SINGAPORE: Federal International, JK Far East in jv to tap Australia’s oil, gas market

SINGAPORE (AFX-ASIA) – Federal International (2000) Ltd said it has entered into a 50-50 joint venture with JK Far East Pte Ltd to tap the Australian offshore oil and gas market. The joint venture firm, Federal International (Australia) Pte Ltd, which will have a paid-up capital of S$200,000, will target multinational companies as well as...

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INDIA: IOC plans LPG exports to South and Southeast Asian countries

State-owned IndianOil Corporation (IOC) is drawing up plans to export liquefied petroleum gas (LPG) to countries in South and Southeast Asia. The export role is in keeping with the company’s expansion plans to become a global player in the oil and gas industry. According to the Times of India, IOC has appointed Naresh Kumar Nayyar...

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INDIA: IOC board recommends 1:2 bonus shares

IndianOil Corp’s board of directors has recommended a bonus issue in the ratio of 1:2, i.e., one bonus share for every two equity shares held by shareholders. The move will be subject to the approval of the shareholders at the company’s Extraordinary General Meeting (EGM) scheduled for July 14. Earlier in January, IOC also declared...

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INDONESIA: Pertamina to raise LPG price to prevent losses

Indonesian state-owned oil and gas company Pertamina will raise the price of liquefied petroleum gas (LPG) in an attempt to prevent incurring losses, reported the Jakarta Post. Downstream director Muchsin Bahar said that the planned price, which was set to take affect in August 2003, would be denominated in US dollars and be pegged to...

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CHINA: Electricity shortage seen to hinder economic development in half of country

BEIJING (AFX-ASIA) – Electricity shortages are likely to hinder the economic development of half of China’s provinces in the near term, with power supply problems continuing into 2004, the China Daily reported, citing a report by National Power Network Co. The report estimates China will be 15 million kW short of meeting its energy needs...

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CHINA: Electricity shortage seen to hinder economic development in half of China

BEIJING (AFX-ASIA) – Electricity shortages are likely to hinder the economic development of half of China’s provinces in the near term, with power supply problems continuing into 2004, the China Daily reported, citing a report by National Power Network Co. The report estimates China will be 15 million kW short of meeting its energy needs...

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CHINA: HongKong’s Xinao Gas higher on jv news

HONG KONG (AFX-ASIA) – Xinao Gas (2688.HK) has been trading higher on recent news of its unit’s involvement in two piped gas joint ventures in China, dealers said. One unit, Langfang Xinao Investment Ltd, will form a joint venture with Dongguan Xinfeng Piped Gas Co Ltd to operate a piped gas business in Dongguan for...

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INDONESIA: Medco Energi Q1 net profit rises on higher sales, profit

JAKARTA (AFX-ASIA) – PT Medco Energi International said its net profit rose to US$28.184 million in the three months to March from US$23.342 million a year earlier, supported by higher sales and operating profit. Sales were US$106.247 million against US$93.144 million in the first quarter of last year, while operating profit rose to US$50.162 million...

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PHILIPPINES: Manila Electric Co’s 30.5 billion pesos refund to take 10 years

MANILA (AFX-ASIA) – The Manila Electric Co’s 30.5-billion peso refund of overcharges to customers will take 10 years or until 2012 to complete, the Philippine Star reported, citing the company’s presentation materials submitted to the House of Representatives. (US$1=53 peso). Meralco intends to conduct the refund in four phases, the first of which began early...

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CHINA: Northeast faces power tariff cuts on regional oversupply Ð analysts

BEIJING (AFX-ASIA) – Power producers in China’s northeastern provinces will likely see modest tariff cuts next year as part of a reform of the regional electricty market, analysts said. They said they expected fresh competition following the creation of a power-pooling system in the provinces of Liaoning, Jilin, Heilongjiang and parts of the neighboring region...

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SINGAPORE: SGX and MAS to pool S$7.5 Million to develop securities and derivatives industry

Singapore Exchange Ltd (SGX) and the Monetary Authority of Singapore (MAS) have jointly established a S$7.5 million pool of funds for developing the securities and derivatives industry in Singapore. (US$1=S$1.75). Half of the funding will come from the Financial Sector Development Fund (FSDF), administered by MAS, while the other half will be contributed by SGX,...

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KOREA: South-East Power US$150 million notes assigned ‘A3’ rating – Moody’s

SEOUL (AFX-ASIA) – Moody’s Investors Service said that it has assigned an ‘A3’ rating to Korea South-East Power Co Ltd (KOSEP)’s proposed US$150 million senior unsecured notes issue. The rating outlook is negative, which reflects the negative outlook for Korea’s A3 sovereign rating. “The A3 rating reflects KOSEP’s sound financial profile, supported by the sustainable...

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MALAYSIA: YTL Power ‘AA1’ redeemable unsecured bond rating reaffirmed

KUALA LUMPUR (AFX-ASIA) – Rating Agency Malaysia Bhd (RAM) said it has reaffirmed the “AA1” rating of YTL Power International Bhd’s (YTLPI) RM750 million redeemable unsecured bonds 2000/2007. (US$1=RM 3.8). YTL Power has diverse interests in regulated utilities in the local power generation sector, besides the water and sewerage business in the UK and the...

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JAPAN: TEPCO restarts second nuclear reactor; 15 others remain closed

TOKYO (AFX-ASIA) – Tokyo Electric Power Co (TEPCO) restarted a second nuclear reactor last week after receiving local government approval, while its 15 other reactors which had been shut down for safety inspections remained closed. TEPCO said it reactivated the 1.35 million kilowatt No. 7 reactor at the Kashiwazaki-Kariwa plant located in Niigata prefecture, some...

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MALAYSIA: Power company Malakoff a ‘buy’ on SKS deal Ð TA

KUALA LUMPUR (AFX-ASIA) – TA Research said it is maintaining its “buy” recommendation on Malakoff Bhd, as the stock’s valuations are attractive following its recent memorandum of understanding to buy a minimum 60% stake in SKS Power Sdn Bhd. SKS Power is the concession holder for the 2,100 MW coal-fired power plant project in Tanjung...

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MALAYSIA: UMW unit buys stake in oil and gas firm

Malaysian engineering firm UMW Holdings Bhd said its wholly-owned subsidiary UMW Petropipe (L) Ltd has proposed to subscribe to a 51% equity in UMW Ace (L) Ltd to tap the oil and gas industry in China and the region, according to The Star newspaper. UMW Petropipe last week signed a sale and purchase agreement with...

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MARKETS: US crude inventories down sharply

With crude imports averaging 9.3 million barrels/day, last week it’s no surprise that US crude oil inventories fell, said the Department of Energy. It said the US need at least 10 million b/d of crude imports to help rebuild very low crude oil and refined petroleum inventories. Since total US commercial oil inventories typically increase...

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MALAYSIA: Tenaga Nasional debt ratings reaffirmed at ‘AA1/P1’ Ð RAM

KUALA LUMPUR (AFX-ASIA) – Rating Agency Malaysia Bhd (RAM) said it has reaffirmed the “AA1/P1” ratings assigned to Tenaga Nasional’s (TNB) debt issues. “The ratings reflect TNB’s entrenched position as the national utility company in Malaysia as well as its strategic importance to the country’s economic development. “The group continues to have a virtual monopoly...

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IRAN: Zangeneh reiterates OPEC to take account of increased Iraq oil output

MILAN (AFX) – The Organisation of Petroleum Exporting Countries will take account of Iraq’s increased oil production when setting its policy, said Iranian oil minister Namdar Zangeneh. In an interview in Il Sole 24 Ore newspaper, he said OPEC would have no difficulty in having Iraq return to the organisation’s membership because it was previously...

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INDIA: IOC reports 112% rise in net profit for FY 2002

State-owned Indian Oil Corporation has reported that its net profit has risen 112% to 28.85 billion rupees for the recently ended fiscal year to March 31 2003. (US$1=48 rupees). Revenues rose 4.3% to a record 1,198.48 billion rupees. The board has recommended a final dividend of 18.69 billion rupees on enhanced share capital consequent to...

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PHILIPPINES: Meralco seeks rescheduling of maturing 6 billion pesos in debt

MANILA (AFX-ASIA) – Manila Electric Co will ask its creditors to reschedule short-term debt totalling 6 billion pesos due in July, the Philippine Daily Inquirer reported, citing company president Jesus Francisco. (US$1=51 peso). The company is also scheduled to pay another 5 billion pesos in maturing loans in the last quarter of the year, the...

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MALAYSIA: Tenaga, Malakoff shares higher

KUALA LUMPUR (AFX-ASIA) Ð Shares of power companies Tenaga Nasional Bhd and Malakoff have been trading higher over the past week. Tenaga has risen on expectations of an increase in demand for power amid the more positive economic climate, dealers said. Malakoff Bhd has been boosted by news it has signed a memorandum of understanding...

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SINGAPORE: Asia Power forms China jv with total investment of 163.53 million yuan

SINGAPORE (AFX-ASIA) – Asia Power Corp Ltd said it has formed a new joint venture company in China, namely Changxhou Huayuan Electric Power Co Ltd, which will be registered with a total investment of 163.53 million yuan. (US$1=8.28 yuan). Asia Power, which will hold a 25% stake in the joint venture company after an initial...

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PHILIPPINES: Napocor, Shell near agreement on Malampaya gas offtake issue

Philippines Energy Secretary Vincent S. Perez is expecting the National Power Corp. (Napocor) and the Shell Philippines Exploration B.V., consortium operating the Malampaya Deep Water Gas to Power project to come up with an agreement to reduce gas offtake from Malampaya anytime soon. “Last Thursday, Napocor and Spex entered into a final stage of agreement...

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MARKETS: Ex-OPEC chief sees Iraq producing 3.5 million b/d in 2005

MILAN (AFX) – Former Saudi Arabia oil minister and head of OPEC Sheikh Yamani said in an interview in Corriere della Sera he sees Iraq producing 3.5 million barrels of oil per day in 2005. Mr Yamani, now chairman of London-based Centre for Global Energy Studies, said there is considerable uncertainty on likely oil Iraq...

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