The Asian Development Bank has applied its strongest pressure to date on Bangladesh to export its natural gas by suggesting that the flow of aid and investment to the impoverished country could be slowed down or even called off if the government continues to resist such sales. A delegation of senior ADB officials delivered the...
INDIA: ONGC Videsh signs agreement for exploration blocks In Libya
India’s ONGC Videsh Ltd. (OVL), the wholly owned subsidiary of upstream Oil and Natural Gas Corporation Ltd, has signed a farm-out agreement with Turkish Petroleum Overseas Company to acquire a 49% stake in two onshore oil and gas exploration blocks in Libya. One of the exploration blocks is located in the prolific Sirte Basin of...
JAPAN: Mitsui OSK expands energy transport business in North America and Europe
Japan’s Mitsui O.S.K. Lines, Ltd has announced plans to open new sales offices in London and in Houston, Texas to expand its energy transport business. The new offices will target to meet the world’s growing demand for transport of liquefied natural gas (LNG). The Houston office, opening on September 1, will aim to develop new...
COMPANY: Word Bank says will ‘closely’ examine Exxon-led pipeline project in Cameroon
NEW YORK (AFX) – The World Bank said it will “closely” examine environmental aspects of a US$4 billion, Exxon Mobil Corp-led project to build a Chad-Cameroon oil pipeline. However, a World Bank spokesman would not confirm a Financial Times report bank inspectors have raised concerns about the project’s cumulative environmental impact, as well as concerns...
CHINA: West-East pipeline project greeted by hope, doubt and controversy
Construction work has begun on China’s massive US$8.5 billion West-East pipeline to deliver natural gas across the country amid much hope, doubt and controversy. At a ceremony in Beijing last month, state PetroChina Company Limited signed a joint venture agreement with a consortium of international energy companies for the construction of the 4,000 km pipeline...
EMISSIONS: BASF announces innovation to help reduce greenhouse gases
Germany’s BASF said its fuel additives will help increase the use of ethanol diesel in many countries around the world, and help reduce the emission of greenhouse gases. Fuel additives are used globally to reduce emissions and fuel consumption as well as maintenance cost of automotive engines. They also allow new alternative fuels to be...
CHINA: Sinopec remains committed to cutting 20,000 jobs in H2 Ð chairman
HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) remains committed to cutting 20,000 jobs in the second half of 2002 in a bid to reduce operating costs, chairman Li Yizhong said. “It is our target to reduce the number of jobs. We did not do anything in the first half of the year....
PAPUA NEW GUINEA: ExxonMobil in advanced talks for sale of gas output
SYDNEY (AFX-ASIA) – ExxonMobil, the operator of the PNG Gas project, said it is in advanced talks for the sale of gas output from the project. “ExxonMobil is currently in advanced negotiations for the sale of PNG gas which, if successful, will provide the volumes required for the project to proceed,” it said in a...
PHILIPPINES: PNOC-EDC seeking to swap Napocor plants for 4 billion peso in receivables
MANILA (AFX-ASIA) – The Philippine National Oil Co’s Energy Development Corp is considering exchanging its 4 billion peso in receivables from the National Power Corp for at least four of the latter’s geothermal plants, PNOC-EDC chairman and president Sergio Apostol said. (US$1=50 peso). “Napocor owes us about 4 billion pesos in steam and power sales...
SINGAPORE: MPA hosts seminar on maritime security for East Asia
The Maritime and Port Authority of Singapore (MPA) is hosting an International Maritime Organisation (IMO) seminar on maritime and port security for East Asian countries from August 26 to 30. The five-day event comprising a 3-day seminar and 2-day workshop is held for the first time in Singapore. The MPA said: “It aims to raise...
SAUDI ARABIA: Aramco awards Foster Wheeler a project management contract
A subsidiary of US engineering firm Foster Wheeler Ltd has been awarded a project management services contract for two distillate hydrotreaters and power co-generation plants by Saudi Arabia’s Aramco Overseas Company. The contract’s value was not disclosed in Foster Wheeler’s press statement. Foster Wheeler Energy Limited (FWEL) will provide engineering and project management services for...
ENVIRONMENT: Group says oil companies are ‘damaging’, despite socially responsible claims
LONDON (AFX) – Environmental group Friends of the Earth has accused global groups including BHP Billiton, Rio Tinto PLC, the Royal Dutch/Shell group of companies, BP PLC, Sasol ltd, Nutreco Holding NV of causing “damage to the planet”, despite their claims to be socially responsible. “Even some of the top international companies who claim to...
CHINA: Sinopec H1 affected by global slowdown, WTO
China Petroleum and Chemical Corp (Sinopec) said its six months to June results were affected by the global slowdown in the petroleum and petrochemical industries, coupled with various challenges brought on by China’s entry to the World Trade Organisation. Sinopec said it had a net profit of 5.4 billion yuan in the six months to...
MALAYSIA: Power company Tenaga to issue Islamic bonds to raise RM1.5 billion
Malaysian power company Tenaga Nasional Bhd will soon issue Islamic bonds to raise about RM1.5 billion (US$1=RM3.8) to pay for boosting its distribution business, said chairman Jamaludin Jarjis. The bulk of the funds will be spent on building sub-stations and power lines. The company expects popular response to its commercial papers and medium-term notes with...
MALAYSIA: Petronas Dagangan reports sharply lower Q1 net profit of RM14.3 million
Petronas Dagangan Bhd, the retail unit of Malaysia’s state oil and gas company, has reported a 82% drop in its first quarter profits to RM14.3 million. (US$1=RM3.8). The company said higher crude oil prices undermined its margins. Its revenue rose 35% to RM2.3 billion on higher sales volume. Its earnings per share for the quarter...
SINGAPORE: Power cut highlights risk of depending on Indonesian gas
Singapore’s plan to reduce its dependence on oil by piping natural gas from Indonesia may have to be re-examined following a major power failure on August 5 that authorities say hit mostly residential consumers. The incident will bolster the case for the construction of a liquefied natural gas terminal and will also call into question...
PHILIPPINES: PNOC-EDC to invest 360 million pesos in geothermal drilling
MANILA (AFX-ASIA) – Philippine National Oil Co unit Energy Development Corp said it will be spending 360 million pesos on geothermal drilling in four areas in Leyte province, central Philippines, within the year. (US$1=50 peso). If proven to be commercially viable, electricity to be generated from the drilling areas will power the planned Kabalian power...
THAILAND: PTT, NPC, ATC to co-invest in US$150 million project
BANGKOK (AFX-ASIA) – PTT PLC plans to co-invest with National Petrochemical PLC (NPC) and Aromatics (Thailand) PLC (ATC) by the end of this year in a US$150 million project producing raw materials used to make automobile windshields and textile products, reported Businessday. PTT vice president Piti Yimprasert said the project would cost about US$150 million...
AUSTRALIA: CNOOC gets offer to acquire 5% of North West Shelf project
China’s CNOOC Limited said it has received an offer to acquire five percent of Australia’s North West Shelf gas project for US$320 million. As part of the deal, CNOOC would also assume a 25% interest in the China Liquefied Natural Gas (CLNG) joint venture to be established to supply gas from the North West Shelf...
CHINA: CNOOC Limited reports 21.6% drop in first half income on lower oil prices
China’s CNOOC Limited has reported a 21.6% drop in net profits to RMB 3.62 billion for the first half of the year due to lower oil prices. Revenues were slightly higher at RMB 9.87 billion. (US$1=RMB8.28). The company said that despite a 15.5% decrease in realised oil prices, oil and gas sales increased by 0.7%...
THAILAND: Banpu cuts FY sales forecast to 12 billion baht vs 13-14 billion baht
BANGKOK (AFX-ASIA) – Banpu Plc chief executive Chanin Vongkusolkit said the company has cut its sales forecast for this year to 12 billion baht from 13-14 billion baht as it puts on hold the acquisition of Thai Petrochemical Industry Plc’s power plant. (US$1=40 baht). The revised forecast figure is still 60% higher than last year’s...
CHINA: Bohai Bay appraisal well test-flowed 1,000 b/d crude oil
China’s CNOOC Limited said an appraisal well, LD10-1-2, in the Bohai Bay yielded 1,000 barrels/day of crude oil during two drill stem tests. LD10-1-2 is located about 22 kilometers northeast of SZ36-1 oil field. The crude oil was deemed heavy, of API 18-20 degrees. Ru Ke, CNOOC Limited’s executive vice president, said: “The well encountered...
MARKETS: Dollar may not benefit from war against Iraq – Morgan Stanley
LONDON (AFX) – A war against Iraq may not help the dollar as much as it did during the 1990-91 Gulf Crisis, according to research published this morning by Morgan Stanley. The heavyweight US broker reckons that two of the three factors that might have been positive for the dollar — oil and geopolitical —...
CHINA: Cheung Kong Infra – H1 fall reflects last year’s one-off gain from Powercor sale
HONG KONG (AFX-ASIA) – Cheung Kong Infrastructure Holdings Ltd said its six months to June net profit fell to HK$1.491 billion from HK$1.509 billion a year earlier, mainly due to lower extraordinary income compared with last year’s one-off gains from the sale of the retail business of Powercor Australia Ltd. (US$1=HK$7.87). Analysts polled by AFX-ASIA...
AUSTRALIA: BHP Billiton acquires 18 blocks in Gulf of Mexico acreage
Australian upstream company BHP Billiton said it has acquired 18 exploration blocks in the Gulf of Mexico through an open bid. The company had submitted bids for blocks in the outer continental shelf in the western Gulf of Mexico Lease Sale 184 conducted in New Orleans by the Minerals Management Service (MMS), a bureau of...