In my opinion, CCB sale of his shares (200lots of 250 lots he was holding) is not due to the need for cash. The sale would have raised <$500K. For a man of CCB stature, I am sure he has the odd half million lying around here and there at his disposal.

Bear in mind, in May 2007, he purchased 100lots of these shares from the open market at 4.72. So, he is seeing a loss for this sell off.

I am not so bullish about SPC prospects over the near term future......next couple of years.

1. Demand for oil and oil products have shrunk. Despite OPEC cutting production by appprox 4m bblpd, there is still excess CO to the extent that the oil majors like Exxon have resorted to hoarding (storing) CO to take thesupply off the market in order to prop up CO price. This is evidenced by the increased demand for VLCC tankers for storage and the current tight capacity for land based CO storage tanks.

2. Regional refinery capacities have been creeping up with refineries in India, Vietnam and China coming (or have come) onstream. So, refining margins are not going to improve anytime soon.

3. Upstream revenue and profit contributions will not be too significant at current CO price level......... 4Q09 upstream eps came in at merely 2.7c......3Q09 was 8.5c.....Also, the bulk of the US capacity (the oilfield in China) was acquired when CO prices were high....so my guess is the ROI for that investment, at current CO price, is not too impressive.

was very bullish abt SPC in Feb... on hindsight, should maybe wait another 2 months before dipping in. the bear is almost 18 months old, the average age where bears turn into bulls...

On another note, its any one guess whether March 15 when OPEC meet will generate any catalyst up or downwards.

Will wait 2 more months before buying anything for longterm...