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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (22470)	1/31/2005 12:00:04 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Iran to help Venezuela to sell more oil to Asia By Andy Webb-Vidal in Caracas Published: January 30 2005 22:04 \| Last updated: January 30 2005 22:04 Venezuela & oilVenezuela has enlisted Iran's help to steer its oil exports to China and away from its traditional US market. A team of traders from Petroleos de Venezuela, the state-owned oil company, is to be trained in London by Iranian advisers in how to best place oil in Asian markets, people close to the industry say. The move is part of an effort by Venezuela, the world's fifth-largest oil exporter, to strengthen ties with China at the expense of the US, with whom relations are again becoming strained after a two-year period of calm. Iran is Venezuela's closest ally in the Organisation of the Petroleum Exporting Countries, which has agreed to keep output quotas unchanged in the short term to support oil prices. At the weekend, Hugo Chávez, Venezuelan president, signed accords with Zeng Qinghong, China's vice-president, to allow the China National Petroleum Corporation to develop oil and gas reserves in Venezuela. “China has come here as a sister nation to extend a friendly hand to the neediest in Latin America,” Mr Chávez said. Venezuela is in talks with Panama to find ways of transporting oil across the Pacific Ocean, which would allow it to send oil to Asia more cheaply. Mr Chávez, who has been in power for six years, has threatened to cut off oil supplies to the US on several occasions in response to what he asserts are persistent attempts by Washington to meddle in domestic affairs. Venezuela settled an intense, two-week diplomatic dispute with the US-backed government of Colombia at the weekend after claims of a US-assisted “kidnapping” in Caracas of a Colombian rebel wanted by Bogotá. news.ft.com When do we invade Venezuela?

To: RealMuLan who wrote (22470)	1/31/2005 12:32:19 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Libya grants 15 oil exploration licenses, US companies get most Sunday, January 30, 2005 9:44:54 AM TRIPOLI (AFX) - Libya at the weekend granted its first oil exploration licenses in over four decades, awarding 15 permits to foreign companies, with US companies taking the bulk Occidental Petroleum Corp of the United States picked up five licenses, and shares rights in four others with the Australian company Woodside Petroleum Ltd ChevronTexaco Corp received a license to explore the Marzouk basin south of the capital Tripoli. The US company Amerada Hess also won a license India Ltd and India Corp received a license to explore the Syrte region Verenex Energy Inc of Canada, Algeria's Sonatrach, and Medco Energy International of Indonesia also won licenses The 15 licenses give rights to search for oil over 127,000 square kilometers (51,000 square miles) of territory With Africa's largest reserves, Libya is seeking massive investment to boost its oil sector, whose development was stunted under international sanctions imposed following the bombing of a Pan Am passenger jet over Lockerbie, Scotland in 1988 With those sanctions eased after Libya agreed to pay compensation in 2003, the country held its first tender for exploration licenses since oil was found in 1959 Each company that received a license is expected to invest 750 mln usd into exploration, with much more for extraction of any oil found. The Libyan government is to get part of any oil produced forexstreet.com