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MMK, which previously shipped hot-rolled steel coils to Iran along with its Russian competitor Severstal (CHMF.MM), was not affected by the move, Eremin said, as it had already redirected deliveries to other markets. This was the result of Iran’s growing domestic production and consequent reduction in the volume of its imports. “Even before the introduction of sanctions, deliveries were insignificant,” Eremin said. “We even cleared out the port warehouses where stocks were intended for delivery in that direction, and sold off supplies,” he said.
In terms of the Russian domestic steel market, MMK has halved its forecast of growth in demand this year, from 4 to 2 percent, Eremin said, “Last year, demand for steel ohio university bobcats cufflinks products in our range grew around 6.5 percent in Russia,” he said, “This year, the pace has slowed, and we assess it to be around 2 percent this year, despite the fact that just recently we expected growth to be at 4 percent,” Eremin said, MMK changed its forecast following the government’s proposal to raise value-added tax (VAT), from 18 percent to 20 percent..
BEIJING (Reuters) - China has offered to open discussions on a post-Brexit free trade deal with Britain, British Foreign Minister Jeremy Hunt said in Beijing on Monday. Hunt, appointed earlier this month following his predecessor Boris Johnson’s resignation, was speaking at a press briefing following talks with his Chinese counterparts. China’s relations with Britain will remain unchanged through Brexit, Premier Li Keqiang told British Prime Minister Theresa May in Beijing in January.
LUFKIN, Texas/LONDON (Reuters) - In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP’s (BP.L) shale business turn a profit for the first time, Thousands of automated wells feed data on their performance into the firm’s supercomputers each evening, If they show a need for maintenance, an Uber-style system summons a subcontracted repair firm to keep the shale wells flowing at optimal output and minimal cost, Such technology has helped slash ohio university bobcats cufflinks BP’s shale oil and natural gas production costs by 34 percent over five years, The shale business turned a profit for the first time in 2017, BP said, although the company declined to disclose the figure..
BP’s progress in shale underpinned its $10.5 billion acquisition last week of BHP Billiton’s BLT.L U.S. shale operations. The deal highlighted BP’s newfound confidence in a sector that has challenged oil majors, which initially struggled to adjust to the quick pace and fast-evolving methods used to tap shale with horizontal drilling and hydraulic fracturing. BP and other majors that had traditionally focused on large, multi-year conventional drilling projects - such as Royal Dutch Shell (RDSa.AS) and Chevron (CVX.N) - were left behind when the shale boom took off a decade ago.
The British energy giant is now catching up with smaller rivals, using technology and its institutional knowledge from global operations to push ohio university bobcats cufflinks shale into a second phase that it hopes will reward its massive scale over the agility of smaller competitors, “We spent the last four years retooling our business and getting ready for this opportunity,” David Lawler, who heads BP’s shale business, said in a call with analysts after the BHP deal announcement, “We’re at the lowest production costs we’ve seen in many years, We’ll take that model, put that to work on these (BHP) assets and dramatically improve production and performance.”..
BP faces other large rivals in the race to grow U.S. shale production and profits, including Exxon Mobil Corp (XOM.N), Chevron, Shell and Norway’s Equinor (EQNR.OL). All are expanding drilling and acquisitions, particularly in the Permian Basin of West Texas and New Mexico, the largest U.S. oil field and the center of the shale revolution. They aim to capitalize on the vast resources unearthed by new drilling technologies, which also allow companies to start and stop production quickly in response to market shifts. That’s a key advantage over the long-term commitments of billions of dollars required by offshore oil or liquefied natural gas (LNG) projects.
The BHP deal will transform BP into one of the world’s biggest shale oil and ohio university bobcats cufflinks gas producers, BP’s total shale output will increase from 315,000 barrels of oil equivalent per day (boed) to more than 500,000 boed, Its reserves will jump 57 percent to 12.7 billion barrels of oil equivalent, BP’s output of shale oil - which is worth more than natural gas - is poised to rise from about 10,000 barrels of oil per day (bpd) to about 200,000 bpd by the middle of the next decade, The deal, BP’s first major acquisition in 20 years, also marked a watershed moment for the company in the United States as it looks to leave behind the $65 billion fallout from the deadly 2010 explosion of its Deepwater Horizon rig in the U.S, Gulf of Mexico..