SINGAPORE: Energy Market Company announces appointments for governance bodies in new electricity mar

Singapore’s Energy Market Company (EMC) has announced the members of the Market Surveillance and Compliance Panel and the Dispute Resolution Counsellor, the bodies charged with monitoring players’ behaviour and overseeing disputes in the country’s new wholesale electricity market. Allan Dawson, EMC’s CEO, said the appointments are critical to the success of the new wholesale market....

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CHINA: Stock analysts recommend two power companies

Hong Kong (AFX-ASIA) – UBS Warburg said it maintains its ‘buy’ rating on CLP Holdings Ltd and a strong buy for Huaneng Power. The buy CLP rating is based on an expected turnaround of its non-scheme of control business, high dividend yield and expectations that it may offer a cash bonus down the road. UBS...

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CENTRAL ASIA: Caspian states should be ‘transparent’ with US oil companies’ paymen

WASHINGTON (AFX) – Kazakhstan, Azerbaijan and other Caspian republics should be “transparent” in their handling of oil contract payments from US and western oil companies, said Ambassador Steven Mann, a senior US State Department advisor for Caspian Basin Energy Diplomacy. Talking to reporters in a briefing at the National Press Club here, Mann — a...

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MARKETS: DoE reports crude, US retail prices in decline despite low inventories

Crude oil prices have been in a decline over the last several days despite inventories of crude oil, gasoline, and distillate fuel all remaining near or below the lower limit of the normal range for this time of year, said the US Department of Energy in its latest weekly report. WTI, which had been around...

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PHILIPPINES: New Philippine finance undersecretary Recto to head privatisation campaign

MANILA (AFX-ASIA) – Newly-appointed Finance Undersecretary Eric Recto will head the government’s privatization campaign next year, Finance Secretary Jose Isidro Camacho said. Mr Camacho reiterated the government expects to raise at least 2 billion pesos next year from the sale of its shares in Manila Electric Co, the Philippine National Construction Corp, the Philippine Phosphate...

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SINGAPORE: Manufacturing output grew 7.5% in first nine months

Singapore’s total manufacturing output grew by 7.5% for the first nine months of this year compared to the same period last year. Compared to September last year, the figure rose by 10.4%, said the Economic Development Board. It added that the chemicals cluster grew by 10.1% in the first nine months despite the 3.5% decline...

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AUSTRALIA: Bounty Oil farms out interest in offshore Perth Basin permit

Australia’s upstream company Bounty Oil & Gas NL said another upstream company Voyager Energy Limited will fund Bounty’s share of costs associated with the drilling of the next two wells in permit TP/15 in the Perth Basin. The arrangement, which is capped at 20% above Joint Venture approved drilling budgets, includes the cost of completing,...

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MALAYSIA: Gas Malaysia to invest RM289.6 million in 2003-2006 for gas pipeline expansion

KUALA LUMPUR (AFX-ASIA) – Gas Malaysia Sdn Bhd will invest RM289.6 million between 2003 and 2006 to expand its gas distribution pipeline network by an additional 359 kilometres, chief executive officer Muhamad Umar Swift said. (US$1=RM3.8) “To date, we have invested RM400 million the network of gas pipelines covering a total of 790 km. Of...

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COMPANY: BP reports sharply lower third quarter earnings

Energy major BP said its third quarter pro forma result, adjusted for special items, fell 13% to $2,294 million from $2,645 million a year ago. For the nine months, the result was $6,057 million compared to $9,788 million, down 38%. Replacement cost profit, before exceptional items, for the third quarter and nine months was $761...

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THAILAND: Bangchak to turn profitable this yr on refinery margin growth/oil price rise

BANGKOK (AFX-ASIA) – Bangchak Petroleum Plc senior executive vice president Anusorn Sangnimnuan said the company expects to report a net profit this year, after losses over the past two years, as its net gross refinery margin (GRM) continues to grow on the back of the sustained rise in crude oil prices. For the nine months...

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AUSTRALIA: Woodside Petroleum Q3 sales A$708.8 million vs A$621.8 million

SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd said sales of gas and liquids for the third quarter stood at A$708.8 million, up from A$621.8 million a year earlier. (US$1=A$1.8). Its nine months to June sales totalled A$1.686 billion, down from A$1.805 billion. In a statement, Woodside also said it cut its nine months capital expenditure to...

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VIETNAM: ConocoPhillips announces increase in crude oil output

US independent energy company ConocoPhillips said that the Rang Dong Field, Vietnam Block 15-2, achieved first oil from two new well head platforms. These additional platforms have boosted production from the field by 40% from current gross production averaging 65,000 barrels of oil per day. ConocoPhillips holds a working interest of 36% in the block...

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CHINA: China Aviation Oil to gain from Shanghai Pudong International Airport stake

Singapore-based China Aviation Oil Singapore Corp (Caosco) will benefit from the transfer of all international flights from Shanghai’s Hongqiao Airport to the new Shanghai Pudong International Airport (SPIA) from Oct 28. Caosco owns a 33% stake in the company supplying jet fuel to the newly completed airport. In a statement, Caosco said: “From 28 October...

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CHINA: CLP Q3 electricity sales up 3.8% year-on-year vs 10.6% growth in Q2

HONG KONG (AFX-ASIA) – CLP Holdings Ltd (2.HK) said its electricity sales rose 3.8% year-on-year in the third quarter, down from 10.6% growth seen in the previous quarter. During the period, sales to the mainland rose by 8.6%, against a 58.4% rise in the second quarter. The company said electricity sales to the manufacturing sector...

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INDONESIA: Western business community sits tight in Indonesia amid terror warning

JAKARTA (AFX-ASIA) – The western business community is sitting tight in the wake of upgraded travel warnings from several countries, with no sign of a mass exodus of expatriate workers, business and security sources said. But expats are taking the warnings seriously, with many awaiting further advice while raising their personal level of security by...

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PHILIPPINES: Meralco, First Gas reject overcharging allegations made by ex-senator

MANILA (AFX-ASIA) – The Manila Electric Co and affiliate First Gas have rejected allegations by ex-Senator Juan Ponce Enrile that they overcharged consumers by 14.7 billion pesos for power not delivered between December 2000 and January 2002, the Philippine Daily Inquirer reported. (US$1=52 peso). Mr Enrile told the Senate in a committee hearing that First...

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COMPANIES: UK companies at the Offshore Southeast Asia Conference

By Triple I British companies have a long and successful history in the offshore industry, with particular strengths gained from working in the North Sea. Education and training, sub-sea technologies and world-class engineering design and construction are available in abundance from the UK. A well-established supply chain ensures that plant and equipment can be readily...

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CHINA: Zhenhai Refining higher on strong growth in oil throughput

HONG KONG (AFX-ASIA) Ð The share price of Zhenhai Refining & Chemical Co Ltd has risen after the company said it expects its full-year throughput volume of feedstock oil to exceed the 11.8 million tonnes projected in the middle of this year, with throughput volume now seen rising by more than 1 million tonnes year-on-year,...

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QATAR: Royal Dutch/Shell in talks to invest up to US$5 billion in Qatar LNG plant

DOHA (AFX) – Shell International Gas, part of the Royal Dutch/Shell group, is in talks with Qatar to invest up to US$5 billion in a liquefied natural gas plant in the emirate, chief executive officer Linda Cook said. Shell is seeking to invest between US$4 and US$5 billion to build a plant with a capacity...

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AUSTRALIA: Origin Energy sees 10-15% FY 2003 net profit growth

SYDNEY (AFX-ASIA) – Origin Energy Ltd chairman Kevin McCann said the company expects to reports a net profit growth of 10-15% in the year to June 2003, over its fiscal 2002 net profit of A$128.7 million (US$1=A$1.82). Speaking at the company’s recent AGM, he said it would “not be reasonable” to expect Origin to maintain...

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PHILIPPINES: Shell Philippines sees US$300-400 million investment in Malampaya wells

MANILA (AFX-ASIA) – Shell Philippines Exploration BV (Spex) expects to spend US$300 to 400 million developing the Malampaya-10 oil wells in offshore Palawan, if the project proves to be commercially viable, Spex managing director Jeremy Cliff said. The extended well test is still underway so it remains to be seen if the oil rim is...

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CHINA: CNOOC Limited reports 56.5% rise in third quarter revenue

China’s CNOOC Limited has announced a 56.5% increase in unaudited oil and gas revenues of RMB 6.79 billion for the third quarter of 2002 over year-ago levels. (US$1=8.28 yuan). For the nine months ended September 30, 2002, oil and gas revenues rose 18.1% to RMB 16.42 billion from RMB 13.90 billion for the same period...

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SINGAPORE: SGX to launch Middle East crude oil futures on November 12

Singapore Exchange Limited (SGX) and International Enterprise (IE) Singapore said that the US$-denominated SGX Middle East Crude Oil (MECO) Futures contract will be launched for trading on the SGX Electronic Trading System (SGX ETS) at 11.30 am on November 12, 2002. The contract’s final settlement is based on the Monthly Average of the Daily Dubai...

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MARKETS: Prices To Hold As War-Wary Traders Await Next US-UN-Iraq Moves, Terrorist Acts

Oil strategists have to develop double vision to read this war-driven market. Firstly, they will have to watch carefully the progress of the US as it builds its case for going to war against Iraq. The theatre is being played out in Washington, the UN and the Middle East as politicians and diplomats push their...

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JAPAN: Japan Energy to halt output cuts amid rising fuel demand from TEPCO

TOKYO (AFX-ASIA) – Japan Energy Corp will suspend cutbacks of petroleum product output for the October-December quarter for the first time in 18 months to meet a sharp rise in demand for fuel oil, the Nihon Keizai Shimbun reported, without citing sources. Demand has grown mainly because Tokyo Electric Power Co Inc has resumed operating...

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