also worth considering about galoc, page-7

Yes, I agree there will probably be pressure to mkt the oil locally...should be no problem with 3 refineries in the country...Jocot may have another hat in this regard too (in relation to NDO's share).

Interesting snippet I ran across a couple of wks ago re Vitol...

Oil might rally soon
Aug. 21 (Bloomberg) -- Crude oil speculators account for about 81 percent of all contracts traded on the New York Mercantile Exchange, the Washington Post said, citing Commodity Futures Trading Commission data.

The share of contracts held by financial firms speculating for their clients or for themselves is ``far greater'' than the U.S. regulator had previously stated, the newspaper said.

The share may rise in coming weeks, according to the paper.

A single trading company, Vitol Group, held as much as 11 percent of all contracts on Nymex in July, the newspaper reported, citing CFTC documents.

The Wall Street Journal yesterday said the CFTC had reclassified Vitol Group as a ``non-commercial'' trader on Nymex. A company official, who declined to be identified, said Vitol hadn't been contacted by the CFTC or by Nymex with regard to its trading status and it remains classified as a commercial trader.