Caspian oil pipeline opens first section to world markets
Officials unveiled the Baku Tbilisi Ceyhan project in Sangachal with a Bush letter and leaders from Azerbaijan Kazakhstan Georgia and Turkey present. The 1100 mile pipeline runs from Azerbaijan through Georgia and Turkey to the Mediterranean port of Ceyhan, bypassing Russia and avoiding several turbulent regions. BP led the consortium aiming to diversify oil supply and reduce dependence on Middle East routes.
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Samuel Bodman
Durable goods orders rise led by transportation equipment
Durable goods orders climbed 9 percent in April, marking the best showing since November and lifting total orders to 200.3 billion dollars. Excluding transportation, orders fell 0.2 percent. New home sales also reached a record annual rate of 1.316 million, up 0.2 percent, with a median price of 230,800 dollars.
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Exxon to Invest Cautiously Amid Oil Market Pressures
Exxon Mobil plans no rapid ramp in exploration or new U S refineries despite high fuel prices and falling output. Chairman Lee R Raymond said the Irving Texas firm will maintain a careful investment pace as energy prices remain uncertain. Production should rise later this year with new wells online while shareholder votes rejected eight social and governance proposals.
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