Best Specialty Retail Stocks To Own For 2014

A high number of billionaire investors hold today�� featured apparel companies including American Eagle Outfitters (AEO), Urban Outfitters (URBN) and Body Central Corp. (BODY), as revealed by the GuruFocus 52-week low screener.

The three companies selected are popular youth-oriented or lifestyle brands. They are highlighted to show numerous billionaire investors, signifying possible deep value as the companies navigate through a 52-week low.

Sector Watch: Retail ��Apparel & Specialty

The apparel and specialty retail sector in the U.S. currently has 22 out of 180 companies on a 52-week low. The sector low ratio is 0.12.

Highlight: American Eagle Outfitters (AEO)

The AEO share price is currently $14.19 or 38.2% off the 52-week high of $22.97. Its yield is 2.50%.

Down 37% over 12 months, American Eagle Outfitters has a market cap of $2.74 billion and is traded at a P/B of 2.30.

Founded in 1977, American Eagle Outfitters offers a range of clothing, accessories and personal care products under the American Eagle Outfitters and ��erie��brands. In early 2013, the company operated 893 American Eagle Outfitters stores and 151 aerie stand-alone stores, as well as 49 franchised stores in 13 countries. The company also sells and ships merchandise to 81 countries worldwide through its e-commerce sites.

Best Specialty Retail Stocks To Own For 2014: Rex Energy Corporation(REXX)

Rex Energy Corporation operates as an independent oil and gas company in the Appalachian Basin and the Illinois Basin. It focuses on the Marcellus Shale drilling projects, and Utica Shale and Upper Devonian Shale exploration activities in the Appalachian Basin. The company also holds interests in the Lawrence Field ASP Flood project, which is an oil recovery project located in Lawrence County, Illinois. As of December 31, 2011, it operated approximately 2,117 wells, including approximately 517 disposal and injection wells. The company had estimated proved reserves of 366.2 billions of cubic feet equivalent. Rex Energy Corporation was founded in 2007 and is headquartered in State College, Pennsylvania.

Advisors' Opinion:

• [By Arjun Sreekumar]

  Infrastructure additions also bode well for Gulfport Energy (NASDAQ: GPOR  ) , a company highly levered to the play. In fact, Gulfport is plowing the majority of its capital budget toward developing its Utica acreage, with quite impressive well results thus far. Improved infrastructure should also provide a boost to Rex Energy (NASDAQ: REXX  ) , which is allocating nearly a third of its roughly $255 million capital budget for the year toward developing its assets in the Utica.

• [By The Energy Report]

  Onshore, my favorite play is the Utica Shale, in which my top plays are Gulfport Energy Corp. (GPOR) and Rex Energy Corp. (REXX). Both companies have highly economic acreage, solid balance sheets and industry-leading production growth. I also like Rex Energy for its likely production upside. Another one of my favorite plays is the Eagle Ford Shale, in which my top plays are Penn Virginia Corp. (PVA) and Sanchez Energy Corp. (SN). Both have core acreage in the region, improving operating results and experienced management. Another favorite name of mine is Midstates Petroleum Co. Inc. (MPO). The company has assets in three solid plays and a management team with a long successful track record. Those are my favorite names at this time.

• [By Matt DiLallo]

  These infrastructure additions are important for Gulfport Energy� (NASDAQ: GPOR  ) �which is pouring nearly all of its resources into developing the Utica's assets. If its wells provide the type of production it is expecting, this infrastructure build-out will prove critical to Gulfport's ability to deliver its product to market. The additions are also important for Rex Energy (NASDAQ: REXX  ) which is investing more than 30% of its more than $255 million 2013 capital budget to develop its acreage in the Utica.

Best Specialty Retail Stocks To Own For 2014: filtrona ord gbp0(FLTR.L)

Filtrona plc, through its subsidiaries, engages in the light manufacture and supply of specialty plastic, fiber, and foam products worldwide. The company?s Protection & Finishing Products segment provides protection and finishing solutions, as well as manufacturing and distributing plastic injection moulded, vinyl dip-moulded, and metal items, as well as pressure sensitive tapes. This segment?s products are used in protection and finishing applications in various industries, such as hydraulics, pneumatics, oil and gas, electrical controls, point of purchase, and tubular metal products. Its Porous Technologies segment is involved in the development and manufacture of custom fluid handling components, engineered from bonded fibre, polyurethane foam, and porous plastic technologies. This segment?s components are used in healthcare, consumer, and industrial applications, including medical diagnostics and wound care pads, inkjet printer cartridges, writing instruments, and a ir fresheners. The company?s Coated & Security Products segment produces self-adhesive tear tapes, as well as supplies labels, products, and technologies for the consumer packaging, identity, and valuable documents markets. This segment also engages in the plastic profile extrusion activities in the Netherlands. Its Filter Products segments supplies a range of cigarette filters to the cigarette industry, as well as provides packaging solutions and analytical laboratory services. Filtrona plc also distributes standard industrial components, including hardware, handles, clamps, and fasteners through catalogue; and designs, manufactures, and distributes engineered plastic and elastomeric solutions for fastening and cable management applications. Filtrona plc is based in Milton Keynes, the United Kingdom.

Top Asian Companies To Watch For 2015: Regional Express Holdings Ltd(REX.AX)

Regional Express Holdings Limited, together with its subsidiaries, engages in the provision of air transportation of passenger and freight in Australia. It also offers charter services to users who require air transport outside the scheduled timetable and/or scheduled routes. The company operates approximately 99 aircrafts. In addition, it operates a pilot academy to train cadets to be full fledged pilots. Regional Express Holdings Limited was incorporated in 2002 and is headquartered in Mascot, Australia.

Best Specialty Retail Stocks To Own For 2014: Enzo Biochem Inc. (ENZ)

Enzo Biochem, Inc., an integrated life sciences and biotechnology company, engages in the research, development, manufacture, and marketing of diagnostic and research products based on genetic engineering, biotechnology, and molecular biology. The company operates in three segments: Clinical Labs, Life Sciences, and Therapeutics. The Clinical Labs segment offers routine and esoteric clinical laboratory tests or procedures used in general patient care by physicians to establish or support a diagnosis, monitor treatment or medication, and search for an otherwise undiagnosed condition. This segment operates a full-service clinical laboratory, a network of approximately 30 patient service centers, a laboratory, and a full-service phlebotomy and in-house logistics department. The Life Sciences segment manufactures, develops, and markets products and tools to life sciences, drug development, and clinical research customers. It provides proteins, antibodies, peptides, small molec ules, labeling probes, dyes, and kits, which offer tools for target identification/validation, high content analysis, gene expression analysis, nucleic acid detection, protein biochemistry and detection, and cellular analysis to life science researchers. This segment provides its products to scientific experts primarily in the field of cancer, cardiovascular disease, neurological disorders, diabetes and obesity, endocrine disorders, infectious and autoimmune disease, hepatotoxicity, and renal injury. The Therapeutics segment researches and develops therapeutic drug candidates in the areas of gastrointestinal, infectious, ophthalmic, and metabolic diseases. The company sells its products through its direct sales force; and a network of distributors worldwide. Enzo Biochem, Inc. was founded in 1976 and is headquartered in New York, New York.

Advisors' Opinion:

• [By CRWE]

  Enzo Biochem Inc. (NYSE:ENZ) is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards.

Best Specialty Retail Stocks To Own For 2014: Brazilian Real(BK)

The Bank of New York Mellon Corporation, a financial services company, provides various products and services worldwide. The company offers a range of equity, fixed income, cash, and alternative/overlay products, as well as distributes investment management products. It also provides investment management, wealth and estate planning, and private banking solutions to high-net-worth individuals and families, charitable gift programs, endowments and foundations, and related entities, as well as offers mutual funds, separate accounts, and annuities. In addition, the company provides global custody and fund, securities lending, investment manager outsourcing, performance and risk analytics, alternative investment, securities clearance, collateral management, corporate trust, broker-dealer, and employee investment plan services, as well as clearing services and global payment/working capital solutions to institutional clients. Further, it offers American and global depositary re ceipt programs, cash management solutions, payment services, liquidity services, foreign exchange, global clearing and execution, managed account services, and global prime brokerage solutions to corporations, public funds, government agencies, foundations, and endowments; global financial institutions, including banks, broker-dealers, asset managers, insurance companies and central banks; and financial intermediaries, independent registered investment advisors, and hedge fund managers. Additionally, the company provides credit-related services, and global markets and institutional banking services; engages in business exits, and corporate treasury activities; and leases financing portfolios. The Bank of New York Mellon Corporation was founded in 1784 and is headquartered in New York, New York.

Advisors' Opinion:

• [By Ben Levisohn]

  Based on Moody’s updated views on US government support and standalone bank considerations, Moody’s lowered by one notch the senior holding company ratings of Morgan Stanley, Goldman Sachs, JPMorgan, and Bank of New York Mellon (BK).

• [By Rich Smith]

  According to the FDIC's figures, JPMorgan boasts a 36.9% market share in the state of New York. That's more than four times the share of the state's No. 2 bank, Bank of New York Mellon (NYSE: BK  ) .

Best Specialty Retail Stocks To Own For 2014: Empire State Realty Trust Inc (ESRT)

Empire State Realty Trust, Inc., incorporated on July 29, 2011, is a self-administered and self-managed real estate investment trust (REIT), which owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area. The Company operates in two segments: real estate and construction contracting. As of June 30, 2013, the Company owned 12 office properties (including one long-term ground leasehold interest) encompassing approximately 7.7 million rentable square feet of office space, which were approximately 83.5% leased (or 86.2% giving effect to leases signed but not yet commenced as of that date). Seven of these properties are located in the midtown Manhattan market and encompass in the aggregate approximately 5.9 million rentable square feet of office space, including the Empire State Building. Its Manhattan office properties also contain an aggregate of 440,615 rentable square feet of retail space on their ground floor and/or lower levels. Its remaining five office properties are located in Fairfield County, Connecticut and Westchester County, New York, encompassing in the aggregate approximately 1.8 million rentable square feet.

The Company has entitled land at the Stamford Transportation Center in Stamford, Connecticut, adjacent to one of its office properties, that supports the development of an approximately 380,000 rentable square foot office building and garage, which refers to herein as Metro Tower. As of June 30, 2013, its portfolio also included four standalone retail properties located in Manhattan and two standalone retail properties located in the city center of Westport, Connecticut, encompassing 204,452 rentable square feet in the aggregate. As of June 30, 2013, its standalone retail properties were 100% leased in the aggregate. In addition, the Company has an option to acquire from affiliates of its predecessor two additional Manhattan office properties encompassing approximately 1.5 million rentable squar! e feet of office space and 153,209 rentable square feet of retail space at the base of the buildings.

The Empire State Building is the Company�� flagship property. The 102-story building consists of 2,701,938 rentable square feet of office space and 167,788 rentable square feet of retail space. The building also includes its observatory and broadcasting operations. The Company�� portfolio includes retail properties located in retail corridors in Manhattan and Westport, Connecticut. Tenants at 10 Union Square in Manhattan include Best Buy Mobile, Starbucks, A&P, Panera Bread, FedEx/Kinko��, Au Bon Pain, Chipotle Mexican Grill, and GameStop. In the greater New York metropolitan area, its portfolio includes high quality suburban office properties in densely populated metropolitan communities in Fairfield County, Connecticut and Westchester County, New York. tenants of the greater New York metropolitan area flagship Metro Center (at the Transportation Center in Stamford, Connecticut) include Thomson Reuters, Jefferies Group, Columbus Circle Investors, Torm Shipping, Olympus Partners, BP Energy, Tweedy, Browne Company and Susquehanna International.

The Company approximately has 242 million square feet of rentable space, which are contained within Midtown�� multi-tenant office buildings. Downtown Chicago and the Washington, D.C. CBD combine has a total of 230 million square feet of office space. Three-quarters 75.3% of Midtown�� office stock is classified as Class A with total square footage of 182 million square feet. The Company approximately has 43.9 million square feet of Midtown office space is counted as Class B stock, accounting for 18.2% of the total market. The remaining 6.5% of Midtown office space (15.8 million square feet) is categorized as Class C space. The Grand Central submarket is a office submarket in Midtown Manhattan with 44 million square feet and is located on the east side of Midtown Manhattan, to the north of Murray Hill and to the south of the Park ! Avenue co! rridor.

The West Side office submarket, located to the south and west of Central Park and including the area around Columbus Circle, consists of 25.8 million square feet of office space. Westchester County contains approximately 28.9 million square feet of office space and is split into six submarkets: White Plains CBD and non-CBD, Northern, Central, Eastern and Southern. The White Plains CBD is situated in south central Westchester County, along the Cross-Westchester Expressway (Interstate 287) corridor between the Sprain Brook Parkway and the Hutchinson River Parkway. The submarket consists of approximately 6.3 million square feet of office space and is defined to include the area south of Barker Avenue, north of Quinby Avenue, east of the Bronx River Parkway and west of South Broadway/Post Road. Westchester�� Eastern office submarket consists of 6.5 million square feet of space and is located to the east of White Plains, between New Rochelle and the Connecticut state border.

Advisors' Opinion:

• [By Reuters]

  John Moore/Getty Images NEW YORK -- Investors in the Empire State Building have filed a lawsuit accusing the real estate magnates who took it public of short-changing them $300 million by refusing to sell the iconic skyscraper at a premium price. According to a complaint filed Tuesday in a New York state court in Manhattan, Peter Malkin and his son Anthony put their own interests ahead of the building's investors by spurning all-cash offers of as much as $2.3 billion for the building and $1.4 billion for Empire State Building Associates, which held the title and master lease. Instead, the Malkins put the landmark building and 17 other properties into Empire State Realty Trust Inc., whose Oct. 1 IPO valued the property at just $1.89 billion and ESBA at just $1.1 billion, according to the complaint. The lawsuit by plaintiff Marc Postelnek seeks class-action status on behalf of more than 2,800 investors who hold shares in ESBA, which was created in 1961 and was supervised by a Malkin company, Malkin Holdings. It claimed the Malkins acted in bad faith by aborting a "bidding war" for the building, and instead enriched themselves by hundreds of millions of dollars through an IPO. "Given their positions of control and authority over the fate of the Empire State Building, the Malkins had a duty to act in the best interests of their investors," the plaintiffs' lawyer, John Rizio-Hamilton, a partner at Bernstein Litowitz Berger & Grossmann, representing Postelnek, told Reuters. "By failing to properly consider offers to maximize the building's value, the Malkins breached that duty." The lawsuit seeks to recover profit that building investors allegedly lost because of the Malkins' refusal to sell. Empire State Realty Trust, a real estate investment trust, is a successor to Malkin Holdings. "These claims are wholly without merit and we will respond to them in court," a spokeswoman for the REIT said Thursday. ESBA had been created by Lawrence Wien, the father

Best Specialty Retail Stocks To Own For 2014: Azumah Resources Ltd (AZM.AX)

Azumah Resources Limited engages in the exploration and development of mineral properties. The company explores for gold and other mineral deposits. It primarily owns a 100% interest in the Wa Gold project that covers a land holding of 3,157 square kilometers located in northwest Ghana, west Africa. The company was incorporated in 2004 and is based in West Perth, Australia.

Best Specialty Retail Stocks To Own For 2014: Central European Distribution Corp (CEDCQ.PK)

Central European Distribution Corporation (CEDC), incorporated on September 4, 1997, operates primarily in the alcohol beverage industry. CEDC is a producer of vodka and is Central and Eastern Europe�� integrated spirit beverages business. During the year ended December 31, 2011, as measured by total volume, the Company produced and distributed approximately 33.2 million nine-liter cases . The Company�� business primarily involves the production and sale of its own spirit brands (principally vodka), and the importation on a basis of a range of spirits, wines and beers. Its primary operations are conducted in Poland and Russia. In addition the Company also has operations in Hungary and Ukraine. CEDC has six manufacturing facilities located in Poland and Russia. On February 7, 2011, the Company completed purchasing of the remaining stake of the Whitehall Group.

CEDC is an importer of spirits, wines and beers in Poland, Russia and Hungary. The Company mai ntains import contracts for a number of internationally recognized brands, including Jim Beam Bourbon, Campari, Jagermeister, Remy Martin Cognac, Corona, Budweiser (Budvar), E&J Gallo wines, Carlo Rossi wines, Sutter Home wines, Metaxa Brandy, Sierra Tequila, Teacher�� Whisky, Cinzano, Old Smuggler, Grant�� Whisky and Concha y Toro wines. In addition to its operations in Poland, Russia, and Hungary the Company has Ukraine and distribution agreements for its vodka brands in a number of key export markets including the United Kingdom, Ukraine, the Baltics and the CIS for Green Mark, Zhuravli, Parliament and Zubrowka, the United States, Japan, the United Kingdom, France for Zubrowka and many other Western European countries. In 2011, exports represented 11% of its sales by value.

Poland

In Poland, CEDC is the vodka producers with a brand portfolio that includes Absolwent, Zubrowka, Zubrowka Biala, Bols, Palace and Soplica brands, each of which it p roduces at its Polish distilleries. It produces and sells ! vo! dkas primarily in three vodka sectors: premium, mainstream, and economy. The Company owns two production sites in Poland: one in Oborniki and one in Bialystok. In the Oborniki distillery, it produces the Bols and Soplica vodka brands, among other spirit brands. In Bialystok it produces Absolwent and Zubrowka. Zubrowka is also exported out of Poland to many markets around the world, including the United States, England, Japan and also France. In addition to the Absolwent and Zubrowka brands, in Bialystok it produces the Zubrowka Biala brand. The Company has rights to import and distribute approximately 70 brands of spirits, wine and beer into Poland. It also provides marketing support to the suppliers. During 2011, the Company sold approximately 10.7 million nine-liter cases of vodka, wine and spirits through its Polish business during 2011 including both its own produced vodka brands as well as its exclusive agency import brands. During 2011, the Company sold approximately 1 91 thousand nine-liter cases of Zubrowka outside of Poland. During 2011, the Company�� Polish operations accounted for 26.3% of its revenue.

Russia

CEDC produces Green Mark in Russia and the sub-premium vodkas in Russia, Parliament and Zhuravli. During 2011 the Company introduced new brands to the Russian market Talka, Sotka and Silver Blend. The Company also produces Yamskaya, the economy vodka in Russia, and premixed alcohol drinks, or long drinks. The Company also owns Whitehall, which holds the exclusive rights to the import of such leading premium wine and spirit brands as Concha y Toro, Paul Masson, Robert Mondavi, DeKuyper, Jose Cuervo and Label 5. In addition to these import activities, Whitehall has distribution centers in Moscow, Saint Petersburg, and Rostov as well as a wine and spirits retail network located in Moscow. During 2011, the Company�� Russian operations accounted for 70.2% of its revenue. During 2011,the Company produced a nd sold approximately 16.6 million nine-liter cases of! vodka! t! hrough ! its Russian business in the main vodka segments in Russia: premium, sub-premium, mainstream, economy and cheap. In addition it produced and sold approximately 2.8 million nine-liter cases of long drinks.

Hungary

The Company sells Royal Vodka in Hungary through its Bols Hungary subsidiary. The imported brands to Hungary include Bols Vodka, Zubrowka, Royal Vodka, Campari, Cinzano, Jaegermeister, Bols Liqueurs, Cointreau, Carolans, Galliano, Irish Mist, Jose Cuervo, Calvados Boulard, Remy Martin, Metaxa, St Remy, Grant��, Glenfiddich, Tullamore Dew and Old Smuggler.

Best Specialty Retail Stocks To Own For 2014: Redwood Trust Inc.(RWT)

Redwood Trust, Inc., a real estate investment trust, together with its subsidiaries, engages in investing, financing, and managing real estate assets. The company?s investments include residential and commercial real estate loans; and securities backed by residential and commercial loans, including senior and subordinate securities. The senior securities are those interests in a securitization that have the first right to cash flows and are last to absorb losses; and subordinate securities are those interests in a securitization that have the last right to cash flows and are first in line to absorb losses. As of March 31, 2011, it had 77 real estate owned properties primarily in Arizona, California, Colorado, Florida, and Georgia. It would elect to be taxed as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, the company would not be subject to federal income tax, if it distributes at least 90% of net taxable income to its stockholders. Red wood Trust, Inc. was founded in 1994 and is based in Mill Valley, California.

Advisors' Opinion:

• [By Amanda Alix]

  On the mortgage front, Two Harbors notes that it has acquired a passel of prime jumbo home loans, which it likely plans to securitize. The company's CEO, Tom Siering, also addresses this issue on the earnings call, where he states that the trust was involved in a $400 million securitization of prime jumbo loans. This puts Two Harbors in the company of mREIT Redwood Trust (NYSE: RWT  ) , which has nearly single-handedly brought back the jumbo-loan securitization market over the past two years. If Redwood's success is any indication -- it recently reported first-quarter net income�of $61 million, compared to the year-ago figure of $30 million -- Two Harbors is on the right track.

• [By Amanda Alix]

  Luxury market is doing just fine
  Jumbo loans are back, and these mortgages -- which start at $625,000 in some affluent areas -- are being given out like candy�to those with the wealth to back them up. Once considered risky because they are not backed by Fannie Mae or Freddie Mac, lenders are falling over themselves to make these loans, driven by a securitization market dominated by entities like Redwood Trust (NYSE: RWT  ) and JPMorgan Chase (NYSE: JPM  ) . Earlier this month, Redwood offered its seventh securitization backed by jumbos, and JPMorgan just recently announced�its second offering of the year, as well.

• [By Rich Duprey]

  Real estate investment trust��Redwood Trust� (NYSE: RWT  ) announced today its third-quarter dividend of $0.28 per share, the same rate it's paid for the past two quarters after raising the payout 12% from $0.25 per share.

Best Specialty Retail Stocks To Own For 2014: IRISH CONTINENTAL GROUP UNITS(COMP 1 ORD EUR0.65 & 3 RED SHS)

Irish Continental Group plc, together with its subsidiaries, operates a passenger and freight shipping service between Ireland and France. It engages in the transport of passengers and cars, roll on roll off freight, and container lift on lift off freight on routes between Ireland, the United Kingdom, and Continental Europe; and operates container terminals in the ports of Dublin and Belfast. The company operates in two segments, Ferries, and Container and Terminal. The Ferries segment engages in the operation and external charter of combined RoRo passenger ferries. The Container and Terminal segment offers door-to-door and feeder LoLo freight, stevedoring, and container storage services. Irish Continental Group plc also provides ferry travel and holiday packages primarily in France, the United Kingdom, and Ireland. The company was founded in 1972 and is based in Dublin, Ireland.

Best Specialty Retail Stocks To Own For 2014: Cr Artigiano(CRA.MI)

Credito Artigiano S.p.A. engages in the provision of banking and investment services in Italy. It offers loans, savings accounts, insurance, investments, pension funds, and credit card services. The company operates three product lines, including investment and bank insurance that provides savings products, and life and casualty insurance; transfer products; and financing products, such as mortgage, consumer, and business loans, as well as factoring services. It also offers online banking services. The company serves families, professionals, and small businesses. It operates a network of approximately 144 branches in the areas of London, Monza and Brianza, Pavia, Florence, Lawn, Piacenza, Pisa, Pistoia, Lucca, Rome, Lodi, and Cremona. The company, formerly known as Piccolo Credito Artigiano, was founded in 1946 and is headquartered in Milan, Italy. Credito Artigiano S.p.A. is a subsidiary of Credito Valtellinese Soc Coop.

Best Specialty Retail Stocks To Own For 2014: Guanwei Recycling Corp.(GPRC)

Guanwei Recycling Corp. engages in the manufacture and distribution of low density polyethylene (LDPE). It produces LDPE from plastic waste procured in Europe, which it recycles into recyclable LDPE for sales to approximately 200 manufacturers in China. The company also sells scrap materials, including plastic. It primarily serves building and construction industry, where there is an ongoing governmental push to promote the use of plastic in various products, such as water and sewage pipelines. The company sells its products to customers in a range of industries, including shoe manufacturing, architecture and engineering products, industrial equipment and supplies, and chemical and petrochemical manufacturing. Guanwei Recycling Corp. was founded in 2005 and is based in Fuqing City, the People?s Republic of China.

Best Specialty Retail Stocks To Own For 2014: Shell Refining Company (FED OF MALAYA)

Shell Refining Company (Federation of Malaya) Berhad is principally engaged in refining and manufacturing of petroleum products. The Company operates primarily in Malaysia. Its operations also include the gas to liquids (GTL) plant of its kind in Bintulu, Sarawak, and a refinery in Port Dickson, Negeri Sembilan. Its upstream operations focus on the development and extraction of crude oil and natural gas offshore Sarawak and Sabah. In downstream its main activity is in refining, supply, trading and shipping of crude oil and petroleum products through the sales and marketing of transportation fuels, lubricants, specialty products and technical services. The Company is also a partner in two joint ventures that convert natural gas to liquefied natural gas. Royal Dutch Shell plc is its holding company.