CHINA: Sinopec buy of retail stations cost average 1.55 million yuan each

HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) vice chairman Chen Tonghai said the average cost for acquiring the 663 retail stations from its parent company Sinopec Group Co was 1.55 million yuan each. (US$1=8.28 yuan). “The average cost was about 1.55 mln yuan each for the gasoline stations,” he told a teleconference....

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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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INDIA: Reliance Industries announces open offer for another 20% of BSES

BOMBAY (AFX-ASIA) – Reliance Industries Ltd said it is making an open offer to acquire a fresh 20% stake in power company BSES Ltd, in a move that will cost the group around 7.43 billion rupees. (US$1=50 rupee). Reliance already has a 43.4% stake in BSES, which is a leading power generation and distribution company...

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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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IRAQ: Baghdad to keep oilfield for Russia despite scrapping of LUKoil contract

CAIRO (AFX) – Iraq is reserving the West Qurna 2 oilfield for Russia despite scrapping a contract with Russian company LUKoil to develop it, a top Iraqi oil ministry official said. “The West Qurna field is reserved for the Russians by a decision of the Iraqi leadership, not for any Russian company in particular but...

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MARKETS: OPEC could not make up Gulf output shortfall if Iraq war breaks out Ð Algeria

CAIRO (AFX) – Algerian Oil Minister Chakib Khalil said the Organization of Petroleum Exporting Countries (OPEC) would not be able to make up for a production shortfall in the Gulf region if there is a war against Iraq. “OPEC’s capacities will not enable it to match a drop in the oil production of the Gulf...

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MARKETS: Saudi Arabia to work to maintain stable oil market Ð Nuaimi

CAIRO (AFX) – Saudi Oil Minister Ali al-Nuaimi said his country will work to maintain stability in world oil prices, warning against panic amid market jitters over a possible war in Iraq and unrest in Venezuela. He told reporters that if shortages occur in supplies they will be made up. “We want to have no...

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AUSTRALIA: MIM Holdings to take gas from PNG project

SYDNEY (AFX-ASIA) – MIM Holdings Ltd has thrown a lifeline to the US$6 billion. Papua New Guinea gas pipeline project after agreeing to take up to 25 petajoules of gas per year for 20 years, the Australian newspaper reported citing MIM representatives. According to the report, the contract will start from 2007 for MIM’s McArthur...

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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...

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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...

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MARKETS: US DoE says petroleum supply data now reflects Venezuelan crisis

The outbreak of Venezuelan political crisis since the first week of December is starting to impact US oil supplies, said the US Department of Energy. Caracas is under siege as a result of growing demands for President Hugo Chavez to resign. In a report last week, the DoE said that lower apparent crude oil imports...

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CHINA: CNOOC expects oil price range US$22-28 per barrel next year

HONG KONG (AFX-ASIA) – CNOOC Ltd (883.HK) executive director and president Zhou Shou Wei said the company expects a crude oil price range of US$22-28 per barrel next year. Speaking to reporters after the company’s AGM, Zhou said the projection takes into account international demand for oil and the political uncertainty in the Middle East....

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JAPAN: Shell announces naming of second LNG carrier at Mitsubishi yard

Shell Gas & Power (Shell) last week announced the naming of its new build Liquefied Natural Gas (LNG) carrier ‘Gallina’ at the Mitsubishi Heavy Industries (MHI) shipyard in Nagasaki, Japan. The vessel is the second in a series of four – three of which have been secured from MHI – against the background of a...

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AUSTRALIA: Origin says government decision constrains energy price increases

Australia’s Victorian state government has announced its decision on increases in electricity and gas tariffs as sought by Origin Energy, AGL and TXU. These tariffs apply only to residential and business customers who have not accepted a competitive market offer. Origin had sought a CPI based increase of 3.1% on the relevant revenue base of...

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PHILIPPINES: PNOC Exploration teams up with Marubeni on LNG terminal/pipeline study

MANILA (AFX-ASIA) – PNOC Exploration Corp said it signed a memorandum of understanding with Marubeni Corp for a US3 million joint feasibility study on an integrated liquefied natural gas (LNG) terminal, onshore pipeline, and gas power plant. Under the plan, PNOC Exploration said the LNG terminal is to sited in Bataan, with a pipeline from...

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MARKETS: OPEC to take steps to keep oil prices in US$22-28 band if prices stay high

CAIRO (AFX-ASIA) – OPEC will activate a mechanism to keep oil prices within the cartel’s US$22-28 a barrel target band if prices continue to stay higher on world markets, Saudi Oil Minister Ali al-Nuaimi said. “We are committed to a fair price,” the minister told journalists on the sidelines of an Arab oil ministers’ meeting...

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CHINA: Sinopec to get 663 gasoline stations, 1 oil depot from parent via asset swap

HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) said it will get 663 petrol stations and an oil depot from its parent Sinopec Group Co through an asset swap, which could boost its pretax profit by 60.36 million yuan a year. (US$1=8.28 yuan). The assets are valued at 1.031 billion yuan. Sinopec is...

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MALAYSIA: Petronas Dagangan buys BP’s Sabah assets

Malaysia’s state retail company Petronas Danganan Berhad (PDB) has bought over BP’s retail and downstream assets in the eastern state of Sabah for RM54 million. (US$1=RM3.8). “The assets comprising 16 service stations, one landbank and a bulk depot at Sepangar Bay (were) acquired at a price of RM54 million representing approximately 2.4% of PDB’s current...

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LPG: Australian LPG association publishes report on autogas

A report released by the Australian LPG Association argues that the use of clean alternative fuels like liquefied petroleum gas (LPG) can have important environmental benefits including cleaner air and reduced greenhouse emissions. Ian Kiernan, Chairman of Clean Up Australia, launched “LPG As An Automotive Fuel: An Environmental and Technical Perspective 2002” at the NSW...

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MARKETS: OPEC sees oil shortfall if Iraq, Venezuela stop output

LONDON (AFX) – OPEC officials say they wouldn’t be able to produce enough oil to meet demand should output cease from both Iraq and Venezuela, raising the prospect of significant price increases should the timing of crises in both these countries overlap, the Wall Street Journal reported. OPEC officials said the group will pump more...

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CHINA: ABB wins US$200 million order for ethylene project in Shanghai

ZURICH (AFX) Ð Swiss engineering ABB said today it has won an order worth over US$200 million with Shanghai SECCO Petrochemical Co Ltd to build part of a new US$2.7 billion petrochemical complex in China. The new plant near Shanghai is scheduled to start operations in the first half of 2005, the engineering group said....

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INDONESIA: Jakarta signs US$400 million loan agreement with China; projects undecided

JAKARTA (AFX-ASIA) – Indonesia has signed an agreement for a US$400 million loan from China, but no decision has been made on projects to be financed, Finance Minister Budiono said. Mr Budiono said the loan was promised by President Jiang Zemin during President Megawati Sukarnoputri’s visit to Beijing in March. The agreement was signed by...

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