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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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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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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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: 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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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: 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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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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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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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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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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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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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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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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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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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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AUSTRALIA: BHP Billiton updates 1Q report on exploration and development activities

Australia’s resources company BHP Billiton has given an update of its upstream activities for the first quarter. In February, it completed capital allocation for its Atlantis oil and gas project in the Gulf of Mexico, the US. Its share of total project expenditure is US$1.1 billion. The facility is designed to produce at a daily...

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CHINA: China Construction Bank boasts sound quality in power sector loans

BEIJING (AFX-ASIA) – State-owned China Construction Bank (CCB) said more than 10% of its outstanding loans as at end-2003 were to the power sector, lending to which has grown at a double-digit rate since 1998. In a statement, CCB said its loans to the power sector have “the best asset quality and lowest risks” of...

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CHINA: CNOOC confirms oil finds in Bohai Bay

China’s CNOOC Limited (CNOOC Ltd: NYSE CEO, SEHK 883) said it has confirmed oil finds in two appraisal wells, BZ 34-1-6 and BZ 34-1-7, in the Bohai Bay area. It said the wells were drilled successfully on the BZ 34-1 structure. “Both BZ34-1-6 and BZ 34-1-7 are located in 21 metres of water depth, Southern...

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THAILAND: Energy utility EGAT halts privatisation plan – union leader

BANGKOK (AFX-ASIA) – The board of Electricity Generating Authority of Thailand (EGAT), the country’s largest energy utility, has decided to halt the company’s privatisation plan, union leader Sirichai Mai-ngarm said. He said the new chairman of EGAT’s board, Chai-anan Samudavanija, signed a pact last week with him to halt the privatisation of the state enterprise....

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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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