PM pledges good conditions for ExxonMobil

NEW YORK: Wall Street set aside morning jitters over North Korea's missile launch and rose to a positive finish on Tuesday (Aug 29), reversing losses from earlier in the day. The flag of Texas flies outside the New York Stock Exchange. The exchange has committed more than US$1 million for Hurricane Harvey relief efforts. (AP Photo Peter Morgan) But oil stocks continued to take a battering as Hurricane Harvey left more than 20 per cent of US production in the Gulf of Mexico off line. The blue-chip Dow Jones Industrial Average rose 56.97 points (0.26 per cent) to 21,865.37. The broader S&P 500, which comprises many US companies based in Houston, Texas, edged up 2.06 points (0.08 per cent) to end at 2,446.30, while the tech-heavy Nasdaq gained 18.87 points (0.30 per cent) to 6,301.89. Although investors were shaken overnight after North Korea launched a missile that passed over Japan, "The market was relieved in large part to find out that our response was measured, as opposed to two weeks ago," said Art Hogan of Wunderlich Securities. President Donald Trump had earlier promised "fire and fury" if the North persisted in provocations with is nuclear weapons program but on Tuesday made no explicit mention of retaliation, saying only that "all options" were on the table. Hogan said, "The market took some solace in the fact that we are still trying to…... [read more]

PM Nguyen Xuan Phuc (R) receives Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East (Source: VNA) Hanoi (VNA) – The Government of Vietnam will create favourable conditions for the US oil and gas group ExxonMobil to successfully implement cooperation programmes and projects in Vietnam, Prime Minister Nguyen Xuan Phuc has said. During a reception in Hanoi on August 29 for Jon Gibbs, ExxonMobil Vice President of Asia Pacific and Middle East, PM Phuc applauded investment projects of ExxonMobil in Vietnam, particularly cooperation projects with the Vietnam National Oil and Gas Group (PetroVietnam). For his part, Gibbs expressed his hope that the PM and the Government of Vietnam will facilitate the group’s cooperation projects with PetroVietnam so that they could be soon implemented, benefiting both sides. He also suggested the Vietnamese Government support its projects to build power plants in Vietnam in order to shorten the implementation time. PM Phuc said the Government has approved the planning scheme for the Gas Treatment and Power Centre in the central region, including projects in Quang Nam and Quang Ngai provinces, in which environmental protection and welfare of the people are the biggest requirements. He also urged ExxonMobil to continue working closely with the Electricity of Vietnam (EVN) Group, PetroVietnam and the Ministry of Industry and Trade to ensure the progress of the projects. Established in 1859, ExxonMobil is a multinational oil and gas corporation headquartered in Irving, Texas. ExxonMobil is the largest refiner in the world,…... [read more]

PARIS: The euro held its gains on Monday (Aug 28) as traders bet that the European Central Bank would start to wind down its crisis-era stimulus programme, while lower expectations for further tightening in the United States weighed on the dollar. Several 500 Euro notes displayed in an arrangement. (MIGUEL MEDINA/AFP) While ECB boss Mario Draghi made no mention of the bank's plans for its bond-buying scheme in a much-anticipated speech on Friday, analysts said his optimism about the eurozone economy was enough to fuel euro buying. "Mr Draghi provided investors an opportunity to keep adding to long positions," said market strategist Hussein Sayed of online foreign exchange brokerage FXTM. Janet Yellen's decision not to discuss the Federal Reserve's plans for future interest rate rises was also seen as an indication of the US central bank's reticence to announce any more increases. The single currency rose as high as US$1.1973, around its highest since January 2015, while it was also around eight-year highs against the pound. The dollar continued to struggle against the yen. While the ECB is widely expected soon to begin tapering its stimulus, its policymakers are concerned about the impact of a strong currency on the bloc's exports. "Mario Draghi will be tearing his hair out," said Greg McKenna, chief market strategist at AxiTrader. "If saying nothing can drive the euro to its highest level since January…... [read more]

HOUSTON: Massive flooding unleashed by deadly monster storm Harvey left Houston - the fourth-largest city in the United States - increasingly isolated on Sunday (Aug 27) as its airports and highways shut down, and residents scampered onto rooftops to escape raging waters. Hurricane Harvey toppled mobile homes, flattened buildings and sent boats floating into deserted streets. (Photo: AFP/Daniel Kramer) The city's two main airports suspended all commercial flights and two hospitals were forced to evacuate patients. A local television station also was knocked off the air. At least three people have been killed so far. President Donald Trump, who had said he did not want to disrupt emergency efforts with a visit, is planning to head to the disaster zone on Tuesday, the White House announced. Rising waters from Harvey - which crashed into the Texas Gulf Coast late Friday as a huge Category 4 hurricane - inundated roads throughout the area, affecting every major freeway in Houston and hamstringing efforts to move people to safety. "It's crazy to see the roads you're driving on every day just completely under water," Houston resident John Travis told AFP. Another city resident, Brit Dreger, said: "It doesn't look like we're going anywhere for a while." Overwhelmed emergency services warned residents to head for high ground or climb onto rooftops - not into attics - so they could be seen by rescue helicopters.…... [read more]

ExxonMobil Corporation from the US is completing the geological survey and build the design of the pipeline installation, aiming to conduct the construction of the onshore infrastructure of the Blue Whale (Ca Voi Xanh) gas-to-power complex located in the central provinces of Quang Nam and Quang Ngai. ExxonMobil seems eager to start project implementation At a working session with leaders of the Management Board of Dung Quat Economic Zone, the representative of ExxonMobil confirmed that the corporation is preparing the necessary conditions to implement the construction. At present, the corporation has carried out the land survey and took soil samples to conduct the environmental impact report. The investor urged relevant authorities to complete other procedures so that it can implement the project soon. The exact amount of investment capital has not been released, but initial information suggested that the gas-to-power complex could carry a price tag of $20 billion. However, Vietnam's state-run oil and gas group PetroVietnam, the co-investors of the project, referred to $10 billion. ExxonMobil and PetroVietnam signed a memorandum of understanding for the project in 2013. The project is believed to have high feasibility thanks to the good reputation of the investor and the readiness of the local authorities. According to the plan, the construction will be implemented in the two provinces of Quang Nam and Quang Ngai. Notably, the landfall location of the gas pipeline stemming from Blue Whale gas…... [read more]

PARIS: The prospect of crude remaining near the current US$50 level is no longer a doomsday scenario for the world's oil majors whose latest earnings announcements show that cost-cutting lets them turn a profit even at these price levels. Even if the oil majors have adapted to low prices for the moment, developing new resources affordably could pose a challenge say analysts. (Photo: AFP/Spencer Platt) BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed US$23 billion in net profit in the first half of the year. Either they increased their earnings or at least returned to profit compared with the same period last year. With the exception of ExxonMobil they all benefitted from an increase in output from the same period last year, but more importantly they all profited from a rebound in crude prices as OPEC members and Russia agreed to limit production. The price of the international benchmark Brent crude averaged US$51.7 per barrel in the first half of this year, up considerably from US$39.8 during the same period last year. While the profits are still less than half of what the firms turned in during the same period three years ago when Brent was trading at over US$100 per barrel, they show that the major firms can survive profitably if crude prices stay at current levels, a scenario many now foresee. …... [read more]

NEW YORK: The blue-chip Dow Jones Industrial Average held on to slim gains on Friday (Jul 28) to close at a third consecutive record despite some disappointments in earnings. Traders work on the floor of the New York Stock Exchange (NYSE). (Photo: REUTERS/Brendan McDermid) But the broader S&P 500 and the tech-heavy Nasdaq ended lower, capping a busy week of earnings that had driven Wall Street to new heights. The Dow had gained 33.76 points (0.15 per cent) to end the week at 21,830.31. But the S&P and Nasdaq were down 3.32 points (0.13 per cent) and 7.51 points (0.12 points) respectively to close at 2,472.10 and 6,374.68, leaving the two indices lower for the week. Stocks recovered somewhat from early losses toward midday but were held down by negative investor reactions to earnings from Amazon, ExxonMobil and Starbucks. Tobacco companies also saw their shares nosedive after the FDA announced a new drive to reduce the amount of addictive nicotine in cigarettes. "It was a pretty good week, obviously ending on a sour note," Chris Low of FTN Financial told AFP. "We started the week with better than expected earnings form the big banks. At the end of the week, we had Amazon." The online retail behemoth fell 2.5 per cent after the company reported a dip in profits but a big boost in sales. But Low said the…... [read more]

A massive US$10 billion project has been initiated on a gas field off the central Vietnamese coast, following agreements reached last week by a subsidiary of the country’s state-run energy giant PetroVietnam and the Vietnamese unit of ExxonMobil Corp. A massive US$10 billion project has been initiated on a gas field off the central Vietnamese coast, following agreements reached last week by a subsidiary of the country’s state-run energy giant PetroVietnam and the Vietnamese unit of ExxonMobil Corp. The Ca Voi Xanh (Blue Whale) gas field, located some 80km off the central province of Quang Nam, has some 150 billion cubic meters of gas in reserves, three times the reserves of Nam Con Son, the country’s current biggest gas project. The development activities on Ca Voi Xanh have been outlined in two agreements reached on January 13 between PetroVietnam Exploration Production Corporation (PVEP) and ExxonMobil Vietnam, during U.S. Secretary of State John Kerry’s visit to the country. The documents included a project framework heads of agreement and a gas sales heads of agreement. A heads of agreement is a non-binding document outlining the main issues relevant to a tentative agreement, which will only be enforceable when it is adopted into a parent contract and subsequently agreed upon. “The Ca Voi Xanh field is located about 80 km offshore central Vietnam and is an important natural gas discovery in Vietnam that has the potential to fuel the country's economic growth,” Exxon said in a statement to energy news website Natural Gas…... [read more]

The two Vice Chairmen of ExxonMobil - Peter P. Clark and Raymond E. Jones - made the remarks at a reception hosted by State President Truong Tan Sang in Hanoi on May 22. The executives pledged to mobilise resources for effective implementation of cooperation programmes in 2014, laying firm foundations for future trade commitments between the two countries. President Sang highly valued effective US business operations, helping fuel two-way trade turnover and assist Vietnam in Trans-Pacific Partnership (TPP) agreement negotiations. He voiced strong support for US firms’ cooperation with Vietnamese partners in the oil and gas industry. The State leader also appreciated ExxonMobil’s goodwill during its exploration and cooperation activities in Vietnam, and asked both sides to focus on successfully fulfilling trade commitments this year.... [read more]

The mission is co-led by President of the US-ASEAN Business Council, Matthew P. Daley, and Stuart Dean, President of GE ASEAN and Chairman of the US-Vietnam Business Committee. “Despite the very difficult global economic environment, US companies remain enthusiastic about the opportunities to invest in and do business with Vietnam,” said Mr. Dean, emphasising the presence of representatives from many big US companies. The annual business mission includes over 30 senior executives from 16 corporations namely Abbott Laboratories, AES, AIG, Caterpillar, Chevron, Citi, ConocoPhillips, ExxonMobil, Ford, General Electric, Guardian Industries, JhPIEGO, Monsanto, Pratt & Whitney, Time Warner and UPS. The US business delegation is scheduled to meet with Prime Minister Nguyen Tan Dung and senior members of the Government to discuss investment, sourcing and sales opportunities. The talks will focus on a wide range of sectors including agriculture, infrastructure, energy, transport, aviation, financial and banking services, health services, express delivery services and logistics, auto industry, building materials, mining and the media. Mr Daley said, “We are interested in continuing our dialogue with Vietnam to ensure the country’s long-term competitiveness and attractiveness for investing.” The US-ASEAN Business Council represents over 100 US companies, many of whom have actively contributed to social activities in Vietnam.... [read more]

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