TAIWAN: Japan’s Kawasaki to build CPC storage and receiving terminal

Japan’s Kawasaki engineering group has signed a full turnkey contract with Taiwan’s Chinese Petroleum Corporation (CPC) to build a liquid ethylene storage and receiving/shipping terminal for its Chien-Cheng petrochemical station in Kaohsiung. The facility is scheduled for completion in March 2004. Kawasaki said it will provide an aboveground double-wall cryogenic storage tank with a stainless (more…)

CHINA: W’rtsil’ Propulsion Systems receives order for five chemical tankers

Finland’s W’rtsil’ has confirmed an order from the Shanghai Edward Shipbuilding Co. in China for the supply of propulsion systems for five chemical tankers. The Euro12 million (US$11 million) deal was signed during the recent visit to China by Jari Vilén, Finland’s foreign trade minister. The scope of delivery covers each vessel’s entire propulsion system (more…)

MARKETS: US DoE comments on “tale of two products”: gasoline and diesel

The US gasoline season is over while the distillate fuel (particularly heating oil or high-sulfur distillate fuel) season is underway. The Department of Energy said factors affecting the gasoline season may not be key factors in the distillate fuel market this autumn and winter. The week before, gasoline inventories increased by 2.2 million barrels while (more…)

IRAQ: Belarus discusses contracts to restore Iraqi energy grid

MINSK, Belarus (AFX) – Belarus may sign up to US$5 million worth of contracts with Iraq, in a bid to help restore that country’s energy sector, officials said. According to Iraqi Energy Minister Sahaban Faisal Mahjoub, on a recent visit to Belarus, Iraq wants to use Belarussian experts and equipment to build power stations and (more…)

CHINA: Yangtze Three-Gorges to raise 5 billion yuan in 20-yr bond issue

BEIJING (AFX-ASIA) – The China Yangtze Three-Gorges Project Development Corp is to raise 5 billion yuan in an issue of 20-year bonds with a fixed coupon of 4.76%, the company said in an announcement in the China Securities Journal. (US$1=8.28 yuan). The funds raised will be used for the second phase of the Three Gorges (more…)

CHINA: Asia Power to sell 40% stake in China unit for 17.670 million yuan

SINGAPORE (AFX-ASIA) – Asia Power Corp said it has entered into a share transfer agreement to sell a 40 pct stake in wholly-owned China unit Asia Power (Neijiang) Hydroelectricity Co to Neijiang Xingyuan Electric Power Co for 17.670 million yuan in cash. (US$1=8.28 yuan). The company said proceeds from the sale will be used for (more…)

AUSTRALIA: Joint venture partners welcome latest approvals for BassGas project

The joint venture partners exploiting Australia’s Bass Straits gas field have welcomed the Victorian state government’s recommendation to proceed with the project in accordance with recommended environment conditions. The Minister for Planning, Mary Delahunty, released the recommendation following a rigorous assessment process coordinated by an independent panel between 9 May and 6 June 2002. The (more…)

SINGAPORE: Keppel and NUS jointly launch initiatives to develop offshore and marine technology

Singapore’s engineering group Keppel Corporation Limited (Keppel) and the National University of Singapore (NUS) have pooled their resources to establish Singapore as a centre of innovation and excellence providing new solutions, services and products for the offshore and maritime industry. Keppel’s wholly owned subsidiary, Keppel Offshore & Marine Ltd (Keppel O&M), has donated S$1.5 million (more…)

THAILAND: National Petrochemical expects to maintain profit at 1.2 billion baht in 2002

BANGKOK (AFX-ASIA) – National Petrochemical Plc said it expects profits this year to be in line with those of last year, despite lower chemical prices and production losses caused by plant shutdown, company president Viroj Mavichak was quoted as saying by Businessday. “We are looking at 1 to 1.2 billion baht in net profit this (more…)

SINGAPORE: MPA introduces initiatives to enhance bunkering services

The Maritime and Port Authority of Singapore (MPA) is introducing three initiatives to enhance the quality of bunkering services. The new measures were announced by Khaw Boon Wan, senior Minister of State for Transport, and Information, Communications & the Arts at yesterday’s opening ceremony of the 12th Singapore International Bunkering Conference (SIBCON). The first of (more…)

CHINA: Fujian terminal to buy 2.6 million t/y LNG from Indonesia’s Tangguh field

BP and its partners in Indonesia’s Tangguh natural gas project have signed an agreement to supply liquefied natural gas (LNG) to China’s Fujian LNG terminal. The agreement now sees BP in all three legs of China’s LNG strategy, said the company in a statement. Last month, China selected Australia’s North West Shelf consortium – in (more…)

CHINA: Government brings forward plans for strategic oil reserve – China Daily

SHANGHAI (AFX-ASIA) – China has brought forward plans to establish a strategic oil reserve in response to the heightened tension in the Middle East, the China Daily reported, citing an official at a major state oil company. The official said government bodies have outlined a framework to build up reserves in a bid to create (more…)

THAILAND: PTT sees crude oil price falling to US$23-24/barrel if tensions ease

BANGKOK (AFX-ASIA) – PTT Plc president Viset Choopiban said the company expects crude oil prices to drop to around US$23-24 per barrel from the current 26-28 usd after Iraq agreed to readmit UN weapons inspectors. “There is a possibility that crude oil price will decline as there is premium of US$3-5 per barrel on the (more…)

INDONESIA: Indonesia shows signs it serious about wooing back investors Ð IMF

JAKARTA (AFX-ASIA) – The government is starting to show signs it is serious about wooing back investors, realising that resilient consumer \spending and a recovery in exports are not enough to get economic growth back on track, International Monetary Fund Indonesia representative David Nellor said. Higher economic growth is expected to help reduce the government’s (more…)

INDONESIA: Aneka Tambang interested in stake in BP/Rio Tinto jv Kaltim Prima

JAKARTA (AFX-ASIA) – PT Aneka Tambang said it has informed the government of its interest in the 51% stake up for sale in BP PLC and Rio Tinto PLC joint venture PT Kaltim Prima Coal (KPC), and it will decide on the amount it will bid for after conducting due diligence, according to Detik.com. Aneka (more…)

CHINA: Guangdong Power secures 10 billion yuan credit facility from CCB

BEIJING (AFX-ASIA) – Guangdong Electric Power Development Co Ltd said it has secured a three-year 10 billion yuan credit facility by the China Construction Bank. The facility will give the electricity generator the necessary funding to take part in the ongoing restructuring of the power sector, undertake capital investment and expand the business, the company (more…)

AZERBAIJAN: Azeris say BP gas field delay caused by cost rise, not doubts on Turkey demand

SANGACHAL, Azerbaijan (AFX) – State oil company SOCAR said the reason for delays in the development of the BP PLC-operated gas field Shah Deniz, is a dispute about the escalating cost of the project, not doubts about Turkish demand, as BP has claimed. The project has already been delayed, and BP said last week it (more…)

MARKETS: Inaugural Energy Business Awards, 2002

Commodities Now, a London-based global publication, in association with energy consultant Jeremy Wilcox is hosting the inaugural Energy Business Awards to be held in Paris, France on October 31. Industry participants can nominate candidates for three categories: Individual of the Year, Innovator of the Year and Environmentalist of the Year. Nominations can be made through (more…)

FUJAIRAH: ENOC’s US$12.5m calm buoy now ready to serve growing bunker fuels market

The Emirates National Oil Company Limited (ENOC) LLC has completed the construction of a US$12.5 million calm buoy (single point mooring or SPM) for the expansion of its Vopak ENOC Fujairah Ltd subsidiary. Built in Abu Dhabi’s GPC yard by consortium partners Bluewater & Va Oord ACZ of the Netherlands, the SPM will be ocean-towed (more…)

THAILAND: NESDB not concerned over crude price impact on GDP; average seen US$24.7/barrel

BANGKOK (AFX-ASIA) – National Economic Social Development Board (NESDB) secretary-general Chakramon Pasukhavanich said the board is not concerned over the impact of rising crude oil prices on GDP growth. “In the event of a US-Iraq war, in a worst case scenario, crude oil prices could rise to as much as 29 usd per barrel in (more…)

THAILAND: PTT sees Q3 net higher as gas consumption rises

BANGKOK (AFX-ASIA) – PTT Plc president Viset Choopiban said the company expects to show both a year-on-year and quarter-on-quarter rise in its third quarter net profit because of the contribution from its gas subsidiary following increased domestic consumption. “The company expects to report net profit in the second half. Net profit in the third quarter (more…)

JAPAN: TEPCO to bring old oil-power plant on line after nuclear suspensions

TOKYO (AFX-ASIA) – Tokyo Electric Power Co (TEPCO) will put an old oil-fired thermal power plant into operation again to cope with the suspension of five nuclear reactors by mid-October, the Nihon Keizai newspaper cited company sources as saying. The move follows revelations of a cover-up of defective equipment at the company’s nuclear power stations. (more…)

COMPANY: ChevronTexaco ‘evaded US$3.25 billion taxes from 1970-2000’ – research paper

NEW YORK (AFX) – ChevronTexaco evaded US$3.25 billion in federal and state taxes from 1970 to 2000 through a pricing scheme involving an oil project in Indonesia, the New York Times reported, citing a research paper by two accounting professors. The company paid US$675 million to settle a tax evasion dispute in the 1990s, far (more…)

CHINA: Beijing to cut night-time electricity charges by 55% over winter

BEIJING (AFX-ASIA) – Beijing will cut night-time electricity charges by 55% over the winter, the China Daily reported, citing the local government. The reduction, to 0.2 yuan per kilowatt hour from 0.44%, will be effective from Nov 1 to March 31 between 11.00 pm and 7.00 am, the government said. (US$1=8.28 yuan). More than 6 (more…)