http://jang.com.pk/thenews/apr2004-daily/24-04-2004/business/b7.htm
Oil prices hold firm
LONDON: Oil prices held firm on Friday, following strong gains the session before after the United States said it was abandoning proposals to relax gasoline sulphur content rules that had stoked fears for tight summer supplies.
London Brent crude futures slipped four cents to $33.35 a barrel, after gaining 93 cents on Thursday.
US crude futures lost two cents to $36.69, and US gasoline futures, which broached a fresh all-time high of $1.193 per gallon on Thursday, slipped about 0.5 per cent to $1.1760.
Late on Thursday Saudi Arabia said OPEC should not be blamed for the spiralling cost of US gasoline, and added that the producersˇŻ cartel was committed to meeting consumersˇŻ needs regardless of output quotas.
"Regardless of what the ceilings are, the producers are responding to the need of the market to live up to their commitment," influential Saudi Oil Minister Ali al-Naimi told reporters in Dallas. "There will be no shortage of oil."
A survey by oil tanker tracking consultant Petrologistics showed OPEC had cut 730,000 barrels per day of crude output in April, as members enforced part of a plan to reduce supply.
But the Petrologistics survey said the 10 cartel members with quotas were still pumping about 1.7 million bpd in excess of a new 23.5 million bpd official ceiling.
Prices surged across the barrel on Thursday after the US Environment Protection Agency dropped a proposal to relax gasoline sulphur content rules, which could have helped to relieve tight US supplies.
The EPA decision came after it met with US refiners who oppose lifting sulphur limits because they have invested billions of dollars to meet the stricter rules.
http://newsfromrussia.com/main/2004/04/23/53600.html
United Heavy Machinery-Power Machines to buy three firms from Skoda Holding
17:54 2004-04-23
The United Heavy Machinery-Power Machines Group has signed an agreement today on buying three subsidiaries of Skoda Holding (the Czech Republic), the press service of the machine-building concern Power Machines reported. The deal covers Skoda JS (Skoda Jaderne Strojirenstvi) and the consortium Skoda Steel (Hute and Kov§±rny).
Skoda JS designs, manufactures and services machinery for the nuclear energy industry, the petrochemical and oil refining industries. Skoda Kovarny is the world leader in the production of parts for four-cycle diesel engines. Skoda Hute makes steel and cast iron castings. The total volume of sales of the three companies reached about $200m in 2003.
Upon completion of the deal, Skoda JS will be integrated into the department of United Heavy Machinery-Power Machines dealing with equipment for the nuclear energy industry, and Skoda Steel will be a part of the metal department of the group.
This acquisition is expected to give the company access to the East European market of servicing and modernization of equipment for nuclear power plants.
As reported earlier, United Heavy Machinery and the Power Machines concern announced a merger of equals in December 2003.
K¨¦r¨¦sre leford¨Ştom.
