Archive | December, 2002

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 […]

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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 […]

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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 […]

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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, […]

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INDONESIA: Pertamina to sign up refining deals with Singapore

Indonesia’s state oil and gas company Pertamina will sign up short-term supply and refining contracts to meet its domestic fuel needs next year when its refineries are shut down for repairs and maintenance. The contracts are expected to stretch over three months during repair works on the refineries in Balikpapan and Balongan. Pertamina President Baihaki […]

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