AUSTRALIA: Darwin LNG project awards contracts worth than to A$230 to local companies

Companies based in Australia’s Northern Territory state have been awarded more than A$230 million in materials and services contracts for the 3-million tonnes/year Darwin liquefied natural gas (LNG) plant. (US$1=A$1.43). US ConocoPhillips is building the plant – the Territory’s biggest-ever private investment project – as part of the A$2.3 billion development of the Bayu-Undan gas...

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THAILAND: PTT Q3 net profit estimated at 8.8 billion bath

BANGKOK (AFX-ASIA) – PTT Plc is expected to report a third-quarter net profit of 8.8 billion baht, up 29% quarter-on-quarter and up 100% year-on-year, said SCB Securities analyst Tanaporn Visaruthaphong. (US$1=40 baht). In the second quarter of 2003, PTT reported a net profit of 6.81 billion baht. The company posted net profit of 4.39 billion...

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TURKMENISTAN: Dragon Oil, Petronas to cooperate in upstream, downstream activities

LONDON (AFX) – Dragon Oil PLC said it signed a memorandum of understanding with Malaysia’s Petronas to cooperate in Turkmenistan. Areas of cooperation would include gas development, transmission, marketing and sales of gas, drilling services, and field operations and logistics, Dragon said. Dragon chairman Hussain Sultan said: “This MOU is an opportunity for Dragon to...

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COMPANY: KBC signs simulation software deal with refiner Valero Energy Corp

US-based Valero Energy Corporation has signed a 30-year licence to use KBC Profimatics’ market leading fluid catalytic cracking simulator, FCC-SIM, at 13 of its North American refineries. The FCC-SIM model is a comprehensive simulation tool providing commercial FCC process analysis and optimisation capabilities, said UK-based KBC Advanced Technologies plc, owner of the software. Valero will...

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CHINA: Shanghai to receive 2 million cu m/day of gas from Pinghu field by 2005

BEIJING (AFX-ASIA) – Shanghai’s supply of natural gas from the East China Sea has increased by 600,000 cubic meters a day thanks to the completion of the first leg of a 1.7 billion yuan project slated for completion in 2005, the China Daily reported. (US$1=8.27 yuan). When the second stage of the project is completed,...

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COMPANY: CESS chalks up turbine sales of over 800MW

With the recent success in marketing and sale of a 15 MW Siemens steam turbine on behalf of Danisco Sugar in Sweden to RBNS Sugar in India, Combustion, Energy and Steam Specialists Ltd. (CESS), has now achieved total sales of over 800 MW of various turbines in the past eight years. To date, CESS of...

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CHINA: SP Power Development Q3 net profit down 10.18% on lower power prices

BEIJING (AFX-ASIA) – SP Power Development Co Ltd (SHA 600795) said it posted a net profit of 145.22 million yuan for the third quarter of 2003, against 161.68 million a year earlier, largely due to lower power prices and higher financial costs. (US$1=8.27 yuan). The listed company said its power plant in Beijing’s Chaoyang District...

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RUSSIA: BP’s Browne assures Russian investment protected from oil price shocks

LONDON (AFX) – Lord Browne, chief executive of BP PLC, has assured that the oil giant’s US$6.8 billion investment in Russia is protected from oil price volatilities. TNK-BP’s business, which it jointly owns with Russia’ TNK, is “robust” even to lower oil prices, he told reporters in a news conference. That was while he admitted...

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RUSSIA: US criticises ‘selective’ use of law in arrest of Yukos chief Khodorkovsky

MOSCOW (AFX) – The US is concerned about prosecutors’ escalating campaign against Russian oil giant Yukos and their selective use of the law in arresting its multi-billionaire head Mikhail Khodorkovsky, a senior US diplomat told AFP. In the US government’s first response to the arrest, the US envoy warned that the detention of Mr Khodorkovsky...

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CHINA: Sinopec Corp says it achieved ‘satisfactory’ results for the first three quarters ended S

China Petroleum & Chemical Corporation (Sinopec Corp HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) said it achieved ‘satisfactory’ results for the first nine months of its operations this year. Based on unaudited data, its revenue for the period grew 31.52% to RMB 313.23 billion(US$1=RMB8.27), with operating profit up 52.39% to RMB 29.30 billion. Profit...

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TAIWAN: Abu Dhabi firm interested in 15% stake in Taiwan oil giant – company official

TAIPEI (AFX-ASIA) – An investment firm from the United Arab Emirates has expressed a strong interest in acquiring a 15% stake in Taiwan’s state-owned Chinese Petroleum Corp (CPC), an unnamed CPC official said. “The company in Abu Dhabi is currently reviewing the feasibility of the acquisition and, if everything goes well, we expect to close...

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IRAN: Tehran offers energy cooperation with Iraq, makes reconstruction contribution

MADRID (AFX) – Iran has offered to share its oil facilities with former foe Iraq and has pledged a credit of US$300 million at an international donors’ conference last week to help rebuild the war-shattered country. Tehran’s economic aid package included an “up to 300-million-dollar credit facility in buyers and suppliers’ credit as well as...

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PHILIPPINES: Meralco says to achieve 1 billion pesos FY net profit goal

MANILA (AFX-ASIA) – Manila Electric Co still expects to meet its 2003 net profit goal of 1 billion pesos, despite cash flow pressures that it intends to address through a proposed tariff increase of 0.1358 pesos per kilowatthour, company president Jesus Francisco said. (US$1=55 pesos). Meralco is pinning its hopes of sustained profitability on higher...

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PHILIPPINES: Petron firmer on improved 9 months, Q3 results

MANILA (AFX-ASIA) Ð Shares of oil refiner Petron Corp has been firmer after last week’s announcement of improved earnings for both the nine months to September and the third quarter on the back of increased export sales and lower operating expenses, dealers said. The company reported a net profit of 2.02 billion pesos for the...

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PAPUA NEW GUINEA: Upstream company Oil Search posts record revenue

Port Moresby-based Oil Search Ltd posted record operating revenue of US$87.4 million(US$1=A$1.43) for the September quarter, up 68% over year-ago levels. In a statement, Oil Search said that of its total operating revenue for the third quarter, US$70 million came from sales of oil and gas and US$17.4 million from gold. Operating revenue was US$52...

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MARKETS: Oil Prices Dipped Below US$30, But Remain Well Supported

Oil prices slipped below US$30/barrel in late October as traders appear to shrug off the effects of growing instability in post-Saddam Iraq. Several organised bomb and rocket attacks in Baghdad killed scores of people including American soldiers, underlining the growing resistance to the US occupation of Iraq. Ignoring Iraq, traders have pushed West Texas Intermediate...

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JAPAN: Cosmo Oil preliminary, long-term debt ratings cut to ‘BBB’ Ð JCR

TOKYO (AFX-ASIA) – Japan Credit Rating Ltd (JCR) said it has downgraded the ratings on Cosmo Oil Co Ltd’s preliminary and long-term debt by one notch to “BBB”. Japan’s local credit rating agency also lowered its commercial paper rating by one notch to “J-2”. With excess capacity in refinery and sales outlets in Japan in...

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CHINA: Huaneng Power sees steady profit growth in 2004; no share placement

BEIJING (AFX-ASIA) – Huaneng Power International Inc (SHA 600011; HK 0902; NYSE HNP) expects to maintain steady profit growth next year due to a combination of strong demand, revenue from newly purchased power plants and its stake in Shenzhen Energy, vice president Huang Long said. He denied the company may find it hard to sustain...

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CHINA: ADB grant for developing pricing and regulation strategy for power tariffs

The Asian Development Bank (ADB) has approved a US$500,000 technical assistance (TA) grant to help China develop a power pricing strategy that optimises available power capacity. The study will examine key issues related to power tariff setting and regulation, including affordability and environmental implications, said the ADB. It will work on a policy and regulatory...

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AUSTRALIA: CNOOC signs A$1 billion deal to take stake in Australia’s Gorgon

SYDNEY (AFX-ASIA) – CNOOC Ltd has signed a 1 bln aud agreement for a substantial equity stake in the Gorgon gas development off Western Australia which will see its parent China National Offshore Oil Corp (CNOOC) take a “significant volume” of liquid natural gas. In a statement, Gorgon said CNOOC will also assist Gorgon to...

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COMPANY: BHP Billiton announces first gas from Ohanet development in Algeria

Australia’s resources company BHP Billiton said it and partner Sonatrach have started producing natural gas from the Ohanet field in southern Algeria. A gas production facility was commissioned on schedule and within the original US$1 billion budget. The facility will treat around 710 million standard cubic feet per day (mmscf/d) of gas and produce a...

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SRI LANKA: Petronas to bid for retail business

Malaysia’s state oil and gas company Petronas is keen to enter Sri Lanka’s retail oil business, said Malaysian press reports. Sri Lanka’s Public Enterprises Reform Committee (PERC) is evaluating shortlisted bids from 10 companies including Petronas for a licence to set up an oil retailing business in the country. The other companies include India’s Bharat...

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AUSTRALIA: BHP sinks as UBS cuts to ‘neutral’ from ‘buy’

LONDON (AFX) – Shares of BHP Billiton PLC have slipped after UBS cut its rating on the mining giant to ‘neutral’ from ‘buy’, while maintaining its 475 pence price target, based on the stocks’ recent run up, dealers said. (US$1=60 pence). BHP’s share price has appreciated by 47% since its July 1 low of 311...

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ABU DHABI: Dolphin signs long-term gas contracts with power and water companies

Dolphin Energy Limited (DEL) announced it has signed agreements to supply natural gas to two of the UAE’s leading power and water companies for 25 years. The contract with ADWEA provides for the supply of Dolphin gas from Qatar to Abu Dhabi Water & Electricity Authority (ADWEA) subsidiaries Al Taweelah Power Company, Al Arabiya Power...

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RUSSIA: Sakhalin Energy to seal new gas contracts with Japan in 2004 Ð director

TOKYO (AFX) – The oil and gas consortium run by Sakhalin Energy Investment Co Ltd, a venture between Royal Dutch/Shell Group and Mitsui and Co and Mitsubishi Corp, will announce new sales contracts with Japan next year, a senior company executive said. “Sakhalin Energy will announce further Japanese contracts in 2004,” said the company’s commercial...

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