The Oil Daily articles from July 2003

The Oil Daily archives from July 2003

Tougher Sanctions on Iran and Libya Eyed.
July 1, 2003... WASHINGTON -- US lawmakers are considering clamping down on non-US oil companies investing in Iran by attempting to give teeth to the Iran Libya Sanctions Act (Ilsa) that -- even by the Bush administration's own admission -- has failed to stop...

PDV Delays Annual SEC Filing for 2002.(Petroleos de Venezuela )
July 1, 2003... CARACAS -- Venezuelan state-owned oil company Petroleos de Venezuela (PDV) has requested an extension on filing its 2002 annual financial statement with the Securities Exchange Commission (SEC), leaving in doubt whether or not the company has...

Futures Market Nervous That Bill and Nigeria May Disrupt Supply.(Brief Article)
July 1, 2003... Oil prices soared by nearly $1 per barrel on Monday amid concerns that a strike in Nigeria, a major crude supplier to the US, and a tropical storm churning near the oil-rich US Gulf Coast will exacerbate an already-tight US crude inventory...

Oil Production, Cargo Loadings Unaffected by Nigerian Strike.
July 1, 2003... LONDON -- A general strike in Nigeria against a government plan to raise oil product prices on Monday brought public transport, many businesses, and gasoline stations to a standstill. However, it had not affected oil production or cargo...

Litigation, Merger News Raise Shares; Foreign Firms Tumble.
July 1, 2003... As the markets closed Friday with just one day of trading left in the second quarter, energy shares shifted on news of a beneficial judgment on pending litigation and rose as certain mergers took positive steps toward fruition, according to...

Natural Gas Producers Handed Victory on Royalty Valuation.
July 1, 2003... WASHINGTON -- Natural gas producers garnered a legal victory last Friday as an appeals court ruled that the Department of Interior (DOI) must use a lower price royalty valuation when judging the royalties paid on gas sold to non-affiliated...

Daily Oil & Gas Price Review.
July 1, 2003... Daily Oil & Gas Price Review Prices for Monday, June 30, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd `Chg Month Avg. ...

Cooling Degree Days.
July 1, 2003... Cooling Degree Days Week Dev Cum Dev For week of From From From June 28, 2003 Week From Year...

Stock Market Scorecard.(petroleum stock price movements)
July 1, 2003... Stock Market Scorecard Close 1-Day. % Chg.? Jun 30 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Murphy Oil 52.60 +0.64 ...

Schlumberger Sees Q2 Charge.(Brief Article)
July 1, 2003... Schlumberger, the world's largest oil-field services company, on Monday said it will record an after-tax charge of $81 million in the second quarter related to the completion of a bond tender. The company said its subsidiary Schlumberger SA...

Warm Winds for BHP at Chinook.(Brief Article)
July 1, 2003... Australian major BHP Billiton has made a "very encouraging" oil discovery in the ultra deepwater Gulf of Mexico, the company said Monday. The 27,650-foot Chinook-3 exploratory well on Walker Ridge Block 469, drilled in 8,830 feet of water...

Greenland to Offer Licenses.(Brief Article)
July 1, 2003... Greenland's Bureau of Minerals and Petroleum (BMP) said on Monday it would open a new license round next year for oil exploration off the Arctic island's coast. On Apr. 1, 2004, Greenland will offer 10-year licenses for four selected offshore...

TXCO Boosting Oil Output.(Brief Article)
July 1, 2003... Independent oil and gas company The Exploration Co. (TXCO) on Monday said it has increased oil production by more than 90% from the Maverick Basin in southwest Texas since Mar. 31. TXCO said net oil output stood at 2,054 b/d in mid-June...

Halliburton Gets Pemex Work.(Brief Article)
July 1, 2003... Halliburton's Mexican unit, Halliburton de Mexico, said Monday it was awarded a three-year, $23 million contract by Mexican state oil company Pemex to provide tools, testing services, and products for its Bateria Artesa field in Reforma...

Rio OKs New 18% Tax on Oil.(Brief Article)
July 1, 2003... The governor of Brazil's oil-rich state of Rio de Janeiro defied state-run Petrobras and signed a bill Friday that imposes an 18% tax on oil production. State Governor Rosinha Matheus Garotinho said the tax will be in force after its...

Exxon on the Road Out of Oz.(Brief Article)
July 1, 2003... US supermajor Exxon Mobil is continuing to unload Australian assets with the sale of its interests in two oil fields off the country's northwest shelf. According to company spokeswoman Anna Schulze, a 60% interest and operatorship of the...

Williams Unloads More Assets.(Brief Article)
July 1, 2003... Williams on Monday said it recently closed two transactions involving the sale of certain assets in the company's exploration and production and midstream businesses for approximately $55 million. The first was the previously announced sale...

Ashland Sells Chemical Unit.(Brief Article)
July 1, 2003... US refiner and chemical company Ashland said Monday it signed an agreement to sell its Electronic Chemicals business and related subsidiaries to Air Products for $300 million. Electronic Chemicals, which was a part of Ashland Specialty...

Storm Halts Loop Loads.(Brief Article)
July 1, 2003... The Louisiana Offshore Oil Port (Loop), the largest US oil port, on Sunday halted offloading operations in preparation for approaching Tropical Storm Bill, a spokeswoman said. "Last [Sunday] night we took the ships that were discharging...

Speculators Increase Net Longs.(Crude oil speculators on the New York Mercantile Exchange raised their net long futures positions )(Brief Article)
July 1, 2003... Crude oil speculators on the New York Mercantile Exchange raised their net long futures positions during the week ended Jun. 24, the Commodity Futures Trading Commission (CFTC) said on Friday. The CFTC's weekly Commitments of Traders report...

ChevronTexaco Looks to Venezuelan LNG.
July 2, 2003... In spite of Venezuela's political problems, US oil company ChevronTexaco is committed to put down its share of the total $2.1 billion investment required for the first phase of development of its recently acquired Loran-1, located in the...

Factional Infighting Might Threaten PDV.(Petroleos de Venezuela )
July 2, 2003... CARACAS -- Four months after Venezuelan President Hugo Chavez gained control over the state oil giant Petroleos de Venezuela (PDV), the company is racked with internecine struggles between factions of the government coalition. After...

Crude Stages Late Rally as Traders Await Weekly US Inventory Data.(crude oil price trends)(Brief Article)
July 2, 2003... Crude futures extended gains on Tuesday in a late-session rally as traders covered their positions ahead of the release on Wednesday of crucial weekly US inventory data. The market came under early selling pressure after oil facilities in...

US Refiners Not on Crude Buying Spree Despite Margin Improvement.
July 2, 2003... Despite a modest improvement in refining margins and falling freight rates, buying interest on US spot crude markets has not been very buoyant so far this week. Traders waited for futures prices to calm down after a momentary blip higher at the...

Despite US Concerns, Japan Still Hopes for Oil Deal With Iran.
July 2, 2003... WASHINGTON -- The deadline for Japan and Iran to agree to terms for the development of the giant Azadegan oil field passed Jun. 30 without a new deadline being set as a promising oil deal suddenly escalated into politico- strategic posturing....

ConocoPhillips Wooed by Chinese to Help Explore Taiwan Strait.
July 2, 2003... SINGAPORE -- Having reached something of an impasse in its efforts to explore for oil and gas in the Taiwan Strait with lukewarm partner China National Offshore Oil Corp. (CNOOC), Taiwan's state-owned oil company Chinese Petroleum Corp. (CPC)...

Oil Shares Fail to Keep Pace With Broad Market in First Half.(petroleum industry stock prices vs. the rest of the market)
July 2, 2003... Shares of top worldwide oil and gas companies largely traded in line with the broader stock market in June, but they still trail leading equity indexes at the halfway point of 2003, after outperforming the market by a considerable margin last...

Daily Oil & Gas Price Review.
July 2, 2003... Daily Oil & Gas Price Review Prices for Tuesday, July 1, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Stock Market Scorecard.(petroleum industry stock price movements)
July 2, 2003... Stock Market Scorecard Close 1-Day. % Chg.? Jul 01 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Statoil 8.71 +0.16 ...

Murphy Offers Guidance.(Murphy Oil earnings expectations)(Brief Article)
July 2, 2003... Murphy Oil said Tuesday it expects income before special items for the second quarter to be between 50cents and 65cents per share. Special items to be recognized in the quarter include an after-tax gain of approximately $34 million related to...

Magnum Hunter Raises Capex.(capital expenditure budget for 2003 )(Brief Article)
July 2, 2003... Independent producer Magnum Hunter Resources said Tuesday that its board approved a $15 million increase in the company's capital expenditure budget for 2003 to $115 million, as the company tries to accelerate drilling operations while...

Weatherford to Issue Shares.(Weatherford International )(Brief Article)
July 2, 2003... Oil-field services company Weatherford International said Monday it would sell 10 million common shares, with Lehman Brothers acting as the sole underwriter. The Houston-based company has granted Lehman Brothers an over-allotment option to...

Marathon Likes Russian Pipeline.(West Siberia - Murmansk pipeline planned)(Brief Article)
July 2, 2003... US oil company Marathon is willing to participate in the Murmansk project to build an oil pipeline from West Siberia to the deepwater port on the Kola Peninsula for the long- haul deliveries of Russian crude to the US. "If we are allowed...

Conoco Cuts Bayu Undan Stake.(Brief Article)
July 2, 2003... ConocoPhillips said Tuesday that it would reduce its stake in the Bayu-Undan gas field in the Timor Sea to 56.72% after forking out a 10.08% stake to new stakeholders Tokyo Electric Power and Tokyo Gas. The Japanese utilities have...

Repsol Ups Venezuela Stake.(buys out Tecpetrol's stake)(Brief Article)
July 2, 2003... Repsol YPF has upped its share of production from Venezuela's Quiamare-La Ceiba block to 75% by buying out Argentine oil firm Tecpetrol's 25% stake. The deal adds 3,900 b/d to Repsol's production of 100,000 boe/d in Venezuela and 8.2...

Petrobras Gets Gas Financing.(Brief Article)
July 2, 2003... Petrobras on Tuesday signed $1 billion in financing to expand Brazil's natural gas transmission network. The project will increase transmission capacity in the Northeast by 9 million cubic meters per day within two years, rising to 12 million...

PDV Annual Report Delayed.(Petroleos de Venezuela)(Brief Article)
July 2, 2003... Petroleos de Venezuela (PDV) Monday filed 2002 financial statements for PDVSA Finance, its vehicle for issuing overseas bonds, but told the Securities and Exchange Commission (SEC) that 2002 results for PDV as a whole would be delayed due to...

Crosstex Completes Acquisition.(Crosstex Energy buys assets from Duke Energy Field Services)(Brief Article)
July 2, 2003... Dallas-based Crosstex Energy, a midstream natural gas company, said Tuesday it completed the previously announced acquisition of a package of assets in Mississippi, Texas, Alabama, and Louisiana from Duke Energy Field Services for $67.35...

XTO Closes San Juan Purchase.(XTO Energy acquisition of coalbed methane and natural gas producing properties in the San Juan Basin of New Mexico and Colorado from MarkWest Hydrocarbon )(Brief Article)
July 2, 2003... Natural gas producer XTO Energy said Tuesday it closed the acquisition of coalbed methane and natural gas producing properties in the San Juan Basin of New Mexico and Colorado from MarkWest Hydrocarbon for $51 million. The closing price is...

Unit Acquires PetroCorp.(Brief Article)
July 2, 2003... Unit Corp. said Tuesday it has agreed to acquire fellow Tulsa, Oklahoma-based oil and gas producer PetroCorp for $190 million comprised of 2 million shares of Unit stock and cash. Unit described the allocation of the purchase price as $101...

Cheniere Hires Funding Help.(Brief Article)
July 2, 2003... Cheniere Energy, the Houston-based company that is developing two potential liquefied natural gas (LNG) receiving terminal sites on the US Gulf Coast, said Tuesday that it has engaged the financial services of HSBC Securities and Petrie Parkman...

US Gasoline Prices Drop.(retail gasoline prices)(Brief Article)
July 2, 2003... The average US retail gasoline price dropped for the second week in a row, falling 0.9cents over the last week to $1.487/gallon, although it was still 10cents higher than a year ago, the government said on Monday. The latest pump price is...

Refiners Weather the Storm.(Louisiana oil refineries after Tropical Storm Bill)(Brief Article)
July 2, 2003... Louisiana oil refineries were up and running on Tuesday, largely unaffected by power outages or torrential rain associated with Tropical Storm Bill that passed through the region on Monday, companies said. Tropical Storm Bill, the second...

Indiana Launches Biodiesel.(Brief Article)
July 2, 2003... The National Biodiesel Board (NBB) on Monday said that fuel retailer Countrymark Co-op has opened the first soy biodiesel fuel terminal in the nation in Jolietville, Indiana, outside of Indianapolis. The biodiesel metered blending system...

Titan Gets Umm Qasr Contract.(Titan Maritime Iraqi surveying contract)(Brief Article)
July 2, 2003... Florida based Titan Maritime revealed Monday that it had been awarded a contract in early May by Bechtel National to survey the Iraqi port of Umm Qasr. The contract with Titan will facilitate ongoing dredging operations that will enable larger...

Portfolio Management Key to Exxon Success.
July 3, 2003... An unrelenting focus on capital discipline and an asset portfolio designed to mitigate commodity price volatility will remain the keys to Exxon Mobil's continued delivery of industry leading financial returns well into the future, according to...

Aussie Regulators Question Chevron LNG Plant.(liquefied natural gas )
July 3, 2003... SINGAPORE -- Environmental agencies in Australia have raised serious objections to ChevronTexaco's proposal to locate a plant for the multibillion-dollar Gorgon gas development on Barrow Island, threatening prospects for Australia's second...

US Can No Longer Look North for Abundance of Canadian Gas.(production decline expected)
July 3, 2003... Alberta regulators released a report last month that concluded that natural gas production out of the western Canadian province will steadily decline over the next decade. In its annual report on production and reserves, the Alberta Energy...

Futures End Lower Despite EIA, API Data Showing Inventory Drop.(Energy Information Administration, American Petroleum Institute)
July 3, 2003... Oil futures ended lower Wednesday as traders took profits from the short-lived gain spurred by the release of bullish weekly US inventory data showing another big drop in crude stocks. On the New York Mercantile Exchange (Nymex), sweet,...

Ecuador Plans Tender to Help Revive Oil Fields.
July 3, 2003... Petroecuador plans to issue by the end of July tenders for "special operation services" for its five main producing fields. The contracts, of which the details have yet to be ironed out, will seek to attract private companies to increase...

Global Supply-Demand Gap Narrows in June, But Market Still Loose.
July 3, 2003... Oil markets moved back toward balance in June, but supply remains well in excess of seasonally and economically depressed demand. Global supply fell by nearly 1 million barrels per day from May, led by a 600,000 b/d cut in Saudi production and...

Daily Oil & Gas Price Review.
July 3, 2003... Daily Oil & Gas Price Review Prices for Wednesday, July 2, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

EIA Weekly Statistics.(Energy Information Administration)
July 3, 2003... Department of Energy Weekly Statistics For Week Ended June 27, 2003 Crude Oil: StocksCrude Oil: Production and Imports (millions of bbl)(Average, thousands of bbl) Current Previous ...

Stock Market Scorecard.(oil, gas industries)
July 3, 2003... Stock Market Scorecard Close 1-Day. % Chg.? Jul 02 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Occidental 34.00 +0.33 ...

BP Sees Bumper Q2.(Brief Article)
July 3, 2003... BP on Wednesday confirmed hopes of another bumper quarter for the oil industry, issuing a trading update that shows oil prices, gas prices, and refinery margins in the second quarter well ahead of the same period of last year. However,...

Patterson-UTI Drilling Days Up.(Brief Article)
July 3, 2003... Patterson-UTI Energy, the second-largest operator of land- based oil and gas rigs in North America, reported Wednesday that for the month of June the company had an increase in drilling days and number of rigs operating from the previous month....

Boots & Coots Reworks Debt.(Boots and Coots International Well Control)(Brief Article)
July 3, 2003... Boots & Coots International Well Control, the company hired by the Pentagon to fight oil well fires in Iraq, said Wednesday that it has concluded negotiations with Prudential Insurance to restructure its debt, and that Prudential has agreed to...

McMoRan Closes Note Sale.(McMoRan Exploration )(Brief Article)
July 3, 2003... New Orleans-based McMoRan Exploration said Wednesday it completed a private placement of $100 million of 6% convertible senior notes due Jul. 2, 2008, with expected net proceeds of $95 million. McMoRan has also granted the initial...

Strike Plugs Nigerian Imports.(Brief Article)
July 3, 2003... The Nigerian general strike has stopped the discharge of all incoming cargoes of gasoline since Sunday, a major port agent based in Lagos said on Wednesday. "There are no gasoline imports discharging because they use inshore terminals...

Petrobras Appeals Rig Tax.(Brief Article)
July 3, 2003... Petrobras said late Tuesday it would appeal a 3.064 billion real ($1.08 billion) tax assessment by Brazil's tax authority, corresponding to the 1999-2002 period. Petrobras said the assessment applied to its international chartering contracts...

Ex-Dynegy Execs Enter Pleas.(Brief Article)
July 3, 2003... Three former Dynegy executives charged with illegally disguising a $300 million loan as a gas trade to fraudulently boost the company's finances pleaded not guilty on Tuesday. The three -- former finance vice president Jamie Olis, former...

Transocean Extends in North Sea.(Norsk Hydro contract for Transocean rig)(Brief Article)
July 3, 2003... Norsk Hydro has extended the contract for US driller Transocean's Polar Pioneer rig, operating in the North Sea, in a $22.38 million deal, the Norwegian energy group said Wednesday. The extended lease period will run from Jan. 1 to Sep. 1,...

Mandil Warns on Oil Prices.(International Energy Agency head Claude Mandil)(Brief Article)
July 3, 2003... The head of the West's energy watchdog, the International Energy Agency, said Wednesday that current high oil prices were partly to blame for sluggish world economic growth. "The prices are too high for everybody, too high for the world...

Ethanol Under Scrutiny.(California ban on MTBE could cause gasoline supply problems, price spikes)(Brief Article)
July 3, 2003... Concerned that California's switch to corn-based ethanol from methyl tertiary butyl ether (MTBE) as a gasoline additive could lead to supply problems and gasoline price spikes, a key US House of Representatives committee chairman on Wednesday...

Shell Restarts Gasoline Unit.(Brief Article)
July 3, 2003... Shell Oil has completed the overhaul of a gasoline-producing fluidic catalytic cracking (FCC) unit at its 155,000 b/d refinery in Martinez, California, a company spokesman said Tuesday. The FCC unit at the San Francisco Bay area refinery...

Shipping Body Counterclaims.(American Bureau of Shipping files against Spanish government over Prestige tanker wreck)(Brief Article)
July 3, 2003... The American Bureau of Shipping (ABS), a non-profit classification society, filed a counterclaim against the government of Spain, denying that it was at fault for the Prestige tanker wreck that left miles of Spanish beaches devastated in...

Debt Hike No Big Deal for ConocoPhillips.
July 7, 2003... New accounting rules will result in a $2.9 billion increase in balance sheet debt for ConocoPhillips in the third quarter, but analysts are largely discounting the event while taking note of the progress the US major is making in selling off...

Coast Guard Issues Maritime Security Rules.(US Coast Guard)
July 7, 2003... The Coast Guard is requiring that port facilities and vessel operators have a security plan approved or in place by Jan. 1 of next year under regulations published last week and effective Jul. 1. The rules were mandated by the Maritime...

Oil Exports Continue as Nigeria Nears Strike Settlement.
July 7, 2003... LONDON -- A general strike in Nigeria, which had threatened to escalate and cut oil exports, appeared to be moving toward resolution Thursday. After a new round of talks Thursday afternoon, labor leader Adams Oshiomhole was quoted as...

Futures Shed Early Gains as Nigeria Strike Neared Resolution.(oil futures, world)
July 7, 2003... Oil futures surrendered early gains but still ended higher on Thursday following news that an ongoing strike in Nigeria would begin to affect exports over the weekend and subsequent reports that the strike might be close to resolution. A...

Brazil's Fifth Bidding Round in August Differs From Others.(oil and gas fields bidding)
July 7, 2003... Brazil's National Petroleum Agency (ANP) announced Wednesday that the "Fifth Round" oil and gas bidding exercise will take place on Aug. 19-20, under modified contractual rules that include an increase of the local content requirement and a new...

Range of Companies Invited to Meet on Saudi Gas Initiative.(Saudi Arabia, natural gas exploration)
July 7, 2003... Saudi Arabia has included a broad range of companies in its invitation to the kingdom's relaunched gas initiative, sources confirm. Oil Minister Ali Naimi a week ago confirmed that invitations were going out to around 50 companies, in the...

Morgan Stanley Pays $330 Million for NiSource Gas Properties.
July 7, 2003... Most US businesses may have opted to take it easy in the days leading up to the long holiday weekend, but not NiSource. The Indiana-based utility and natural gas pipeline company struck a deal Thursday morning to sell its exploration and...

US Natural Gas Market Looking for a Bottom as Injections Surge.(storage injections)
July 7, 2003... Gas markets have been searching for a bottom after consecutive weeks of record-level storage injections sent prices plunging from the $6 per million Btu level and bulls in full retreat. The scope of summer heat ultimately will be the...

Daily Oil & Gas Price Review.(world prices)
July 7, 2003... Daily Oil & Gas Price Review Prices for Thursday, July 3, 2003 Light Sweet Futures -- Prompt Month ($/barrel) 1st 5-Day 2nd 3rd Chg Month Avg. ...

Baker Hughes Drilling Report.(oil rigs, statistics; US)(Brief Article)
July 7, 2003... US Rig Count Rises 3 The number of rigs searching for oil and gas in the US rose by 3 to 1,077 for the week ended Jul. 3, according to Baker Hughes. A year ago there were 862. The number of rigs searching for oil rose by 4 to 148 and...

EIA Gas Storage Report.(United States, natural gas inventories)(Brief Article)
July 7, 2003... Gas Storage Rises 97 Bcf Stocks of working natural gas in US storage facilities rose 97 Bcf for the week ended Jun. 27, leaving storage levels at 1,662 Bcf, according to the Energy Information Administration (EIA). The injection left...

Canadian Gas Storage.(natural gas inventories, Canada)(Brief Article)
July 7, 2003... Canadian Enerdata reported that the amount of natural gas in Canadian storage facilities rose 20 Bcf to 247.8 Bcf for the week ended Jun. 27. Storage caverns are 51.3% full, up from 47.2% full one week ago, but down from 70.3% full a year ago....

Stock Market Scorecard.(petroleum industry, stock prices; US)
July 7, 2003... Stock Market Scorecard Close 1-Day. % Chg.? Jul 03 Chg. % Chg. 10-Day 52-Wk YTD Integrated Majors Marathon 26.52 -0.08 ...

EPL Finds Gas, Lowers Guidance.(Energy Partners Ltd., gas discovery; financial forecast)(Brief Article)
July 7, 2003... Independent Gulf of Mexico producer Energy Partners, Ltd. (EPL) last week announced the successful drilling of two exploratory wells in the Gulf of Mexico, and said it did not expect second-quarter production to meet previous guidance. At...

Alaska Mulls Lease Sale.(oil and gas leases)(Brief Article)
July 7, 2003... Alaska in on the brink of selling oil and gas leases for land near salmon-rich Bristol Bay in the state's southwestern corner, Gov. Frank Murkowski said last week. "I believe that outside the North Slope and Cook Inlet, the Bristol Bay...

Canadian Oil Sands Raises Cash.(Canadian Oil Sands Trust )(Brief Article)
July 7, 2003... Canadian Oil Sands Trust said Thursday it completed its equity financing, raising gross proceeds of C$228.5 million (US$171 million). On Jun. 11, the Trust announced it had agreed to sell to a syndicate of underwriters 4.3 million trust...

Denmark Struggles With Output.(oil and gas production, North Sea)(Brief Article)
July 7, 2003... Danish companies are struggling to keep up oil and gas production from mature fields in the Danish North Sea. The Danish Energy Agency (DEA) approved a project last week to add 40 million boe of gas and condensate reserves to the Halfdan field....

Petrobras Issues Bonds.(oil firm, Brazil)
July 7, 2003... Petrobras Wednesday placed a $500 million, 10-year bond issue, remarkable for pricing at 167 basis points below Brazil's 10-year benchmark bond. The global bond issue has a yield of 9.25%, and doesn't carry political risk insurance - - another...