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?

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.

does appear to be something in the wind. A day of heavy trading, just need some news early next week to keep momentum going.

tau the momentum should continue next week, and yes some news would certainly give it a boost up.

Some good news just out for many stocks dealing in China, but in particular for FTO and ACHL which I am following closely now;


China's yuan at post-revaluation high of 8.0798/dollar

BEIJING (AFX) - China's yuan was at a post-revaluation high of 8.0798 to the
dollar on the interbank market in the morning session, traders said.
'The yuan is now quoted at 8.0798/99,' said a Beijing-based foreign exchange
trader, after the currency moved past the 8.08 level.
After months of intense US pressure, China on July 21 freed the yuan from an
11-year-old peg to the dollar in favor of a trade-weighted basket of currencies, and allowed the local unit to appreciate 2.1 pct against the US currency.
The yuan closed at 8.0825 yesterday, appreciating 0.34 pct since the
revaluation.
In the past month, the yuan has traded between 8.0805 and 8.0877.
Last Thursday, the foreign exchange regulator announced it was introducing a
market maker system - a move seen as a precursor to liberalizing the currency.
The US Treasury released a report overnight which said it did not view China as a currency manipulator because of 'initial steps' in moving towards a floating currency.
allen.feng@xinhuafinance.com

this has got to be the most boring share up 1%...down 1% why not just leave it where it is ....would be nice just to see a gentle rise up to 10p ...at this rate it will take 10yrs to get there lol

not so boring now but in wrong direction

biffa18 - I'll admit that FTO has been pretty dull for about a year or so now. But I bought in at 1.5p and the ride up to 10p was pretty fun. Static at the moment but more to come I feel.....

Queen1
yep yr right im in at lower as well but would be nice to see some pos news sometimes ...i went into this and ashtead recently ,now if it was to do a ashtead ,now that would be nice ! i see they dropped it yest to let someone in with 400 + k

Indeed. I have to admit that with all of the favourable conditions around in its markets at present I'm a little surprised that FTO hasn't kicked on. I still think it's there, just not sure where it's hiding!

anyone know why there is no trade in FTO this morning

SHANGHAI (AFX) - China will soon scrap controls over prices of aviation fuel
and reform the pricing of gasoline and diesel by linking them to prices of crude
oil, the official Shanghai Securities News reported.
The newspaper was citing an official with the National Development and
Reform Commission (NDRC), the country's powerful economic planning body.
The new pricing mechanism will more closely reflect crude oil prices, the
paper quoted Liu Shujie, the head of pricing department of the micro-economics
research institution under the NDRC as saying.
The newspaper also said that curbs in the sale of jet fuel are being
relaxed. Currently, airlines buy jet fuel mainly from the state-owned China
Aviation Oil Holding Co at a price set by the NDRC but other major oil companies
are being allowed to take a share of the market.
Liu also said the authorities will link wholesale prices of gasoline and
diesel on the domestic market to crude oil "indirectly".
The price changes will be more frequent than the current monthly
adjustments, he added.
Liu did not give a specific time for the reform or any indication of how
closely gasoline prices will follow global crude oil prices.
China has set caps on oil products on the domestic market to deflect
inflationary pressure and cushion consumers from the full effects of soaring
global energy prices.
But with crude oil at current high levels on global markets, the pricing
mechanism is cutting deeply into profits of the country's refineries.
China's Ministry of Finance said yesterday that it is offering a one-off
state subsidy of 10 bln yuan to the country's big oil refiner Sinopec Group,
which has been squeezed by mounting crude oil prices coupled with tight caps on
prices for refined oil products.

Fortune Oil on the move at last??

Its moving well again.

Yuan rises to record dollar level (4th Jan 06)

http://news.bbc.co.uk/1/hi/business/4579502.stm

Like the falling riskgrade of this stock, been on watchlist for a while but now in my portfolio....