Archive | June, 2003

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: 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: 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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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 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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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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