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?

Last year they doubled their net profits from 1.28m to 2.58m and eps rose from 0.09 to 0.16. This year they have the benefit of the Chinese business, and high oil prices. I can only see better things ahead,. I guess I'll have to wait until next week.

The result is better than I expected. Given the recent developement and also involvement of foregin companies in China, the future of fortune should be more positive. I like some parts of the report.

"the Company made sound progress in the pursuit of potential new investments." But we don't know what investment yet.

"In early 2005 there was insufficient gas supply to meet demand in and around Beijing." The good news is that the demand is greater than the supply, so the supply problem should be sorted soon due to foreign investment in China, they should make loads of dosh. They expect to go into profit with these pipelines early next year, however this can be brought forward due to high growth in China and stronger currency against Dollar etc.

Check recent investments by large institutions in China. Today: "UBS to acquire 500 mln dollar stake in Bank Of China"
http://uk.biz.yahoo.com//27092005/323/ubs-acquire-500-mln-dollar-stake-bank-china.html

OR: "BASF investment in China's Chemical industry ..." http://www.moneyam.com/action/news/showArticle?id=981271

The results are in line with broker forecasts and second half is normally better than first so plenty of reasons for a positive outlook I think.

But the sp has still dropped and at a time when the price of oil and commodities is so high. This is actually therefore not a great performance which is very disappointing to a long-term holder like myself.

http://abcnews.go.com/Business/wireStory?id=1258334&CMP=OTC-RSSFeeds0312

Thanks ahoj

mind if I post on another BB

regards

http://uk.biz.yahoo.com//051108/94/fw9ep.html


BP eyes stake in troubled China Aviation Oil
BP (LSE: BP.L - news - msgs) , the UK energy group, is negotiating with Singapore-based China Aviation Oil for a possible stake in the Chinese state-owned jet fuel importer as part of a debt restructuring plan for the company, which was at the centre of a derivatives trading scandal last year.

BP has emerged as the most prominent potential investor among several others, including another European oil company, which have expressed interest in taking a stake in CAO to gain access to Chinas energy market.

BP would possibly join Temasek Holdings, the Singapore state investment company, as CAOs biggest outside strategic investors.

Beijing-based China Aviation Oil Holding (CAOHC) now has 60 per cent of CAO.

Shares in BP were down 0.2 per cent at 634.5p in late morning trade in London on Tuesday.

BP will buy stake in CAO to gain access to China, result to push sp back to 10p

Siemens eyes Asia as key to telecoms growth
http://uk.biz.yahoo.com/051115/94/fwwxu.html

Good to hear that..

http://www.moneyam.com/action/news/showArticle?id=1055966

http://www.moneyam.com/action/news/showArticle?id=1055424

Thanks Ahoj

Suggestion use the link button above to inbed links into posts, Saves having to copy and paste into address bar. took me for ever to pick up on it.

couple that you may of missed durring the night.

http://www.moneyam.com/action/news/showArticle?id=1055321

http://www.moneyam.com/action/news/showArticle?id=1055424


regards

FTO has invested in one of the fastest growing markets in one of the fastest growing countries, but share price has beeen one the weakest in the market in recent years. IMO
How long can it go like this?

http://news.bbc.co.uk/1/hi/business/4455594.stm


BP buys stake in China fuel firm

BP is buying a stake in China's main jet fuel importer China Aviation Oil (CAO) for an, as yet, undisclosed sum.
A spokesman for CAO, which is turning itself around after near collapse last year, also declined to give any details on the size of the stake BP is buying.

Reports say the UK's BP is buying 23% of CAO, which is based in Singapore but majority owned by Chinese state firm China Aviation Oil Holding Company.

CAO ran up huge losses last year betting on the future price of oil.

It lost about $550m (320m) during the scandal, the biggest to hit Singapore since the $1.2bn collapse of Barings Bank in 1995.

Fast-growing market

The new deal will allow BP, the world's second largest oil company, to increase its small presence in China's tightly state-controlled, but fast-growing, oil market, now the second largest in the world.

BP currently owns a 24% stake in another Chinese jet oil company, South China Bluesky Aviation Oil, which supplies 15 civilian airports.

A BP spokeswoman said the company was not immediately able to comment.

BP boss Lord Browne visited China at the start of this month, meeting government officials and executives from the country's three largest oil producers.

Sorry to be dumb, but what effect does the CAO and BP deal have on FTO?

BP has an interest FTO if I am not mistaken (Bluesky), and CAO and FTO do the same things, that BP are expanding into this area that FTO by itself are in (aviation fuel), can lead to some speculation.

The recent move by FTO into natural gas might be a change of policy, with FTO selling out or reducing the aviation fuel side, to the likes of BP ?

Its sector related, so worthy of note.

carlosmac, these posts at AFN discus it a bit, hope it helps.


pricemilne5 - 21 Nov'05 - 13:23 - 3340 of 3343
Very interesting news. Perhaps we will see a steady rise now. furthermore who's to say that BP are only buying into CAO, they have billions of spare capital sloshing around their coffers after the latest oil price spike, and the only way they can really grow is to buy!

roma77 - 21 Nov'05 - 13:59 - 3341 of 3343
Thanks rwcarlos for bringing the BP news to my attention on the cyc thread, much appreciated.

Yes, very interesting news. I wonder if BP might make an offer for FTO's 24% stake in Bluesky, would have to be a very good price much higher than what cao offered over a year ago. Interesting times ahead methinks.

Graham4mon - 21 Nov'05 - 14:11 - 3342 of 3343
Roma77, as BP already have 24.5% of South China Bluesky Aviation Refuelling I'm not sure that the Chinese Government would be too pleased to see them increase their holding to 49%, as I seem to have read recently that they have been resisting BP trying to buy into the oil & gas operations of the Chinese oil majors on the mainland. All IMHO of course.

roma77 - 21 Nov'05 - 14:25 - 3343 of 3343
Hi Graham,
I had the same thought as u but then I remembered that if CAO had bought fto's 24.5% stake of Bluesky, CAO and its sister company China Aviation Oil Supply Corp would have jointly held 75.5 pct of Bluesky. Well, we will just have to wait and see what happens.

Thank you very much PP.

FTO putting together a decent run over the last couple of days. Is this the support required to launch an assault on the highs of 10p?

I think if we get some positive news the sp will fly through 10

There might be news on the JV coming or an update on gas, this one is like some others, it moves up ahead of news and then moves again on news.

Could be a strong run to year end.