CHINA: Wing Shan unit in new PPA to supply electricity in Foshan; no minimum price

HONG KONG (AFX-ASIA) – Wing Shan International Ltd said its 80% owned unit Foshan Shakou Power Plant Co Ltd has entered into a new three year power purchase agreement (PPA) to generate and supply electricity to the Foshan branch of Guangdong Guang-Dian Power Grid Co Ltd. However, as opposed to the old PPA, the new...

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JAPAN: Itochu to supply power generators to small businesses

TOKYO (AFX-ASIA) – Itochu Corp will supply power to convenience stores, gas stations and other small businesses at about 10 pct less than current charges by installing stand-alone generators, the Nihon Keizai newspaper cited company sources as saying. The large trading company hopes to supply power to 5,000 outlets in 2004, generating annual sales of...

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PHILIPPINES: PNOC says BP/Petronas pullout from BPC consortium will not affect naphtha project

MANILA (AFX-ASIA) – Philippine National Oil Co president Thelmo Cunanan said the country’s US$1.2 billion naphtha cracker project will not be hampered by the decision of BP Plc and Malaysia’s Petroliam Nasional Bhd (Petronas) to pull out of the Bataan Polyethylene Corp (BPC) consortium. “The Philippine cracker project is onstream. We assure that the plan...

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PEOPLE: ExxonMobil appoints new chairman and CEO for its Malaysian companies

ExxonMobil has named Robert Fisher to replace Rich Kruger as the CEO and chairman of its subsidiaries in Malaysia. Mr Fisher will take over as CEO of ExxonMobil Exploration and Production Malaysia Inc, and is expected to receive board approval as chairman of ExxonMobil Exploration and Production Malaysia Inc, Esso Malaysia Berhad, ExxonMobil Borneo Sdn...

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JAPAN: Tokyo Gas to switch phone network to IP telephony; NTT Data to design

TOKYO (AFX-ASIA) – Tokyo Gas Co plans to switch its entire internal phone network to Internet protocol telephony, including operation and maintenance, the Nihon Keizai newspaper cited company sources as saying. The company expects the move to at least halve its 1 billion yen annual telecom costs. Tokyo Gas is the first big Japanese firm...

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INDIA: Enron’s stalled power project likely to be restarted Ð minister

NEW DELHI (AFX-ASIA) Ð India’s stalled US$2.9 billion power project built by Enron Corp is likely to restart after an agreement was reached over pricing, Power Minister Anant Geete told parliament in a statement. The electricity board in the western Indian state of Maharashtra is waiting clearance from the regulatory authorities to buy power from...

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MARKETS: DoE says US oil companies in “last minute shopping”

Just as many Americans are out shopping at the last minute for Christmas gifts, so are many US refineries and other oil customers shopping for crude oil and refined products, said the US Department of Energy. But unlike the Christmas shoppers, those looking to buy crude oil and refined products now will likely not find...

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INDIA: IOC, railways to sign MoU for biodiesel project

The Indian Oil Corporation (IOC) and the country’s railway companies will soon sign a memorandum of understanding (MoU) to produce bio-diesel for use the railways’ use. The aim is to allow trains to run on biodiesel within the next four years, reducing their dependence on diesel and electricity. The partners will conduct trials at the...

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JAPAN: Nippon Oil to supply Idemitsu with 40,000 barrels/day of oil products

TOKYO (AFX-ASIA) – Nippon Oil Corp has agreed to supply its refined oil products — including gasoline, kerosene, jet fuel and diesel oil — to Idemitsu at a rate of 40,000 barrels per day for 10 years, starting April. The companies attributed the move to a glut of supply. Nippon Oil said the total benefit...

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AUSTRALIA: Gas-fired plant boosts Origin generation capacity 50%

Australia’s Origin Energy said it has boosted its total power generation capacity by 50% with the purchase of a 288-MW power station from AES Corporation. The 288 MW gas turbine plant in Townsville in North Queensland supplies power to Enertrade, a Queensland government-owned entity under a power purchase agreement (PPA). The plant which began operating...

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INDONESIA: Medco Energi to increase public shareholding up to 25% next year

JAKARTA (AFX-ASIA) – PT Medco Energi said it plans to increase the public weighting in the company up to 20-25% next year so as to increase the company’s price to earnings ratio (PER) and market liquidity. The company’s finance director Sugiharto said public holdings currently only amount to 5.7%. He said the current Medco’s stock...

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INDONESIA: S&P raises rating on Paiton Energy bond to ‘CCC’ from ‘CC’; outlo

JAKARTA (AFX-ASIA) – Standard & Poor’s said it has raised its rating on Paiton Energy Funding B.V’s US$180 million senior secured bond to ‘CCC’ from ‘CC’ and given a positive outlook for the company. The bond is guaranteed by P.T. Paiton Energy Co. (Paiton), which owns and operates a 1,230 megawatt coal-fired power plant in...

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MARKETS: IEA says Nov world oil production 78.6 million b/d, up 185,000

PARIS (AFX) – The International Energy Agency said world oil production in November rose 185,000 barrels per day to 78.6 million b/d, adding that it has raised its full year 2002 demand growth forecast by 130,000 b/d to growth of 330,000. In its monthly report, the IEA left its 2003 demand growth forecast unchanged at...

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AUSTRALIA: Brokers remain bearish on Woodside

SYDNEY (AFX-ASIA) – Analysts remain bearish on Woodside Petroleum Ltd after cutting their earnings forecasts and valuations after the company had warned of a charge to 2002 earnings, dealers said. Woodside held an investor briefing last week and announce changes to the way it accounts for exploration costs, a move which would see its 2002...

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AUSTRALIA: South Australia state may face A$140 liability

The South Australian government says it faces a potential $140 million dollar liability as a result of plans for an NRG subsidiary Flinders Osborne Trading Pty Ltd to go into liquidation, said a Utilicon report. (US$1=A$1.8). The report quoted state Teasurer Kevin Foley as saying that the state liability stems from a 1996, privatisation arrangement...

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KOREA: SK says submitted letter of intent to bid for KEPCO’s power generation unit

SEOUL (AFX-ASIA) – SK Corp said it has submitted a letter of intent to bid for a controlling stake in Korea South-East Power Co Ltd (KOSEPCO), one of Korea Electric Power Corp’s (KEPCO) power generation units. “We are one of the bidders who have handed in a letter of intent for KOSEPCO and (we are)...

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EMISSIONS: Greenpeace praises New Zealand and Canada for ratifying Kyoto

New Zealand and Canada are doing more to combat climate change by ratifying the Kyoto Protocol last week putting the global agreement to cut greenhouse gases one step closer to reality, said Greenpeace. “But the US and Australian governments are proving they are just morons by refusing to ratify the international treaty they signed five...

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INDONESIA: China’s CNOOC Limited announces successful appraisal in Madura Block

China’s CNOOC Limited said that it has successfully completed the appraisal of the KE 40-2 well on its KE 40 discovery in the Madura block in Indonesia. KE 40-2 was drilled to a total depth of 7,225 feet and encountered 174 feet of gas pay in the Kujung I carbonate build-up and 28 feet of...

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PHILIPPINES: Shell secures 3 billion-peso 3-year syndicated term loan

MANILA (AFX-ASIA) – Pilipinas Shell Petroleum Corp has secured a 3 billion pesos, three-year syndicated term loan, lead arranger ING Bank NV said in a statement. (US$1=52 pesos). ING said the proceeds from the loan will be used to refinance Shell’s US$110 million debt which matures later this year. Banco de Oro Universal Bank and...

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MARKETS: ESAI says Asian refining margins at two-year high

The recent sharp increases in cargo freight rates have had a resounding impact on product prices in Asia, with refining margins soaring to a two year high, said US-based energy consultants ESAI in the latest edition of its Pacific Basin Stockwatch. “High freight rates are making it more difficult for importers to economically purchase fuel...

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AUSTRALIA: BassGas Project receives Federal government approval

The Australian government last week approved the development of the so-called BassGas project by its joint venture partners comprising Origin Energy (37.5%), Australian Worldwide Exploration Limited (30%), CalEnergy (20%) and Wandoo Petroleum Pty (12.5%). The project aims to provide up to 67 terajoules of gas sales a day in addition to “substantial” volumes of condensate...

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CHINA: IEA urges gas market reform to lower prices to boost consumption

BEIJING (AFX-ASIA) – China must reform its gas pricing and tax policies to lower prices and make sure the billions of dollars of investment pouring into the sector can turn it into a commercially viable industry, the International Energy Agency said in a report. There is significant market potential for natural gas in China, where...

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MARKETS: Saudi Arabia to cut oil output, Iran to boost output

VIENNA (AFX) – Saudi Arabia is planning to cut its oil production by 300,000 to 500,000 barrels a day, a Saudi oil official has said.. “If the current (OPEC) production level is maintained, prices will fall below 20 dollars,” the official said on condition of anonymity. “Remember 1998.” In 1998 crude prices dropped below US$20...

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CHINA: ExxonMobil supplying lubricants to facilitate country’s growth

Change has come to China in a big way, and it has come quickly. “Unless you have travelled to China in the past six months, the image you have is probably out of date,” said Jim Hennessy, Asia Pacific regional director for ExxonMobil Lubricants & Specialties, in an ExxonMobil article. “The country is modernizing its...

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JAPAN: Nippon Oil, Idemitsu agree to consolidate refining operations

TOKYO (AFX-ASIA) – Nippon Oil Corp and Idemitsu Kosan Co, Japan’s largest oil refiners and distributors, will tie up in refining operations to reduce facilities and cut costs, the Nihon Keizai Shimbun reported, without citing sources. The two aim to reduce their combined daily capacity by 90,000 barrels, with both firms closing refining facilities, the...

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