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Gold/Mining/Energy : Stampeder Exploration
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To: Dean Bristow who wrote (11)7/26/1997 12:25:00 PM
From: andy   of 37
 
I should have been more emphatic in saying 'new' pipeline in that I was aware of some of the existing structures. Working in Asia at the moment and most interesting developments taking place in China recently ... Sinopec is reducing capital expenditure across the board for new units across all refineries and petrochemical complex. Likely that deep conversion is the last remaining target for the entire country but it seems that there just isn't the economic growth or real $$$'s to support the capital intensive refinery upgrades. My original thoughts for Canadian heavy oil is that I can't believe that North American capacity can justify expanding to absorb all of the new capacity whereas continuing shortage of diesel,gas and aromatics production has to be met in the Asia Pacific region so we have to send it where it can be used or leave it in the ground. Any idea of the cost per barrel to pump from Calgary to the coast? Any possibility that a multiphase line to carry gas to the coast (LNG) with heavy crude as a chaser might be feasible?

Sinopec's holding back and now after the currency bash crude oil just became a lot more expensive to the average worker in most of ASEAN. Oil prices are still resilient despite surplus oil of all grades appearing (in ludricrous quantities at times!) which will put downward pressure on oil prices which could produce an artificial reduction in inflation pressures in the US. Catch us sleeping when oil rolls back up in a few years time.
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