Archive | February, 2003

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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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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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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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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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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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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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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