AUSTRALIA: AGL FY net profit up 53%; sees stronger FY 2004 results

SYDNEY (AFX-ASIA) – Australian Gas Light Co Ltd (AGL) said its year to June net profit rose 53% to A$295 million and forecast higher underlying profit andearnings per share (EPS) for fiscal 2004. “The performance of the Pulse Energy business has clearly made a positive difference to AGL’s earnings,” company chairman John Phillips said in...

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THAILAND: Electricity Generating sees H2 net profit down on maintenance costs

BANGKOK (AFX-ASIA) – Electricity Generating Plc senior executive president Sakda Sreesangkom said the company expects its net profit to drop in the second half this year due to increasing maintenance costs at its units Rayong Electricity Generating Ltd (REGCO) and Khanom Electricity Generating (KEGCO). In the first half, the company net profit was 3.07 billion...

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JAPAN: Nippon Mining Q1 net profit 2.5 billion yen; keeps full-year forecasts

TOKYO (AFX-ASIA) – Nippon Mining Holdings, which oversees Japan Energy Corp and Nippon Mining and Metals, said it posted first quarter to June net profit of 2.5 billion yen, citing brisk sales of its fuel products. (US$1=118 yen). There was no comparative figure as this was the first time that the company has issued its...

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AUSTRALIA: Origin Energy FY net profit up 25.9% on acquisitions

SYDNEY (AFX-ASIA) – Origin Energy Ltd said net profit jumped 25.9% to A$162 million in the year to June driven by contributions from its acquisition of the CitiPower energy retailing business and good returns from electricity purchase contracts. In a statement, the energy developer and retailer said initial contributions from oil production in the Perth...

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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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CHINA: CNOOC, Sinopec finalise gas/oil cooperation agreement with Shell, Unocal

BEIJING (AFX-ASIA) – CNOOC Ltd (HK 0883; NYSE CEO) said its parent company, China National Offshore Oil Corp, China Petrochemical Corp (Sinopec Group), Royal Dutch/Shell Group (NYSE RD) and Unocal Corp (NYSE UCL) have finalised an agreement to explore, develop and market natural gas, oil and condensate in the East China Sea. CNOOC said on...

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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$1.5). Woodside’s net profit before one-offs for the year earlier has been revised to...

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PAKISTAN: Oil truck tankers’ strike continues against PSO

Owners of more than 10,000 oil truck tankers in Pakistan continue to strike, paralysing distribution through most of the country the past few days. Among the fleets affected were more than 2,000 tankers idled outside oil-terminals in South Punjab, affecting the supply of gasoline, high speed diesel and kerosene oil. Mir Yousaf Shahwani, chairman, All...

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INDONESIA: Unocal begins first oil production from deepwater West Seno field

US independent Unocal Corporation (NYSE: UCL) said that its Unocal Makassar, Ltd subsidiary has begun oil production from Phase 1 of the company’s deepwater West Seno project offshore East Kalimantan, Indonesia. West Seno is the first deepwater oil and gas project in Indonesia. Current production from West Seno is 14,000 barrels of oil per day...

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MARKETS: OPEC asks experts to study oil output quota reallocation, says changes risky

VIENNA (AFX) – OPEC Secretary General Alvaro Silva Calderon said he has asked experts to devise a system for determining members’ future quotas, but said any redistribution “would undoubtedly carry certain risks and challenges.” He was speaking at the start of a meeting of the experts. “The OPEC secretary general said that given the importance...

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JAPAN: TonenGeneral Sekiyu turns to profit in H1 on higher fuel sales

TOKYO (AFX-ASIA) – TonenGeneral Sekiyu KK, a unit of Exxon Mobil, said it swung to a net profit of 14.6 billion yen in the first half to June from a 1.3 billion yen loss a year earlier due to higher sales of its fuel products and the positive impact of cost-cutting efforts. (US$1=118 yen). In...

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AUSTRALIA: Woolworths, Caltex form discount fuel jv

SYDNEY (AFX-ASIA) – Retailer Woolworths Ltd and Caltex Australia Ltd said they plan to establish a 50/50 discount fuel joint venture, which is expected to be earnings positive for both companies from the outset. In a joint statement, the companies said the joint venture company will lease all the Woolworths/Safeway-branded fuel outlets and add approximately...

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SRI LANKA: Caltex’s after-tax profits up 20% for 1H

Caltex Lubricants Lanka Limited (CLL), a ChevronTexaco subsidiary, has reported a 20% growth in operating profits to RS464.8 million for the first half of the financial year to June 2003. (US$1=Rs98). In a statement announcing interim results, the company said provisional unaudited figures showed sales rose 4% to Rs. 2 billion while operating profit was...

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JAPAN: Showa Shell H1 net profit 9.3 billion yen, down 0.5% year on year

TOKYO (AFX-ASIA) – Showa Shell Sekiyu KK, a Japanese unit of Royal Dutch/Shell Group, said it posted first half to June net profit of 9.30 billion yen, down 0.5% year-on-year, due to a surge in product costs as a result of changes to the accounting treatment of its inventories last year. (US$1=118 yen). In the...

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INDONESIA: Grenade attack at ExxonMobil’s Indonesian unit, company wants tighter security

JAKARTA (AFX-ASIA) – A grenade exploded last week at a gas field at ExxonMobil’s Indonesian unit in the restive province of Aceh, a company spokesperson said. No one was injured and the blast did not damaged any of ExxonMobil’s gas facilities, said Julia Tumengkol. “Production activities continues,” she told AFX-ASIA. “We will meet BP Migas...

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CHINA: Feasibility study for Sinopec, Shell gas station jv approved

SHANGHAI (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP) and Royal Dutch/Shell Group (NYSE RD) have secured approval from the State Council, China’s cabinet, for a feasibility study of their US$200 million gas station joint venture, moving one step closer to receiving a final license, an official with...

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THAILAND: Green campaign to promote energy conservation

Thailand can save an estimated 2.3 trillion baht in energy costs between now and 2017 under a new conservation programme launched by the government, said the Bangkok Post. Energy Minister Prommin Lertsuridej was quoted as saying that Thai energy consumption was growing by 1.3 to 1.4 times the country’s economic growth rate. This rate is...

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MALAYSIA: Petronas not awarding RM2-3 billion contract oil, gas to one firm

KUALA LUMPUR (AFX-ASIA) Ð Malaysian state oil and gas company Petronas is not awarding oil and gas contracts worth RM2-3 billion to one company, a Petronas official told AFX-Asia in response to a newspaper report of such a plan. (US$1=RM3.8) “We are not aware that of such a contract being awarded,” the official said, declining...

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CHINA: HK’s Xinao Gas says loan syndication successful, boosts facility to US$45 million

HONG KONG (AFX-ASIA) – Xinao Gas Holding Ltd (2688.HK) said it is lifting the total amount of funds to be raised via a syndicated loan facility to US$45 million, up from the original plan of raising US$35 million, due to the oversubscription of the syndication. Total interest in the syndication, which was coordinated by ABN...

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PHILIPPINES: First crude oil delivery from Russia expected this month

MANILA (AFX-ASIA) – A shipment of 700,000 barrels of light sweet crude from Sakhalin Energy Investment Co Ltd, the first shipment from a Russian supplier, is set to arrive in the Philippines this month, the Department of Foreign Affairs (DFA) said. The shipment will reportedly be delivered to the refineries of Pilipinas Shell Petroleum Corp...

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MARKETS: Soaring US crude requirements may be difficult to fill

The US will need to pull in nearly 10 million b/d of crude imports consistently through the end of the 3rd quarter in order to build inventories. However, ESAI, in the latest edition of the Atlantic Basin Stockwatch, believes that there are several reasons why this may be a difficult endeavor. “It is now clear...

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INDIA: Bharat to venture into oil exploration, production

Indian oil marketing company Bharat Petroleum said it has earmarked a budget of Rs 10 to 15 billion for its venture into the exploration and production (E&P) business. The company “will look into a mix of exposure of exploration, development and production with a budget of Rs 10 to 15 billion over the next five...

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MALAYSIA: Petronas says no casualties after MLNG Tiga plant fire

KUALA LUMPUR (AFX-ASIA) – National oil corporation Petroliam Nasional Bhd (Petronas) said the fire that broke out at the gas turbine exhaust plenum of its MLNG Tiga plant’s first liquefaction train in Bintulu, Sarawak last week caused no casualties. In a statement, the company said the fire was put out within half an hour and...

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AUSTRALIA: BHP Billiton target price lifted to A$12.50

SYDNEY (AFX-ASIA) – UBS said it has lifted its target price on diversified mining group BHP Billiton to A$12.50 from A$11.25 based on what it views as an encouraging earnings outlook. (US$1=A$1.5). “We are raising our price target … due to the relatively unique combination of upside risks to earnings based on the continued strength...

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PHILIPPINES: Meralco seen facing cash flow problem in 2003-05 ÐING

MANILA (AFX-ASIA) – Manila Electric Co’s refund to customers and upcoming debt maturities may cause a cash flow problem for the company beginning this year up to 2005, ING Financial Markets said. Meralco, currently implementing a 30.50 billion pesos refund to consumers as ordered by the Supreme Court, also needs to repay 76% of its...

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