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The Guardian (UK): Market Forces

Nick Fletcher
Saturday June 30, 2007

Oil companies were also in focus as the crude price hovered around $71 a barrel. Royal Dutch Shell, which Morgan Stanley reckons could be undervalued to the tune of a whopping $120bn, added 29p to £20.34. Credit Suisse chipped in yesterday, raising its earnings forecast by 2% for 2008 and suggesting the company has about $25bn (£12bn)of possible disposals to come.

BP was 4p better at 603p. Days after announcing plans for a bio-ethanol plant in Hull with Du Pont and AB Foods, BP announced a biofuels joint venture with D1 Oils. The deal includes the option for BP to buy up to 16% of D1 at an average price of 251p a share. D1 added 23.75p to 264.75p. But later news that there were problems with the CATS gas import pipeline operated by BP took some of the shine off the oil company’s shares.

EXTRACT FROM

http://business.guardian.co.uk/marketforces/story/0,,2115401,00.html

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