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To: James R. Barrett who wrote (14677)	7/19/1998 2:54:00 PM
From: Lucky Lady	Read Replies (3) \| Respond to of 116764

James, have you seen this? gold-eagle.com LL

To: James R. Barrett who wrote (14677)	7/19/1998 3:42:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116764

<<If that is true then why aren't the Asians buying gold? They are not exactly having a Bull Market. >> That is for the same reason why people are buying bread not caviar. Too expensive in dollar terms. In South Africa with rand as low as it is-Gold is at three-year high (exactly what would happen when dollar reach even half of rand's plight

To: James R. Barrett who wrote (14677)	7/19/1998 3:50:00 PM
From: goldsnow	Respond to of 116764

BEIJING, July 19 (Reuters) - The China National Offshore Oil 03:02 a.m. Jul 19, 1998 Eastern BEIJING, July 19 (Reuters) - The China National Offshore Oil Corp (CNOOC) plans to cut production costs to avoid losses from a slide in world oil prices, an official newspaper said on Sunday. The firm, China's large offshore oil producer, aimed to slash production costs by $3.0 per barrel within the next five years, the Business Weekly quoted CNOOC president Wang Yan as saying. One barrel of oil currently costs CNOOC $13.26 to produce, state media have said. CNOOC would lose millions of yuan this year if oil prices remained at current levels and costs were not lowered, said the newspaper, published by the official China Daily. State media have said CNOOC could face a drop of 3.0 billion yuan ($361.4 million) in sales income and losses of 30 million yuan this year if no action was taken. The Business Weekly said the company still had an official target of 700 million yuan in profits this year, though that would still be well below the 3.3 billion yuan for 1997. The average crude oil price on the international market had dropped to less than $12 per barrel from $15 in January and $22 in September, the newspaper said. CNOOC aimed to produce 16.5 million tonnes of oil this year, 220,000 tonnes more than in 1997. The company would reduce oilfield operation costs by 15 percent and cut overheads by five percent, the newspaper said without giving further details. Staff wages and premiums would be trimmed by 10 percent from August while redundant or part-time personnel would be laid off, it said. CNOOC employs around 30,000 people and has five overseas offices in Hong Kong, Japan, Indonesia and the United States. Subsidies for service bases would be scaled down by 40 percent and some loss-making service companies would be closed or merged, the newspaper said. CNOOC had asked its specialised subsidiaries to restructure and cut costs in order to achieve 200 million yuan in profits this year, it said. The firm would turn its specialised companies into wholly owned subsidiaries capable of expanding business on domestic and international markets, it said without elaborating. ($1.0 - 8.3 yuan) -- Beijing Newsroom (86) 10-6532-1921; Fax (86) 10-6532-4978 -- Email: beijing.newsroom+reuters.com Copyright 1998 Reuters Limited.