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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COMPANY: Vopak reports 6.8% rise in first half operating profit

Dutch oil and chemical logistics specialist Royal Vopak said its first half operating profit rose 6.8% to 72.7 million Euro from year-ago levels. Its net earnings were up by 14 million Euro, of which 8.1 million Euro were from acquisitions. The company said its results in Asia and Latin America improved compared with 2003, despite...

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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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JAPAN: Industries likely to resist proposed emissions trading, carbon tax system

The Japanese government believes the introduction of an emissions trading system and a carbon tax would help reduce the country’s greenhouse gas emissions, but acknowledges that the proposal will likely meet resistance from industries. Under the 1997 Kyoto Protocol, Japan pledged to slash its its greenhouse gas emissions by 6% from 1990 levels by 2012,...

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MALAYSIA: Petronas signs MoU with Indonesia’s PT PLN to build LNG terminal

Malaysian state oil and gas company Petronas said it has signed a Memorandum of Understanding (MoU) with Indonesia’s PT Perusahaan Listrik Negara or PT PLN (Persero) to build a liquefied natural gas (LNG) re-gasification terminal in West Java. The terms of the MoU include plans for the two parties to undertake a joint study for...

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CHINA: China Oilfield Services Limited announces 2004 interim results

Hong Kong-listed China Oilfield Services Limited (COSL), the leading oilfield services provider in the offshore China market, has released its interim results for the six months ended June 30. It said that first half turnover increased by 25.1% to RMB 1,796.7 million. Turnover for its four business segments, drilling services, well services, marine support and...

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KOREA: Oil, reforms weigh heavily on economy

In the first half of the year, government officials predicted a robust economic rebound in the second half, according to the Korea Herald. To make sure, more than 20 stimulus packages were introduced. The report said that results so far include sinking consumer and business confidence indices and no signs of a long-awaited rise in...

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SINGAPORE: UK venture capitalist 3i invests US$15 million in Pearl Energy

3i, a leading international private equity and venture capital company, said it has completed a US$15 million growth capital investment in Singapore-based Pearl Energy Pte Ltd for an undisclosed minority equity stake. Pearl, set up in 2002 with financial backing from PT Austindo Nusantara Jaya, is an independent exploration and production business with a portfolio...

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AUSTRALIA: ChevronTexaco said to make “significant” natural gas discovery

US major ChevronTexaco Corp said it has made a “significant” natural gas discovery at its Wheatstone-1 well, located offshore 110 miles west-northwest of Dampier in Western Australia state. It said a production test on the well, in retention lease WA-17-R, established a flow rate of 54 million cubic feet per day, which was constrained by...

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COMPANIES: National Oilwell, Varco proceeding with merger

Two leading US service providers to the upstream industry, National-Oilwell, Inc and Varco International Inc, are making progress in their merger plans following the signing of a definitive merger agreement two weeks ago. The merger agreement, unanimously approved by each company’s board of directors, calls for Varco stockholders to receive 0.8363 shares of National Oilwell...

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MALAYSIA: Gas Malaysia targets RM1 billion revenue by end-2006

Gas Malaysia has advanced its target of earning RM1 billion revenue to end 2006 from its earlier aim of 2008, said CEO Muhamad Noor Hamid. (US$1=RM3.8). Speaking to reporters, he said the company secured business from industrial customers earlier than expected, enabling the company to realise its goal earlier. Revenues are now at 15% to...

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THAILAND: Analysts warn subsidised diesel policy ‘will backfire’

The Thai government’s policy of using subsidies to cap the price of diesel at Bt14.59 per litre until the end of the year will backfire and complicate economic management next year, analysts recently told The Nation newspaper. (US$1=41 baht). At Bt14.59 per litre, the price of diesel has been kept artificially low since January 10...

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CHINA: CNOOC Limited reports first half record profit and increases in oil production

China’s CNOOC Limited (NYSE: CEO; SEHK: 883) said its net profit for the six months ended June 30 increased by 11.2% to RMB7 billion (US$850 million) over the same period last year. Its oil and gas revenues rose 13% to RMB16 billion, helped by a 30.5% increase in natural gas production and a 12.7% increase...

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MALAYSIA: Petronas awards Foster Wheeler contract for lube base 0il plant

Bermuda-headquartered engineering firm Foster Wheeler Ltd said a subsidiary, Foster Wheeler Malaysia Sdn Bhd, and Malaysian company OGP Technical Services Sdn Bhd, have been awarded a project management consultancy (PMC) contract to build a lube base oil plant an oil refinery in Melaka state in Malaysia. The contract was awarded by Petronas Penapisan Melaka Sdn...

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LIBYA: Agip Oil Company awards Bouri East Area development project to France’s Technip

A subsidiary of Italy’s ENI has awarded a 50 million Euro contract to French engineering company Technip for the development of the Bouri East Area (EAD). The subsidiary, Agip Oil Company Ltd Libyan Branch, is equally owned by NOC and ENI. (US$1=.83 Euro). The Bouri field, located in block NC-41, lies 120 km offshore the...

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CHINA: CNOOC signs second deepwater exploration contract with Husky

Hongkong-listed CNOOC Limited (together with its subsidiaries, the “Company”, NYSE: CEO, SEHK: 883) today announced that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a contract with Husky Oil China Limited to explore in the deepwater block 29/26 in the Pearl River Mouth Basin in the South China Sea. Husky Oil is...

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BAHRAIN: Nation shuts down on major power failure

The small Gulf nation of Bahrain and its leading companies were left idled most of Monday as a result of a nationwide power cut from around 8.30 am till 3 pm. Bahrain National Gas Company (Banagas) General Manager Dr Shaikh Mohammed bin Khalifa Al Khalifa told the Gulf Daily News that his company was only...

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AUSTRALIA: Carnarvon sells off stake in Ausam Resources

Toronto, Canada-listed Ausam Energy Corporation has completed the acquisition of Australia-based Ausam Resources Limited, in which Australian upstream company Carnarvon has an investment worth around A$480,000. (US$1=A$1.4). The Toronto Stock Exchange Venture Exchange has given conditional approval to the acquisition. Carnarvon said it expects that once all documents have been filed and approved by the...

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PEOPLE: World LPG Association names James Rockall managing director

James Rockall has been appointed managing director of the World Liquefied Petroleum Gas Association, succeeding Emmanuel Chantelot, who had held the top job for seven years. In a statement, WLPGA said Mr Rockall has a strong energy and business development background having worked for nine years for Shell International in project management and business development...

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THAILAND: Government looking into measures to reduce oil use

Cars containing fewer than three passengers could be banned from some roads in inner Bangkok during rush hours as part of new energy-saving measures in response to high oil prices, reported the Bangkok Post quoting Energy Minister Prommin Lertsuridej. According to the newspaper, the minister said the government would designate special lanes on key roads...

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KUWAIT: Oil income to reach new high

An increased Opec oil production quota and continued production rates and prices will see Kuwait recording its highest oil revenues in years, said the official Kuwait News Agency (KUNA). It reported recetly that Kuwait had raised crude output to 2.3 million barrels/day (b/d) in June compared with 1.88 million before Opec announced its decision to...

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AUSTRALIA: Santos share price down 7.8% on reduced earnings

The share price of Australian upstream company Santos fell nearly 7.8% to A$6.63 yesterday after it reported a 36.2% plunge in first half net earnings brought on by a fire at its Moomba gas plant on January 1. Adelaide-based Santos’ net profit fell to A$86.5 million that included A$14 million in one-off restructuring costs. (US$1=A$1.4)....

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THAILAND: PTT said first half net income up 48% to 26 billion baht

Thailand’s PTT Plc said its net income jumped by 47.8% to 26.36 billion baht in the first half of the year, boosted by higher sales and rising oil prices. Revenues were up 18%, said President Prasert Bunsumpun. (US$1=41 baht). For the April to June quarter, PTT made a net profit of 14.08 billion baht, or...

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TANKERS: Anglo-Eastern doubles managed LNG fleet size

Shipping company Anglo-Eastern said it has won a tender from Nigeria’s Bonny Gas Transport Limited to provide technical management services for two of its recently ordered LNG newbuildings. This brings the total number of LNG vessels managed by Anglo-Eastern, on behalf of Bonny Gas Limited, to four. Peter Cremers, CEO of the Anglo-Eastern Group, said...

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MALAYSIA: Gas Malaysia said operations not affected by transfer of Petronas stake

Gas Malaysia Sdn Bhd has said the transfer of state Petronas’s 20% stake in the company to subsidiary Petronas Gas Bhd will not affect its operations. The other shareholders of Gas Malaysia are MMC-Shahpadu (Holdings) Sdn Bhd (55%) and Tokyo Gas-Mitsui and Co Holdings Sdn Bhd (25%). Outgoing Gas Malaysia chairman Ahmad Tajuddin Ali told...

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