COMPANY: Petroplus International Marketing, Dubai

Newly established Dubai-based Petroplus International Marketing, a subsidiary of the European midstream company, expects to continue its rapid pace of growth in marketing and trading oil in the Middle East, Asia and Africa in the years ahead. Started up by veteran oil trader Jagdeep Singh Dhanoa who holds a 20% stake, the company, which is...

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CHINA: HK’s Xinao Gas gross profit margin to shrink less than 6 pct if VAT levied

HONG KONG (AFX-ASIA) – Xinao Gas Holdings Ltd’s (2688.HK) gross profit margin is expected to shrink by less than 6% this year if the Chinese government levies value added tax (VAT) on gas pipeline connection fees in the second half, finance director Yu Jianchao said. He said he expected the Chinese government to replace the...

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CHINA: Shanghai industry park says ethylene cracker planned;Sinopec denies interest

BEIJING (AFX-ASIA) – Shanghai Chemical Industry Park (SCIP) has said that China Petrochemical Corp (Sinopec Group) is seeking foreign partners for an ethylene cracker with an annual capacity of one million tons but a Sinopec official has denied the group is interested. SCIP’s Li Zhengliang earlier said that the park administration and Sinopec Group have...

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CHINA: Jan-April crude oil exports up 44.5%; imports up 42.9% – customs

BEIJING (AFX-ASIA) – China’s crude oil exports in the first four months rose 44.5% year-on-year to 3.03 million tons, worth US$647.96 million, while imports were up 42.9% at 30.1 million tons, worth US$6.88 billion, an official with the General Administration of Customs Statistic Bureau told AFX-Asia. Refined oil exports in the four-month period rose 70.2%...

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PHILIPPINES: Court allows oil firms to continue Pandacan terminal ops

MANILA (AFX-ASIA) – A Manila court ruled that the country’s three major oil companies can continue operating their depots at Pandacan even after a 20-day temporary restraining order (TRO) lapses. The TRO has prevented the Manila City government from closing the three companies’ facilities. The Manila regional trial court also ordered the Manila City council...

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NATURAL GAS: Asia’s big four land deals with producers

Asia’s Big Four energy users — Japan, China, Korea and India — were in acquisitive mood last month signing up natural gas supply deals or equity in producing fields with supplier countries. Japan made a landmark deal with Tokyo Gas to purchase 1.1 million tonnes/year of liquefied natural gas (LNG) from the Russia-based joint venture...

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CHINA: Panva Gas foreign currency rating unaffected at BB+ – S&P

HONG KONG (AFX-ASIA) – Standard & Poors Rating Services said its foreign currency rating on Panva Gas Holdings Ltd. (8132.HK) would not be affected by an alteration to tax rules that govern mainland China’s pipeline connections fees. The rating services agency remain unchanged the foreign currency rating of the stock at BB+ with a stable...

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CHINA: State Power sells 344.77 billion kWh electricity Jan-April, up 16.6%

BEIJING (AFX-ASIA) – China’s State Power Grid Co sold 344.77 billion kWh of electricity in the first four months, up 16.6% year-on-year, completing 32.8% of its full-year sales target, the Economic Daily reported, citing company sources. China’s demand for power is rising rapidly as the economy develops. The China Power Enterprise Association said earlier this...

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SINGAPORE: China Aviation Oil to receive cash distribution from associate company

China Aviation Oil (Singapore) Corporation Ltd has announced that it is on track to receive a cash distribution from its 33%-owned associate company Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd (SPIA/AFSC). CAO will soon receive its share of the distribution amounting to RMB105.6 million (US$1=RMB 8.28). As SPIA/AFSC is equity-accounted at CAO’s group...

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SINGAPORE: China Aviation Oil exploring tank storage investment

China Aviation Oil Singapore Corp (CAO) is investigating the possibility of investing in the oil storage business in Singapore as part of its plans to reduce dependence on the business of importing jet fuel into China. The Singapore-listed company is willing to consider building greenfield tanks, buying over tank facilities or taking a stake in...

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OMAN: Oman LNG reports 16% drop in net profit to US$581 million

Oman LNG said its net profit fell 16% to US$581 million last year on lower liquefied natural gas (LNG) prices, reflecting rising competition on the international market. The company reported lower profits despite raising export volumes to 6.5 million tonnes from 5.9 million tonnes the previous year. It is planning to expand production capacity by...

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MALAYSIA: Petronas Dagangan reports 4th Q loss

Malaysian oil retail company Petronas Dagangan Berhad has reported a pre-tax loss of RM35.9million for the final quarter ended March 31, 2003 on revenue of RM 2.3 billion. (US$1=RM3.8). For the same period last year, it earned a pre-tax profit of RM 66.8million on revenue of RM2.3 billion. In a statement, the company blamed the...

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SINGAPORE: Tuas Power announces new pricing packages for business consumers

SINGAPORE (AFX-ASIA) – Tuas Power Ltd said it will offer electricity packages with prices pegged to the time of use, to business consumers who will be able to choose to buy electricity from any of the private retailers in the market from June. Following the commencement of the new wholesale electricity market in January this...

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MALAYSIA: Power plant contract a Siemens/Mitsubishi face-off

KUALA LUMPUR (AFX-ASIA) – Siemens and Mitsubishi Corporation face a straight fight to secure a RM6 billion contract to build a power plant in Malaysia, an industry official familiar with the project said. (US$1=RM3.8) “The race now is between Siemens and Mitsubishi,” the official said, speaking on condition of anonymity. Japan’s Sumitomo and France’s Alstom...

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JAPAN: Cosmo Oil FY current profit rises on strong kerosene sales

TOKYO (AFX-ASIA) – Cosmo Oil Co Ltd said its current profit rose to 18.8 billion yen in the year ended March from 17.3 billion yen a year earlier, as strong sales of kerosene offset the negative impact arising from higher crude oil prices. (US$1=115 yen). Its sales volume of crude oil rose to 45.24 million...

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CHINA: Sinopec seeks foreign partners for Shanghai 1 million ton ethylene cracker Ð SCIP

BEIJING (AFX-ASIA) – China Petrochemical Corp (Sinopec Group) is seeking foreign partners to build an ethylene cracker in the Shanghai Chemical Industry Park (SCIP), with an annual capacity of one mln tons, SCIP official Li Zhengliang said. Sinopec officials were not immediately available for comment. Mr Li said both SCIP and Sinopec have contacted several...

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CHINA: Shanghai Chemical Industry signs gas supply contracts with BASF, SECCO

BEIJING (AFX-ASIA) – France-based Air Liquide said Shanghai Chemical Industry Park Industrial Gases Co (SCIPIG), its joint venture with US’s Praxair Inc, has signed major industrial gas supply contracts with Germany’s BASF Group and Shanghai SECCO Petrochemical Co Ltd. Air Liquide said in a statement that SCIPIG will supply hydrogen to BASF for its tetrahydrofuran...

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THAILAND: Electricity Generating Authority plans IPO in Q1 2004

BANGKOK (AFX-ASIA) – Electricity Generating Authority of Thailand (EGAT) plans to conduct an initial public offering (IPO) in the first quarter of next year, with financial advisors for the issue to be appointed next month, Businessday reported, quoting EGAT’s governor Sitthiporn Ratanopas. EGAT is the country’s sole state-owned agency in charge of purchasing electricity from...

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JAPAN: PM to ask for Siberian oil pipeline

Japan’s Prime Minister Junichiro Koizumi will ask Russia to build a Siberian pipeline for oil along a route proposed by Japan when he meets with Russian President Vladimir Putin later this month. According to Japan Times, Mr Koizumi believes Russia might still opt for the Japanese-proposed route, although Moscow apparently plans to begin building a...

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SINGAPORE: China Aviation Oil higher on strong Q1 results

SINGAPORE (AFX-ASIA) – China Aviation Oil shares have risen after the company reported that its first quarter net profit rose sharply to S$18.132 million from S$9.597 million a year earlier on strong revenues, which rose to S$536.114 million from S$272.992 million, dealers said. (US$1=S$1.75). Gain were capped however, on concerns over earnings going forward. Early...

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JAPAN: JGC wins 102 billion yen order to build Oman’s largest oil refinery Ð report

TOKYO (AFX-ASIA) – JGC Corp has won a 102 billion yen contract to build Oman’s largest oil refinery, the Nihon Keizai Shimbun reported, without citing sources. (US$1=115 yen). The oil refinery is expected to have a daily production capacity of 51,000 barrels of gasoline and 30,000 barrels each of diesel and gas used for fuel,...

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COMPANY: Wood Group launches consulting services group

International energy services company, John Wood Group PLC is launching a new consulting technical services group within its Engineering & Production Facilities division. Steve Wayman, previously joint managing director of J P Kenny, will head the new company called Consulting Technical Services Group. It will comprise J P Kenny (Subsea and Pipelines), Frontier Engineering Solutions...

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THAILAND: PTT Q1 net profit up 105% yr-on-yr on higher oil prices

BANGKOK (AFX-ASIA) – PTT Plc said net profit for the first quarter was up 105 pct on the same period last year due to higher petroleum and petrochemical products prices as a result of the war in Iraq. PTT reported net profit of 10.81 bln baht in the first quarter, compared with 5.27 billion baht...

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MARKETS: OPEC must cut output to 24 million b/d at June 11 meeting Ð CGES

LONDON (AFX) – OPEC must cut output to 24 million barrels per day at its meeting in Qatar on June 11, according to the Centre for Global Energy Studies (CGES). Only this level of production by the 10 OPEC members excluding Iraq will allow oil prices to be maintained at around US$25 a barrel, the...

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CHINA: CNPC, Sudan to invest US$1 billion in Khartoum oil deal Ð ambassador

BEIJING (AFX-ASIA) – China National Petroleum Corp (CNPC) plans to invest US$1 billion jointly with Sudan to create the African country’s largest oil refinery, the China Daily reported, citing comments made by the Sudanese ambassador to China. The deal is expected to signed “within the coming months.” Of the new capital, US$300 million is being...

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