Tencent Sports News Beijing June 11, according to "gmanetwork" message, Durant and James, in the finals confront each other, since 1997, Jordan and Karl - after Malone ( microblogging ) , the first time in scoring and The regular season MVP in the finals in the fierce battle, the third time in nine years NBA finals, this time LeBron to prepare well to win the O'Brien Cup.
To the Heat and Dwyane Wade , Chris Bosh ( microblogging ever since the summer of 2010 ) to form the moment of the Big Three, James has already done the preparation to win the ultimate honor, last summer, the Heat, they met in the finals in calf strong blocking, and ultimately defeated, count Knight Finals suffered in 2007 swept the Spurs , James has twice missed the championship, which he in turn on the ultimate goal attack.
Emperor field in this season's regular season, you can get 27.6 points, 7.2 rebounds and 6.9 assists to lead Miami to play a stable record to the playoffs, James is the responsibility back in his own body, he averaged to contribute 30.8 points, 9.8 rebounds and mainstream data once again increased by one level, and now, LeBron and the Heat from the final championship short of four wins. "We look forward to the next challenge." James said firmly, "is now only one step."
LeBron in the Finals to face the opponent is sturdy Thunder in the playoffs, Oklahoma has demonstrated great strength and toughness, they eliminated the Mavericks in the West, the Lakers and Spurs, while the three they step on the foot of the team is the past decade rule of the western king, in the regular season, the Heat and Thunder win game, but taking into account the Thunder on the overall record is better than Miami. So they will get home advantage, the Heat will be the test.
James and Durant, which is a new era of two superstar showdown since 1997 Marlon Jordan PK, before the NBA ( microblogging ), never appeared in scoring and regular season MVP in the Finals the scene of the encounter, which, when two great players meet again, will surely will inspire a new spark.
Outside of Thunder In addition to scoring Durant, Westbrook , the best sixth man James - Harden, blocked shots ibaka ( microblogging ) and other assistants, the Heat may also choose this sword easy road to meet the challenge. Bosh may continue as the replacement. "Who is the first or who is going to end the game, it does not matter." James said, "Harden did not start, but he was always able to stay on the floor at the last moment, need to see how the combination of the most efficient, this is the fundamental . "
 
Quality would always get noticed by people. Cheap snapbacks for sale  It doesn't matter what object or item it is, however it certainly catches people's attention when it possesses higher form of quality. People would probably be interested in it more, and especially when it is something that is made for sale, it enjoys a better chance of being purchased because of the buyers. That is certainly something everyone that is operating knows, then it follows those who does want to enter business also understand it. This can be a pretty basic rule out business that you would never find any kind of success within it regardless how hard you might try, if what you offer is of interior quality. However, I became considering this aspect of business as i got some real good examine snapback hats, particularly cheap snapbacks hats. Those are the types of hats that are perennially popular due to its affiliation with professional sports, specially the teams of all cities. The harder popular are of course the approaches depicting the team name, logo, color,Amakipkip and design of the very most successful and popular teams. It turned out easy for me to discover more on all of this because For a nice and a life-long rooter, particularly baseball and basketball. I regularly play those two games and I am as competitive like you will discover any really high stakes, even just in the most convenient game. Needless to say, I am basically updated generally of what that happen using the sports i always love. This fascination with sports also translated into being equipped with sports gear and apparel that have been by pointing out city's home teams. I and my local freinds always attended the games wearing our cheap snapbacks, and that we cheer ourselves almost hoarse whether we won or lost. I eventually decided that selling those hats has to Monster Energy Snapback Hats Hats be great business, therefore that was whatever did. In the beginning, I researched and studied and did all of that I possibly could to go to know more in regards to the business. Once i felt that I may have learned enough to finally start the organization, I exposed a store where sporting gear were sold, but mostly snapback hats that were reasonable. What made the merchandise be noticeable hasn't been only its relatively reduced price, but also its high quality. And so New era snapbacksi wasn't wrong to believe that quality always rise to the top by people, well , i am now presiding over a small company that is certainly slowly but steadily growing. 

 
Londoners enjoying the warm weather in London, May 2012. Photograph: Veronika Lukasova/ Veronika Lukasova/ZUMA Press/Corbis Sunnier weather in May prompted shoppers to splurge on ice cream, barbecue food and shorts, setting retailers' tills ringing. But despite a bounceback in retail sales last month, consumers remain cautious about spending on bigger items, the latest monthly snapshop from the British Retail Consortium shows.

As wet and cold weather in the first half of the month gave way to warmer temperatures in the final week, shoppers celebrated the arrival of summer by spending more on food and drink, summer clothes, lawnmowers and garden furniture. UK retail sales climbed 1.3% from May 2011 on a like-for-like basis, although the improvement was not enough to offset April's 3.3% annual drop, according to the BRC. Total sales, including new shops, rose 3.4% last month against a 1% fall in April.

While the first weeks of May saw people buying jeans and knitwear, many more were buying skirts, shorts, swimwear and sandals by the end of the month. Wedges were particularly popular while flat shoes and pumps also sold well thanks to promotions, which were more widespread than last year. Tight budgets meant that customers favoured value lines and plain styles which can be worn for work as well as leisure.

Womenswear had its best growth so far this year and and children's clothes saw a double-digit uplift in sales, while garden centres enjoyed a surge in the number of people investing in gardening tools and new lawnmowers to tackle overgrown grass. Some retailers said April's downpours led to pent-up demand which was unleashed at the first sign of summer, with shoppers rushing to update their summer wardrobes.

Electrical retailers benefited from the launch of the iPad 3 and new Kindle while television sales were boosted by the digital switchover. White goods sales were steady and often for replacement rather than upgrade, and many were promotion-driven at the expense of profit margins, especially for larger purchases.

Stephen Robertson, BRC director general, said: "Much of the month's positive performance can be attributed to spending in the final week when consumers responded enthusiastically to the sun coming out. The performance of food retailers was more consistent across the month. Retailers will be hoping the boost continues, sustained by this summer's celebrations and sporting events."

Retailers have also been counting on a boost from the jubilee celebrations last weekend, which saw fruit, wine and garden products fly off the shelves. Experts reckon up to £823m could have been spent during the four-day celebrations, with supermarkets seen as the main winners. With the Euro 2012 football tournament kicking off on Friday, followed by the London Olympics in July, shops hope to capitalise on the feelgood factor to make up lost ground after a dismal spring. A lot hinges on the weather, though, which has taken a turn for the worse again.

Helen Dickinson, head of retail at KPMG, said: "Retailers are hoping that the Jubilee celebrations will have helped to pull out them of the mire, but a short-term patriotic spending spree will not overcome the underlying difficulties facing the industry - which remains under pressure from a combination of declining consumer confidence and squeezed incomes."

Howard Archer, chief UK and European economist at IHS Global Insight, agreed. "Although consumer confidence improved in May, it is still extremely low compared to long-term norms, which is hardly surprising given that the UK is back in recession and there is major uncertainty over the situation in Greece/eurozone and how this could hit the UK."

 

In addition to the usually used social networking platform, the number of foreign players in China, opened a microblogging. During the European Cup, several microblogging site has also started a "PK Wars". Tencent Sports Center for European players have landed in the status quo of the Chinese microblogging editor, project leader of the European Cup Zhang Lei that it was "out of the Chinese market recognition and attention.
Lei disclose has been signed and will participate in the European Cup players include C Luo , Andres Iniesta, Pique and other people, and Tencent microblogging during the European Cup will actively update the micro Bo, immediate interaction with the Chinese fans. Before the 2010 World Cup in South Africa , Tencent signed Messi , as the microblogging platform of the main players in the World Cup. The European Cup, Tencent Although there is no introduced to encourage the players who made the the microblogging special incentives, but Zhang Lei said that Spain, Portugal, the team can win, or for success, then they will consider giving the C Luo, Andres Iniesta and Pique special award.
Spain had prohibited players to use social networking in the European Cup once Tencent microblogging is very depressed. Fortunately, the Bosque finally announced the lifting of the ban.
Many Chinese fans browsing the microblogging will have some questions, such as an international superstar Chinese website. Microblogging what is personally written, or are there other gunmen? Zhang Lei, explains: "These top stars for the recognition and attention on the Chinese market, the only Chinese fans through the microblogging is no doubt its authenticity, each micro-Bo players are my true feelings. Only The difference is that some people like to direct release, but someone will be microblogging to the brokerage team, and updated by them on behalf of, and will offer Chinese translation. "
Lei disclosed that Iniesta also met through the microblogging Lang Lang recital in Barcelona Real countries Derby in April this year , White also specifically held in Spain Lang Lang presented his own signature jersey.
As for C Ronaldo, yesterday afternoon in the Tencent microblogging breath made a three microblogging, Tencent is not spent a lot of the price? Zhang Lei said: "We are involving commercial secrets with his contract amount is not convenient to be too specific. I can only say that the matching and C Luo is now worth."
 
Therefore, this Cheap New trend Hats 's it really is fully that you just crucial that you know if the fedora hat unit which New era snapbacks wholesale you have preferred is completely new or you cannot. A primary reason where it is possible to figure that the chosen collection of new trend hats can be a untrue is the place you're going to get them mainly because cut-rate models. Should you be getting the hat at the lower rate there's a chance the hats are bogus. Be the schedule why it's incredibly needed that you just think about the know how. Genuine fedora hat tend to be unquestionably are going to be crafted with plenty precision. The superior selected hat must be checked really vigilantly. Following that, think about the best button together with class of the effort that is doing work in the structure in the hat.

Could be the Monster Energy Hats button targeted with joins? If that is not the case, there is a simple the reality is great possibility the hat that you will find chosen is a counterfeit. If you think the quality of the stitching to never take maintaining the superiority labor to generally be banal from new trend hats, don't waste materials off your energy and in time acquiring that precise model that you've opted. This stitching really should be firm, deep and smooth. You may Chicago Blackhawks Snapback Hats also want to look at the logo of the new trend hats. A shady design is undoubtedly uneven and has gaps about the stitches. They're a number of things which you elect to must have to begin to see particularly there's a great number of imitations released out there right this moment. The top really needs to be smoothed and contains to get increased. Should your hat boasts a subordinate profile, there is a possibility which it

at is precisely DC Shoes Hats why it can be totally necessary that to take into account the real hologram. Tend not to waste off your cash for any reports easily obtainable in this marketplace right now. Visit a quality seller who will provide you with the genuine fedora hat of your respective preference. You want stylish equipment on your clothes? Get story new era hats in addition to fedora hat.

While Fox Racing Hats people enjoy donning a cap, a small number discover how they're made. The amount of cap determines the development and products used. One example is, some hats that happen to be produced from a plain blank are often blocked fit with heavy steam as well as heat. And a few that are sewn, some are made with weirdly molded pieces of material that don't even resemble the specific cao for being created. A few of the hats which get blocked are generally felt in addition to straw. Within industrial employs, large equipment can stop many hat simultaneously. Blocking hats was originally manufactured by hand, yet is now that is generated by machine. Regarding the type of cap being chose to make this brim and crown might be manufactured employing two various forms. There are many different forms of hats that start Cheap snapbacks for salelooking much the same, since steaming the cap is what allows it to look at it's shape. Fedora, bowlers,

l are put Cheap Hats with after the hats are situated onto the hat prohibit. This is the similar procedure that straw hats may also be produced. The hat that is definitely often covered in the stiffener and/or shielding varnish may be the straw cap. Whereas experienced hats contain sizing to limit them. There are many other strategies to making hats. Including a highly regarded wire can be essential to concluding a clogged hat. Most people are informed about baseball lids; these kind of hats are shaped as well as sewn.San Antonio Spurs The info presented employed to resulted in hat is generally treated with some sort of stiffener after which sewn together. 

 
WASHINGTON — U.S. service companies, which employ roughly 90 percent of the work force, grew at a slightly faster pace in May, the Institute for Supply Management said Tuesday. The monthly expansion was the 29th consecutively.

The institute said its index of nonmanufacturing activity edged up to 53.7 last month from 53.5 in April. A reading above 50 indicates expansion.

The new-orders component rose, suggesting solid demand in coming months. But there was concern that the employment component, although still signaling expansion, slipped to the lowest reading since November.


Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our
privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ. 
 
All through the summer months season, they'd be the great kinds ofSnapbacks wholesale to Detroit Pistons Caps put on even in case you are engaging around the bodily action since anyone from the facets is getting lightweight. That's the reason it's very advised to get at the least anyone hat. Who is conscious of, you could possibly really do the primary university scholar with your university that will often be donning it. quickly shortly after some of days, everyone within from campus will be sporting these hats too and consider be conscious that it experienced been spearheaded by you.
Snapback hats may provide the chance to increase the appears of the clothing. options of the people options variety depending upon what web-site that you are visiting.
To provide a suggestion, you could possibly wish to look at a amount of large merchandising internet webpages like Amazon to guarantee which possess a massive selection of snapback hat collections along with the most them have economical asking price tag. Also, chances are you'll invest from the conventional sorts featuring your favored basketball gamers like Charles Barkley, Chicago Bulls Snapback Hats Larry Johnson, Shaquille O’Neal and as well Michael Jordan.
To become secure, just fit collectively a optimum of $50 for the investing spending plan in buy in order to guarantee by yourself you can buy one for the net. Nonetheless, it really is nonetheless perfect to accomplish your investigation quite efficiently inside the about finding much less pricey snapback hats.
The chosen football group Are generally Raiders are sporting snapback hats being a gesture with the thoughtfulness on their metropolis for supporting Dallas Mavericks Snapback Caps them usually.
Ultimately when you genuinely need to ensnare very good from the crowd, you truly may get your different snapback hat collectively with the incredible set of two Kobe Bryant footwear. Doing this, you can display them what a trendsetter you're by getting fashionably up-to-date while which includes a retro look.
We location “allow buys” on shares many different causes. if your chip information mill shifting bigger so we view a chip maker approaching a near expression resistance, that will get our bloodstream relocating! Why? to the cause when it “is certain to get through” that resistance, it might squeeze a touch and critically get away. But if the
companies are nervous, and whippy, also rather a number of instances ashare crosses greater than the resistance, they get chilly ft and performing arrives. There you need to make a judgement. could you sustain it “under” the venue you compensated or can you bale out? It really is not an uncomplicated option. 
 
Away boats when the Spurs two weeks ago,New era snapbacks when a maximum of 24 points behind but still easily won the victory, more and more people after the game was shocking to. They began to ask: this team is impossible to lose? When they won seven in a row in the playoffs.

Casino in Las Vegas, then out of the Handicap: "The Spurs won the championship undefeated what?" A lot of people are shaking his head to laugh, NBA history from the ball team to do such a thing - but along with the Spurs all the way to expand the playoff winning streak to 10 games, there have been people began to bet the playoffs 16-game winning streak, 26 game winning streak last season, became many people on their expectations.

"From no NBA team in the playoffs unbeaten, but they are like an extremely balanced team, so that you can not help think, now there is no configuration of any team can beat them." ESPN, of JA Adande so sighs, and countless fans, the reading team numerous experts now the Spurs have also been conquered.

In NBA history, two teams have lost only once in a playoff game: 2001 Lakers 15 wins and 1; 1983 Philadelphia 76ers 12 wins and 1 - to complete unbeaten playoffs, was regarded as impossible task.

13 years ago, Phil Jackson once evaluation of the lockout-shortened season the Spurs won the 1999 championship is the one marked with an asterisk championship, even though the Spurs in the year to play 12-game winning streak the longest in playoff history Jackson speech quite repeated disrespect mean; but the passage of time, when the Spurs once again shrink the state brave season, the world changed for their evaluation: "completely swept in the playoffs, this achievements will be written at the top of the entire history of the NBA. "Adande views represent the majority view,Chicago Bulls Snapback Hats because the Spurs have used their performance, winning the respect of the world.

During the playoffs, the Spurs games, averaging 104.1 points ranked first, scoring margin of 12.5 points per game ranked first, while shooting 49.4 percent, 41.3 percent of three-hit rate, the team assists and 24.2 times ... all these and offensive the figures without exception, all the top ranking among the princes of the playoffs 16. "They are very reasonable to move the ball from a few to make any step the excess dribble, as long as teammates in space, the ball must be reached in the first time." Thunder coach Scott Brooks is so convincing that .

Power increasingly play team basketball to the extreme, San Antonio has many fans as the new representative of the "beautiful basketball, more and more teams began to collect the star, the aggressive pursuit of heroism, only the performances of the San Antonio Spurs to describe, it seems to show the world basketball primitive beauty, or use the words of the Adande: "every player of them, seem to exist in order to make the team more perfect."

In the 2011-12 season, the lockout-shortened season inside injuries frequent players tired, ugly game scene, the league average score decline, almost all things are contrary to the direction of development and basketball should. Spurs will thus become the darkness and chaos among the only light.

"Perhaps, indeed which team has remained unbeaten in the playoffs,Montreal Expos but no team like the Spurs are so many blessings." Adande're right, the San Antonio Spurs basketball in 2012 no longer belongs only to the Spurs fans, but it belongs to all basketball fans.

So, when Kawa Yi Leonard Spurs young man said "we have to win six games", they have received support beyond their own imagination. Undefeated to win, why not?

 
Anta has expired contract with the CBA negotiations, Li Ning will become the new "Snapbacks wholesale CBA sole equipment sponsor, the contract period is for five seasons, the contract amount of $ 20 billion in the five seasons. In 2006, the NBA signed a 11-year contract with Adidas contract worth 400 million U.S. dollars, converted into RMB 2.523 billion yuan, an average of 230 million yuan a year.
Morning Post reporter Zhang Jing
May 23, Goldman Sachs Gao Hua, a report down the sporting goods sector 2012-2014 earnings per share measured, and adjust the shares rating and target price. Rising based on the Li Ning brand strength and profitability, maintaining a "buy" rating; material Anta next few quarters, sales will continue to retrogression, operating margin is difficult to continue to maintain a "sell" rating.
A week later, news, Anta and CBA contract has expired, after lengthy negotiations, the Li Ning will become the new "CBA sole equipment sponsor, the contract period is for five seasons, the contract amount for five season 20 billion. The news has not been official recognition of Li Ning Company, but the source said, the contract is almost clinches.
Behind the scenes
Has been brewing three join forces to split
CBA a year to launch a league official manual "printed on the last page of this manual is the sponsors' logos. Last season, the CBA sponsors increased from 16 to 22, they are classified as "official partner", the three types of "official sponsor" and the "official supplier". Among these, Anta as the CBA's sole equipment sponsor, came in an "official partner". However, after the end of 2011 - 2012 season, Detroit Pistons Anta and CBA contract expires immediately carry out a fierce competition with the end of the CBA last season.
A few years ago, Li Ning, the senior had then CBA head Li Yuanwei complain, Li Ning sports equipment, the best selling basketball shoes, losing CBA league this position is a real pity. Now, they finally got what they wanted to win the CBA piece of thinking about the long-positions, replacing the ANTA become the new "CBA sole equipment. In fact, before have the media to disclose the CBA new season, has signed a domestic sports brand, the amount of cooperation is an annual 250 million yuan in cash plus 50 million yuan of equipment costs. The facts exposed yesterday, the amount higher than originally projected, Li Ning and the CBA contract period will be five seasons, the amount of $ 20 billion in the five seasons.
It is reported that Li Ning defeated three opponents of Nike, Anta, Adidas win. Nike earliest out of the competition, and Nike have to offer 80 million yuan per season, but the offer of Li Ning and Anta have a billion, Nike had to walk away. Contract offers a lot of money, was planning to swallow the contract, Adidas, Li Ning and Anta three is three to split the league 17 teams. In the discussion on uniforms, shoes Logo, top sponsors interests the coordination of these practical problems, it is difficult for all parties are satisfied with the final Li Ning, one to take over.
CBA league to promote the rights when the news came to 330 million yuan a year and Infront renewal five years ago, when industry experts have raised the question who should bear the risk of price cake ". To informed sources, the fact, Li Ning, the contract with Infront and the CBA are bundled together, as far as I know, Infront and the CBA contract signed after Li Ning, the contract signed, in other words, Infront do not have to worry about a loss fact, Infront won the CBA to promote the right of every year has a profit of at least 50 million yuan fetched. "
Contrast
Worth more than the NBA?
$ 20 billion in five years, means that Li Ning annually to the CBA to pay $ 400 million sponsorship fee. In 2004, ANTA became the sponsor of the CBA, the amount of time signing for 3 years and 60 million yuan. After to renew for five years, is still an average of every season of 20 million yuan. Eight years later, this figure doubled to 20 times. Basketball Herald editor-in-chief Suqun said, "This time Infront and the CBA expiration of the contract, the critical moment of renewal, the sports brand 'Star Wars' of the touch. surplus side boom 'annual fee', the promoters behind the commercial war between the sports brand. "
In fact, this figure, even if the NBA can not match. In 2006, the NBA and Adidas signed a 11-year contract, the contract value of $ 400 million, equivalent to RMB 2.523 billion yuan, an average of 230 million yuan per year. Of course, here it is just pure sports brand sponsorship, television is not included. In the country, if calculated only sports brand sponsorship, Super nor the CBA. In 2009, Super League and Nike signed a decade-long contract, the two sides to become strategic partners. According to initial estimates, Nike is investing 200 million U.S. dollars,New era snapbacks wholesale an annual average of about 125 million yuan. According to reports in the media before, in 2010, 361 ° Table Tennis Super League contract, which were not only includes the sponsorship of uniforms, shoes, etc., and also includes the naming rights, similar to the nature of the whole package. But even so, the total cost of only 6 million yuan.
"This amount is a bit too much, and turned over 20 times," "Sports Weekly , "Yang Yi, deputy editor said, "Normally, an increase of five times normal at that time, the Union The average input of the team's seven or eight million yuan, some team put into to seventy-eight tens of millions of dollars, on average, each team a season invested more than 35 million yuan, market investment is equivalent to an increase of 5 times, sponsorship suppliers of inputs increased by five times it is reasonable to 400 million yuan a year, really high. "
However, it seems the key to Road Sports Consulting Co., Ltd. Zhang, CEO, this is not an excessive price, "is not reasonable, is still difficult to judge if you take into account the development of China's professional sports is in its infancy, considering the Chinese market potential for future economic development of the scale, and then translated into U.S. dollars for each year the amount of sponsorship, and in the past has greatly improved, but not going too far, the message is true, I think this will not the Li Ning impulse consumption.
Perhaps the Anta these years the turnover to a latecomer a lot of confidence in 2004, Anta and the CBA, the the Anta year turnover of 310 million yuan in 2011, this figure reached 8.9 billion yuan.
Prophecy
Appreciation of the space around the league reform
According to the 2011 Annual Financial, Li Ning, the final defeat the advantage of 030 million yuan ANTA to recapture the sporting goods brands top spot, but their sales growth rate of the first negative growth, gross margin and net profit margin over the previous year decline in 2010, Li Ning, the net profit rate of 16 percent in 2011, this figure changed to 7%. In 2011, their gross profit was 4.114 billion yuan,Monster Energy Snapback Hats Hats net profit was only 386 million yuan.
In the case of companies facing difficulties, Li Ning at this time throw the big to the outside world can not help but have some concerns. CBA to Li Ning, the expected return?
China's sports resources are scarce, high-quality sports resources more scarce, not the choice of the sponsor to enter the mainstream top league, so the highest bidder. But in the contract, the technical level, Li Ning needs to specify a season to increment the number of field game, had to make way for the Olympics , the league schedule shrink, and this should not occur. Lee should also be strengthened and consumer communication, clear expression of the brand appeal, but also to strengthen the service support system to improve the degree of specialization. " Zhang, Li Ning, through measures to reduce the risk.
On the other hand, Zhang also suggested that the CBA league managers should further improve the high sponsorship of the sponsors, the CBA Professional brand better service for sponsors. "League of the most important thing is not to sell, but how to continue the process of professionalization. Reasonable institutional arrangements, sustainable public process can be expected, even if not one step can make people to see into the future. now suddenly rich, money is how to spend the past four years, the league reform stagnation, I hope this 'huge' access, shut down four years of reform and the door can be pushed to a gap in 2005, before the basket tube Li Yuanwei, director of the Center, to develop a Chinese professional basketball "Polaris Plan, the ultimate goal of this 10-year plan is to promote the development of the CBA league, Zhang said," In fact, Polaris plans began well, but the reform of the Chinese basketball after the Olympics basically stagnant, and the current CBA also semi-professional league. "
Li Yuanwei also asked the same view: "the CBA is a significant appreciation is always a good thing, but the pressure will increase, followed by sponsorship amount increased at the same time,Detroit Lions the quality of services must keep pace with the development of the League should be more close to the market, but if something is unsustainable. "

 
BAGHDAD (AP) — A consortium led by a Kuwaiti energy company has won the rights to search for oil and gas in southern Iraq.

Kuwait Energy and its partners, Turkey's TPAO and the UAE's Dragon Oil, will be paid $6.24 for each barrel of oil equivalent they find in a 900-square-kilometer (350-square-mile) area in Iraq's oil-rich southern Basra province.

The Basra-area exploration block is the first to be awarded of 12 that are up for bidding in Iraq's fourth postwar energy auction that started Wednesday. Three dozen foreign companies are involved.

The government is seeking foreign investment to build up an energy sector hit by years of neglect and violence. Iraq holds the world's fourth largest oil reserves and hopes to develop its natural gas industry.

Ads by GoogleTHIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BAGHDAD (AP) — Iraq opened on Wednesday its fourth postwar bidding round for oil and natural gas exploration, with 39 foreign energy companies registered to compete for exploration rights in a dozen areas of the country.

The government is seeking foreign investment to build up an energy sector hit by years of neglect and violence. Iraq holds the world's fourth largest oil reserves and oil revenues make up nearly 95 percent of the country's budget.

In an opening speech, Iraqi Oil Minister Abdul-Karim Elaibi said exploration of the areas up for bidding will increase Iraq's oil reserves and help the country enter the natural gas industry. He promised that his ministry will "spare no efforts to help and support the companies as partners to achieve the common interests."

Still, conditions for bidders are less attractive than in the three previous rounds held since the 2003 overthrow of Saddam Hussein.

Only areas with undetermined hydrocarbon resources are on offer, while previously the rights to known big and medium oil and gas fields were being auctioned off. Operating costs for energy companies could be high because most of the 12 exploration blocks are in remote and unsafe areas and lack infrastructure.

The government also added a clause for the first time that prevents companies from signing deals with regional authorities without the approval of the central government in Baghdad. Companies that violate the clause will have their contracts terminated, said Sabah al-Saidi, the deputy head of the Oil Ministry's Licensing and Petroleum Contracts department.

The new clause came in response to Exxon Mobil's bold move last year to sign six deals with Iraq's northern self-ruled Kurdish region without Baghdad's approval. In return, Baghdad banned the Texas-based company from taking part in the current bidding, but kept a deal to develop the 8.6-billion-barrel West Qurna Phase One oil field in the south.

Wednesday's auction started with no one bidding for an 8,000-square-kilometer (3,100-square-mile) block in northwestern Iraq with presumed natural gas fields.

Still, the current bidding round poses an opportunity for energy companies because the exploration blocks are in "fertile and easy-to-extract areas," said Kuwait-based independent analyst Kamel al-Harami.

The Iraqi Oil Ministry approved 47 international energy companies to participate in two days of bidding on Wednesday and Thursday, but only 39 companies paid the participation fee.

Top among the approved companies are the Anglo-Dutch Royal Dutch Shell, UK's BP, Chevron and Occidental of the U.S., China's CNOOC and CNPC, Japan's Japex, Russia's Lukoil and others.

The blocks are expected to add about 29 trillion cubic feet of natural gas to the current 126.7 trillion cubic feet in reserves, and about 10 billion barrels of oil to the current proven 143.1 billion barrels of proven reserves.

Nearly 70 percent of them hold natural gas and the rest a combination of oil and gas.

Five of the blocks are in Iraq's western Anbar province or shared between Anbar and neighboring provinces; two are in the northern Ninevah province; one is shared between central Diyala province and neighboring Wasit province while the rest are scattered throughout southern Iraq.

The bidders are vying for service contracts in which they will be paid a flat fee, rather than the more lucrative production-sharing contracts in which they receive a share of the hydrocarbons found.

Since 2008, Iraq has awarded 15 oil and gas deals to international energy companies, the first major investments in the country's energy industry in more than three decades.

The goal was to boost daily production from about 3 million barrels now to 12 million barrels by 2017. But Iraq is mulling whether the target should be revised downward to fewer than 10 million barrels, considering a possible drop in demand on oil in the international market and infrastructure bottlenecks.

Ads by Google

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    April 2012

    Categories

    All

    RSS Feed