profits ahead of last years.the company has 80% interest in a joint venture with china national petroleum corp(cnpc).market makers bought a lot of stock on friday followed by big buys on monday.profit taking on tues am then buyers back in pm.any views?

Countdown is on folks , any day between now and the 30th july for the sale of southern china bluesky aviation , both companies want the deal to go through. Both are eagerly awaiting approval from china.The management team at Fortune have always been confident the deal will go through before july30th.

regards

bowman.

Agree with dexter.The original bluesky deal looks better and once the approval comes who knows how far it will go.

morning all

Another day goes by, we move a step closer to the Bluesky deal being approved,should be any day now.

regards

bowman

It will be very interesting to see how the market reacts to it when it is announced. Could be a little or hopefully.....................A LOT!

we have a guide from when the deal was first struck , it did go up to 9.5p on that occasion before it was put on hold.Let see what happens approval has to take place soon

regards

bowman

Won't it be in the price already? 9.5 was after recommendation in Investor's Chronicle and it didn't stay there long.

The sale of china bluesky aviation has not been approved yet so how can it be in the price ? Secondly when it is approved it will be worth a lot more because the deal involved china aviation oil shares which have gone up nicely and there for when it is approved fortune will get a lot more than the original value of the deal . Also those options they are entitlled to look very promising indeed .

Fortune Oil goes up nicely as we get closer to the approval of the sale of Blue sky aviation oil to china aviation oil. Look on thursday for any news.

regards bowman.

why thursday?

morning all,
is this bluesky approval just a formality?,if that is the case i would have expected the price to be a lot higher.i just don`t understand why,with the results being good and a new JV announced as well as the increase they are getting for bluesky there isn`t more of a move upwards.please someone tell me i am not missing something,it`s driving me to drink!!.
cheers,
dexter

market sentiment im afraid !! what shares are going up not a lot !! most of market is flat or trending down switch off the pc come back in a months time as fortune will go up but patience is req as in jkx was 10p now 1.20ish worth waiting for just a bit boring i must admit !!

Hi guys , it did appear something was about to happen with Fortune Oil after yesterdays rise. False dawn not to worry only a few days left in the month i can only reiterate Bluesky is purely procedural. China Aviation Oil having being saying all along that the Fortue oil stake in Bluesky is now theirs and both company's are very happy with the deal. Fortune have also said that this is a formality ,why jeopadise their reputation. When it does happen the share price looks set to rise and shareholders will get a slice of the deal in the form of a special dividend. The deal is worth a lot more than when originally on the table.

regards bowman

i wish they would hurry along with the bluesky aviation sale, its got to happen before the end of july so there is only a week to go now.

regards bowman

Price is creeping up.
Just be patient

Are we going to get the all important news of the sale of Bluesky aviation oil this week ??? Approval is due by end of july , so that narrows it down to this week . Shareholders will benefit by the sale as well as the company being able to concentrate on core holdings. Fortune Oil looks to have a bright future.

news is expected tomarrow after close of our trading times.tueseday will be all action

basharat,hope you are right.Where did you pick up this information ?

I think I see how this share dealing lark works now.The company doesn't release any news- so the price goes down on worries that there might be bad news to come. Then the company releases some good news-so the price goes down because-
(A)..Investors have previously factored any upcoming good news into the current price.
(B)..The news wasn't as good as investors had hoped it would be, so the good news that they had been factoring in was not as productive.
(C)..This month Jupiter is aligned with Mars.

morning basharat,
is this tuesday date for release informed or hopeful as it has dragged on for so long, i can`t find any recent info. anywhere, and i`ve spent hours looking!.please tell us where to look.
thanks ,dexter

UPDATED: 16:19, July 26, 2004
China's economy still full of vigor, interview

American corporations recently paid particular attention to the development of the Chinese economy. Will the economy have a "soft landing"? Should investment in China be slowed down or kept up? What are the points for attention while investing in China now? What are the prospects of the Chinese economy? Bearing these questions in mind, People's Daily correspondent in the United Nations interviewed Mr. Joe O'Mara, a partner of KPMG, the first international accounting firm that entered China.


No one doubts investment opportunities in China
Mr. O'Mara speaks standard Chinese fluently. A native of America, he can be counted as a half-Beijinger after living in the Chinese capital for more than a decade.

China is developing too fast, said O'Mara, and one simply can't know the tremendous changes of today compared with even two or three years ago if he is not a long-term worker there. In its recent survey on investing in China, KPMG sent detailed questionnaires to 100-odd European and American big corporations investing in China, and talked with them face-to-face. The result showed that these investors held almost the same opinion on the Chinese marketafter China's WTO accession, foreign direct investment will keep rising and coming to China for investment has become an international trend; China is still a huge market with its economy full of vigor, and no one doubts about business opportunities in the country.

Mr. O'Mara believes that the economic environment in China is unique and changing rapidly, so his biggest advice to those who want to invest in China is to learn modestly. For example, one needs to know China's special culture and inter-personal relationships. However, along with the development of marketization of China's economy and the gradual perfection of the legal system resulted from the country's enactment of many economic laws, one cannot rely completely on relations in making investment in China. O' Nara told many people who came to the firm for advice that American companies investing in China usually make two mistakes: One is because they don't understand the vastness of the Chinese market and regional differences, they focus their attention only on several big cities and thus often miss good opportunities for investing in other regions; second is they underestimate the competitiveness of local Chinese companies. Chinese entrepreneurs are noted for their spirit, which has been given full play since the start of reform and opening up two decades ago and has won praises even from Bill Gates. However, there are still big chances for investors to make money in China, that's why the country can attract so many foreign corporations.


From 50 to 4,000 working staff
O'Mara takes his personal experience in Beijing and KPMG's development in China as an example of the success of foreign firms. He came to China in 1992 when KPMG entered China with 50 staff members, the first of its kind in the country. At that time they could only serve foreign companies since China had not established its modern accounting system and laws in line with international standards. Later they helped the Ministry of Finance to formulate accounting laws and train personnel, as well as a modern accounting system in big banks and enterprisesuch as the Industrial and Commercial Bank of China, China Construction Bank and China Power Corporation. KPMG's own business also expanded when it set up offices in Shanghai, Guangzhou, Shenzhen and Foshan and its services also extended to accounting, taxation, consultation and auditing. Now half of KPMG's clients are Chinese firms. The success of KPMG is also a success of China, said O'Mara, adding it's a keen feeling of his after working many years here.

O'Mara thinks that KPMG has a promising future for its development in China. On one hand, the prospect for China' economic development is bright, he said, it is estimated that in the coming five years many large Chinese companies will enter the international market and become transnational corporations in petroleum, telecom and other high-tech fields. They need services from KPMG. On the other hand, China's resources of talents are getting richer and richer. He spoke highly of the quality of China's university graduates. He said that present graduates are able to start work after three-week training, whereas in 1995 they needed to receive three-month training, this helps his firm greatly reduce investment cost in the country. Currently KPMG has a total staff of 4,000 in Chinese inland and Hong Kong, 1,000 of them being enrolled this year. Furthermore, most KPMG's partners and managers in China are Chinese, with the number of partners alone approaching a hundred.

By People's Daily Online"
Unquote