CHINA: Largest oil field faces ‘exhaustion’, supply cuts introduced

SHANGHAI (AFX-ASIA) – Officials at the Daqing oil field plan a 7% cut per year between now and 2010, warning of the “imminent exhaustion” of China’s largest pool of proven reserves, barring new drilling technology or new oil and gas finds. The official Xinhua news agency quoted Ge Ruyin, mayor of Daqing in Heilongjiang province...

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CHINA: IFC agrees to invest US$5 million in Chinese LPG terminal firm

BEIJING (AFX-ASIA) – The International Finance Corporation, the investment arm of the World Bank Group, has agreed to invest US$5 million in China’s Zhongchen Energy Storage Company, according to a statement on IFC’s website. Zhongchen Energy operates a liquefied petroleum gas (LPG) marine import terminal in northern China’s Tangshan city, Hebei province. The IFC investment...

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US: Oil refiners end lower after Texas terror warning

LOS ANGELES (AFX) — Large oil companies and refiners closed lower last week after the FBI warned refineries in Texas they might be targets of terrorist attacks. Speculation mounted that OPEC would delay planned output quota cuts amid concerns over recent price rises. Indeed, OPEC President Purnomo Yusgiantoro said overnight that there was a possibility...

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QATAR: Qapco signed EPC deal to boost ethylene capacity

Qatar Petrochemical Company (Qapco) has signed a $190 million engineering, procurement and construction contract with Japan Gas Co and Stone and Webster to boost the capacity of its ethylene plant. On completion of the project in the second quarter of 2006, Qapco’s ethylene capacity will go up to 720,000 metric tonnes per annum from 525,000....

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MALAYSIA: Crest Petroleum FY2004 net loss due to goodwill write-off

KUALA LUMPUR (AFX-ASIA) – Crest Petroleum Bhd, which provides services to the oil and gas industry, said its year to January 2004 results amounted to a net loss of RM156.66 million compared to a loss of RM114.96 million in the previous financial year. (US$1=RM3.8). The year to January results were for a 13-month period, while...

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SINGAPORE: SPC to issue US$184.4 million convertible bonds for business expansion

Singapore Petroleum Company Limited (SPC) is proposing to issue US$184.4 million unsecured convertible bonds. The US$ denominated bonds will bear interest at the rate of 1.75% per annum, payable semi-annually. In a statement, the company said the bonds, which have a term of five years, will be convertible into new SPC ordinary shares of S$0.50...

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JAPAN: Mitsubishi Heavy awarded repair contract for Iraq power plant

The UN Development Program said Japan’s Mitsubishi Heavy Industries has been awarded an $8 million contract for repairs on a thermal power plant in southern Iraq. According to a Japan Times report, the contract involves restoring power-generating facilities at the plant in Hartha, Basra Province, and power transmission lines in the region. The power plant,...

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SINGAPORE: Keppel Singmarine to build tug, supply vessels for SMIT

Singapore’s Keppel Singmarine Pte Ltd has secured a contract from Holland’s SMIT Transport & Heavy Lift BV (SMIT) to build two Anchor-Handling Tug/Supply (AHTS) vessels with Keppel’s proprietary design. The contract includes an option for another two AHTS with a validity of three months. The two 70-tonne bollard pull AHTS are of the MTD 7070A...

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PHILIPPINES: Petron 2003 net profit 3.1 billion pesos, up 7%

MANILA (AFX-ASIA) – Oil refiner Petron Corp said its net profit rose 7% to 3.1 billion pesos in 2003, aided by increased sales and improved operational efficiency. (US$1=56 pesos) Revenue rose to 110.7 billion pesos from 92.3 billion in 2002 following a series of increases in oil prices and export sales. Operating expenses declined to...

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AUSTRALIA: China underwriting the future of Australian companies – Macquarie

SYDNEY (AFX-ASIA) – China is becoming an increasingly significant factor in the performance of many listed Australian companies, particularly in the resources sector, Macquarie Bank Ltd executive director Warwick Smith said. Mr Smith, who is also chairman of the Australia/China Business Council, headed recent visit to China by Macquarie Bank equity analysts, and that tour...

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CHINA: HK-listed China Oilfield’s 2003 net profit up 31.5% at 465.9 million yuan

HONG KONG (AFX-ASIA) – China Oilfield Services Ltd’s (2883.HK) (COSL) net profit for the full year to Dec 2003 rose 31.5% year-on-year to 465.9 million yuan on increased turnover from drilling and exploration activities and higher oil prices. (US$1=8.27 yuan). Operating profit for the year rose 13.8% to 549.8 million yuan, while turnover grew 12.3%...

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CHINA: Airline shares hit by oil price fears, earnings concerns – analysts

BEIJING (AFX-ASIA) – Shares in China’s airline companies have been falling on mainland markets on fears that rising oil prices could hit profits as cut-throat competition in the domestic market prevents them from passing on higher costs through air-ticket price increases, analysts said. They said investors are also focusing on the upcoming 2003 results of...

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MARKETS: ESAI says high crude prices unsustainable, but downside may be limited

The cold weather is largely over in the Northern Hemisphere, but WTI and Brent are still unexpectedly strong. “The light, sweet crude oil markets are strong and volatile led by a WTI market that is mesmerised by the trading behaviour of non-commercial traders buying on every bullish rumor,” said Sarah Emerson, Director of Oil Analysis...

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CHINA: CNOOC, Tianjin city sign LNG terminal framework deal

BEIJING (AFX-ASIA) – China National Offshore Oil Corporation (CNOOC Corp) the parent of Hong Kong listed CNOOC Ltd (HK 0883; NYSE CEO), has signed a framework agreement with the Tianjin municipal government to build a liquefied natural gas terminal in the port city, a company official told AFX-Asia. The official, who declined to be named,...

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JAPAN: Iraq wants wants aid in oil, gas production

Iraq wants Japan to provide financial and technical support aimed at rebuilding and developing its oil and gas production facilities, the head of Iraq’s interim Governing Council said during a visit to Tokyo. According to the Japan Times, Mohammed Bahr Al-Ulloum said his country hopes soon to dispatch a delegation to Japan to discuss such...

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IRAN: Crude oil import from Kazakhstan to double

Iran expects crude oil supplies from Kazakhstan to double from 50,000 to 100,000 barrels/day (b/d) under a swap scheme over the next two months, the Mehr News Agency reported Iranian Ambassador to Kazakhstan Mortaza Saffori as saying at a press conference. The ambassador also said that the increase in supplies would be achieved under existing...

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SINGAPORE: CH Offshore rated ‘buy’ – UOB Kay Hian

SINGAPORE (AFX-ASIA) – UOB Kay Hian said it is recommending a “buy” on CH Offshore, a provider of offshore supply vessels to the oil and gas industry, with a fair value of S$0.48 per share. (US$1=S$1.7). “CH Offshore has been overlooked in the dizzy price rallies of its peers, Jaya Holdings and Ezra Holdings. We...

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INDONESIA: PGN lower after results; concerns about costs rise

JAKARTA (AFX-ASIA) Ð Shares of PT Perusahaan Gas Negara (PGN), a state-run gas distributor, are trading lower after the release of its 2003 results, which showed a marginal increase in operating profit and a steep fall in the bottom line, dealers said. The company reported a 53% year-on-year fall in net profit to 519.45 billion...

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CHINA: Sinopec says it never bid for Nile Blend crude oil trade in Sudan

BEIJING (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (HK 0386; SHA 600028; NYSE SNP) said it has never put in a bid for Nile Blend crude oil trading in Sudan. “We were informed by Sudanese Petroleum Corporation (SPC) that a company named Sinopec China Petrochemical Corp had registered with SPC to bid for Nile...

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RUSSIA: New proposed oil pipeline route “favourable” to Japan

Russia is considering giving priority to a new route for the Siberian oil pipeline that would be favourable to Japan, the Japan Times said. Japan and China have submitted proposals for two competing routes for the pipeline. If the new route, drawn up by a Russian state-run corporation, is adopted, it would be a big...

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AUSTRALIA: Santos to grow Cooper Basin oil production

Australian upstream company Santos Limited said it is targeting to grow oil production from its offshore Cooper Basin assets. Speaking at seminar in Adelaide last week, Santos’ exploration manager John Chambers said that after 17 years of decline, Cooper Basin oil production is expected to hold stable in 2004 and to grow from 2005. This...

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COMPANY: Shell, ABI say meeting over reserves issue ‘constructive’

LONDON (AFX) – Royal Duch/Shell Group and the Association of British Insurers said today’s meeting to discuss the embattled Anglo-Dutch oil giant’s reserves problem has been “constructive.” Shell directors, led by UK chairman Lord Ronald Oxburgh and non-executive director Sir Peter Burt, met with a number of fund managers, coordinated by the ABI. The meeting...

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PHILIPPINES: Meralco returns to profit in 2003, restates 2002 net loss

MANILA (AFX-ASIA) – Manila Electric Company (Meralco) said it posted a net profit of 907 million pesos in 2003, returning to profitability from a restated net loss of 28.18 billion pesos the previous year. (US$1=56 pesos). Increased sales boosted its operating revenues to 132.02 billion pesos, up 12.1% over the previous year as sales volume...

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CHINA: Hongkong Electric flat after raising charges

HONG KONG (AFX-ASIA) – Hongkong Electric Holdings Ltd (6.HK) shares have remained flat after earlier announcing that it will hike rates next month through a HK$0.02 cut in the fuel cost rebate to customers failed to have an impact, dealers said. (US$1=HK$7.78). The rebate cut will result in a 2% rise in monthly electricity bills,...

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INDIA: Crude import bill up 9% for April-Feb period

Rising oil prices pushed India’s crude oil import bill up by nine per cent to 753.87 billion rupees for the first 11 months of the current financial year starting April 2003 spiralling international oil price has led (US$1=45 rupees). India imported 82.3 million tonnes of crude oil during the 11 months, said Petroleum Secretary B...

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