RUSSIA: TotalFinaElf signs agreement with Anglo Siberian Oil Company to enter into the Vankor Permit

France’s TotalFinaElf has signed an agreement with Anglo Siberian Oil Company to enter into the Vankor permit in Siberia, with an option to take an interest in the contiguous North Vankor permit. In a statement, TotalFinaElf said it will acquire 52% of the 59% interest previously held by Anglo Siberian Oil Company in the Vankor...

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SINGAPORE: Keppel Group says integration efforts bear results with S$50 million contracts

The integration of Keppel Corporation’s offshore and marine businesses has contributed to a US$16 million (S$29 million) swamp barge contract clinched as a result of the synergy of the offshore and specialised shipbuilding divisions. Furthermore, with the integration and Keppel’s sharper focus on specialised shipbuilding, especially support vessels, the offshore and marine group has also...

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THAILAND: Electricity Generating Q1 boosted as costs kept in line

BANGKOK (AFX-ASIA) – Electricity Generating Plc said first quarter net profit rose to 1.24 billion baht (US$1=42 baht) from the year earlier 442.58 million as total revenue increased 13.85% to 3.248 billion and costs were kept virtually unchanged. It said the bulk of sales came from the principal subsidiaries, REGCO and KEGCO, at 2.376 billion...

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SAUDI ARABIA: SABIC affiliate awards contract to Toyo Engineering

Saudi Arabia’s Al-Jubail United Petrochemical Company (United), a wholly owned affiliate of Saudi Basic Industries Corporation (SABIC) has awarded engineering services, construction and procurement contract of its ethylene glycol plant to Japan’s Toyo Engineering Company. The plant will use scientific design technology from the US. The plant, with the capacity to produce 630,000 metric tones/year...

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SAUDI ARABIA: J. Ray McDermott awarded turnkey installation contract

McDermott Arabia Company Ltd., a subsidiary of engineering J. Ray McDermott, S.A. has been awarded a turnkey contract by Al-Khafji Joint Operations, a venture between Aramco Gulf Operations Company Ltd. (AGOC) and Arabian Oil Company (AOC), to install a submarine cable and two substations at existing facilities in the Al-Khafji oil field. Financial terms of...

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PHILIPPINES: Petron Corp deploys Intelligroup’s services to plan, budget and manage upgrade projects

US-based technology group Intelligroup, Inc. said Philippines oil company Petron will implement and deploy its ASPPlus(SM) Power Upgrade Services to size and analyse its SAP upgrade requirements. Petron Corporation, the Philippines’ largest oil refining and marketing company, supplies more than one-third of the country’s oil requirements. To facilitate accurate project, budget and resource planning for...

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Sun Microsystems In The Deregulating Electricity Market

By T. Mohandoss * Along with risks and uncertainties, the deregulation of electricity markets around the world is creating new business opportunities focused on meeting the needs of customers. A deregulated market throws up new customers, and electricity companies must discover who these potential customers are, and how and what services or products to sell...

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JAPAN: Kuwait, AOC to close neutral zone oil deal by mid-year Ð minister

KUWAIT CITY (AFX) – Kuwait will finalise the handover of Japan’s Arabian Oil Co’s drilling concession in the neutral zone it shares with Saudi Arabia by June or July at the latest, according to the emirate’s oil minister Sheikh Ahmad al-Fahd al-Sabah. “I think the signing should be in the middle of this year… June...

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CHINA: CNOOC Limited confirms oil discovery in Bohai Bay

A consortium comprising CNOOC Limited, ChevronTexaco and Petronas Carigali (the exploration and production arm of Petronas, Malaysia’s state-owned oil company) have confirmed an oil discovery in China’s Liaodong Bay 02/31 Block in Bohai Bay. The appraisal well, LD 27-2-3, which was drilled in 21 meters of water to a total depth of 2,700 meters, encountered...

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INDIA: J. Ray McDermott prepares for offshore turnkey project

US engineering firm J.Ray McDermott Middle East, Inc, S.A. has begun preparations for a turnkey project for supply of wellhead platforms and submarine pipelines in offshore India. The company is a subsidiary of J. Ray McDermott. The company recently received a letter of intent from Engineers India Limited (EIL) for the engineering, procurement, construction and...

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VIETNAM: Talisman, Petronas and Petrovietnam awarded offshore Block 46/02

A consortium comprising Talisman Vietnam Limited (30%), Petronas Carigali Overseas Sdn Bhd (30%) and PetroVietnam Exploration and Production Company (40%) has been awarded Vietnam’s offshore exploration Block 46/02. Talisman Vietnam is a subsidiary of Canada’s Talisman, while Petronas Carigali Overseas is the exploration and production subsidiary of Malaysia’s state Petronas. PetroVietnam Exploration and Production Company...

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TAIWAN: Taiwan Power chairman resigned over unexpected power restrictions

TAIPEI (AFX-ASIA) – Taiwan Power Co (Taipower) chairman Lin Wen-yuan has resigned to take responsibility for an abrupt decision to restrict power supplies to certain industrial users last week, local newspapers reported. Minister of Economic Affairs Lin Yi-fu has approved his resignation and appointed Taipower standing director Wu Rong-i acting chairman. Separately, Chinese Petroleum Corp...

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PAKISTAN: Foreign interest in oil, gas fields

Pakistan’s Board of Privatisation Commission, has submitted its recommendations for the sale of the state’s share in two oil and gas fields to the Cabinet Committee on Privatisation (CCOP). Chaired by Altaf Saleem, the board noted that foreign investors had shown greater interest in the country’s oil and gas resources. BP Pakistan, the local upstream...

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INDONESIA: Government delays unleaded fuel plan by one year to 2004

JAKARTA (AFX-ASIA) – The government will delay requiring unleaded gasoline be used across the whole country by a year to 2004, Detikcom reported, citing director general for oil and gas Rachmat Sudibyo said. The plan will have to be delayed because Pertamina cannot complete the necessary installations on time, he said, without giving further details....

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PAKISTAN: Government expected to raise oil prices by 6-8% this week

Pakistan is expected to raise its domestic oil prices by between six and eight percent this week this week in order to qualify for the next tranche of funds from the International Monetary Fund. The government is also expected to impose a generalised sales tax (GST) on edible oil and medicines. The Oil Companies Advisory...

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PAKISTAN: PSO says it saves US$850,000 in recent fuel oil tender

Pakistan State Oil (PSO) said it has saved US$850,000 by conducting an open tender in its recent purchase of 275,000 tonnes of high sulphur fuel oil (HSFO) and 75,000 tonnes of low sulphur fuel oil (LSFO). It said: “The tenders were opened on 2nd May in a transparent manner in the presence of suppliers/traders or...

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COMPANY: Shell invests in green fuel technology

Royal Dutch/Shell has purchased an equity stake in Iogen Energy Corporation, a world-leading bioethanol technology company. The US$29 million investment will enable the Canadian-based company to develop more rapidly the world’s first commercial-scale biomass to ethanol plant. Mark Gainsborough, vice president of fuels for subsidiary Shell Oil Products, said: “This is another positive development for...

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KOREA: OPEC Fund discuss power projects in Pyongyang

Seyyid Abdulai, director-general of the Organization of Petroleum Exporting Countries (OPEC) Fund, discussed power generation in North Korea with Pyongyang officials during his recent visit there, a Russian broadcast reported. “The OPEC Fund had general talks in Pyongyang on the North’s electricity production,” said the Voice of Russia, which was monitored in Seoul, according to...

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CHINA: CNOOC, AEGON in JV life insurance business

China National Offshore Oil Corporation (CNOOC) and Holland’s AEGON group have formed an equal joint venture for life insurance activities in China. CNOOC’s main activities are oil and gas exploration and production, but the company is venturing into providing financial services. The joint venture provides the AEGON group, one of the world’s largest listed insurance...

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COMPANIES: Shell in China; Bangkok Aviation Fuel

HONGKONG (AFX-ASIA) – Royal Dutch Shell Group unit Shell (China) has signed a US$20 million agreement with Shandong Provincial Petroleum and Natural Gas Development General to set up a joint venture to distribute refined oil, the South China Morning Post reported citing Shandong government officials. The report said Shell (China) will hold a 70% stake...

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PHILIPPINES: Petron reports P652 million net income for 1Q

The Philippines’ largest refiner Petron Corporation has reported a net income of P652 million for the 1st quarter of 2002. (US$1=50 peso). “This marks a significant improvement over the P463 million posted for the same period last year, and it reflects the company’s continuing efforts to improve operational efficiency in an environment of rising competition...

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PAKISTAN: PSO gets second Japanese grant of $17 million

Pakistan State Oil (PSO) has recently been granted a second Japanese non-project grant of US$17 million. The Consul General of Japan, Hanagata, said that PSO has become eligible for the second grant as the company had utilised the first grant of US$22 million efficiently and well within the prescribed period. Under the first grant, PSO...

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MALAYSIA: Petronas, PNOC to promote NGV in the Philippines

Malaysia’s Petronas NGV Sdn Bhd (PNGV) has signed a three-year Memorandum Of Understanding (MoU) with the Philippine National Oil Company (PNOC) to promote natural gas use in transportation. They will jointly introduce the natural gas-powered vehicle, the Enviro 2000, in the Philippines. PNGV, a subsidiary of state Petronas, and PNOC will pool their resources and...

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THAILAND: PM Thaksin to decide on Thai-Malaysian gas pipeline project

BANGKOK (AFX-ASIA) – Prime Minister Thaksin Shinawatra said he will soon decide whether to approve a gas pipeline project linking southern Thailand with a gas field being jointly developed with Malaysia. Mr Thaksin said he has received new reports reviewing the cross-border project. “I will spend next week looking into the details. I will not...

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CHINA: Shenzhen Petrochemical FY net loss 1.58 bln yuan vs profit 19.46 mln

SHANGHAI (AFX-ASIA) -Shenzhen Petrochemical (Holdings) Co Ltd 2001 results: ÊÊÊÊÊÊÊÊSales – 724.09 million yuan vs 819.10 million (US$1= 8.28 yuan) ÊÊÊÊÊÊÊÊPretax loss – 1.58 billion vs profit 49.33 m ÊÊÊÊÊÊÊÊNet loss – 1.58 bln yuan vs profit 19.46 m ÊÊÊÊÊÊÊÊLoss per share – 5.195 yuan vs EPS 0.064 ÊÊÊÊÊÊÊÊFinal div – nil After exclusion of...

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