MALAYSIA: Cabinet to receive study on impact of oil prices hike

A study on the impact of oil prices hike on Malaysia’s economy will soon be submitted to the Cabinet soon, said Minister in the Prime Minister’s Department Mustapa Mohamed. The minister, who is also the National Economic Action Council (NEAC) executive director, told Bernama news agency that the study is being conducted by NEAC, the...

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AUSTRALIA: Pipeline Trust completes purchase of Goldfields and Parmelia assets

Australian Pipeline Trust (APA) has completed the purchase of the 45% interest in SCP Investments (No. 1) Pty Limited, which owns 88.2% of the Goldfields Gas Transmission Pipeline, and the Parmelia gas business comprising pipeline, processing, storage facilities and a small gas retail business for A$206 million, including transaction costs, together with working capital adjustments....

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DUBAI: Roxar Software Solutions expands to meet needs of upstream operations in the Middle East and

Roxar, a leading technology solutions provider to the upstream oil and gas industry, said it is expanding its Middle East and Asia Pacific (MEAP) operations to service a growing client base throughout the two regions. The company said it sees tremendous growth opportunities for its reservoir management software portfolio, delivered through its Software Solutions Division...

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CHINA: PetroChina reports 17.3% rise in first half profit to RMB45.3 billion

PetroChina Company Limited (SEHK 0857; NYSE PTR) reported a net profit of RMB45.29 billion for the first half of 2004, up 17.3% from the same period last year. (US$1=RMB8.27). Turnover grew 21.4% to RMB179.55 billion. The company said the results were its best since listing in the late 1990s. Basic earnings per share were RMB0.26,...

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KOREA: Target for alternative energy to rise to 5% of energy mix

The Korean government wants alternative and renewable energy to account for 5% of the country’s total energy mix over the next seven years, the Commerce Ministry said. In a meeting of energy officials and experts, Commerce Minister Lee Hee-beom said the government will drastically expand the use of solar, fuel cell, wind and hydrogen power...

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MALAYSIA: Petronas to spend RM350million on new retail stations

Petronas Dagangan Bhd (PDB), a subsidiary of state oil and gas company Petronas, plans to invest RM350 million over the next six months on 60 to 70 new retail stations. (US$1=RM3.8). PDB managing director and CEO Ibrahim Marsidi said the expansion was needed to meet rising fuel consumption throughout the country brought on by the...

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MALAYSIA: Esso reports second quarter loss on oil price rise

Despite increased sales, downstream company Esso Malaysia Bhd reported a second quarter loss of RM11.48 million as a result of the recent steep rise in crude oil prices. This represented a sharp swing from a net profit of RM73.41million a year earlier. (US$1=RM3.8). Esso Malaysia, which operates a chain of fuel stations, said its marketing...

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KOREA: Korea Gas Corp opposes private firms’ efforts to import LNG

State-owned Korea Gas Corp is opposed to the involvement of private companies in the business of importing liquefied natural gas (LNG). Sensing a worldwide boom in the LNG business, Korean companies are prepared to invest in facilities to import the fuel, currently monopolised by Korea Gas Corp. (Kogas). Analysts told Korea Herald companies could save...

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AUSTRALIA: Fastwave Communications offers new pipeline monitoring technology

Australian satellite data communication specialist Fastwave Communications recently launched an integrated service aimed at the pipeline management industry. The new system, known as Fastview, offers monitoring and control of remote pipelines and associated infrastructure anywhere in the world in near real time using the new Iridium Short Burst Data (SBD) telemetry system. Fastview integrates advanced...

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CHINA: Russia to sign oil and gas agreements – Khristenko

Russia and China plan to sign co-operation agreements on gas and crude oil deliveries, Russian Minister of Industry and Energy Viktor Khristenko told RIA Novosti news agency in Beijing. He was commenting on the results of last week’s sixth session meeting of the Russia-China subcommission on energy co-operation. The two sides agreed to draft new...

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AUSTRALIA: BHP Billiton reports huge rise in profit, revenue for FY2003

Australian resources company BHP Billiton has announced a set of record-setting operational and financial results for the financial year to June 30. Attributable profit (after exceptional items) was up 77.7% to US$3.4 billion. Record production volumes were achieved at several of the company’s businesses as seven new projects came on stream and other projects ramped...

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AUSTRALIA: Scotland’s PSL Energy Services secures major Australian contract

Scotland’s oil and gas services specialist PSL Energy Services said it has secured its an important Australian pipeline contract. The Aberdeen company has been commissioned by Multiplex Saipem to carry out flooding, cleaning and gauging work on the US$2.5 billion Bayu-Darwin project in northern Australia. PSL’s successful submission involved using a specially designed pontoon, which...

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MALAYSIA: ExxonMobil awards contract for 2004 – 2006 offshore installation programme

ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI), a subsidiary of Exxon Mobil Corporation, recently awarded Crest Petroleum Bhd’s wholly-owned subsidiary, TL Offshore Sdn Bhd, a RM178 million contract for offshore installation services during 2004 through 2006. (US$1=RM3.8). The services to be provided include the installation of two satellite crude oil production platforms — Irong Barat...

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NEW ZEALAND: NZ Oil & Gas makes ‘world class’ oil find off Taranaki

New Zealand Oil and Gas said it and its partners have struck a ‘world class’ oil find at its Pateke-2 well about 40km off the Taranaki coast. Its rig had hit oil after about two weeks of intense drilling. “NZOG considers that it is likely that the field will rapidly proceed to development with a...

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SINGAPORE: China Petrotech reports 7.4-fold rise in 1-half net profit to RMB13.7 million

Singapore Exchange listed China Petrotech Holdings Limited, a leading provider of technical solutions for China’s oil and gas industry, said its net profit rose 6.4 times to RMB13.7 million for the six months ended June 30. (US$1=RMB8.27). The company said its net profit in the April-June quarter increased to RMB15.6 million from RMB131,000 last year...

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VIETNAM: Government could raise gasoline price

The Vietnamese government will allow gasoline prices to rise by 10% if world oil prices continue to rise, the Ministries of Trade and Finance told the Vietnam News Agency. The two ministries are watching global oil prices before making a final decision on a price hike. New York crude futures settled at US$43.18 on August...

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AUSTRALIA: ExxonMobil to upgrade Altona oil refinery

Putting to rest fears it might be exiting the refining business, ExxonMobil’s Australia unit will spend millions of dollars upgrading its Altona oil refinery to produce fuels of higher standards. According to the Herald Sun, the standards will bring Australian fuels up to cleaner European versions through reducing sulphur levels. Under Federal regulations, the industry...

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THAILAND: EGAT warns electricity rates may rise

Electricity tariffs will have to rise if power companies are to remain in business, warn the Electricity Generating Authority of Thailand (Egat) after releasing a report that predicted it would lose more than two billion baht in 2006 if electricity rates remain unchanged amid surging oil prices. In its Power Development Plan (PDP 2004) Ð...

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INDONESIA: Aggreko Power expands on Batam Island

Aggreko plc, a UK-based global leader in providing temporary power and temperature control services, said it has provided 22MW/20kV temporary power for Pelayan Listrik Nasional (PT PLN), a subsidiary of the Indonesian national utility company, PT PLN Persero, Indonesia’s Batam Island. Known as the industrial island of Indonesia, Batam is located 20 km southeast of...

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CHINA: Huaneng Power to proceed with plant expansion and upgrading worth more than RMB13 billion

China’s Huaneng Power International, Inc said it has obtained approvals from the State Council to expand and upgrade the power plants at Yingkou Phase II and Qinbei Phase II and approval for its feasibility study on Taicang Power Plant Phase II. Hongkong-listed Huaneng Power said it will build two 600 MW domestic supercritical coal-fired generating...

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CHINA: Domestic retail oil prices up for the first time in three months

China raised the domestic prices of refined oil products this week — its first in three months — in line with higher prices on the international market. The move was greeted with relief by domestic refineries who have been suffering losses because of rising crude oil costs, reported the China Daily. The National Development Reform...

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THAILAND: Plans for increased NGV use

Natural gas will play a greater role as a transportation fuel as part of the government’s efforts to reduce reliance on costly imported oil, said a Bangkok Post report. According to Energy Minister Prommin Lertsuridej, Prime Minister Thaksin Shinawatra has issued directives calling for the ministry to look at ways for the transport sector to...

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ABU DHABI: Al Jaber acquires majority stake in engineering specialist Global Process Systems

Abu Dhabi-based Al Jaber Group has bought a 70% equity interest in engineering and gas-to-liquids specialist Global Process Systems Inc. Group (GPS). The acquisition price was not disclosed. Al Jaber Group said it views the acquisition as synergistic, strengthening the market presence and business opportunities for both enterprises. The acquisition provides Al Jaber Group with...

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MALAYSIA: Government to keep electricity tariff unchanged

The government has not considered a tariff hike in electricity for Budget 2005 due to be unveiled on Sept 10, said Energy, Water and Communications Minister Lim Keng Yaik. “There is no pressure to increase electricity tariff. Crude oil can go up to US$45 (RM171) per barrel, but what has that got to do with...

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