Yes, in all CO related industries, be it refinery n transportation. 90 over % NPAT on SPC last qtr tells. However, its last qtr may hv improvement, n div pay out, guess, still substantial.

A typical exp is China aviation. They lost bil of RMB due to CO's order n insurance,  n need gov to pump in bil of dollar to survive. Strange, only China got transparency on ds CO issue.   

Incidentally, AK wishing ALL n Families a happy n prosperous new yr, 2009.

Did I miss the boat, Elite San - when is the 4th quater report coming up, pls let us know.Looks like market already bottom back in Nov 08.Today went to SPC to pump petrol with 9% discount & a rebate of $3 for car wash.

Keppel own 45% of SPC & they have change their CEO, something is not right with SPC. Did SPC accumulate alot of unrefine oil when it peak? Whenever there is a petrol price cut, I don't see SPC cut first, always it's Shell or Caltex.Maybe that's the reason they kick out the CEO.But SPC these few days keep on cheonging, really cannot tahan.

• Current petroleum stocks in the US are still within the average range for this time of year, according to EIA. They’re now about 8% higher than this time last year, but that’s really nothing to write home about, and it’s not much of a “glut.”
• In a recent interview with Jim Puplava, energy analyst Robert Hirsch commented that a 1 million barrels per day decline in world demand would only move back the global peak of oil production by one month. By that metric, the allegedly huge cutback in oil consumption has bought the world about one month more before we peak-whoop-de-do.
• Oil production in Canada, the US’s top source of crude imports, is faltering as prices are now too low to justify new projects that tap its large-but-costly and difficult reserves in tar sands and heavy oil.
• Our number-three source of imports, Mexico, is in serious trouble. Crude output from our southern neighbor has fallen 7% over last year, and exports are falling much faster, at a 20% decline, according to Pemex. Production from its largest field, Cantarell, one of the four “supergiant” oil fields in the world, is crashing at the rate of 33% per year. At the current rate, Mexico’s oil exports will cease altogether in just seven years.
• Experts at the ASPO and elsewhere believe that, within the next two years, world oil production will go into permanent decline, with depletion removing 2.5 million barrels per day from the world market- that’s roughly equivalent to the total oil imports of Germany. There are no oil projects that can overcome a decline rate like that. And yet, no major economy is even preparing for this inevitability.
• Saudi oil minister Ali al-Naimi has warned that the world needs $75 oil to ensure future supply, and that current prices “are wreaking havoc on the industry and threatening current and planned investments.”
• With gasoline now well below $2 a gallon, hybrids and other higher-efficiency cars are staying on the dealer lots. According to an analyst at Edmunds.com, a new hybrid would pay for itself in gasoline savings in two or three years with gasoline at $4 a gallon; but, below $2 a gallon, it’s more like seven to eight years. Less than a year ago, you had to get on a waiting list and pay a premium over sticker to buy a new Prius. Now dealers have lots full of them, and Toyota has experienced such a sharp decline in sales that it posted its first operating loss in 70 years. Hopes that we will quickly replace a large percentage of our rolling stock with higher efficiency vehicles are now on hold, along with the hopes for a massive campaign of drilling shale formations and deepwater reservoirs.
• A steep contango condition in oil futures is still in place, reflecting the market’s near-term oversupply and long-term uncertainty.

Want to wait for the luilian to drop must first have patience.

Below $2.00 is kinda of a sure matter. 3rd quarter announcement was 93% dropped in profit, share price nose dive to near $2.00. Now, 4th quarter is near and they had hinted that this coming quarter is not any better than before. So my take, $1.60-$1.70.