OPEC to cut output: Saudi minister
Dubai: OPEC plans to address the growing concerns of oil exporters at its meeting on December 14, and will decide a future course of action said Al-Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources, to the Arab news.

On the measures being taken by OPEC to stabilise the oil market and address the sharp fall in prices, Naimi said OPEC will first assess the impact of the measures that were decided at the Doha meeting last month and if they serve the purpose of bringing stability in the global market, then OPEC will not act. He added that if measures fail, further cuts cannot be ruled out.

At the Doha emergency meeting, OPEC responded to a 25 per cent slump by cutting output by 1.2 million bpd from November 1.
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China's port builder to raise $2.1bn from IPO
Hong Kong: China's port builder, China Communications Construction Co. plans to raise up to US$2.1 billion in its IPO which is being offered in the price range of HK$3.40-HK$4.60 per share for a listing in December.

The state-owned company is offering 3.5 billion shares at a price range representing 13 to 18 times its 2006 prospective price to earnings multiple.

China Communications Construction's businesses range from infrastructure design and construction to dredging and port machinery manufacturing. The IPO proceeds will help it expand its business to new engines, including railway construction and heavy marine machinery manufacturing.

The retail portion of its Hong Kong offering will run from Dec. 1 to Dec. 6, with final pricing on Dec. 9. A trading debut is set for Dec. 15.
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Malaysia to create world's largest palm oil company
Kuala Lumpur: Malaysia plans to merge three plantation firms to create the world's largest listed palm oil company, worth an estimated $7 billion and which would produce 6 percent of global production.

A new entity Synergy Drive in which state investment agency Permodalan Nasional Bhd (PNB), will own more than 45 percent equity after the planned merger would buy the assets and liabilities of Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden Hope Bhd, CIMB Investment Bank said. Synergy Drive is a common major shareholder of the three firms also. Malaysia's government wants its listed firms grouped together to combine resources and cut costs, making them larger and more competitive, in order to fight competition and be able to expand overseas and seek out new markets.

The merged entity would manage about 600,000 hectares of plantations.
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