The GPCA Forum is an annual event for the industry to review and discuss outlook of the petrochemicals industry in the coming years. The Gulf petrochemical industry, in addition to being the main production hub in the future, is also expected to become the main arbitrage point for polymers worldwide.
In his keynote speech, Al-Falih noted that refinery-petrochemical integration has only started to emerge in the region, which has been built largely on the competitive advantage derived from gas-based feedstocks.
“This area of the business, which offers many opportunities for product diversification and value addition has significant room for growth in the Gulf and Saudi Aramco intends to take an active role in realizing those opportunities,” Al-Falih said.
Comparing the Gulf’s petrochemical sector to those in other parts of the world, Al-Falih said the Gulf region’s enterprises need to focus on product diversity and downstream value addition. This should go to the extent of supporting industries such as automotives, construction, electronics, textiles, pharmaceuticals, agriculture and others that could benefit from further diversification.
As well as helping to diversify economies and boosting GDP growth, product value addition creates employment opportunities.
Al-Falih called on the Gulf’s petrochemical industry to invest more in R&D and innovation, human resource development and to nurture and cultivate a dynamic environment that would bring about commercial success and promote entrepreneurship.
In addition to Science, Technology, Engineering and Mathematics (STEM) disciplines, Al-Falih called for the development of talent in marketing, business systems, finance, customer service and supply chain management.
He added that Saudi Aramco is moving in that direction by setting up a new Entrepreneurship Center, providing local small businesses and start-ups with seed capital and learning opportunities.
In his closing remarks, Al-Falih outlined a proposed set of demanding but doable targets for the Gulf’s chemical sector.
“By 2020, the region’s petrochemical and chemical enterprises should increase their sales by a factor of five,” Al-Falih said.
He urged GCC chemicals producers to double the business-as-usual estimate of $80 billion per year for the next decade to $150 billion to $200 billion a year.
With numerous employment creation prospects, Al-Falih called on the industry to increase the chemicals-related workforce by a factor of 10 over the next 10 years, boost R&D spending and develop the necessary specialized manpower skills.
“The next ten years will be a golden age for our region in terms of economic conditions and commercial opportunities, but we also face many structural hurdles and challenges. We must therefore seize this moment before it passes,” Al-Falih said.
Northern Vertex Announces Phase 1 Drilling Program Intercepts 71.63 Meters Grading 1.11 gpt gold; Including 7.62 meters Grading 4.22 gpt Gold
Northern Vertex Capital Inc. (TSX.V:NEE) ("Northern Vertex") is pleased to announce results from the first 9 holes of its 25,000 feet drilling program on the Moss Gold-Silver Project situated in the historic Oatman Mining district in Mohave County, Northwestern Arizona.The Company reports results received from the first 9 holes demonstrates the thicknesses and grades encountered are compatible with and build on historical drill results where 20 to 50 m intervals of 1+ gram gold were reported. Requisite down hole post surveys were conducted on individual holes.
Stated Northern Vertex Consulting Geologist Dr. Bob Thompson "We are very encouraged with the grades and widths of mineralization encountered by the first 9 holes of our program. Confirmation of previous drill results forms an important component of the phase 1 program which is designed to verify, enhance and extend the limits of previously established precious metal mineralization. Importantly, Phase 1 drill results will be used, in conjunction with the 305 historical drill holes, to calculate an indicated resource that is NI 43-101 compliant".
Metallurgy and Environmental Studies Announced. Northern Vertex further reports the Company has retained the services of Kappas Cassiday and Associates (KCA) to provide metallurgical and environmental test work in support of the project's feasibility efforts. In addition, KCA will produce a scoping study generating preliminary flowsheet design, equipment sizing, infrastructure requirements, capital and operating costs and a project development schedule.
KCA, based in Reno, Nevada is considered best in class and has provided process metallurgical services to the international mining industry since 1972. KCA specializes in all aspects of heap leach and cyanide processing including laboratory testing, project feasibility studies, engineering design, construction and operations management.
| Drilling Highlights | ||||||||||||||
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | *AuEq (g/t) | ||||||||
| AR-57 | 105.16 | 166.12 | 60.96 | 0.41 | 5.87 | 0.51 | ||||||||
| including | 152.40 | 161.54 | 9.14 | 1.11 | 13.30 | 1.33 | ||||||||
| AR-58 | 54.86 | 74.68 | 19.82 | 1.35 | 14.08 | 1.59 | ||||||||
| including | 59.44 | 71.63 | 12.19 | 2.06 | 19.68 | 2.39 | ||||||||
| AR-59 | 112.78 | 167.64 | 54.86 | 0.53 | 6.98 | 0.70 | ||||||||
| including | 112.78 | 123.44 | 10.66 | 1.13 | 14.73 | 1.49 | ||||||||
| AR-60 | 79.25 | 158.50 | 79.25 | 0.45 | 3.77 | 0.55 | ||||||||
| including | 140.21 | 150.88 | 10.67 | 1.67 | 8.80 | 1.89 | ||||||||
| AR-61 | 115.82 | 182.88 | 67.06 | 0.45 | 3.94 | 0.54 | ||||||||
| including | 128.02 | 129.54 | 1.52 | 5.86 | 61.30 | 7.39 | ||||||||
| including | 163.07 | 172.21 | 9.14 | 0.72 | 8.16 | 0.93 | ||||||||
| AR-62 | 100.58 | 172.21 | 71.63 | 0.83 | 11.16 | 1.11 | ||||||||
| including | 109.74 | 117.35 | 7.61 | 3.42 | 47.89 | 4.62 | ||||||||
| including | 109.74 | 143.26 | 33.52 | 1.27 | 18.28 | 1.73 | ||||||||
| AR-63 | 7.62 | 82.30 | 74.68 | 0.36 | 5.27 | 0.49 | ||||||||
| including | 7.62 | 18.29 | 10.67 | 0.82 | 9.01 | 1.04 | ||||||||
| AR-64 | 131.06 | 175.26 | 44.20 | 0.71 | 8.69 | 0.92 | ||||||||
| including | 143.26 | 173.74 | 30.48 | 0.94 | 10.84 | 1.21 | ||||||||
| AR-66 | 150.89 | 184.40 | 33.51 | 1.25 | 30.17 | 2.01 | ||||||||
| including | 163.08 | 173.74 | 10.66 | 2.89 | 67.89 | 4.58 | ||||||||
| * AuEq (g/t) = Au (g/t) + 1/40th Ag (g/t) | ||||||||||||||
The historic Oatman Mining District has produced over 2 million ounces of gold, mainly from high-grade underground operations. The Historic Moss Mine Property was the site of sporadic high-grade mining dating back to the late 18th century. Historic workings are evident throughout the property and the likelihood of finding additional bulk mineable ore is considered excellent.
The foregoing geological disclosure has been reviewed Dr. Bob Thompson, PhD P.Eng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
Northern Vertex has also issued an aggregate of 200,000 incentive stock options exercisable for a period of five years at $1.00 per share to Mr. Tiziano Romagnoli. Northern Vertex has appointed Mr. Romagnoli to its advisory committee. Mr. Romagnoli is a fund manager and investment adviser based in Geneva, Switzerland, with more than 20 years experience in the investment banking industry.
Northern Vertex is a gold exploration and development company operating principally in Arizona, U.S.A. and British Columbia, Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance asset based precious metal projects that demonstrate near term production potential and long-term sustainable growth.
State-run oil firms have increased petrol prices by Rs 5 per litre from May 15. Finance minister Pranab Mukherjee has said that next weeks EGoM meet would discuss issues relating to hike of diesel, LPG and kerosene prices.
Sandeep Bhatia of Kotak Institutional Equities tells CNBC-TV18 that the price increase is a welcome move. “There is a long way to go in correcting the retail fuel prices whether it is diesel, petrol or cooking fuels. We will have to see in the next one month what kind of action this government takes.”
April inflation numbers are expected today. A CNBC-TV18 poll sees April inflation still at an elevated level of 8.46% vs 8.98% (MoM).
Slowdown in growth and high inflation are still among key concerns among economists. Economist feel that if inflation crosses beyond 8.7% this time then forecast of inflation and economic growth has to be revised.
However, buying was seen in pharma stocks like Ranbaxy, Glenmark Pharma, Sun Pharma. The BSE healthcare index was up over 1%.
Glenmark Pharma was up 14% on the back of news that the company is in licensing deal with Sanofi and will receive upfront payment of USD 50 million. The USD 50 million includes USD 25 million contingents upon Sanofi's assessment. The deal is for commercialisation of GBR 500, reports CNBC-TV18.
At 10.41 hrs IST, the Sensex was down 117.83 points or 0.64% at 18413.45, and the Nifty was down 22.60 points or 0.41% at 5522.15.
The market breadth was negative, about 1036 shares advanced, 1216 shares declined, and 1389 shares were unchanged.
Niall Macleod, UBS said that, "We are positive on Asia ex-Japan for 2011. Earnings growth forecasts look achievable and valuations appear attractive. With liquidity remaining loose and the domestic credit cycle set to improve, we think Asia could be re-rated. We are Overweight financials and Shriram Transport is amongst the top 11 buy calls in Asia."
Top gainers on the Sensex were Bharti Airtel at Rs 373.60 was up 1.74%, Hero Honda at Rs 1,823 was up 1.53%, BHEL at Rs 2,055.60 was up 1.17%, HUL at Rs 308.80 was up 0.77% and TCS at Rs 1,128.50 was up 0.07%.
Top losers on the Sensex were M&M at Rs 675.65 was down 2.35%, Jaiprakash Asso at Rs 85.65 was down 2.17%, Reliance Infra at Rs 599 was down 1.96%, HDFC at Rs 635.35 was down 1.76% and Tata Motors at Rs 1,192.90 was down 1.49%.
Tech major Infosys was trading at Rs 2,853.50 down 0.92% from its previous close of Rs 2,880.05.
Cigarette major ITC was trading at Rs 187.10 down 1.27% from its previous close of Rs 189.50.
There seems to be let off for the government and the RBI as inflation continued to spiral out of control despite successive rate hikes.
The wholesale price index (WPI) for the year rose to 8.66% in April as against 8.98% in March on higher fuel and manufactured product prices. A CNBC-TV18 poll forecasted a 8.46% rise in the figure for the said month.
The Sensex was down 113.00 points or 0.61% at 18418.28, and the Nifty was down 21.25 points or 0.38% at 5523.50. About 1028 shares advanced, 1483 shares declined, and 1130 shares remain unchanged.
Auto, realty, metal and banking stocks continue to drag markets lower. The broader markets too were bleeding in losses.
In the largecap space, Ranbaxy Labs, Sun Pharma, Ambuja Cements, Hero Honda and ACC were up 1.5-3.5%. On the losing side, Mahindra and Mahindra, Reliance Infra, ONGC, Bajaj Auto and Reliance Capital were down 1.8-2.5%.
Top gainers on the BSE Midcap: Glenmark Pharma, MVL, Den Networks, Wockhardt and Techno Electric were up 4-13%.
Top losers on the BSE Midcap: Sunteck Realty, CMC, Kwality Dairy, SKS Microfinance and KGN Industries were down 5-10%.
Top gainers on the BSE Smallcap: Saint-Gobain, Ganesh Housing, Ajanta Pharma, Gati and MarathonNextgen were up 7-15%.
Top losers on the BSE Smallcap: Excel Crop Care, Empee Sugars, Parenteral Drug, Zodiac Clothing and English Ind Cla were down 6-11%.
