INDONESIA: BP announced award of EPC contract for LNG project in Tangguh

BP said a US$1.4 billion engineering, procurement and construction (EPC) contract has been awarded to a consortium comprising Kellogg, Brown & Root, JGC Corporation and PT Pertafenikki Engineering (KJP) for the Tangguh liquefied natural gas (LNG) facilities in Indonesia’s Papua province. Indonesia’s Oil and Gas Implementing Agency (BP MIGAS) oversaw the tender process and agreed...

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RUSSIA: YukosSibneft has power to play key role in setting global oil policy

MOSCOW (AFX) – The entity arising from the merger of OAO Yukos and OAO Sibneft will have the scale and dynamism to exert a perceptible influence on global oil policy as well as giving a much-needed boost to the Russian economy, analysts said. YukosSibneft, capitalised at around US$35 billion, will be the world’s fourth largest...

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CHINA: Ivanhoe Energy and CITIC strengthen alliance to jointly develop energy projects worldwide

China International Trust & Investment Corporation (CITIC) and Ivanhoe Energy Inc of Canada have signed an agreement to form a global strategic alliance to investigate, explore and develop oil, natural gas, metallurgical coal, liquefied natural gas and gas-to-liquid projects in China and around the world to help supply China’s growing energy requirements. The agreement was...

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AUSTRALIA: BHP Billiton Q3 oil, condensate output falls 22% year-on-year

SYDNEY (AFX-ASIA) Ð BHP Billiton Ltd shares have fallen after the company’s third quarter production report raised concerns over the 22% fall in oil and condensate output compared to the year earlier, dealers said. The company said its oil and condensate production in the March quarter was down 22% from a year earlier at 15.3...

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AUSTRALIA: Santos higher after strong Q1 sales figures

SYDNEY (AFX-ASIA) – Santos shares have risen after the oil and gas producer announced 14.5% growth in first quarter sales, dealers said. Last week, the company said sales revenue in the first quarter to March rose 14.5% from the year earlier to A$368.7 million. (US$1=A$1.68). In a statement, Santos said the first quarter sales result...

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PHILIPINES: President says Meralco must comply with refund order

MANILA (AFX-ASIA) – President Gloria Arroyo said Manila Electric Co must comply with a Supreme Court ruling ordering the power distributor to refund overcharges to customers since 1994 with its own means and resources. Mrs Arroyo, in a statement, added the government will support any legal means to resolve the issue in a manner acceptable...

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SINGAPORE: K1 Ventures to buy Citizens’ Hawaii gas ops for US$115 million

SINGAPORE (AFX-ASIA) – Keppel Corp unit K1 Ventures said it has signed a conditional agreement to buy the gas operations of Citizens Communications Co in Hawaii, called The Gas Co (GASCO), for US$115 million. The acquisition is expected to be completed in the second half of this year, subject to regulatory and other customary approvals,...

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UAE: International Power, TEPCO, Mitsui in 1.4 billion sterling power, water plant deal

LONDON (AFX) – International Power PLC said its consortium with Tokyo Electric Power Company and Mitsui & Co Ltd is to buy a 40% stake in the Umm Al Nar power and water plant in the United Arab Emirates from the Abu Dhabi Electricity and Water Authority. A deal has also been signed to expand...

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AUSTRALIA: AlintaGas, AMP Henderson agree on Aquila asset split

SYDNEY (AFX-ASIA) – AlintaGas Ltd said it has signed a complex agreement with fund manager AMP Henderson to divide US-based energy company Aquila Inc’s assets in Australia, which include United Energy Ltd’s distribution network. The transactions will be earnings per share (EPS) positive immediately, AlintaGas said in a statement. It has lifted its full year...

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CHINA: Harbin Power attributes 2002 profit growth to stronger hydropower unit sales

HONG KONG (AFX-ASIA) – Harbin Power Equipment Co Ltd (1133.HK) said its net profit, based on international accounting standards, rose to 37.691 million yuan in 2002 from 21.768 million a year earlier, largely due to strong growth in sales of hydropower units. (US$1=8.28 yuan). Group sales grew to 3.821 billion yuan from 2.860 billion a...

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CHINA: Waigaoqiao Shipbuilding wins Greek oil carrier contract

BEIJING (AFX-ASIA) – Shanghai Waigaoqiao Shipbuilding Co Ltd, China’s largest shipyard, signed a contract over the weekend to build four 105,000-ton Aframax crude oil carriers for Greece-based Stealth Maritime Corp SA, the largest order ever received by a Shanghai ship builder, the Shanghai Daily said. The newspaper said the tankers, which will measure 243.8 meters...

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MARKETS: Disease Mingles With War, Weather And Scandals As Oil’s Big Movers (SGX Column)

For the first time, a disease has become a factor in moving world oil markets. A deadly new pneumonia-like disease — severe acute respiratory syndrome (SARS) — has taken its place alongside war, weather and corporate scandals to influence oil prices and trading decisions. SARS belongs to the bear camp as its impact is to...

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MALAYSIA: Petronas, Bintulu Port in talks for lower port charges

KUALA LUMPUR (AFX-ASIA) Ð State oil and gas company Petronas is in talks with Bintulu Port Sdn Bhd on lowering port charges for Petronas tankers carrying liquefied natural gas (LNG) to export markets, Bernama news agency reported, citing Petronas president and CEO Mohd Hassan Marican. He said Bintulu Port’s charge of RM800,000 per tanker leaving...

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INDONESIA: Petronas acquires Amerads Hess’ interest in oil and gas field and project

Malaysia’s state oil and gas company Petronas and PetroChina have acquired the entire share capital of Amerada Hess Indonesia Holdings Limited (AHIH), a Amerada Hess Corporation subsidiary, for US$164 million. Petronas participated in the joint acquisition via subsidiary Petronas Carigali Jabung Ltd. AHIH has a 30% interest in Indonesia’s Jabung Block Production Sharing Contract (PSC)...

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CHINA: Zhangze Electric FY net profit 95.94 million yuan vs 204.2 million

BEIJING (AFX-ASIA) – Shanxi Zhangze Electric Power Co Ltd (SZ A 000767) said its 2002 net profit fell to 95.94 million yuan from 204.2 million the previous year, mainly due to higher financing costs caused by increasing foreign exchange rates. (US$1=8.28 yuan). Earnings-per-share dropped to 0.22 yuan from 0.47 yuan a year earlier, while core...

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THAILAND: Thai Petrochemical creditors suspend US$80 million credit facility, assets

BANGKOK (AFX-ASIA) – Effective Planners Ltd managing director Peter Gothard said Thai Petrochemical Industry Plc’s creditors have suspended working capital facilities worth US$80 million as well as frozen its bank account. “We have received a letter from TPI’s steering committee of creditors that the committee has today suspended the credit line worth of US$80 million,...

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AUSTRALIA: BHP Billiton releases quarterly report on exploration and development activities

Australia’s BHP Billiton last week released its latest quarterly report on upstream activities worldwide. Below is an update of some of the projects. North West Shelf expansion: Progress on the fourth liquefaction processing train in the North West Shelf project is 64% complete and remains on schedule to start up in mid 2004. All major...

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MALAYSIA: Petronas announces major entry into Atlantic Basin LNG market

Malaysia’s state oil and gas company Petronas has signed an agreement for the acquisition of a 50% working interest and joint operatorship of the West Delta Deep Marine (WDDM) concession, offshore Egypt and a 35% interest in the Egyptian LNG (ELNG) project from Edison S.p.A of Italy for a total consideration of approximately Euro 1,600...

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AUSTRALIA: AlintaGas, AMP Henderson to pay A$950 million to divide Aquila assets

SYDNEY (AFX-ASIA) – AlintaGas Ltd and fund manager AMP Henderson are expected to announce a deal as early as today, under which they will pay A$950 million to divide US-based Aquila Inc’s assets in Australia, the Australian Financial Review reported. (US$1=A$1.67). The two companies have signed a cooperation agreement. They plan to take over and...

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CHINA: Hong Kong & China Gas, BP interested in Shenzhen Gas stake

HONG KONG (AFX-ASIA) – Hong Kong and China Gas (Towngas) (3.HK) and BP are competing for a 24% stake in Shenzhen Gas, the South China Morning Post reported, citing sources close to the deal. Other prospective buyers including Panva Gas Holdings Ltd (8132.HK), South Korea’s LG Gas and Gas de France, withdrew because of Shenzhen...

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CHINA: Shenzhen Energy FY net profit 506.87 million yuan vs 392.1 million

BEIJING (AFX-ASIA) – Shenzhen Energy Investment Co Ltd (SZ A 000027) said its 2002 net profit rose to 506.87 million yuan from 392.1 million a year earlier, largely due to increased sales of electricity. (US$1=8.28 yuan). The company plans to reduce operating costs, expand production scale and strengthen internal management this year. The company’s Mawan...

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IRAQ: Turkey not concerned over plans to re-open Mosul-Haifa oil pipeline

ANKARA (AFX) – Energy Minister Hilmi Guler dismissed speculation that the re-opening of an old pipeline to Israel for Iraqi oil would hurt Turkey’s own pipeline. According to recent press reports, Israel and the US are looking into ways of re-opening the pipeline — which stretches from the northern Iraqi city of Mosul to the...

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COMPANIES: Announcements by SPC, Woodside, Sapura, Crest Petroleum

SINGAPORE (AFX-ASIA) – Singapore Petroleum Co Ltd said it has invested S$1.73 million in a 40% stake in SP-CYC Venture Pte Ltd, a company that deals in lubricants and motorcycle replacement parts in China. (US$1=S$1.77). Cyclelink (PRC) Investments Pte Ltd holds the remaining 60% stake in SP-CYC Venture, it said. SYDNEY (AFX-ASIA) – Woodside Petroleum...

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PHILIPPINES: PSALM moves US$250 million bond issue to mid-May

MANILA (AFX-ASIA) – The government’s Power Sector Assets and Liabilities Management Corp has reset its planned US$250 million bond offering from this month to mid-May, its president Edgardo del Fonso said. PSALM is the residual company of the state-owned National Power Corp that will handle all the debts and liabilities of the power firm after...

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SINGAPORE: Singapore Petroleum Q1 net profit lower on provision

SINGAPORE (AFX-ASIA) – Singapore Petroleum Ltd said its net profit for the first quarter to March fell to S$15.135 million from S$17.274 million a year earlier, mainly due to a 14.7 mln sgd provision following the fall in crude oil prices coupled with a weak demand toward the end of the quarter. (US$1=S$1.8). It said...

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