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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

Caltex Australia Limited has appointed Elizabeth Bryan to the board following the retirement of Malcolm Irving on May 2. Ms Bryan currently serves as a director of Ridley Corporation Limited, Western Metals Limited and Unisuper Limited. She brings a strong financial background to her role as a director of Caltex Australia Limited. Separately, Philippine Geothermal,...

While the US Government is promoting the possibility of an advanced “freedom car” for the future, and the European Commission debates new proposals for biofuel vehicles that don’t currently exist, the world’s LP gas industry is moving forward with clean, efficient autogas cars, trucks and buses. During this ongoing policy debate and “experimentation”, the LP...

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...