FSU Energy articles from July 2001

FSU Energy archives from July 2001

Gunboat diplomacy.(Iran's military action on the Caspian Sea)(Brief Article)
July 27, 2001... Iran wants 20pc of the Caspian. This week it tried to force the issue and BP got caught in the middle Iran this week sent a gunboat to the Azeri sector of the Caspian Sea, forcing two survey vessels to vacate the BP-operated Alov block....

Anything to oblige.(Siberian candidate Boris Govorin endorsed by Tyumen)(Brief Article)
July 27, 2001... Russia's regional governors remain powerful figures. But political longevity has little to do with ability Voters in the Irkutsk region of eastern Siberia go to the polls on 29 July to elect a new governor. There are 10 candidates, but...

Lukoil hit by export ban.(Brief Article)
July 27, 2001... Transneft has blocked all crude shipments by Lukoil, after Ryazan regional court banned the oil firm from loading oil for both export and delivery to domestic refineries from 24 July to 6 August. The pipeline operator restarted shipments...

Rusia partners dubious about Gazprom entry.(Brief Article)
July 27, 2001... Leading shareholders in the BP-led Rusia joint venture have expressed mixed feelings about the prospect of Gazprom joining in development of the vast Kovykta gas field in Russia's far east. The Rusia partners acknowledge the potential role...

Transneft courts Kazakh crude for BPS.(Brief Article)
July 27, 2001... Russian pipeline operator Transneft is trying to lure Kazakh producers to use its 240,000 b/d Baltic Pipeline System (BPS), which should start exporting oil early next year through a new terminal at Primorsk on the Gulf of Finland. ...

Slavneft boasts of Sudan progress.(Brief Article)
July 27, 2001... Russian-Belarus oil firm Slavneft has agreed with Sudan to set up a 50:50 joint venture to operate oil block 9 in the country's Khartoum region. But observers doubt that the firm will be producing substantial volumes of crude in the African...

Siberian spending.(Brief Article)
July 27, 2001... Hungary's Mol and Russia's Yukos will spend $300mn developing the 175mn bl Zapadno-Malobalyk oil field in western Siberia, says Mol chief Gyorgy Mosonyi. The firms will split the costs and expect to be producing 48,000 b/d by 2004 (FSUE, 6...

ExxonMobil slips behind in Sakhalin.(Brief Article)
July 27, 2001... The ExxonMobil-led Sakhalin I consortium is hoping to secure approval from the Russian federal government and Sakhalin regional authorities for full-scale development plans for its offshore oil and gas fields. But it will face difficulty...

Rail ministry fears reform.(Brief Article)
July 27, 2001... Russia's rail ministry has complained that the impending equalisation of tariffs for shipping oil inside Russia and transporting it to FSU ports will cost it Rb22.9bn ($783mn), or 10pc of its income. The Russian government last week ruled to...

Russia rushes for Iraqi barrels.(Brief Article)
July 27, 2001... Russian firms Rosnefteimpex, Tatneft and Mashinoimport have won contracts to lift 30mn bl of Iraqi crude in the current, 10th phase of the UN's oil-for-aid programme. And Russian companies stand to benefit from Moscow's help in blocking US...

Mozyr upgrades for exports.(Brief Article)
July 27, 2001... Russian-Belarus firm Slavneft is to install a 2mn t/yr catalytic cracker at its 320,000 b/d Mozyr refinery in Belarus. The $108mn unit will allow the firm to boost production of light products, in particular gasoil for export to northwest...

Ukraine blocks crude sales to Russians.(Brief Article)
July 27, 2001... Ukraine's Interbank Currency Exchange (ICE) this week ruled that it will stop selling domestically produced crude to foreign oil companies operating refineries in the country. The ruling effectively bars Russia's Lukoil and Tyumen Oil...

CPC delays loading.(Caspian Pipeline Consortium )(Brief Article)
July 27, 2001... The Caspian Pipeline Consortium (CPC) has confirmed that loading of the first tanker at its new Novorossiysk terminal will be postponed from the scheduled date of 6 August for several weeks (FSUE, 13 July, p8). The decision follows delays in...

Eni says Blue Stream still on course.(Brief Article)
July 27, 2001... Italy's Eni claims the dismissal of Gokhan Yardim, head of Turkish stateowned pipeline company Botas, will have no impact on the Blue Stream gas line project linking Russia and Turkey. Yardim was sacked on 23 July but Eni says this will not...

Itera and Lukoil team up in Uzbekistan.(Brief Article)
July 27, 2001... Controversial gas trader Itera is taking action to hang onto its markets in the wake of Rem Vyakhirev's replacement as head of Gazprom. Itera, thought to be owned by members of Gazprom management, will team up with Lukoil to develop the...

Sibneft appoints new finance head.(Brief Article)
July 27, 2001... Sibneft has appointed Richard Creitzman as its new corporate finance head. Creitzman, replaces Eugene Tenenbaum, who will now work as advisor to Sibneft president Eugene Shvidler. Creitzman joins Sibneft from US energy giant Enron, where he...

Kazakh oil exports up.(Brief Article)
July 27, 2001... Kazakhstan exported 13.81 mn t (557,000 b/d) of oil and gas condensate in the first six months of this year, up 21pc from the same period last year. Earnings from oil exports reached $1.86bn, 19pc more than during the first six months in...

Kazakhstan considers refining law.(Brief Article)
July 27, 2001... The Kazakh government has submitted a draft law on regulation of production and sale of oil products to the country's parliament. The law specifies the minimum volumes of oil to be processed by the refineries and gives the government the...

Kazakhoil plans retail network.(Brief Article)
July 27, 2001... Kazakh national oil company Kazakhoil is planning to create a 40-station retail network in 2001-2002, according to company president Nurlan Balgimbayev. The firm will open 10 service stations in western Kazakhstan this year and will build 20...

Kazakhs to build new gas line.(Brief Article)
July 27, 2001... Kazakhstan plans to begin construction in 2002 of a 911km pipeline that will allow it to import 9bn [m.sup.3]/yr of gas from the Urengoi field in Russia's Tyumen region (FSUE, 10 November, p9). The line will run from Ishim in the southern...

Socar takes control.(Brief Article)
July 27, 2001... Producers in Azerbaijan working at onshore fields, including joint-venture and production-sharing agreement participants, are to sign new contracts with state-owned oil company Socar. Producers will have to send their oil to Baku's two...

Colombia seeks Russian investors.(Brief Article)
July 27, 2001... Colombia is trying to lure Russian oil firms to invest in its upstream in an effort to boost declining output. But Russian companies are reluctant, in spite of the favourable terms on offer. At a presentation in Moscow on 18 July, the...

Mol claims success.(TVK)(Gazprom Russian Joint Stock Co.)(Brief Article)
July 27, 2001... Hungary's Mol last week declared valid its public offer for 49pc of petrochemical firm TVK, despite investors only offering it 1.5pc of the firm at the 4,184 forint/share ($14.86/share) set price. After paying 1.5bn forints for the shares,...

Dog days for RTS.(Russian Trading System)(Statistical Data Included)
July 27, 2001... It was a volatile but thinly traded week on the Russian stock market. For the most part, volumes were in single figures and a heat wave in Moscow did little to encourage life back into a market that already appears to be winding down for the...

Government issues licence blacklist.(Russia)(Brief Article)
July 27, 2001... Russia's natural resources ministry, under its new head Vitaly Artyukhov, has issued a list of firms guilty of violating their upstream licence agreements. Meanwhile, the government is gearing up to resume licence sales -- suspended earlier...

Talakanskoye interests China.(China Southern Petroleum and Development Corp.)(Sakhaneftegaz)(Brief Article)
July 27, 2001... China's CNPC has offered to lend east Siberian oil company Sakhaneftegaz $200mn to pay for the right to develop its Talakanskoye field. The loan will cover part of the $501 mn bonus that Sakhaneftegaz is due to pay to develop the 1.46bn bl...

Kazakhs eye Komsomolskoye.(Kazakhoil)(Rosneft)(Brief Article)
July 27, 2001... Kazakh national oil firm Kazakhoil and Russia's Rosneft are negotiating the former's participation in development of the Komsomolskoye field in Russia's Yamalo-Nenetsk autonomous region, say Kazakh sources. The companies signed a protocol of...

Few takers for gasoil.(Brief Article)(Statistical Data Included)
July 27, 2001... * Outright prices improved with stronger crude, but typically limp summer gasoil demand meant sellers of Russian product have had to market oil aggressively. * Russian gasoil was offered at wider discounts this week following sluggish...

Captive market for Urals in NWE.(Northwest Europe)(Brief Article)(Statistical Data Included)
July 27, 2001... Crude prices 25 Jul NW Europe $/bl Chg on 18 Jul diff to Brent Brent (dated) (fob) 24.63 - 24.73 +1.61 -- Urals (cif) 23.63 - 23.73 +1.71 ...

Rusian refinery output.(Statistical Data Included)(Illustration)
July 27, 2001... Russian refinery output, May 2001 '000t Crude Crude throughput throughput % chg Company/refinery May May '00 b/d Apr Total for Russia...

Netbacks.(Illustration)(Statistical Data Included)
July 27, 2001... Netbacks Russian crude netbacks 25 Jul Ventspils Butinge Novorossiysk Urals (cif-fit) ($/bl) 23.68 23.68 23.18 Urals (cif-fit) ($/t) ...

Russian firms hail tax shake-up.(Brief Article)
July 20, 2001... The government has overhauled oil sector taxation. But PSA progress remains as slow as ever The spring session of the Russian Duma closed last week, bringing a swathe of new legislation -- including significant changes to the tax regime...

Metamorphosis.(Brief Article)
July 20, 2001... The recent signing of key reformist legislation could mark a turning point in Russia's transformation Russia's Duma deputies had a busy time of it in the final stages of their recently ended spring session. For oil firms, their...

Rusia rivals reach shaky ceasefire.(Tyumen Oil, Interros)(Brief Article)
July 20, 2001... Tyumen Oil (TNK) and the Interros group have finally agreed to end their battle for influence in the BP-led Rusia Petroleum joint venture -- the licenceholder of the 1.4 trillion [m.sup.3] Kovykta gas field in eastern Siberia. But Interros...

China pipeline accord raises questions.(Brief Article)
July 20, 2001... Russian prime minister Mikhail Kasyanov and Chinese president Jiang Zemin this week signed an agreement on construction of a $1.7bn oil pipeline between the two countries. But it remains unclear who will own and control the Russian section of...

Transneft fights for pre-payment.(Brief Article)
July 20, 2001... Semyon Vainstock, president of Russian crude pipeline operator Transneft, last week rejected demands from the anti-monopoly ministry for a revision of the system where oil companies have to pay in advance for its services. Speaking at a...

Northern supplies slip behind schedule.(Brief Article)
July 20, 2001... The annual process of delivering state-funded fuel supplies to see Russia's poorest and remotest regions through winter is already well under way. Vessels have been delivering crude and products since May by sea and river under the...

Sakhalin Energy steps up gas drive ...(Brief Article)
July 20, 2001... The international Sakhalin Energy consortium is pressing ahead with plans to develop a massive liquefied natural gas project on Sakhalin island in Russia's far east, Argus was told this week during a visit to Sakhalin. The Shell-led group is...

... and aims for year-round oil output.(Sakhalin Energy)(Brief Article)
July 20, 2001... Sakhalin Energy also continues to develop crude production from its Piltun-Astokhskoye field. The group has already drilled 13 production wells from its Molikpaq platform and expects to produce around 90,000 b/d of 34 [degrees] API, 0.24pc...

Milosevic's loss, Yugoslavia's gain.(Brief Article)(Industry Overview)
July 20, 2001... Yugoslavia's war-battered energy industry is in major need of restructuring. But the sector is now set to benefit from a major influx of international aid -- possibly as much as $2 70mn -- a direct result of the removal of former president...

Export duty to be reduced.(crude oil export tax)(Brief Article)(Statistical Data Included)
July 20, 2001... The Russian government's tariff commission is expected next week to reduce the crude export tax from 30.5 [European Dollar]/t ($3.65/bl) to 23.5 [European Dollar]/t. The reduction is based on the Russian government's monitoring of...

Putin pushes through rail tariff reform.(Pres Vladimir Putin)(Brief Article)
July 20, 2001... Russian rail tariffs for export shipments of crude and products to FSU seaports will be made equal to internal tariffs from 1 August, according to the government's export commission (MVK) headed by deputy premier Viktor Khristenko. The...

Tax ministry goes after debtors.(Brief Article)
July 20, 2001... A number of small Russian crude producers look set to have their August export allocations cut by 20pc for running up tax debts. Russia's tax ministry has issued a list of crude exporters which had tax arrears on 1 June. The list will be...

TNK talks to Lithuanian government.(Tyumen Oil's German Khan)(Brief Article)
July 20, 2001... Tyumen Oil (TNK) executive director German Khan visited Vilnius on 13 July for talks with Lithuanian prime minister Algirdas Brazauskas. At a press conference following the meeting, Khan referred to potential crude supplies to oil firm...

JKX announces controversial find.(Black Sea oil reserves)(Brief Article)
July 20, 2001... UK-based oil and gas company JKX, which has interests in Ukraine, Georgia and Russia, has announced the discovery of commercially recoverable oil reserves in the Ukrainian sector of the Black Sea. The company has a 45pc interest in the...

Crown extends injunction.(Crown Resources)(Brief Article)
July 20, 2001... Crown Resources, the Swiss-based oil and commodity trader owned by Russian financial industrial conglomerate Alfa Group, announced this week that it has succeeded in its application to UK courts to have injunctions freezing the bank accounts...

CPC line-fill complete.(Caspian Pipeline Consortium)(Brief Article)
July 20, 2001... The Caspian Pipeline Consortium (CPC) this week announced that crude from Kazakhstan's Tengiz field has now reached Russia's Black Sea port of Novorossiysk. The Chevron-led Tengizchevroil consortium has now pumped 800,000[m.sup.3] of crude...

Shakh-Deniz transit agreement signed.(Brief Article)
July 20, 2001... Azerbaijan and Georgia have agreed on terms for gas transit from the former's offshore Shakh Deniz field to Turkey, according to the head of Georgian International Oil Corporation (GIOC). Giorgi Chanturia visited Baku last week for talks with...

Kaztransoil issue eurobonds.(Kazakhstan's oil pipeline operator)(Brief Article)
July 20, 2001... Kazakhstan's oil pipeline operator Kaztransoil has issued $150mn of five-year eurobonds in the country's first corporate bond issue. The money will be used to finance construction of a 450km oil pipeline from Kenkiyak to Atyrau in western...

Supsa August loading programme.(Supsa, Georgia)(Brief Article)(Statistical Data Included)
July 20, 2001... Four cargoes of Azeri Light will load at the Georgian port of Supsa in August, a total of 4mn bl (see table), the same level as loaded last month. The grade's premium to dated Brent is currently around 45 [cts.]/bl, with strong demand from...

Lukoil is looking for transit in Latvia.(Brief Article)
July 20, 2001... Latvian sources claim Russia's Lukoil is interested in buying the Man-Tess product terminal in Riga. Man-Tess owner Yulijs Kruminsh tells Argus he is discussing the sale to Lukoil, but adds that there are other potential bidders, including...

BP buys Veba.(Brief Article)
July 20, 2001... BP is cementing its position in central and eastern Europe, after agreeing to buy Germany's Veba Oil from parent multi-utility Eon in a deal worth $4bn. BP is swapping its 25.5pc stake in German gas firm Ruhrgas for Eon's Veba Oil. The move...

Turkey adds to Argentinian woes.(Brief Article)
July 20, 2001... Continuing concerns about emerging market stability brought a double hit for Russian share prices, offsetting the effect of positive domestic political news. Fears of an impending debt default by Argentina were compounded by signs that...

Power reform plans are too vague.(Brief Article)
July 20, 2001... Russian premier Mikhail Kasyanov last week approved a controversial restructuring programme for the power sector. But some analysts have criticised the programme on the grounds that it does not safeguard the interests of minority shareholders...

TNK cranks up Yugraneft campaign.(Tyumen Oil and Norex Petroleum's conflict over)(Yugraneft)(Brief Article)(Statistical Data Included)
July 20, 2001... The conflict between Russia's Tyumen Oil (TNK) and Canadian company Norex Petroleum over ownership of Siberian crude producer Yugraneft was raised at a meeting between Canadian prime minister Jean Chretien and his Russian counterpart Mikhail...

Lukoil to buy Bitech.(Brief Article)(Statistical Data Included)
July 20, 2001... Lukoil has made an $80mn cash offer for Toronto-based oil firm Bitech Petroleum. The two companies announced in a joint statement that Lukoil has offered C$1.55 ($1.02) a share -- a large premium to the current share value of C$0.99. Bitech...

Fuel oil fails to find buyers.(fuel oil prices not supported by consumption)(Brief Article)(Statistical Data Included)
July 20, 2001... * Plentiful supplies of fuel oil met with limited buying interest in northwest Europe and the Mediterranean. Gasoil demand in Germany was not enough to support prices. * Abundant supplies of M-100 cracked fuel oil from Ventspils and...

Urals discounts defy Iraq impact.(petroleum prices)(Brief Article)(Statistical Data Included)
July 20, 2001... * Outright prices ended the week down by over $1.40/bl. The downward trend was caused by the UN's agreement on a 10-20 July sales price for Iraq, which cleared the way for an immediate resumption of exports. * July Urals cleared in...

Russian rail data.(Statistical Data Included)
July 20, 2001... Russian rail exports/imports, June 2001 '000t Crude % chg YTD '000 b/d May '000 b/d Overland Armenia Azerbaijan Belarus...

Netbacks.(Russian netbacks)(Statistical Data Included)
July 20, 2001... [GRAPHS OMITTED] Russian crude netbacks 18 Jul Ventspils Butinge Novorossiysk Urals (cif-fit) ($/bl) 21.97 21.27 21.72 Urals (cif-fit) ($/t) ...

Azerbaijan counts on long-term transit growth.(Statistical Data Included)
July 20, 2001... Azerbaijan's Caspian oil terminals play a significant role in the export of Azeri, Kazakh and Turkmen crude and products to international markets. And this role is likely to increase as Azeri crude output increases and once the planned...

Apsheron well is a washout.(Brief Article)(Statistical Data Included)
July 13, 2001... Disappointing results are undermining Azeri hopes of finding substantial new oil and gas reserves The first well at Chevron's offshore Apsheron project in Azerbaijan is virtually empty, say oil industry sources in the country. The news...

An irresistible force.(Brief Article)
July 13, 2001... Gazprom continues to warn against EU gas market liberalisation. But there will be opportunities... even for the gas giant Gazprom underlined its status this week as chief prophet of doom for Europe's energy supplies. Comments made...

Sibneft covets Kuwaiti fields.(Brief Article)
July 13, 2001... Sibneft is hoping to join an international project to develop oil fields in Kuwait, in what could be its first overseas venture. Insiders believe Russia's links with Baghdad may help clinch the deal on the grounds that Kuwait hopes Russian...

Kasyanov promises Gazprom reform.(Mikhail Kasyanov)(Brief Article)
July 13, 2001... Russia's premier Mikhail Kasyanov this week called for reform of Gazprom, to make it "more transparent and efficient." Kasyanov says production and transportation units will be separated and independent gas producers given access to the...

Tax laws pass second reading.(Brief Article)
July 13, 2001... Russia's Duma passed on 6 June the second reading of laws covering taxes on crude exports and oil production. The export tax law will legally define the levy, which is currently set according to a scale introduced in February 2000 and...

Small producers squeezed further.(Brief Article)
July 13, 2001... Russia's minor crude producers fear for their future exports following postponement until the end of the month of a meeting of the government commission on access to export pipelines' (MVK). The meeting -- originally set for 6 July -- was...

Minority shareholders fear Yukos.(Brief Article)
July 13, 2001... Yukos is finalising its deal with investment group Rinko to buy the latter's 50.3pc stake in the 440,000 b/d Angarsk refinery, in eastern Siberia (FSUE, 25 May, p3). In addition. Yukos also stands to receive a number of retail firms in the...

Slavneft finds new upstream angle.(Brief Article)
July 13, 2001... Russian-Belarus oil firm Slavneft has announced plans to focus on upstream projects in east Siberia. The company says encouraging seismic results at its oil and gas blocks in the Yurubeheno-Takhomskaya area of the Evenk autonomous district...

TNK claims big interest for Uvat.(Tyumen Oil)(Brief Article)
July 13, 2001... Tyumen Oil (TNK) claims that foreign oil companies are queuing up to join it in development of the 1.5bn bl Uvat project in the Tyumen region of eastern Siberia. And it is pushing for production sharing agreement (PSA) eligibility for all...

Russia shows its wares to China.(Brief Article)
July 13, 2001... Oil and gas will figure prominently on the agenda during a visit to Moscow by Chinese president Jiang Zemin on 15-18 July. The visit is expected to result in a long-term inter-governmental agreement on economic and military co-operation....

Kazakhs block Ukraine gas deliveries.(Intergaz)(Brief Article)
July 13, 2001... Kazakh state-owned gas pipeline operator Intergaz has cut by almost 50pc volumes of Turkmen gas delivered to Ukraine on the grounds that it is owed $5mn by Russian gas trader Itera. Itera, which is due to deliver 30bn [m.sup.3] of Turkmen...

Sibur goes for growth.(Brief Article)
July 13, 2001... Russia's anti-monopoly ministry has given Gazprom's petrochemical subsidiary Sibur permission to buy 17 Russian petrochemical companies. The approved list of firms includes Sibur-Neftekhim, the Perm gas processing refinery, Sibur-Tyumen and...

Lithuania postpones Mazeikiu Nafta debate.(Brief Article)
July 13, 2001... The recent agreement giving Russian company Yukos a stake in Lithuanian oil firm Mazeikiu Nafta (MN) has been called into doubt. Lithuania's parliament, the Seimas, has postponed further debate on the matter until 10 September. Last...

PKN sale plans draw political flak.(PKN Orlen)
July 13, 2001... Poland's plan to sell an 18pc stake in oil firm PKN Orlen has received a cool reception. Opposition politicians claim the proposed sale undermines the firm, and analysts have dubbed it unrealistic. Treasury minister Aldona Kamela-Sowinska...

CPC delayed again.(Caspian Pipeline Consortium)(Brief Article)
July 13, 2001... The Caspian Pipeline Consortium (CPC) expects first loading at its new Novorossiysk terminal to be delayed until the end of August. Filling of the 600,000 b/d Tengiz-Novorossiysk pipeline continues, but repeated delays connected with attempts...

Government rejects quality bank.(Caspian Pipeline Consortium)(Brief Article)
July 13, 2001... Russia's Duma last week turned down changes to the law on natural monopolies, which would have provided a basis for establishing crude quality banks to compensate pipeline users for degradation of their oil by blending with inferior crudes....

Elf ups volumes.(TotalFinaElf Group)(Brief Article)
July 13, 2001... Elf Trading, an affiliate of TotalFinaElf, is to lift 2.9mn t of oil supplied by Tyumen Oil (TNK) over the next 10 years. The export agreement, signed this week, is a pre-condition for disbursement of a $274mn loan to TNK from Germany's...

Sibneft to buy trading companies.(Brief Article)
July 13, 2001... The board of director's at Russia's Sibneft has decided to hold an extraordinary shareholder meeting on 17 August. The meeting has been convened to ask shareholders to approve the purchase of two firms, Olivesta and Vester, both of which...

Japanese firm eyes Sakhalin LPG.(Brief Article)
July 13, 2001... Japanese firm Japex SKS plans to build a 20,000 t/yr liquefied petroleum gas (LPG) plant in the north of Sakhalin Island. The firm is discussing the issue with Rosneft subsidiary Sakhalinmorneftegas (SMNG), which operates a number of onshore...

Russia reshuffles.(Brief Article)
July 13, 2001... Russia's deputy natural resources minister, Leonid Tropko, has been appointed first deputy energy minister. He replaces Ivan Matlashov, who has played a key role in awarding crude oil export allocations. According to sources in the ministry,...

Lukoil teams up with arms seller.(Rosoboroneksport)(Brief Article)
July 13, 2001... Lukoil has signed a preliminary cooperation agreement with Russian state-owned arms seller Rosoboronexport. The firms will assist each other in promoting international projects. Analysts suggest Rosoboronexport will help Lukoil secure...

Northern Oil's Vavilov under pressure.(Andrey Vavilov)(Brief Article)
July 13, 2001... Moscow regional court has ruled that the disappearance of $450mn from defence ministry accounts while Northern Oil chairman Andrey Vavilov was finance minister, was illegal. The case will now be passed to the general prosecutor's office....

CAIH withdraws hostile offer.(Central Asian Industrial Holdings ; Hurricane Hydrocarbons Ltd.)
July 13, 2001... Central Asian Industrial Holdings (CAIH), a Kazakh shareholder in Canada's Hurricane Hydrocarbons, has withdrawn its takeover proposal of the firm. CAIH, which owns around 30pc of Hurricane, offered C$10.25/share ($6.64/share) in March for...