MARKETS: Platts says changes to its oil price methodology have spurred development of trading instru

Oil pricing media Platts said changes to its methodology for creating the key North Sea crude oil benchmark price have spawned a new trading instrument in the forward market. Platts is the energy information, consulting, research and marketing services division of The McGraw-Hill Companies. On July 10, Platts changed the way it generates benchmark prices...

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MALAYSIA: ExxonMobil expects to maintain 23% domestic oil products market share

KUALA LUMPUR (AFX-ASIA) – ExxonMobil Malaysia expects to maintain its 23% market share of petroleum products, Esso Malaysia Bhd retail sales director Abu Hassan Seeni Abdul said. Bernama news agency quoted Abu Hassan as saying the company plans to add about 15 new service stations every year to maintain its market position and will invest...

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JAPAN: Shell to build Tokyo’s first hydrogen refuelling station

Showa Shell Sekiyu KK (Showa Shell) has announced that it is to build the first hydrogen refuelling station in Tokyo, in partnership with Iwatani International Corporation and the Tokyo Metropolitan Government. Showa Shell is a Japanese company equally owned by Japanese interests and the Royal Dutch/Shell Group of Companies (Shell). Shell Hydrogen will be providing...

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INDONESIA: Update: East Kalimantan withdraws legal action against BP’s Kaltim Prima Coal

JAKARTA (AFX-ASIA) – The East Kalimantan government has withdrawn legal action against PT Kaltim Prima Coal (KPC) — a joint venture between BP PLC and Rio Tinto PLC — in a move expected to pave the way for the sale of a 51% stake in the company, Detik.com news service reported, citing KPC president director...

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AUSTRALIA: Woodside announces approvals underway for Otway gas fields

Environmental assessment has begun for development proposals for the Thylacine and Geographe gas discoveries off the coast of south-western Victoria in Australia. The discoveries, between 55km and 70km south of Port Campbell, are operated by Woodside Energy Ltd. on behalf of two joint ventures involving Origin Energy Resources Limited, Benaris International N.V. and CalEnergy Gas...

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AUSTRALIA: Santos announces successful US exploration well

Australia’s upstream company Santos Ltd has discovered natural gas in the Crocker Perkins 2 well in Texas state in the US. The well, located in Live Oak County, was directionally drilled to a total depth of more than 4,600 metres (15,000 feet) in 59 days and encountered over 30 metres (90 feet) of net natural...

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PHILIPPINES: Meralco B flat after H1 results

MANILA (AFX-ASIA) – Manila Electric Co B shares have been holding steady after the company’s first half results came in within expectations, dealers said. Meralco said its first half net profit dropped to 465.245 million pesos from 952.995 million pesos a year ago. (US$1=50 peso). In the second quarter, it made a net profit of...

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CHINA:Xinao considering slowing down expansion following Petrochina’s pipeline project

HONG KONG (AFX-ASIA) – Xinao Gas (Holdings) Ltd is onsidering slowing down its expansion in China from next year, general manager Yang Yu said in a South China Morning Post report. The company sees few suitable new downstream projects after PetroChina’s proposed US$8.5 billion natural gas pipeline from Xinjiang province to Shanghai commences operations after...

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PEOPLE: Intertanko reorganises regional responsibilities

Intertanko, the International Association of Independent Tanker Owners, has announced the following personnel changes affecting its Asian representative office and Latin American panel. Minerva Alfonso, who set up its Asian office in Singapore in 1999, is relinquishing her post as regional manger in August to commence maternity leave. John Fawcett-Ellis has been appointed her successor...

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PHILIPPINES: Oil firms may raise prices further – industry officials

MANILA (AFX-ASIA) – Rising Dubai crude costs may force local oil companies to raise pump prices by another 0.25 to 0.30 peso per litre towards the end of this month or early August, industry officials said. (US$1=50 peso). “We are closely monitoring the market. If we will make a decision, we will probably announce it...

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MALAYSIA: Petronas awards two offshore exploration blocks

Malaysia’s state energy company Petronas has awarded two production-sharing contracts (PSCs) for offshore Blocks PM311 and PM312 to Murphy Oil Corporation and upstream subsidiary Petronas Carigali Sdn Bhd. The PSCs mark the fifth and sixth Malaysian blocks awarded to Murphy Oil, a US-based independent oil company. Murphy Oil will have a 75% interest in each...

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KOREA: Kepco to raise funds through bond sales, bank loans

State Korea Electric Power Corp plans to raise more than US$1.5 billion from a bond sale and borrowings from the Korea Development Bank later this year. The country’s largest company by assets plans to sell $660 million of dollar-denominated bonds and then swap them into yen-denominated bonds to refinance them in an attempt to lower...

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CHINA: Sinopec, BASF appoint banks to raise US$1.4 b for petrochemical project

China’s Sinopec and its German joint venture partner BASF have appointed financial institutions to help raise US$1.4 billion for the construction of an integrated petrochemical complex in Nanjing, China. Their equally owned company BASF-YPC Company Limited will build and operate a US$2.9 billion complex comprising a 600,000 metric tons/year ethylene plant and nine downstream units...

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PHILIPPINES: President vows to further reduce cost of electricity

Philippines President Gloria Macapagal-Arroyo has vowed to further reduce the cost of electricity as she stressed that cheaper power would result in a more competitive economy and thus attract both local and foreign investments. In her recent second State of the Nation Address before a joint session of Congress, the President said she was elated...

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INDONESIA: East Kalimantan withdraws legal action against BP’s Kaltim Prima Coal

JAKARTA (AFX-ASIA) – The East Kalimantan government has withdrawn legal action against PT Kaltim Prima Coal (KPC) — a joint venture between BP PLC and Rio Tinto PLC — in a move expected to pave way for the sale of a 51% stake in the company, Detik.com news service reported, citing KPC president director Noke...

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CHINA: Court to hear Daqing compensation claims on Aug 23

SHANGHAI (AFX-ASIA) – The Harbin Intermediate People’s Court will hold a hearing on Aug 23 on a suit filed by stock investors seeking compensation from A-share firm Daqing Lianyi Petrochemical Co Ltd, the Shanghai Daily reported, citing the Shanghai Allbright Law Office. Shanghai Allbright is representing the 72 investors, who are seeking compensation for losses...

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TAIWAN: Shell Global Solutions to support Formosa Petrochemicals’ mogas plan

Taiwan’s privately owned Formosa Petrochemicals Corp has turned to Shell Global Solutions for help in competing on the international gasoline markets. Shell said it has drawn up a motor gasoline (mogas) masterplan for Formosa Petrochemicals, which operates a 450,000-barrels/day refinery-ethylene cracker complex. It said: “The Émasterplan will help FPCC optimise and upgrade its mogas production...

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COMPANY: Exxon Mobil seen higher as BoA upgrades to ‘strong buy’ vs ‘buy’

NEW YORK (AFX) – Shares in Exxon Mobil Corp are expected to open higher, after Bank of America Securities upgraded the stock to ‘strong buy’ from ‘buy’, mainly on valuation grounds, dealers said. In a note to clients, Bank of America said that the stock’s recent under-performance was largely due to technical factors. Exxon shares...

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MARKETS:Venezuela oil exports should rise after IEA reclassification

CARACAS (AFX) – Venezuela should be permitted to increase its oil exports following the International Energy Agency’s reclassification of the synthetic crude produced in the Orinoco belt, said Rafael Sandrea, head of the hydrocarbons commission of the Fedecamaras business association. Newspaper El Universal quoted him as saying the belt’s upgraded extra-heavy oil should no longer...

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MARKETS: Nigeria to make statement on OPEC membership on Aug 1

ABJUA (AFP) – Nigerian officials refused to confirm or deny a report that their country plans to quit the Organisation of Petroleum Exporting Countries, promising a statement on Aug 1. “We are not going to comment on this. There will be a media summit on this issue on Aug 1,” said Emanuel Agbegir, spokesman for...

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VIETNAM: New pipeline delivering offshore gas officially commissioned

State PetroVietnam last week officially launched a 40km pipeline delivering associated gas from the offshore Rang Dong-Bach Ho (White Tiger) fields to the Phu My power-fertiliser complex in southern Vietnam. Bach Ho is located some 150 km south-east of Vung Tau city. The US$49 million pipeline, started up last year, has been bringing an average...

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MALAYSIA: Gas Malaysia aims to double pipeline network to 1,458 km

Gas Malaysia Sdn Bhd has announced plans to increase the length of its gas pipeline network from 729 km to 1,458 km by 2006 under a three-phase expansion programme. The company hopes to expand its customer base comprising commercial, industrial and residential users with the pipeline investment of RM100 million a year. Each kilometre of...

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AUSTRALIA: Upstream company Santos Ltd reports a 7.4% jump in 2Q production

Australia’s upstream company Santos said its total oil and gas production for the second quarter was 14.6 million barrels of oil equivalent (mmboe), up from 13.6 million boe for the same period last year. “This growth reflects a 10.9% increase in natural gas production. Gas production increased in allSantos’ producing areas, particularly the Cooper Basin...

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CHINA: US Largo Vista group announces LPG pipeline completion

California-based Largo Vista Group Ltd said it has completed construction of the first pipeline and station infrastructure to deliver liquefied petroleum gas (LPG) to over 1,000 condominiums for government employees in Zunyi city inChina’s Guizhou province. The company said the project “is the first of its kind in the region and sets a model for...

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INDONESIA: US Court again orders Pertamina to halt its lawsuit in Jakarta over KBC power company cas

The US District Court for Texas entered two orders on July 22, reaffirming Karaha Bodas Company’s (KBC) right to obtain payment on an international arbitral award rendered in 2000. The court also ordered Pertamina, Indonesia’s state oil and gas company, to immediately halt a lawsuit it filed in Jakarta, Indonesia, which has been described as...

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