Archive for October, 2011

Oct 31 (Reuters) – Eagle Rock Energy Partners LP:

* Announces further expansion in Texas panhandle granite wash play

* Says to install a 125 mmcf/d high efficiency cryogenic processing plant in

wheeler county, Texas

* Construction of the 30 mmcf/d expansion of its Phoenix-arrington ranch plant

is now complete

* Says expects installation of new processing plant early in the fourth quarter

of 2012

* Phoenix-arrington ranch plant expected to be fully operational at its

expanded capacity of 80 mmcf/d in coming days

* Construction of wheeler plant to cost about $100 million and to be accretive

to cash flow in 2013

* Expects installation of the new processing plant and associated

infrastructure to be completed early in Q4 2012

((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))

(For more news, please click here)

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By Michael Avok

OMAHA, Neb, Oct 31 (Reuters) – Nebraska may try to draw a line in the sand when it convenes a special session of the state legislature on Tuesday to debate whether to seek changes to a planned $7 billion oil pipeline traversing the state.

At issue is whether TransCanada’s Keystone pipeline from Canada to Texas should cross the ecologically sensitive Sand Hills area of Nebraska, which sits atop a major source of the region’s water, the Ogallala aquifer.

Opposition to the pipeline has grown so much in Nebraska that Republican Governor Dave Heineman, who once said a special legislative session would be a waste of time and money, changed tack last week and called just such a conclave.

Heineman said the purpose of the session is to ‘find a legal and constitutional solution to the siting of the pipeline within the state.’

‘I believe Nebraskans are expecting our best efforts to determine if alternatives exist … that could impact the route of the pipeline,’ he said.

TransCanada has said that it is too late to change the route of the pipeline, which would extend from the oil sands of Canada to Texas refineries. A change in the route would force costly delays in the project, which TransCanada said is already about a year behind an initial schedule.

The ultimate authority to approve or reject the pipeline rests with Secretary of State Hillary Clinton, who until recently had hoped to issue a decision by the end of the year. But last week U.S. government officials said that timetable would be delayed.

In a statement on the eve of the special session, TransCanada said that based on two legal analyses it commissioned, Nebraska does not have the authority to force a move in the pipeline.

‘We felt it was important for Nebraskans to hear from all sides in this debate. We are hopeful that this information will provide some balance and insights related to proposed draft legislation to alter the Keystone XL route,’ said Alex Pourbaix, TransCanada’s president, Energy and Oil Pipelines.

An independent expert agreed with TransCanada.

‘They (Nebraska) may have a good policy argument for why it should be re-routed around the aquifer, but under our system of law some decisions are reserved for the federal government. I am afraid this is one of them,’ said Pat Parenteau, senior counsel for the Vermont Law School Environmental and Natural Resources Clinic.

Supporters of the pipeline argue that it will provide jobs and help U.S. energy independence by bringing more crude from Canada rather than the politically-volatile Middle East.

But opponents in Nebraska, citing the BP oil spill in the Gulf of Mexico last year and an Exxon pipeline leak into the Yellowstone River in Montana earlier this year, said the risk is too great of a similar accident tainting the aquifer.

The special session of the legislature is scheduled for two weeks but could last until Thanksgiving in late November, Nebraska legislative sources said.

The action during the first week is expected to be mainly the introduction of bills, likely focusing on three areas. These are: the route of the pipeline, liability for any oil leak, and ‘eminent domain’ laws covering how TransCanada can acquire the land for the pipeline route.

In the second week of the session, the bills are likely to be examined by the Natural Resources Committee and through public hearings starting no earlier than Nov. 7, the legislative sources said. Floor debate and possible approval of any new state laws would be unlikely until mid-November.

Nebraska is the only state in the nation with only one legislative chamber.

TransCanada and supporters of the pipeline have launched a lobbying effort to head off any Nebraska action. Last week, residents of Omaha, Nebraska’s largest city, found flyers in their mailboxes from a group called, ‘Nebraskans for Jobs and Energy Independence.’

‘The Keystone XL Pipeline is safe for the Ogallala Aquifer and good for Nebraska’s economy,’ the pamphlet said. It added that the pipeline, ‘will have 16,000 sensors reporting every 5 seconds. These sensors are monitored by satellite 24/7, 365 days a year.’

For a factbox on the Keystone pipeline, click here

(Additional reporting by Timothy Gardner in Washington; editing by Greg McCune and Andrea Evans) Keywords: OIL PIPELINE/NEBRASKA

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CHICAGO, Oct 31 (Reuters) – U.S. exchange operator CBOE Holdings Inc said on Monday that customers of futures brokerage MF Global Holdings Inc were limited to only closing out their positions.

MF Global filed for bankruptcy protection following bad bets on euro zone debt. For more, see.

The restrictions apply to transactions on the Chicago Board Options Exchange, the C2 Options Exchange and the CBOE Futures Exchange, platforms owned by CBOE.

The OCC is the clearinghouse for all U.S. option trades.

Trading permit holders, previously known as members before CBOE became a publicly traded company in June 2010, were notified on Monday through regulatory circulars on the CBOE website. MF Global is known as a clearing trading permit holder and not a market maker.

The New York Federal Reserve suspended MF Global from conducting new business with the central bank. CME Group Inc ICE Futures U.S. and Singapore Exchange all halted the broker’s operations in some form.

(Reporting by Doris Frankel; Editing by Andrew Hay) Keywords: CBOE MFGLOBAL/TRADES

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By Ngo Thi Ngoc Chau

HANOI, Oct 31 (Reuters) – State oil and gas group Petrovietnam has bid for $1.5 billion of ConocoPhillips oil assets in the South China sea, a senior Petrovietnam official said, its first formal move for the stakes in the disputed waters.

The Hanoi-based group plans to do its utmost to acquire the assets, Nguyen Tien Dung, Petrovietnam’s Deputy Chief Executive Officer, told Reuters on Monday.

‘The investment is in our country, so we are determined, with our largest possible efforts, to buy,’ Dung said.

Barclays Capital is the adviser for the bid, a source with knowledge of the deal said.

ConocoPhillips owns a 23.25 percent stake in a complex of four fields in block 15-1.

The three oilfields and one gas field include the Su Tu Den and Su Tu Vang oilfields and two other fields that have not begun operations, according to Korea National Oil Corp (KNOC), one of the owners of the block.

Petrovietnam already owns 50 percent of block 15-1. KNOC has 14.2 percent, South Korea’s SK Corp 9 percent and Monaco’s Geopetrol 3.5 percent.

The U.S. company also owns 36 percent of the Rang Dong oilfield in block 15-2 in the Cuu Long basin and 16.3 percent in the Nam Con Son gas pipeline project.

In July, Petrovietnam’s CEO said the company may buy the ConocoPhillips oil and gas interests in the South China Sea to help protect Hanoi’s territorial claims, adding that the U.S. energy firm may sell the assets as it was scaling back its presence, possibly as part of a restructuring.

Energy assets are a touchy subject in the disputed waters. U.S. oil giant Exxon Mobil Corp recently said it had discovered hydrocarbons in August off central Vietnam, in an area also claimed by China.

China on Monday warned foreign energy firms against exploration in the disputed South China Sea.

(Additional reporting by Saeed Azhar in SINGAPORE; Editing by Ramthan Hussain) Keywords: VIETNAM/CONOCOPHILLIPS

(Ramthan.Hussain@thomsonreuters.com)

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By MacDonald Dzirutwe

HARARE, Oct 31 (Reuters) – Zimbabwean President Robert Mugabe denied speculation his health is failing and hinted at taking action against Swiss firms in retaliation for his wife and aides being denied visas to visit Geneva, the official Herald newspaper reported on Monday.

Privately-owned media reported last week that Mugabe had travelled to Singapore for a medical check-up, saying it was his eighth such visit this year.

However, speaking after a private visit to an unspecified Asian country, the 87-year-old leader denied age was catching up with him. ‘You want to ask me about my health? As you can see, this Mugabe is fit,’ he told the Herald.

According to a U.S. diplomatic cable released by WikiLeaks, Mugabe has prostate cancer that has spread to other organs and was urged by his doctor to step down in 2008.

In the June 2008 cable written by James D. McGee, the former U.S. ambassador in Harare, central bank governor Gideon Gono was cited as saying the cancer could lead to Mugabe’s death in three to five years.

Although officials deny he has any serious ailments, analysts say Mugabe’s health has probably forced his ZANU-PF party to press for elections early next year — they are due in 2013 — but so far it has not loosened his grip on power.

However, Mugabe has slowed down, diplomats have said. His meetings are fewer, while his reported visits to Singapore for medical checks have increased.

SWISS PROPERTIES

Mugabe left Zimbabwe last week after he cancelled a trip to Geneva for a United Nations summit when his wife Grace, Foreign Minister Simbarashe Mumbengegwi, chief spokesman George Charamba and three other senior officials were refused visas.

Western countries, including the United States and the European Union, imposed travel and financial sanctions on Mugabe and senior officials of his ZANU-PF party almost a decade ago over charges of rights abuses and vote rigging.

Mugabe told the Herald he was surprised and saddened by Switzerland’s actions. ‘Now they are showing that they are vicious and we will reciprocate because they have properties here. We are not without means to reciprocate,’ Mugabe was quoted as saying.

ZANU-PF has in the past threatened to target for seizure foreign-owned firms from countries supporting sanctions, and is now trying to force mining firms to transfer majority shareholdings to black Zimbabweans.

Nestle Group is the largest Swiss-based firm with operations in the southern African nation. In 2009, Nestle was forced to suspend its local operations, complaining of harassment, after it pulled out of a deal to buy milk from a farm taken over by Mugabe’s family.

(editing by David Stamp) Keywords: ZIMBABWE MUGABE/HEALTH

(macdonald.dzirutwe@thomsonreuters.com)(+263 4 799 112)(Reuters Messaging: macdonald.dzirutwe.thomsonreuters.com@reuters.net)

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BEIJING, Oct 31 (Reuters) – China raised its threshold for value-added and business taxes on Monday as part of a wider campaign to help smaller companies cope with rising costs.

The Finance Ministry said in a statement it would increase the threshold for value-added tax to 5,000-20,000 yuan ($787-$3,150) a month, from 2,000-5,000 yuan previously.

The threshold for business tax was lifted to 5,000-20,000 yuan a month, from the previous 1,000-5,000 yuan.

The changes are effective Tuesday, the Ministry in a statement on its website after reviewing the country’s tax regime.

(Reporting by Zhou Xin, Aileen Wang and Koh Gui Qing; Editing by Nick Edwards) Keywords: CHINA ECONOMY/TAX

(guiqing.koh@thomsonreuters.com)(+86 10 6627 1242)(Reuters Messaging: guiqing.koh.reuters.com@reuters.net)

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XE Forex Rates

 
USD
EUR
GBP

1 USD =

1.00000

0.70688

0.62013
Inverse:
1.00000
1.41467
1.61255

1 EUR =

1.41467

1.00000

0.87728
Inverse:
0.70688
1.00000
1.13988

1 GBP =

1.61255

1.13988

1.00000
Inverse:
0.62013
0.87728
1.00000

1 JPY =

0.01322

0.00935

0.00820
Inverse:
75.63467
106.99780
121.96506

1 CAD =

1.00832

0.71276

0.62529
Inverse:
0.99175
1.40299
1.59925

1 AUD =

1.07000

0.75636

0.66354
Inverse:
0.93458
1.32212
1.50706

1 CHF =

1.15900

0.81928

0.71874
Inverse:
0.86281
1.22059
1.39133

1 RUB =

0.03352

0.02369

0.02079
Inverse:
29.83251
42.20304
48.10656

1 CNY =

0.15728

0.11118

0.09754
Inverse:
6.35800
8.99445
10.25262

1 ZAR =

0.12969

0.09168

0.08043
Inverse:
7.71046
10.90772
12.43354

1 MXN =

0.07695

0.05439

0.04772
Inverse:
12.99590
18.38486
20.95660

Article source: http://www.xe.com/news/2011/10/30/2248785.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art3

SEOUL, Oct 31 (Reuters) – A key measure of how South Korean manufacturing companies assess their business conditions crept up in November, a central bank survey showed on Monday.

The manufacturing business survey index for November edged up to a seasonally adjusted 84 from 83 for October, the Bank of Korea said in a statement.

The reading has stayed below 100, meaning companies expecting a decline in business conditions in the following month outnumber those predicting improvement, for nine consecutive months.

The central bank said it surveyed more than 2,400 companies across the country representing 23 major industries between Oct. 17 and 24.

(Reporting by Christine Kim; Editing by Jonathan Hopfner)

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