OMAN - The Spot Market.The Oman Oman (ōmän`), officially Sultanate of Oman, independent sultanate (2005 est. pop. 3,002,000), c.82,000 sq mi (212,380 sq km), SE Arabian peninsula, on the Gulf of Oman and the Arabian Sea. It was formerly known as Muscat and Oman. spot market is backed by Shell International Trading Co. (Sitco) which usually buys unsold spot cargoes. But this market has lost the good liquidity it had in recent years, because of a fall in the number of spot deals done. Participants in this market are some trading companies, including Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and , as well as most of the equity producers in the sultanate who sell an important part of their crude on the spot market. In the lead is Shell, the main equity producer, followed by TotalFina. Spot trade is also backed by MPG's monthly pricing formula, which is sensitive to market forces. The number of spot deals has fallen to about 100, compared to 150 in 1995 and 219 in 1994. Most spot buying is destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for the Far East. The main spot buyer of Oman crude is the state-owned trading company China United Petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. Corp. (Unipec), which took nearly 6 million barrels for February. But for March it has only bought about 3.5 million barrels. This has caused a sharp fall in the spot Oman premium to the official MPG The extension used on the MPEG file format. See MPEG. 1. (jargon) MPG - Miles per gallon, as in "Your MPG may vary", i.e. "Your mileage may vary". 2. (filename extension) mpg - A filename extension for a file in MPEG format. price, because the size of this spot market has become smaller. 'Petroleum Argus' said on Feb. 7: "At least 4 million barrels of March-loading Oman was still unsold". Other spot buyers of Oman have included ExxonMobil, Caltex, Cosmo Oil of Japan, CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. of Taiwan and companies from South Korea and China. Spot buyers have also included US west coast refiners like Tosco and Ashland, plus some Mediterranean refiners. |
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