LPG: IMPCO releases LPG conversion system in Mexico

California-based IMPCO Technologies Inc said it has released a premier conversion system programme comprising an OEM-grade fuel delivery, fuel storage and electronic control package that allow the vehicle to run and operate on clean-burning, low cost gaseous fuels. Brad Garner, IMPCO’s general manager, said: “The premier system is the programme under which our Mexico division...

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CHINA: PetroChina sees FY capex at 65 billion yuan, 2003-04 at 65-70 billion

HONG KONG (AFX-ASIA) – PetroChina Co Ltd expects its 2002 capital expenditure to come in at 65 billion yuan, while 2003 and 2004 could be higher at 65-70 billion yuan, UBS Warburg said in a note issued after a visit to the company. (US$1=8.28 yuan). “This has far exceeded their IPO targets of reducing their...

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CHINA: Chinese oil demand to drive up global oil prices in 10 years – Morgan Stanley

BEIJING (XFN) – China’s oil demand is expected to begin accelerating global oil demand in about 10 years, which will then put long-term upward pressure on oil prices, Andy Xie, Asia-Pacific chief economist at Morgan Stanley, said. “China’s oil demand is accounting for more and more of the world’s demand growth,” he said. China accounted...

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AUSTRALIA: Origin Energy higher on upgraded profit guidance after H1 result

SYDNEY (AFX-ASIA) Ð Shares of Origin Energy have been trading higher against a weaker market in afternoon trade after the company raised its full-year earnings guidance to reflect a better-than-expected first half result, dealers said. Origin said it has increased its full-year earnings growth target to 20% from the 10-15 pct forecast earlier, after net...

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MALAYSIA: Esso Malaysia Berhad report RM8.6 million loss for 2002

Esso Malaysia has reported an after-tax loss of RM8.6 million last year, compared with a profit of RM182.5 million for 2001. Revenues stayed little changed at RM 4 billion. (US$1=RM3.8). Chairman Rob Fisher said: “2002 was a challenging year for Esso Malaysia Berhad (EMB), as marketing and refining margins were eroded by a substantial increase...

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CHINA: Technip-Coflexip, Sinopec engineering firm win contracts for petrochemical plants

French engineering firm Technip-Coflexip and Sinopec Shanghai Engineering Company (SSEC), have been awarded a lump sum turnkey contract worth about US$205 million to design and construct two polyethylene plants at Caojing, near Shanghai, in China. The contracts were awarded by Shanghai Secco Petrochemical Company (SECCO), a 50/50 joint venture company between Sinopec and BP. Each...

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MALAYSIA: Petronas Dagangan 9 months sales rise but pretax profit hit by high oil price

KUALA LUMPUR (AFX-ASIA) – Petronas Dagangan Bhd, which sells petroleum products locally and operates service stations, said its nine months to December sales rose 22.4% year-on-year to RM6.638 billion due to higher sales volume. (US$1=RM3.8). However, pretax profit fell by 54.8% to RM266.6 million during that period mainly due to higher petroleum product costs, Petronas...

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KOREA: KEPCO higher after stronger-than-expected 2002 net profit

SEOUL (AFX-ASIA) – Shares of Korea Electric Power Corp (KEPCO) have been trading higher after the company announced stronger-than-expected net profit for 2002, dealers said. Earlier, the company said that its net profit rose to 3.1 trillion won in 2002 from 1.8 trillion a year earlier on the back of higher sales, forex-related gains, lower...

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JAPAN: Marubeni, Mitsui & Co, Mitsubishi Heavy, others develop biomass fuels

TOKYO (AFX-ASIA) – Japanese trading companies and machinery manufacturers are developing technologies and facilities that turn waste and grains into fuels for automobiles, the Nihon Keizai newspaper reported. Marubeni Corp and other major trading firms will start producing “biomass” fuels in Southeast Asia, and are considering importing them into Japan as early as 2006, the...

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SINGAPORE: HEMPEL launches regional R&D centre

Denmark’s HEMPEL group, a global producer of protective coatings for marine and the oil and gas sectors, has launched its new regional R&D centre in Singapore. The facility, on its manufacturing site in Tuas, will enable the company to realise its global strategy with its other R&D facilities in Denmark, Spain and the US. At...

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PHILIPPINES: Petron refinery throughput cut to 80,000 b/d until March 11

MANILA (AFX-ASIA) – Petron Corp said its refinery in Bataan, north of Manila, will operate at a reduced throughput of 80,000 barrels per day (b/d) for 24 days until March 11 due to the closure of some units for repair work. The refinery’s average throughput is around 125,000 b/d under normal circumstances. The oil firm...

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PHILIPPINES: Petron approves US$94.4 million funding for various projects, refinery upgrade

MANILA (AFX-ASIA) – Petron Corp said its board of directors has approved US$94.4 million or 5.119 billion pesos in funding for various projects this year, including the upgrading of its oil refinery. Petron president Motassim Al-Ma’ashouq said the budget will be used mostly for the company’s refinery upgradation program to enable it to produce gasoline...

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PHILIPPINES: Energy Department seeks suspension of import duty on diesel fuel

MANILA (AFX-ASIA) – Energy Secretary Vicente Perez Jr said he has asked the Finance department to consider suspending the import duty on diesel fuel to avert an increase in transportation prices. “We have been having intense discussions with the Finance department in this regard. We are hoping that a limited suspension in terms of the...

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PAKISTAN: Pakistan State Oil privatisation bids to be in by April 26

KARACHI (AFX) – The government has asked bidders for a 51% stake in Pakistan State Oil (PSO) to present their final offers on April 26. PSO controls 70% of the domestic petroleum market. The Kuwait Petroleum Co, Midrock of Saudi Arabia and the domestic Fauji Foundation have emerged as the main bidders. In the six...

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MALAYSIA: Malakoff sees Kapar deal not called off; not in talks to buy Tanjong Bin plant

KUALA LUMPUR (AFX-ASIA) – Malakoff Bhd managing director Ahmad Jauhari Yahya said the company is currently ironing out issues related to its proposed acquisition of the Kapar power plant from Tenaga Nasional Bhd and does not see the deal at risk of being called off. He also said there is no official discussion currently from...

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CHINA: Huaneng Power’s proposed Shanghai gas turbine project approved

China’s Huaneng Power International, Inc. said the State Development and Planning Committee has approved its proposal to build a combined-cycle gas turbine project in Shanghai. The project comprises three 300 MW combined-cycle gas turbine generating units, and will be fuelled by natural gas supplied from the west-to-east gas pipeline currently under construction. The project’s investment...

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MARKETS: US reports further declines in crude and product inventories

US crude and product stockpiles dropped further for the week of February 21, said the US Department of Energy. Against market expectations, US crude oil imports continued to fall, dropping 400,000 barrels/day to 8.3 million b/d during the week of February 21. Crude oil inventories were drawn down by 1 million barrels to make up...

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RUSSIA: TotalFinaElf aims to raise production investments in Russia

PARIS (AFX) – Francois Rafin, director of TotalFinaElf’s Russian operations, said the company plans to raise its production investments in the country in coming years. Although Rafin did not provide details of the group’s investment schedule, projects being considered for the next decade could see a significant rise in investments in Russia. “Of the 9-10...

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CHINA: Three Gorges Power Plant first generation unit to begin ops in August

BEIJING (XFN) – China’s Three Gorges Power Plant’s first power generation unit is expected to be put into operation in August, with a planned generating capacity of 5.5 billion kWh of power, Xinhua news agency reported. The agency quoted sources from the State Power Grid Co as saying that 2.62 billion kWh of power will...

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CHINA: Datang Power plant fined for excessive sulphur dioxide emissions

BEIJING (XFN) – In the largest ever fine on environmental pollution in Beijing, one of Beijing Datang Power Generation Co Ltd’s plants was fined over 370,000 yuan by the Beijing Haidian District People’s Court for excessive sulphur dioxide emissions, the Beijing Morning Post said. (US$1=8.28 yuan). The newspaper said the Beijing Environment Protection Bureau found...

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AUSTRALIA: Coles Myer sees fuel discount offer launched by end-July

SYDNEY (AFX-ASIA) – Coles Myer Ltd said it expects to introduce long-awaited fuel discounts for food and liquor customers by the end of July. “There should be an anticipation that some parts of Australia would have a fuel offer before this financial year,” chief executive John Fletcher told a teleconference after the release of first...

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ChevronTexaco Chairman & CEO David O’Reilly Addresses Institute of Petroleum

Improved Communication, Performance and Behavior Keys to Strengthening The Energy Industry’s Reputation Feb 18 2003 ChevronTexaco chairman and CEO David J. O’Reilly has issued a challenge to the oil and natural gas industry to work together to improve its reputation. Speaking to more than 350 attendees as keynote luncheon speaker at the recent Institute of...

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THAILAND: Thappline to help finance fuel line to airport

Thai Petroleum Pipeline Co (Thappline) said it will increase its registered capital by 1.3 billion baht to 4.18 billion baht to help finance the laying of a jet-fuel feeder pipeline to Suvarnabhumi Airport. (US$1=42 baht). The capital increase has been approved by the board. Managing Director Sunthorn Supapa said the company is trying to identify...

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SINGAPORE: China Aviation Oil signs tank storage agreement with Tankstore

China Aviation Oil (Singapore) Corporation Ltd has agreed to lease 41,240 cubic metres of oil tank storage from Tankstore on Singapore’s Pulau Busing. The lease agreement for a period of 12 months is effective from March 1, 2003. CAO said the storage deal will help its international oil trading activities and improve its procurement opportunities....

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MALAYSIA: Plans to cut use of gas as electricity generation fuel by 20% by 2006

KUALA LUMPUR (AFX-ASIA) – The government plans to reduce the electricity generation sector’s reliance on gas as generation fuel by as much as 20% by 2006, with a coal-gas usage ratio of 30 to 61%, Energy, Communications and Multimedia Minister Leo Moggie said. The rest of the energy needs will be made up by hydropower...

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