COMPANY: Keppel Corporation Limited

ADDRESS BY KEPPEL CORPORATION LIMITED EXECUTIVE CHAIRMAN MR LIM CHEE ONN AT THE 1ST HALF 2002 RESULTS PRESENTATION TO PRESS AND ANALYSTS ON THURSDAY 25 JUL 2002 STRATEGIC AND CORPORATE REVIEW As part of Keppel’s strategic and corporate review I shall explain where the group is heading and how we intend to get there. But...

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MARKETS: Nigeria “cannot afford to leave OPEC”

VIENNA (AFX) – Nigeria cannot afford to pull out of OPEC, said a source close to the cartel following a weekend press report that the African state is poised to withdraw. “Nigeria cannot afford to leave OPEC”, the source said, adding that the cartel remains as strong as ever. The pullout rumour originated within the...

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MARKETS: Oil shares adrift with weak crude, fears of Nigerian output hikes

LONDON (AFX) Ð The shares of oil heavyweights were weaker last week with the price of crude amid speculation that Nigeria is to exit OPEC and increase output, dealers said. Russia’s recent confirmation of an output increase of 150,000 b/d from the start of July and fears of a price war with OPEC also continued...

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EMISSIONS: US DoE sends greenhouse gas registry recommendations to White House

The US Secretaries of Energy, Commerce and Agriculture and the Administrator of the Environmental Protection Agency recently submitted recommendations to President George Bush that provide a blueprint to improve and expand a voluntary reporting system encouraging greenhouse gas emission reductions and creates a new, transferable credit system for those reductions. The initiative is an important...

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EMISSIONS: UK launches carbon trading emissions scheme

A UK-backed agency recently launched a carbon emissions trading initiative to help companies cut their energy costs and improve the environment at the same time. Action Energy is a programme run by the Carbon Trust and funded by the Department for Environment, Food and Rural Affairs, The Scottish Executive, Invest Northern Ireland and the National...

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THAILAND: PTTEP signs exploration/production agreement with Oman on Block 44

BANGKOK (AFX-ASIA) – PTT Exploration and Production Plc said unit PTTEP Middle East Co Ltd (PTTEP ME) has signed an agreement with the Oman government to explore and operate Block 44 of an oil field area adjacent to the Safah oil field in the northwestern part of Oman. Block 44 covers approximately 1,162 square kilometers,...

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MALAYSIA: Government to raise diesel price soon; to gradually remove subsidies

KUALA LUMPUR (AFX-ASIA) – The Cabinet wants to increase the price of diesel and petroleum soon and plans to gradually remove government subsidies on fuels and natural gas once local prices are on a par with international levels, Sin Chew Jit Poh reported, quoting an unnamed source. The government will raise the price of diesel/petroleum...

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KOREA: UK oil and gas software specialists supply to Kogas

UK-based Energy Solutions International Ltd of Stockton-On-Tees has found new customers in South Korea within weeks of joining a trade mission organised by Trade Partners UK. The company, an engineering consultancy and supplier of e-based management software to the oil and gas industry, joined the trade mission in March this year to explore opportunities in...

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HONGKONG: CKI sees more than 15% investment return from CitiPower Ð MD

HONG KONG (AFX-ASIA) – Cheung Kong Infrastructure Holdings Ltd group managing director Kam Hing Lam said the company expects an investment return of more than 15% from CitiPower. The company announced earlier it had jointly bought Melbourne-based electricity firm CitiPower with Hong Kong Electric Holdings Ltd (6.HK) for A$1.555 billion. The companies will then sell...

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AUSTRALIA: United Energy outlook revised to positive from negative – S&P

SYDNEY (AFX-ASIA) – Standard & Poor’s said it has affirmed its “A-/A-2” ratings on United Energy Ltd and revised its outlook on the ratings to positive from negative following recent divestments at the company. In a statement, S&P said the sale by United of its stakes in Pulse Energy and EdgeCap Pty Ltd, and its...

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PEOPLE: BP names Tim Bullock, Tony Fountain to senior trading positions

Tim Bullock, who used to work in BP’s energy trading office in Singapore, has been appointed president of the company’s North American gas and power business unit in Houston, Texas. He succeeds Tony Fountain who will will take up the new post of chief operating officer for the company’s global energy supply optimisation and trading...

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NEW ZEALAND: Shell sells off stake in Burger King

Shell New Zealand has sold its 50% shareholding in the Burger King New Zealand franchise for an undisclosed sum. Shell had been a 50% shareholder in Burger King since 1996. The remaining shares were held by four individual investors – Dennis Jones, Mark Backhaus, Graeme Plum and James Barger. The Burger King franchise for New...

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MARKETS: Phillips Petroleum offers non-MTBE gasoline at its 1,500 California stations

Phillips Petroleum has become the first retailer in California to offer non-MTBE gasoline year-round at all of its 1,500 locations throughout the state. “We have fulfilled a commitment to our customers and to the state to offer non-MTBE gasoline as quickly as possible,” said Mark Harper, Phillips vice president of wholesale marketing. “Over the past...

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MARKET: Saudi says OPEC can hold crude above US$22 despite Russia output hike

CAIRO (AFX) – OPEC can hold crude prices above the lower threshold of its US$22-28 per barrel target range despite Russia’s decision to raise output, said Abdullah bin Ali of Saudi-based Arab Petroleum Investment Corp. “With its decision to increase production … Russia is now producing at full capacity, but this will have little impact...

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MALAYSIA: Malaysia Mining Corp sees PTP stake purchase completed in 2 months

KUALA LUMPUR (AFX-ASIA) – Malaysia Mining Corp Bhd (MMC) expects to complete its purchase of a 50.1% stake in Port of Tanjong Pelepas (PTP) within two months, group chief financial officer Feizal Ali said. “We’re right in the middle of the acquisition. It is not completed yet … We hope to complete the purchase within...

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COMPANY: SABIC earns SR 985 (US$181) million in first half of 2002

Saudi Basic Industries Corporation (SABIC) has achieved a 123% increase in quarterly earnings with a net profit of SR680 million (US $181.33 million) for the second quarter of 2002. The net profit for the first half of the year dropped to SR985 million (US $262.66 million) from SR1.503 billion (US $400.43 million) earned in the...

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THAILAND: TPI non-core asset sale postponement blocked by court

BANGKOK (AFX-ASIA) – The Central Bankruptcy Court has disallowed the postponement of the sale of non-core Thai Petrochemical Industry Plc assets, a receivership official said. On May 5, creditors of five subsidiaries of Thai Petrochemical Industry Plc voted to change the non-core asset sale deadline from December 2001 to March 31 2003. The official said...

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CHINA: PetroChina target price raised to HK$2 from $1.85

HONG KONG (AFX-ASIA) – ING Financial Markets has raised its target price on PetroChina Co Ltd to HK$2 a share from HK$1.85, and is maintaining its “buy” recommendation, following an increase in the house’s global oil price assumptions, analyst Scott Weaver said. In a note to clients, Mr Weaver said ING had raised its 2003...

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CHINA: China Aviation acquires 33% interest in Shanghai aviation fuel supply company

China Aviation Oil (Singapore) Corporation Ltd has bought a 33% interest in China’s Shanghai Pudong International Airport Aviation Fuel Supply Corporation Ltd (SPIA). SPIA was established in China in September 1997 as a joint venture between Shanghai Pudong International Airport Company (40%), CAOSC (33%) and China Petroleum and Chemical Sales Company (Sinopec) (27%), all of...

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BANGLADESH: Proposal to supply Myanmar gas to India gains favour

A private study proposing the construction of a US$1 billion pipeline to supply gas supply to India from Myanmar through Bangladesh is expected to gain official favour from Dhaka. Bangladesh’s Ministry of Energy and Mineral Resources has recommended it for approval by Prime Minister Khaleda Zia. The ministry has formed a committee to review the...

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COMPANY: ChevronTexaco announces end to occupation of Escravos in Nigeria

Chevron Nigeria Limited and the leaders of Ugborodo communities last week signed a Memorandum of Understanding (MOU) that outlines their joint obligations towards the sustenance of a mutually beneficial partnership. The agreement also ended a 10-day long occupation of the NNPC/Chevron owned Escravos TankFarm by over 200 community women. NNPC is the state oil company...

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AUSTRALIA: Woodside Petroleum H1 sales A$963.5 m vs A$1.159 b

SYDNEY (AFX) – Woodside Petroleum Ltd said total sales of gas and liquids for the six months to June totalled A$963.5 million, down from A$1.159 billion in the previous corresponding period. (US$1=A$1.77). In a statement, Woodside said first half gas sales revenue fell 7.5% to A$303.3 m, while sales revenue from liquids fell 20.6% to...

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THAILAND: PTT to maintain stake in National Petrochemical at 38%

BANGKOK (AFX-ASIA) – PTT Plc senior executive vice president for petrochemicals and refining Piti Yimprasert said the company intends to maintain its stake in National Petrochemical Plc at the current 38% because of the latter’s good returns and in order to keep it as a PTT customer. “The company intends to maintain its holding at...

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JAPAN: TEPCO in Internet data communications project

TOKYO (AFX-ASIA) – Tokyo Electric Power Co (TEPCO) has reached a basic agreement with Internet Initiative Japan Inc (IIJ) to integrate their data communications operations as early as the year-end, the Nihon Keizai Shimbun daily reported. The grouping includes IIJ and TEPCO affiliate Tokyo Telecommunication Network Co (TTNet), regional telcom carrier PoweredCom Inc, which is...

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AUSTRALIA: Canberra to “save” almost 42,000 tonnes of greenhouse emissions

The Australian government said it has launched a new Commonwealth power purchase that will save almost 42,000 tonnes of greenhouse emissions over the next three years. Describing it as a major boost for Australia’s renewable energy industries, the Minister for the Environment and Heritage, David Kemp, said: “This is leadership on climate change in action....

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