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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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      "text": "This document indicates that Olam could be on the hook for substantially more cash (and risk) than it previously disclosed.",
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      "text": "We wonder whether the project has lost one of its key rationales – particularly from the Tata point of view – because of the massive and cheap natural gas supply that has come online in North America due to hydraulic fracturing (fracking).",
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      "text": "One of Tata's competitors, the Indian Farmers Fertilizer Cooperative (“IFFCO”), recently announced it was entering into a joint venture in Canada to supply urea fertilizer to North America and India.",
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      "text": "A document that the International Finance Corporation (“IFC”) recently, and briefly, published on its website raises even more questions about the Gabon project. The summary states that Olam owns 78% of the project, RoG 12%, and Tata only 10%.",
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      "text": "Energy estimates that Gabon has only one trillion cubic feet of proven natural gas reserves, making the guarantee equivalent to up to 75% of this estimate of its proven reserves. Gabon's annual natural gas output is only 73 billion cubic feet per year.",
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      "text": "The U.S. imports more than two-thirds of its urea production, but still, if all the rumored projects became reality North America would quickly have a surplus, said David Asbridge, president of NPK Fertilizer Advisory Services.",
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      "text": "\"The U.S. imports more than two-thirds of its urea production, but still, if all the rumored projects became reality North America would quickly have a surplus, said David Asbridge, president of NPK Fertilizer Advisory Services.\" — David Asbridge",
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      "text": "162-167: References and URLs for the cited data points.",
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