CHINA: PetroChina higher after H1 results

PetroChina Co Ltd (857.HK) shares have hit new highs after the company reported strong first half results early this week, dealers said. On the NYSE, it rose to more than US$34. The company reported a first half net profit of 38.619 billion yuan, compared with 19.076 billion in the year-ago period. Sales rose to 147.960...

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CHINA: Guangdong Electric H1 net profit down 23.84% on lower power prices

BEIJING (AFX-ASIA) – Guangdong Electric Power Development Co Ltd (SZ A 000539; SZ B 200539) said its net profit dropped 23.84% year-on-year to 559.56 million yuan in the first half to June, largely due to lower electricity prices. (US$1=8.27 yuan). The company said the sharp decrease in profit at its two subsidiaries, whose power transmission...

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INDONESIA: Pertamina posts 1H profit of Rp2.61 trillion

State oil and gas firm Pertamina said it posted a net profit of Rp 2.61 trillion (US$1=Rp8,500) for the first half of the year. Finance director Ainun Naim added that it expects to book Rp 13 trillion in consolidated profit this year, down from last year. He did not give reasons for the predicted decline,...

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THAILAND: Banpu acquires 18.84% stake in AACI, boosts China ops

BANGKOK (AFX-ASIA) – Banpu PLC said its wholly-owned subsidiary, BP Overseas Development Co Ltd, signed a deal on Aug 25 to purchase 18.84% of Asian American Coal Inc (AACI). The total investment in AACI, which has stakes in China coal operations, will be US$13.43 million, or about 570 million baht, excluding the exercise of warrants....

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PHILIPPINES: Manila may declare failure of bidding for power transmission assets

MANILA (AFX-ASIA) – National Transmission Co president Alan Ortiz said the government may declare another failed bidding for the privatization of the National Transmission Co, after no new company expressed interest. “Most probably we may declare a second failed bidding since no new company submitted interest to join the bidding,” he said. Energy officials are...

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INDONESIA: Medco Energi higher on attractive valuation

JAKARTA (AFX-ASIA) Ð Shares of Indonesia’s largest local private oil and gas company PT Medco Energi Internasional have moved higher this week after a series of positive news raised investor expectations that the stock would gain further, dealers said. Medco recently won a government tender to develop the Merangin I oil and gas field in...

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CHINA: HK-listed Xinao Gas secures HK$351 million loan facility

HONG KONG (AFX-ASIA) – Xinao Gas Holdings Limited said it has secured a HK$351 million loan facility from some financial institutions. (US$1=HK7.78) The company did not identify the lenders in its statement. It said the facility will mature on Aug 22 2006, with an annual interest rate of 1.45% over the London Interbank Offered Rate....

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AUSTRALIA: Novus Petroleum swings into H1 net profit; omits dividends

SYDNEY (AFX-ASIA) – Novus Petroleum Ltd reported a net profit of A$4.7 million for the first half to June against a loss of A$43.6 million a year earlier, as it took lower writedowns for exploration costs. (US$1=A$1.55). The year-earlier result included a writedown of A$61.6 million for exploration expenditure. The company wrote down A$8 million...

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MALAYSIA: Esso Malaysia reports sharp rise in 1H after-tax profits

Esso Malaysia Berhad (EMB), a subsidiary of ExxonMobil, has reported a sharp jump in its first half net profits to RM59 million from RM13 million for the same period last year. (US$1=RM3.8). Second quarter after tax profit was RM73 million, compared with RM3 million in the same quarter of 2002. The company, which is listed...

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MALAYSIA: Law to mix palm oil, diesel mix under study

Malaysia is considering legislation to mandate the blending of diesel with palm oil as an environmentally-friendly fuel, according to The Star newspaper quoting Primary Industries Minister Lim Keng Yaik. “My ministry is working out the economic model for the legislation to ensure that blended diesel fuel will not become expensive whenever the price of palm...

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AUSTRALIA: Santos to increase interest in Stag oil field

Australian upstream company Santos Limited will increase its interest in the Stag oil field and acquire new exploration acreage in the Carnarvon Basin through an agreement to acquire Globex Far East Pty Ltd for US$15.8 million. Globex is a wholly owned subsidiary of US-based Marathon Oil Company. The effective date of the acquisition is 1...

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MALAYSIA: Tenaga Nasional unit secures US$68 million loan to buy coal mine

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd said its 70%-owned unit TNB Coal International Ltd has secured a non-recourse loan facility of US$68 million from a syndicate of financial institutions. Tenaga said in a statement the facility will be used to finance 80% of the purchase price of Dynamic Acres Sdn Bhd, which owns a...

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MALAYSIA: Dialog higher on bonus issue plan, oil and gas play

KUALA LUMPUR (AFX-ASIA) – Dialog Group Bhd was higher after proposing a 1-for-5 bonus issue of up to 22.51 million shares and on continued speculative interest in oil and gas stocks, dealers said. They said the company’s announcement of a 45% year-on-year decline to RM30.1 million in its year to June net profit has had...

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AUSTRALIA: Woodside H1 net profit pre-ex up 3% on higher prices

SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd said its net profit before one-off items rose 3% to A$272.2 million in the six months to June with earnings boosted by higher sales revenue and stronger oil prices, which partly offset higher exploration expense. (US$1=A$1.52). Woodside’s net profit before one-offs for the year earlier has been revised to...

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SINGAPORE: China Aviation Oil tenders for jet fuel raised significantly for 4th quarter

China Aviation Oil (Singapore) Corporation Ltd said its tender schedule for jet fuel procurement for the last quarter of 2003 has shown a ‘significant’ increase over previous estimates of both third- and fourth- quarter levels. The company said the increased demand signals “a return to pre-SARS growth in China’s jet fuel and aviation sectors. Volumes...

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JAPAN: Official says Iran oilfield deal must go ahead despite US objection

TOKYO (AFX-ASIA) – Japan should go ahead with a multi-billion dollar deal to develop a massive oil field in Iran even though the US opposes it, Defence Agency Director-General Shigeru Ishiba said. “I do not think we should give it up because America says so,” he said in a talk show on the private Asahi...

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INDIA: ONGC Videsh cleared to buy stakes in 2 Sudan oil blocks from Austria’s OMV

NEW DELHI (AFX-ASIA) – The cabinet has given the go-ahead to the state-run oil firm ONGC Videsh Limited (OVL) to acquire stakes in two oil blocks in Sudan from Austria’s OMV, the Press Trust of India reported. “The Cabinet Committee on Economic Affairs has cleared … (the) acquisition of 26.125% stake in exploration block 5A...

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CHINA: Sinopec to issue 3.5 billion yuan in corporate bonds for pipelines, tech upgrading

SHANGHAI (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP) said it plans to issue 3.5 billion yuan in corporate bonds, with the proceeds to be used to fund the construction of two pipeline projects and the technical upgrading of its synthetic resin and fertiliser projects. (US$1=8.27 yuan). In...

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THAILAND: Bangchak Petroleum to issue 19 billion baht in new debt, equity instruments

Ailing refiner Bangchak Petroleum has said it will issue 19.5 billion baht worth of new debt and equity instruments in November to refinance existing debt. (US$1=42 baht). Some 12.5 billion baht in new short- to medium-erm loans will be taken to refinance existing debt. Another four billion baht will be raised through the issue of...

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AUSTRALIA: Penalties increased for oil pollution

The Australian Maritime Safety Authority (AMSA) has increased penalties and fines for offenders who deliberately discharge oil into the sea, said Intertanko. In addition, following a recent court case involving a ship borne pollution incident, AMSA has now made it clear that the defence of ‘accidental pollution’ resulting from worn or deteriorated equipment will no...

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MALAYSIA: Petronas Dagangan up on sharply higher Q1 results

KUALA LUMPUR (AFX-ASIA) – Petronas Dagangan Bhd has moved in recent days after posting sharply higher first quarter to June results last week. “Investors are buying the stock because of its better-than-expected first quarter earnings,” an oil and gas analyst said. “There is also follow-through buying from yesterday as investors were already expecting impressive earnings...

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INDONESIA: Oil, gas investors can renew contracts 10 years before expiry

JAKARTA (AFX-ASIA) – The government will allow oil and gas contractors to seek renewal of their production sharing contracts (KPS) with the government 10 years before their contracts expire, Bisnis Indonesia reported. The report cited Energy and Mineral Resources’ Director General for Oil and Gas Iin Arifin Takhyan as saying that according to a new...

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CHINA: China Oilfield Services rating downgraded to ‘reduce’ from ‘add’ Ð HS

BEIJING (AFX-ASIA) – HSBC has downgraded its rating on China Oilfield Services Ltd (HK 2883) (COSL) to “reduce” from “add”, despite the company reporting a 51% year-on-year rise in first-half net profit. “[COSL’s] sensational headline figure was boosted by a 46 million yuan tax rebate and higher drilling day rates that might not be sustainable...

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AUSTRALIA: Caltex Australia, Woolworths higher on discount fuel JV

SYDNEY (AFX-ASIA) Ð Shares of Caltex Australia Ltd and retailer Woolworths Ltd have been boosted by news of their plans to form a 50/50 discount fuel joint venture, dealers said. The companies said that the joint venture, which is expected to be operational by Christmas, will be earnings positive for both companies from the outset....

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PEOPLE: Changes at Fortis’ commodities group

D. Paul Schuilwerve, formerly with the Singapore office, has been appointed managing director of the commodities group in London. He is succeeding David de Buck who has moved on to head the Global Energy & Project group of Fortis in Rotterdam. From his new London base, Mr Schilwerve and his team will step up their...

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