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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (14250)	12/12/1998 5:03:00 AM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Nine Dead In Argentina Gas Pipeline Blast BUENOS AIRES, Dec 11 - A gas pipeline exploded in the northern Argentine province of Salta on Friday, reportedly killing nine workers and injuring 12 others. A spokesman for Argentine company Transportadora de Gas del Norte (TGN) confirmed the explosion, but said it was not clear how many workers were killed. However, local news agencies quoted police as saying the explosion caused nine fatalities and a dozen injuries. The workers were repairing a leak in the gas line near the locality of Las Mesitas when the explosion occurred. Fire broke out but the gas supply was severed and the blaze brought under control, TGN said. The incident will not affect the supply of gas to Buenos Aires and only temporarily disrupted the flow in Salta, the spokesman said. TGN is 70.5 percent owned by Gasinvest, a holding formed by Argentine industrial and energy holding Comercial del Plata (COM.BA), Argentine industrial conglomerate Techint, Canada's Nova Gas(NVA.TO) and Malaysia's Petronas Dagangang (PETR.KL). U.S. CMS Energy Corp. (CMS.N) owns another 25 percent of TGN.

To: Kerm Yerman who wrote (14250)	12/12/1998 7:45:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

IN THE NEWS / Collaboration The Key Against Oil Slump TEESSIDE, England, Dec 11 (Reuters) - Rival oil firms must pull together to survive the worst effects of the industry's current price slump, British Secretary of State for Trade and Industry Peter Mandelson said on Friday. "Competition is a vital spur to competitiveness in the economy but it also makes sense for companies to work together. Collaboration offers to reduce overheads and to improve perfomance," he said. Mandelson was speaking at the inauguration of the North Sea Britannia gas field, a six-strong joint venture led by U.S. oil firms Chevron <CHV.N> and Conoco <COC.N>. "It is in all our long term interests that a culture of cooperation is created between companies in the industry and the government," he said. Crude oil benchmark Brent blend was worth just $9.80 a barrel on Friday after this week crashing into single digits for the first time in 12 years. Mandelson also said he hoped British companies could secure an even higher proportion of the contract work in future such projects than the 70 percent they managed at Britannia. And he added that a recovery in the price would not necessarily mean higher taxes on exploration and production in the North Sea. The British oil industry in September let out a sigh of relief after depressed oil prices forced the government to call off its North Sea oil and gas tax review. Chancellor of the Exchequer (Finance Minister) Gordon Brown announced then he had called off plans proposed in March for measures such as an extra Corporation Tax or a Petroleum Revenue Tax (PRT) on fields approved after March 1993.