PHILIPPINES: Trans-Asia Oil turns around to profit in Q3 as revenues up, expenses down

MANILA (AFX-ASIA) – Trans-Asia Oil & Development Corp said it swung to profit in the three months to September on higher revenues and lower costs and expenses. Trans-Asia posted a net profit of 14.47 million pesos in the third quarter compared with a net loss of 3.35 million a year ago. (US$1=52 pesos). This boosted...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Mirant Int’l willing to sell 30% of Philippine unit to strategic investor

MANILA (AFX-ASIA) – Mirant International managing director and chief executive officer Rick Kuester said the company is willing to sell at least 15% of its Philippine unit to a strategic investor and another 15% through a public offering. He said Mirant Philippines is committed to allowing more investors taking part in its power generation business,...

This article is for Subscriber members only.
Log In Register

COMPANIES: Pension fund puts pressure on oil companies over human rights issues in Asia

NEW YORK (AFX) – The huge US pension fund TIAA-CREF, known as one of the country’s leading shareholder activists, voted down two proposals for internal corporate governance reforms at its annual meeting earlier this month. The teachers’ pension fund with about US$250 billion under management, one of the largest US institutional investors, usually gets attention...

This article is for Subscriber members only.
Log In Register

CHINA: CNOOC’s China Oilfield Services sees FY net profit at least 354 million yuan

HONG KONG (AFX-ASIA) – CNOOC Ltd unit China Oilfield Services Ltd said it is targeting a full-year net profit of not less than 354 million yuan. (US$1=8.28 yuan). The company, which launched its IPO last week, posted net profit of 217.148 million yuan in the first half and 273.078 million yuan in 2001. Credit Suisse...

This article is for Subscriber members only.
Log In Register

EMISSIONS: ExxonMobil, Schlumberger, GE to fund Stanford climate and energy project

ExxonMobil, Schlumberger and General Electric will jointly sponsor Stanford University’s 10-year Global Climate and Energy Project (G-CEP). The project aims to address world energy and environmental concerns through development energy technologies that address the potential long-term risks of climate change. The project sponsors anticipate investing a total of =US225 million over the life of the...

This article is for Subscriber members only.
Log In Register

COMPANY: Unocal sees production, earnings growth from global projects

Unocal Corporation expects significant growth in production, earnings and cash flow over the next five years from crude oil and natural gas development projects that have been sanctioned or expected to be approved soon, the company told financial analysts last week. Speaking at an analyst meeting, Charles R. Williamson, Unocal chairman and CEO, said the...

This article is for Subscriber members only.
Log In Register

INDIA: Natural Gas Demand To Soar On Increased Use For Power Generation

Environmental concerns and expanding power needs will drive India’s natural gas consumption to more than double over the next decade. According to the Ministry of Petroleum and Natural Gas, India’s gas demand will rise from 151 million standard cubic metres/day (mmscmd) this year to 313 mmscmd by 2012. The fuller version of this story was...

This article is for Subscriber members only.
Log In Register

CHINA: Most Hong Kong taxis have converted to LPG

More than 75% of Hong Kong’s taxi owners have replaced their diesel taxis with liquefied petroleum gas (LPG) taxis, according to financial analysts at ING Financial Markets. In a recent report, Hong Kong-based analysts of the company with said that over 75% of taxis owners have taken advantage of a government subsidy and converted their...

This article is for Subscriber members only.
Log In Register

QATAR: Qatar Petroleum, Occidental Petroleum sign 2 oil deals worth US$778 million

DOHA (AFX) – Qatar Petroleum and US firm Occidental Petroleum Corp have signed two accords worth a total of US$778 million to boost production at an offshore oilfield, the state news agency QNA reported. The project in Al-Add field will raise output to 144,000 barrels per day (b/d) from the current level of 90,000 b/d....

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Petron sees 0.80-1.50 pesos/litre price rise with new fuel specs

MANILA (AFX-ASIA) – Petron Corp may have to pass on to consumers a price increase of 0.80 to 1.50 pesos per litre for gasoline products that comply with new benzene and aromatics specifications, spokeswoman Virginia Ruivivar said. (US$1=52 pesos) She said “there’s no question” that Petron will comply with the new gasoline specifications required under...

This article is for Subscriber members only.
Log In Register

CHINA: Updates on Huaneng Power, Nanshan Power

HONG KONG (AFX-ASIA) – Huaneng Power International Inc said it has entered into a deal worth 50.6 million yuan per year to offer management services for thermal power plants managed and controlled by China Huaneng Group and Huaneng International Power Development Corp. (US$1=8.28 yuan). China Huaneng owns a 51.98% stake in Huaneng International, which in...

This article is for Subscriber members only.
Log In Register

PAKISTAN: Punjab province hit by LPG shortage

Pakistan is facing an acute liquefied petroleum gas (LPG) shortage in the southern Punjab area following shutdowns of two LPG producing units in the country and high international LPG prices, which have curbed imports, local newspapers have reported. LPG prices have recently risen to Rupee50/kg (1US$=58.6 Rupee), from Rupee 37/kg before. While long queues formed...

This article is for Subscriber members only.
Log In Register

MARKETS: Chevron awarded patents on low-emission gasolines containing ethanol and methods for blendi

Chevron U.S.A. Inc., a subsidiary of ChevronTexaco Corp., said that the Patent and Trademark Office has recently issued the company patents on low-emission gasolines containing ethanol and on methods for blending those gasolines. These patents, issued as part of a series of patent applications filed by Chevron U.S.A. Inc., are directed to various reformulated gasoline...

This article is for Subscriber members only.
Log In Register

JAPAN: TEPCO to buy LNG from other utilities to meet winter demand Ð report

TOKYO (AFX-ASIA) – Tokyo Electric Power Co Inc will procure a total of more than 200,000 tons of liquefied natural gas from Tokyo Gas Co, Kansai Electric Power Co and Kyushu Electric Power Co by the end of March to meet peak demand during winter, the Nihon Keizai Shimbun reported, citing company sources. The decision...

This article is for Subscriber members only.
Log In Register

MARKETS: US reports large propane stock draw since Oct 1

The US Department of Energy (DoE) said the country’s propane inventories has fallen by more than 10 million barrels since October 1, making it one of the largest drawdowns in history. For the week ending Nov 15, the country’s propane inventory level stood at around 61.1 million barrels, about 9.5 million barrels below the same...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Petronas Gas forecast raised as results beat expectations Ð OSK

KUALA LUMPUR (AFX-ASIA) Ð Stockbroker OSK Research has upgraded its earnings forecast for Petronas Gas Bhd and has lifted its recommendation on the stock to a ‘buy’ after the better-than-expected six months results. Petronas announced yesterday a six months to September net profit of RM 330.687 million or earnings per share (EPS) of 16.71 sen...

This article is for Subscriber members only.
Log In Register

INDONESIA: Japan creditors set to extend US$400 million loan for Tuban petrochemical plant

TABANAN, Bali (AFX ASIA) – Japanese creditors are expected to approve by year-end a US$400 million loan for a long-delayed petrochemical centre that is expected to start producing fuel by 2004/05, the group behind the project said. The funding will enable PT Trans Pacific Petrochemical Indotama, a unit of state-run PT Tuban Petrochemical Industries (Tuban...

This article is for Subscriber members only.
Log In Register

KAZAKHSTAN: Plans to boost oil exports with pipeline modernization

ASTANA (AFX) – Kazakhstan hopes to boost exports of crude with a US$200 million modernisation of a pipeline to Russia, general director of state oil transport company KazTransOil, Askar Smankulov, said. He said modernisation of the Atyrau Samara export pipeline will begin in 2003 to boost its capacity to 25 million tonnes a year. “The...

This article is for Subscriber members only.
Log In Register

COMPANY: ExxonMobil outlines US$100 billion investment plans

NEW YORK (AFX) – ExxonMobil Corp plans to invest US$100 billion on prospecting, drilling and early production projects, executive vice president Harry Longwell said. “During this decade, we expect to spend 100 billion dollars in capital on approximately 100 projects in the upstream (oil prospecting, drilling, and early production),” he said. “We expect regions such...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: BHP Billiton announces discovery with Shenzi-1 well in Gulf of Mexico

Australia’s BHP Billiton said it has made a hydrocarbon discovery with an exploration well on its Shenzi prospect in the deepwater Gulf of Mexico. The well has reached a measured depth of 26,607 feet and has encountered a gross hydrocarbon column of 465 feet with 140 feet of net pay. The water depth is 4400...

This article is for Subscriber members only.
Log In Register

SINGAPORE: More armed troops deployed to guard Jurong Island petrochemical complex

SINGAPORE (AFX-ASIA) – The government has deployed troops from an armoured regiment to help guard the Jurong Island petrochemical complex, which hosts refineries owned by, among others, Royal Dutch/Shell group and ExxonMobil Corp. Some of the troops from the 42nd Singapore Armoured Regiment are patrolling the complex aboard jeeps with mounted machineguns, while others have...

This article is for Subscriber members only.
Log In Register

CHINA: Chinese oilfield services company seeks listing in Hongkong

HONG KONG (AFX-ASIA) – China Oilfield Services has priced its global share offering at a lower-than-expected range of HK$1.40-1.70 per share, the South China Morning Post quoted sources close to the deal as saying. (US$1=HK$7.87). It quoted fund managers who attended the COSL roadshow as saying the pricing is aimed at improving the offer’s chances...

This article is for Subscriber members only.
Log In Register

MARKETS: DoE notes US forward fundamentals at work in setting oil prices

“US forward fundamentals” or expectation of the future have been actively driving oil price behaviour this year, said the US Department of Energy. In its latest weekly report, it argues that prices today reflect perceptions of the supply/demand balance sometime in the not-too-distant future. It reported: “When the price of West Texas Intermediate (WTI) crude...

This article is for Subscriber members only.
Log In Register

INDONESIA: Medco Energi seeks US$74 million in bank loans to fund building of 2 rigs

JAKARTA (AFX-ASIA) – PT Medco Energi Internasional is seeking about US$74 million in bank loans to finance the construction of two offshore drilling rigs, the Kompas daily reported, citing finance director Sugiharto. The two rigs, which will be operated by Medco’s listed drilling unit PT Apexindo Duta Pratama, are expected to cost a total of...

This article is for Subscriber members only.
Log In Register

INDIA: Cairn Energy says 1st gas sales from Lakshmi started Nov 1

LONDON (AFX) – Cairn Energy PLC said first gas sales from the Lakshmi gas field development in India commenced on Nov 1. The company said Lakshmi is currently undergoing a brief commissioning period. Contractual plateau volumes are 120 million standard cubic feet of gas per day (mmscfd). Cairn owns 50% of Lakshmi, while Oil &...

This article is for Subscriber members only.
Log In Register