL), the overseas arm of ONGC, may acquireUS oil firm, Transmeridian Exploration Inc’ s oilfields in Kazakhstan. An OVL team abroad is said to be considering the proposal.
However, senior officials of ONGC and OVL declined to confirm the development. In June, Transmeridian had announced that it is continuing with its previously announced plan to obtain proposals for the acquisition of the company or its South Alibek field. The company, in an investor filing on June 18 said that it has received expressions of interest from potential bidders and entered into confidentiality agreements with selected parties.
Transmeridian Explorationhas projects in Kazakhstan and southern Russia and is pursuing additional projects in the Caspian Sea region. It is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. The company primarily targets fields with proved or probable reserves and significant upside reserve potential.
http://www.thehindubusinessline.com/2007/07/24/stories/2007072450770300.htm
New Delhi: Steel czar Lakshmi N Mittal is mulling floating an oil and gas company as part of his inorganic growth path for achieving bid in the hydrocarbon sector.
Mittal is likely to transfer oil and gas assets he has acquired over the past two years to the new firm, industry sources said.
Currently, Mittal family's holding company Mittal Investment holds the 50 per cent stake the steel baron had acquired in Kazakhstan oil firm Caspian Investment Resources and the three per cent stake in Chevron-operated Olokola LNG (OK-LNG) project in Nigeria.
The new company will takeover these and possibly also Mittal's 49 per cent stake in Hindustan Petroleum Corp Ltd's Bhatinda refinery, they said.
The new firm will be besides Mittal's joint venture with Oil and Natural Gas Corp, ONGC-Mittal Energy Ltd. OMEL, which was set up to leverage strengths of the two giants to acquire oil and gas assets in 27 countries, has since 2005 bagged two lucrative oil blocks in Nigeria, one gas block in Trinidad and Tobago, an oilfield in Syria and a gas block in Turkmenistan.
Sources said OMEL may continue to work along side, even though Mittal is withdrawing the Chief Financial Officer H Bhantia he had loaned to the venture. OMEL is without a CEO since August 2007 when Naresh K Nayyar resigned to join Essar.
Mittal's new company may also trade in oil and gas after his venture for the purpose with ONGC, ONGC Mittal Energy Services Ltd, folded up last year.
Sudhir Maheshwari, Mittal's acquisition man, is likely to head the new venture, sources said. Maheshwari currently is Executive Vice President (Finance and M&A) in ArcelorMittal.
http://economictimes.indiatimes.com/Corporate_Trends/Lakshmi_N_Mittal_may_float_oil_firm_/articleshow/3001924.cms
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Is ONGC India still interested in Transmeridian?
-- -- -- --
ONGC mulls takeover of US listed oil firm
Oil and Natural Gas Corporation (ONGC) is mulling a takeover of the US-listed oil firm, Transmeridian, that has 211-million-barrel reserves in Kazakhstan.
Transmeridian is listed on the AMEX Stock Exchange and independent valuers put its value at over $1.5 billion.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now. The company has done preliminary due diligence and it is expected to take a decision anytime now, industry sources said.
The sources said as per the US law OVL had two options to takeover Transmeridian — make offer directly to company shareholders for purchase of shares or make a merger proposal under which 100 per cent of the company is acquired with board and shareholder approving the OVL’s offer.
(Source: Business Standard)
http://www.whatisindia.com/issues/ongcpucs/ongcpucs_more.html
http://www.newindpress.com/NewsItems.asp?ID=IEB20070723141421&Page=B&Title=Business&Topic=0&
Non-OPEC oil producers hampered in efforts to boost output
13 hours ago
PARIS (AFP) — Oil producers outside the OPEC cartel are unable to pump enough oil to reduce crude prices, hampered by robust domestic demand, weak investment and exhausted oil fields, analysts say.
In the short term, "no non-OPEC member is in a position to produce more," said Francis Perrin of the publication Petrole et Gaz arabes.
"They are selling all the oil they can."
The Organization of Petroleum Exporting Countries, by contrast, has reserves equivalent to about 2.0 million barrels a day, essentially in the hands of Saudi Arabia.
While the market until recently had been expecting an output hike in non-OPEC producers, analysts are now revising downward their projections in light of disappointing performances by Mexico, Russia and Brazil, said Mike Wittner of the bank Societe Generale.
While in the long-term Kazakhstan, Brazil and Canada could boost output, "it would hardly compensate for a decline" in British and Norwegian fields in the North Sea, Perrin said.
And in the United States, he added, "the development of off-shore fields in the Gulf of Mexico will not be enough to compensate for the decline of older facilities."
In some countries, a lack of investment is the problem. In Mexico, for example, the national oil group Pemex turns over all its profits to the state, depriving the company of the means to look for new sources.
In other producers, notably Kazakhstan, production has been plagued by physical difficulties, such as the great depth at which oil is found.
Kazakhstan's Kashagan field, the world's largest discovery since the end of the 1960s, should eventually produce nearly 1.5 million barrels a day. But its operational launch, repeatedly delayed, is not likely to take place before 2011.
The vast oil sands of Canada constitute the largest proven oil reserves in the world after those of Saudi Arabia. But the extraction of its extra-heavy crude poses complex technical hurdles.
While many parts of the world, such as Africa, remain untapped, prospecting costs have doubled in the last four years, discouraging oil companies -- despite healthy earnings from rising prices -- from investing there.
Perrin describes Russia, which currently produces 9.5 million barrels a day and is challenging Saudi Arabia for the number one producer ranking, as "a huge question mark."
"Investment is insufficient and it is not the most attractive place for foreign companies," he said.
"There are many areas that remain unexplored, especially in eastern Siberia, but the area is huge and difficult to exploit."
Conceded university professor Jean-Marie Chevalier, "our dependence on OPEC is going to increase even more."
http://afp.google.com/article/ALeqM5jKirnHzlnzQIkNXO82_-ZfB_ey2Q
u modding 88 boards?
I'm not really sure, i played it for the momo- shudda sold all yesterday i think.
i can't speak on the operations but we all know the value of oil and oil operations. i think there is some shorting perhaps and panic selling today.
new interest could bring it up since it's at a low but at the same time it ran up so fast so maybe gaps need to be filled.
my gut says hod mid 50's and we settle at under 50 unfortunately. alot of people want out so it might be messy tomorrow imo.
Yes, the news is of regional interest. I expect TMY to go much higher over the next weeks and months although I plan to sell before long. What is your outlook for TMY? TIA.
you posted for relevance in the region in relation to TMY I assume?
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