RUSSIA: Energy minister raises hopes for Japan-backed oil pipeline

TOKYO (AFX-ASIA) – Russia’s energy minister Viktor Khristenko, after meeting a group of Japanese business leaders, said Japan’s proposal to build a crude oil pipeline from eastern Siberia to the Far East port of Nakhodka has a good chance of being realized, the Nihon Keizai Shimbun reported. Japan and China are vying to convince the...

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AUSTRALIA: Suspected terrorist planned to bomb electricity grid

SYDNEY (AFX-ASIA) – A Pakistani-born architect charged with planning a terrorist attack in Australia planned to disrupt the national electricity grid with a home-made bomb, The Australian newspaper reported. The newspaper said Faheem Khalid Lodhi, 34, planned to use a bomb made of ammonium nitrate fertilizer to attack the electricity grid and was in the...

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MARKETS: Iran says OPEC can do nothing about high oil prices

Iran’s Oil Minister Bijan Namdar Zanganeh has blamed ‘refining problems in America and tensions in the Middle East’ for gasoline prices rising to record levels recently. “OPEC can do nothing at present; if it produces two million barrels above its ceiling, this will accelerate future pressure on the oil prices,” he said on the fringes...

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SINGAPORE: Singapore Petroleum unit acquires 10% interest in offshore Vietnam blocks, Technics Group

SINGAPORE (AFX-ASIA) – Singapore Petroleum Company Ltd (SPC) said its wholly-owned subsidiary SPC Vietnam Co Ltd has acquired a 10% farm-in interest in Blocks 102 and 106 Production Sharing Contract located in the Gulf of Tonkin from ATI Petroleum Inc for US$3.5 million. The company said it will participate in exploration for oil and gas...

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CHINA: Datang International Power plans Shanghai listing before end-2005

BEIJING (AFX-ASIA) – Datang International Power Generation Co Ltd, previously called as Beijing Datang Power Generation Co Ltd (HK 0991), plans to list on the Shanghai stock market before the end of 2005, Zhang Shaopeng, Datang’s PR manager told AFX-Asia. “But it is just a plan, no substantial work has been done up till now....

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QATAR: Energy Minister at inauguration of fertiliser plant expansion project

Earlier this week, Abdullah Bin Hamad Al Attiyah, Qatar’s Second Deputy Premier and Minister of Energy and Industry, spoke at the inauguration ceremony of the expansion of the QAFCO-4 fertiliser plant. The project included the construction of an ammonia plant with a nameplate production capacity of 2,000 metric tons per day and a urea plant...

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CHINA: International energy experts urge China to improve energy efficiency

BEIJING (AFX-ASIA) – International energy experts yesterday urged China to step up efforts to improve its energy efficiency and reduce its reliance on fossil fuels, the China Daily reported. The paper quoted Jamal Saghir, director of energy and water at the World Bank, as saying energy efficiency will be a key challenge for China over...

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MALAYSIA: Tenaga posts 27.5% rise in first-half pre-tax profit

Malaysia’s largest power company Tenaga Nasional Bhd (TNB) posted a 27.5% increase in pre-tax profit for the six months to end-February, helped by rising electricity demand and falling fuel costs, according to a Business Times report. Its chairman, Amar Leo Moggie, said the company’s pre-tax profit and non-cash items increased to RM1.15 billion, while after-tax...

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THAILAND: PTT to buy 20% stake in power company for 396 million bath

PTT Plc (PTT), the country’s largest oil conglomerate, has informed the Stock Exchange of Thailand that it plans to buy a 20% stake in Independent Power (Thailand) (IPT), one of Thailand’s leading independent power producers. The deal is said to cost 396 million baht, according to the Business Day. (US$1=40 baht). PTT said its shareholders...

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CHINA: Shanghai Futures Exchange releases draft fuel oil trading contract

BEIJING (AFX-ASIA) – The Shanghai Futures Exchange has released a draft version of the fuel oil futures contact on its website today to solicit public opinion, after obtaining initial regulatory approval last week to start fuel oil futures trading. The exchange has set the minimum size of each contract at 10 tons, and the minimum...

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COMPANY: Summary of BP’s first quarter results

BP said its first quarter pro forma result was US$4,717 million compared with $4,048 million a year ago, an increase of 17%. Replacement cost profit for the quarter was $4,170 million compared with $3,420 million a year ago. The first quarter result includes a net exceptional and non-operating credit of $1,177 million compared with $285...

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LIBYA: Tripoli says potential oil reserves three times those proven, US companies interested

TRIPOLI (AFX) – Libya said its potential oil reserves could be three times higher than currently proven, and that many US firms have expressed interest in developing them once sanctions are lifted. Energy Minister Fathi Omar Bin-Shatwan said “a lot of experts working in Libya say our oil reserves may be more than 100 billion...

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CHINA: Shanghai looks to double power capacity as summer looms

SHANGHAI (AFX-ASIA) – Shanghai plans to double its power generating capacity by 2010, even as this summer threatens to bring even worse power shortages than last year’s, the Shanghai Daily reported. The report quoted government spokeswoman Jiao Yang as saying that over 100 billion yuan will be spent on, among other improvements to the city’s...

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COMPANY: US prosecutors probing Shell reserves scandal Ð report

LONDON (AFX) – US federal prosecutors are taking an active role in investigations into how beleaguered oil giant Royal Dutch/Shell over-stated its estimates for energy reserves, the Financial Times said. The US Department of Justice in New York had asked that lawyers acting for Shell not publish a damning report into what went wrong, lest...

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CHINA: Private investment in urban utilities from May 1

BEIJING (AFX-ASIA) – China’s Ministry of Construction has issued regulations allowing private investment in the urban utility sector from May 1, breaking the current government monopoly, Xinhua news agency reported, citing a ministry. The news agency quoted Li Dongxu as saying private investors can operate water, gas, heating, public transportation, and water and waste management...

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CHINA: Beijing Datang Power changes name to Datang International; Huaneng plans bonus share

HONG KONG (AFX-ASIA) – Beijing Datang Power Generation Co Ltd (991.HK) said it has changed its name to Datang International Power Generation Co Ltd. The company’s share certificates will be issued in the new name from April 28, it said in a statement. Separately, Huaneng Power (902.HK) said it plans to distribute five bonus shares...

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AUSTRALIA: Origin to buy ‘green’ electricity for all its business sites

Australia’s Origin Energy said it is goning beyond the National Green Power Accreditation Program’s requirements by deciding to purchase green electricity for all of its business sites. The company described it as “a move that will save over 40,000 tonnes of CO2 over four years or the equivalent of taking over 2,000 cars off the...

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SINGAPORE: China Aviation Oil says April-June quarterly procurement volumes up 127% year-on-year

Singapore-listed China Aviation Oil (CAO) said its latest total jet fuel procurement volume for the April-June 2004 quarter has grown 127% over year-ago levels to 277,400 metric tones. Together with previously announced tenders of 510,000 metric tonnes on March 9, CAO said its anticipated volume for the second quarter now stands at 630,000 metric tones...

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COMPANY: BP selling off its olefins division

BP said it is planning to consolidate the olefins and derivatives (O&D) division of its petrochemicals business into a stand-alone entity separate from the group. The new O&D business will incorporate more than half of the $13 billion of operating capital employed in BP’s petrochemicals portfolio, giving it the scale to be a major independent...

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CHINA: Jinzhou Petrochemical Q1 net profit surges on higher oil prices

BEIJING (AFX-ASIA) – Jinzhou Petrochemical Co Ltd (SZA 000763), a subsidiary of PetroChina Co Ltd (HK 0857; NYSE PTR), said its net profit for the first quarter of 2004 surged to 55.96 million yuan compared with 19.69 million yuan a year earlier on higher oil prices. (US$1=8.27 yuan). Sales revenue grew to 2.95 billion yuan...

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QATAR: QP to develop Dukhan oil fields

Qatar Petroleum (QP) will develop and modernise the offshore Dukhan oil fields, which currently produce 300,000 barrels/day of crude. QP’s Dukhan operations manager Ahmed Saif al-Sulaiti told Gulf Times the field comprises three crude oil reservoirs and one non-associated gas reservoir. They are Arab C (containing under-saturated oil), Arab D (oil and associated gas) and...

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SINGAPORE: Singapore Power to pay A$5.1 billion for Australian power company

Singapore Power Ltd (SP) said that it has entered into a sale and purchase agreement to purchase TXU Australia from TXU Corp of the US for A$5.1 billion (US$1=A$1.36). Victoria-based TXU Australia is one of the largest electricity and gas utilities in Australia. It owns and operates both electricity and gas distribution networks in Victoria...

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SINGAPORE: S&P puts Singapore Power on review with negative implications following move to buy Austr

Standard & Poor’s Ratings Services said it has placed its ‘AA+’ long-term corporate credit rating on Singapore Power Ltd on CreditWatch with negative implications. A CreditWatch listing with negative implications means that the ratings might be affirmed or lowered. Standard & Poor’s Ratings Services has also placed its ‘AA+’ long-term ratings on SP PowerAssets Ltd...

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KOREA: Seoul opts for direct power supply to industrial site in North; not to set up plant

SEOUL (AFX-ASIA) – The government has decided to supply electricity directly to an industrial site to be built in North Korea, rather than build a power plant there as demanded by the North, officials said. Both Koreas have agreed to build the site in Kaeseong, north of the inter-Korean military border, for South Korean businesses...

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CHINA: Hong Kong-listed Sinolink says not in asset acquistion talks with Wah Sang

HONG KONG (AFX-ASIA) – Sinolink Worldwide Holdings Ltd (1168.HK) said it is not in talks with Wah Sang Gas Holdings Ltd (8035.HK) over the possible acquisition of assets. However, it said its 64.24%-owned unit, Panva Gas Holdings Ltd (8132.HK), has been conducting studies on possible merger and acquisition opportunities for a gas-related business. “These studies...

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