Rockwell helps China’s Daqing Refinery cut crude oil pump energy consumption by 41 percent

China’s top-grossing oil refinery uses Rockwell Automation’s PowerFlex7000 MV drive solution to make big savings in power consumption and maintenance costs, resulting in the project’s return on investment of 2.5 years. Since China entered the World Trade Organization in 2001, the drive to compete with less expensive imported products has propelled the country’s industrial sector...

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INDONESIA: Pertamina to reduce product inventory to 23 days

Indonesia’s state oil company Pertamina will reduce oil product stocks to 23 days from the current 27 as it has insufficient storage capacity. The company’s downstream director Muchsin Bahar told reporters early this week that its floating storage terminal at its Teluk Semangka in south Sumatra and onshore terminals elsewhere were operating at or near...

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AUSTRALIA: US dollar weakness degrades dividends of BHP Billiton, Rio Tinto Ð SSB

SYDNEY (AFX-ASIA) – The US dollar’s weakness is degrading the value of dividends paid by BHP Billiton and Rio Tinto to their Australian and UK shareholders, Salomon Smith Barney said. The two miners declare dividends in US dollars, but pay them to Australian and UK shareholders in the local currency. While both are expected to...

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MALAYSIA: Powertek’s Panglima must lift Bumiputera equity content to allow Tanjong bid

KUALA LUMPUR (AFX-ASIA) – Tanjong PLC said Tanjong Energy Holdings Sdn Bhd has been cleared to bid for the outstanding Powertek Bhd shares, on the condition that Powertek unit Panglima Power Sdn Bhd increases its Bumiputera (native Malay) equity content to at least 30% by Dec 31, 2003. It said the Economic Planning Unit (EPU)...

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MALAYSIA: MMC Engg oil/gas unit expects to secure contracts from Petronas, Shell this year

KUALA LUMPUR (AFX-ASIA) – MMC Engineering Bhd unit MMC Oil & Gas Engineering Sdn Bhd expects to secure two major contracts this year, one from state Petronas and the other from Shell, The New Straits Times quoted MMC Oil chief executive officer Shaharel Shafiei as saying. Mr Shaharel said the potentially larger contract will be...

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KOREA: POSCO, SK Corp, Korea Independent Energy among bidders for KEPCO unit

SEOUL (AFX-ASIA) – POSCO, SK Corp, and Korea Independent Energy Corp submitted bids to enter the auction for Korea South-East Power Co, a power generation unit of Korea Electric Power Corp, officials from the companies said. Officials from POSCO and SK Corp said they submitted individual bids for the KEPCO thermal power unit. Korea Independent...

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TAIWAN: Taipei set to privatise Chinese Petroleum by selling 55.23% this year

TAIPEI (AFX-ASIA) – The government is set to privatise Chinese Petroleum Corp by selling a 55.23 pct stake in the state oil company this year, the Commercial Times reported, quoting Commission of National Corporations vice chairman CC Lu. Domestic and foreign strategic partners being sought by the government for Chinese Petroleum will be allowed to...

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CHINA: Nanshan Power, Huaneng Power sees 2002 net profit up

SHANGHAI (AFX-ASIA) Ð Two Chinese power companies, Shenzhen Nanshan Power Station Co Ltd and Huaneng Corp, expect strong profit growth this year. Shenzhen Nanshan said it expects its net profit in full-year 2002 to be more than 50% higher than a year earlier, as a result of strong demand and increased capacity. The Shenzhen-based power...

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MARKETS: DoE reports US crude and product inventories continue decline

Over the last two weeks, the US oil markets have moved largely within the expectations of many analysts who predicted that the political crisis in Venezuela would lead to declining inventories for key refined products, said the US Energy Information Administration (EIA). Declines in crude oil imports from Venezuela have led to a decline in...

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INDIA: IOC starts offering auto LPG in east coast

State Indian Oil Corporation Ltd (IOC) has begun offering eco-friendly auto liquefied petroleum gas (LPG) in eastern India. Compared with gasoline, auto LPG has much lower emission levels. It is also being offered at a lower price than gasoline. In Kolkata, auto LPG has been pegged at Rs. 21.19 per litre. (US$1=50 rupees). Auto LPG...

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ASIA: Shell sees 35-40% of global energy demand coming from Asia by 2020

SINGAPORE (AFX-ASIA) – Royal Dutch/Shell group managing director for Southeast Asia and Australasia Malcolm Brinded said Asia remains a key market for the group as 35-40% of the global energy demand is expected to come from the region by 2020. “Securing long term energy supplies for the region is important. Gas is important to securing...

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TURKMENISTAN: Dragon Oil makes find near Caspian Sea

UAE’s Dragon Oil has struck oil off the Cheleken peninsula in the Turkmen sector of the Caspian Sea after a new appraisal well it drilled yielded 9,464 barrels/day of crude. Dragon Oil signed its contract for exploration and development on a production sharing basis in 1997, said local news reports. It is the fifth well...

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CHINA: 2002 crude oil imports at 69.41 million tons; exports 7.21 million tonnes

SHANGHAI (AFX-ASIA) – China imported 69.41 million tons of crude oil last year at a total cost of US$12.86 billion, while exporting 7.21 million tons of crude, the Shanghai Daily reported, citing customs figures. The report gave no figure for crude oil imports in 2001. In 2000, the country imported 70 million tons of crude....

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TAIWAN: CPC said low-sulphur fuel oil supply unaffected by plant fire

TAIPEI (AFX-ASIA) – Chinese Petroleum Corp said supply of low-sulphur fuel oil will not be affected by last week’s fire at its plant in Taoyuan. “We have prepared inventory and the incident is considered minor,” a company official said. Fire broke out at the residue desulfurization unit at its Taoyuan naphtha cracker on Jan 22...

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AUSTRALIA: Woodside Petroleum targets 25-30% cost cuts; annual production up 50%

SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd is targeting a 25-30% cost reduction from each business unit as part of a new program that will include job losses, The Age reported, citing an internal email from managing director John Akehurst. It is also targeting efficiency as part of plans to lift annual production from 65 million...

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PAKISTAN: Tribal rocket attack ruptures key gas pipeline; cuts supply to million

ISLAMABAD (AFX-ASIA) – A key pipeline in Kashmore district near the Sui gasfields was ruptured after Bugti tribesmen fired at least three rockets at it last week in a response to the government cutting off their electricity for non-payment of bills, a Baluchistan provincial official said. The attack ruptured Pakistan’s two main gas transmission lines,...

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CHINA: Huaneng Power to acquire 25% interest in Shenzhen Energy Group

China’s Huaneng Power International, Inc. has announced plans to acquire a 25% interest in Shenzhen Energy Group (SEG) for RMB2.39 billion. (US$1=RMB8.28). The all-cash deal was made with SEG and Shenzhen Investment Holding Corporation (SIH), a state-owned company controlled by the Shenzhen Municipal Government. Huaneng will subscribe for newly issued shares representing 10% of SEG’s...

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MARKETS: OPEC cannot ensure adequate supplies in case of war Ð Algeria

RIYADH (AFX) – OPEC will not be able to make up for an expected shortfall of oil supplies of around 5 million barrels per day in the event of a war against Iraq, Algerian Oil Minister Chakib Khelil told Saudi newspaper Al-Watan. The minister said only two OPEC members, Saudi Arabia and the United Arab...

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INDIA: GAIL expects LPG pipeline project completed by March

Gas Authority of India Limited (GAIL) expects to complete its 600-km long LPG pipeline between Visakhapatnam and Secunderabad towns by March, six months ahead of schedule. The US$100 million project will contribute to development of the LPG market in Andhra Pradesh state, which is among the fastest growing in India. LPG demand in the southern...

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CHINA: Sinopec to lease 983 retail gas station from parent this year

HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (386.HK) (Sinopec) said the company and its units will enter into 983 lease agreements for retail stations under its parent Sinopec Group in 2003. It expects the aggregate rental payable under the new agreements will be about 120 million yuan, a company statement said. (US$1=8.28 yuan)....

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INDONESIA: Japan to provide US$400 million soft loan for Indonesian natural gas pipe plan

NUSA DUA, Bali (AFX ASIA) – Japan has reached an agreement with the Indonesian government to extend 400 mln usd in soft loans for a gas pipeline project, Japanese ambassador to Indonesia, Yutaka Iimura said. He said the project will involve the construction of a gas transmission pipeline from South Sumatera to West Java and...

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AUSTRALIA: Woodside-Pioneer agree terms on Gulf of Mexico gas

>br< Woodside Energy (USA) Inc., a subsidiary of Australia's Woodside Energy Ltd., and Pioneer Natural Resources Company of the US have agreed to a two-year joint exploration programme over the shallow-water Texas Shelf region of the Gulf of Mexico. Woodside has taken a 50% interest in 47 offshore exploration blocks operated by Pioneer, an exploration...

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JAPAN: Sumitomo Corp to sell wholesale power in US, buys part of plant Ð report

TOKYO (AFX-ASIA) – Sumitomo Corp plans to sell wholesale power in the US and has already bought part of a plant, the Nihon Keizai newspaper cited company sources as saying. Independent power producers in the US are scrambling to scale back their assets as their credibility has declined in the wake of the collapse of...

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INDIA: Oil product imports could be liberalised

The Indian government is considering opening up the import of gasoline and diesel from April 1, a move that will be welcome by oil majors such as Royal Dutch Shell which is eyeing the oil retailing business in the country. The Commerce Ministry has asked the petroleum ministry to justify the monopoly role long held...

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PHILIPPINES: Manila requires oil firms to keep 15-30 days minimum in-country inventory

MANILA (AFX-ASIA) – The Energy Department said it is now requiring oil firms and bulk suppliers to maintain a minimum in-country inventory of oil and oil products equivalent to 15-30 days of local supply. Oil firms previously maintained a minimum 50- to 60-day inventory, which normally included imported oil and oil products which were still...

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