Archive | December, 2002

INDIA: PM sees ‘danger lights flashing’ due to slow power sector reforms

NEW DELHI (AFX-ASIA) – Prime Minister Atal Behari Vajpayee said he could see “danger lights flashing” due to the slow pace of economic reforms, particularly in the power sector, which threatened to increase unemployment. “The rate of growth of the labour force during the coming years will be such that unless we accelerate economic growth, […]

Continue Reading 0

MARKETS: White House says it is keeping a close eye on US oil supplies

WASHINGTON (AFX) – The White House said it is keeping a close watch on the nation’s energy supplies after a key lawmaker called on the Bush administration to consider tapping emergency oil reserves to reduce the impact of current shortages. “We are monitoring the situation closely,” said White House spokeswoman Claire Buchan, who declined more […]

Continue Reading 0

PHILIPPINES: ADB lends US$40 million to Philippines to set up wholesale electricity spot market

MANILA (AFX-ASIA) – The Asian Development Bank (ADB) said it is lending US$40 million to the Philippines for a project which will establish a wholesale electricity spot market in the country. Setting up the spot market will increase competition in electricity generation which will encourage more competition among generators and bring supply sufficient to meet […]

Continue Reading 0

COMPANY: BP to dispose of ‘several billion US$ worth’ of assets

LONDON (AFX) – BP PLC plans to dispose of several billion dollars of assets, notably some of its mature oil and natural-gas fields in the North Sea, The Wall Street Journal Europe reported, citing industry officials familiar with developments. Rather than invest the large amounts needed to prevent petroleum output declining at fields with depleting […]

Continue Reading 0

VIETNAM: Koreans to invest $300 m in gas project

A Korean consortium of eight companies will invest US$300 million to produce natural gas in an offshore field in Vietnam’s Nam Con Son basin. The Korean National Oil Corporation (KNOC)-led group signed the deal with state PetroVietnam last week to produce 130 million standard cubic feet/day of gas from Block 11-2 from 2005. The field […]

Continue Reading 0

THAILAND: Thai PM affirms decision to build Malaysia gas pipeline

Thailand has affirmed its decision to build a controversial US$700-million pipeline and gas separation plant that would supply gas to neighbouring Malaysia. Environmental groups, academics and local residents have long opposed the project and clashed with police when the Prime Ministers of the two countries recently met in the southern Thai town of Hatyai. Thailand’s […]

Continue Reading 0

Developed by Bowtie