COMPANY: Royal Dutch / Shell proposes one company, one board and one CEO

Bowing to shareholder pressure, the Shell group has agreed to the idea of unifying the Royal Dutch and Shell Group of Companies under a single parent company, Royal Dutch Shell plc. In a statement, the two boards have unanimously agreed to undertake “real reforms” in management and governance structure. The unification will result in one...

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AUSTRALIA: Two views on the impact of high oil prices

Australia’s Prime Minister and Reserve Bank have given slightly different views on the impact of high oil prices on the country’s economy.   Prime Minister John Howard, recently elected to a fourth term, said the nation’s economic growth could slow if the price of oil continued to climb to record high levels. “If it goes...

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AUSTRALIA: Esso’s oil output in Bass Strait threatened by workers strike

Esso’s oil production in Australia’s Bass Straits could be affected if offshore rig workers proceed to a 100-day strike over against roster changes.   According to the ABC new, the Construction, Forestry, Mining and Energy Union has told the Industrial Relations Commission more than 50 workers will go on strike from today.   Workers are...

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JAPAN: Tokyo unhappy with Beijing’s alleged poor disclosure over gas projects

Japan has criticised China for allegedly not providing new information on its gas exploration projects in disputed parts of the East China Sea at their high-level talks in Beijing this week.   Foreign Minister Nobutaka Machimura and trade minister Shoichi Nakagawa hinted further discussions could be broken off unless China was open with its information....

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PHILIPPINES: Shell opens ‘biggest’ service station in Asia

Pilipinas Shell Petroleum Corp, a unit of the Royal Shell Group, has opened for business what it claims is the company’s largest retail fuels station in Asia. According to BusinessWorld newspaper, the Shell Tollway Plaza station sits on a 30,000 square metre site in Binan, Laguna, and can accommodate 180 vehicles.   In addition to...

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SINGAPORE: BP says to expand Singapore office’s regional role

BP said it will be expanding its office space in Singapore by about 30% when it relocates from BP Tower at Alexandra Road to the new Keppel Bay Tower at Harbour Front Avenue in mid-2005. The company said it has signed an agreement with the Keppel Group for BP to lease 65,000 square feet of...

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CHINA: CNOOC Limited said its 3rdQ offshore production rose by 22.7%

China’s CNOOC Limited said its domestic offshore production for the third quarter grew 22.7% year-on-year to 33.4 million barrels of oil equivalent (mmboe). Crude oil and liquids production was 28.6 million barrels (mmbbl) while natural gas output was 27.6 billion cubic feet (bcf).   It reported a 67% increase in crude oil and liquids production...

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Shell JV makes another oil discovery off the coast of Sabah state

Shell Malaysia said its joint venture with Malaysia’s Petronas Carigali and US independent Conoco Phillips recently made another important oil discovery in waters off the coast of Malaysia’s Sabah state. Petronas Carigali is the upstream unit of Malaysia’s state-owned oil and gas company, Petronas.   The discovery in the Malikai-1 exploration well is located in...

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INDONESIA: Rising fuel prices put pressure on power tariffs

Indonesia’s power tariffs may have to rise on higher fuel prices, said state utility PT Perusahaan Listrik Negara (PLN) president director Eddie Widiono. Fuel oil is used to generate about 60% of the country’s electricity.   “If the price of fuel oil goes up, PLN needs to raise the power tariff so as not to...

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MARKETS: Asian product prices tumbled on bearish market fundamentals

Asian Product Prices for October 28   Openspec Naphtha tonne C+F Japan РUS$460.00 (-US$15.00 from Oct 27 closing) Jet kerosene barrel FOB Singapore Ð US$61.25 (-1.70) Gasoil barrel FOB Singapore РUS$57.30 (-1.90) LSWR barrel FOB Indonesia Ð US$40.00 (-1.70) HSFO 180cst tonne FOB Singapore Ð US$214.50 (-8.25) HSFO 380cst tonne FOB Singapore РUS$202.50 (-7.25)...

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PEOPLE: Malaysia’s Scomi announced new appointments

Malaysian oil and gas company Scomi Group Bhd has announced several key management appointments following its acquisition of Singapore-based Oiltools International Ltd in July.   Ridzuan Ali has been named its senior vice president and country manager overseeing the group’s oil and gas business operations in Malaysia, which include drilling fluids, drilling waste management, industrial...

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HONG KONG: Oil companies could be probed for possible price fixing

Hongkong’s oil companies received a dose of good and bad news last week. At the same time that they received news of an extension on tax concessions on ultra low sulphur fuels to December 2005, they were also told the government would launch an investigation into anti-competitive price fixing.   “The prices oil companies are...

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JAPAN: Economic assistance to Iraq may include building a power plant

Japan could be sending a team to Iraq’s Al-Muthanna province to examine the feasibility of building a power plant there, the Japan Times reported.   If realised, the proposal will widen the scope of Japanese involvement. Japan has deployed some 600 ground self-defence force troops to the provincial capital of Samawah to help provide clean...

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INDIA: IOC to set up a Rs 61 billion LNG terminal in southern state

Indian Oil Corp is planning to invest Rs 61 billion in a new liquefied natural gas (LNG) terminal at Ennore port in Tamil Nadu state. According to the Press Trust of India, IOC has already called for an international tender to source LNG.   The terminal will supply the fuel needs of subsidiary Chennai Petroleum...

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INDIA: Largest power trader to use TriplePoint’s Power XL

PTC India Limited , formerly known as Power Trading Corporation of India, India’s first and largest power trading company, has signed an agreement to use Triple Point Power XL’s commodity trading software product to manage its physical scheduling and settlement operations in the deregulating India electricity market.   Triple Point Technology was awarded the PTC...

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AUSTRALIA: 0rigin Energy’s takeover offer for Contact Energy closes

Australia’s Origin Energy said its offer to buy out all fully paid ordinary shares of New Zealand’s Contact Energy Limited for NZ$5.57 per share closed on October 26. Origin made the buy-out offer on September 24 under the NZ Takeovers Code. (US$1=NZ1.5).   Origin said that in addition to the shares acquired from Edison Mission...

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RUSSIA: Booming oil exports spare the world another oil crisis, says Intertanko

Without Russian oil exports, oil shortages would be far more acute than they are at present, said the Intertanko, the International Association of Independent Tanker Owners.   In its monthly report, Intertanko focused on Russia’s increased market share of oil exports in recent years with the knock on effect of adding to the demand for...

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COMPANY: Tanker Pacific teams up with EnerSea

Mercuria Holdings Limited, a principal of the Tanker Pacific Group, has bought an equity stake in Houston-based EnerSea Transport LLC, positioning Tanker Pacific as a strategic partner in the development of EnerSea’s natural gas transportation and storage projects.   Tanker Pacific will assist EnerSea in the development of its compressed natural gas (CNG) marine transport...

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INDIA: IBP loses Rs 608.9 million in third quarter

IBP, a subsidiary of Indian Oil Corp, blamed selling fuels at below market prices for its Rs 608.9 million net loss in the July to September quarter, reported the Press Trust of India. (US$1 = Rs 46) This was a sharp turnaround from the net profit of Rs 503.4 million reported for the same period...

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MARKETS: Asian product prices moved higher in line with overnight gains

Asian product prices for October 27   Openspec Naphtha tonne C+F Japan – 475.00 (+3.60 from Oct 26 closing) Jet kerosene barrel FOB Singapore – 62.95 (+0.55) Gasoil barrel FOB Singapore – 59.20 (+0.30) LSWR barrel FOB Indonesia – 41.70 (+0.55) HSFO 180cst tonne FOB Singapore – 222.75 (+3.00) HSFO 380cst tonne FOB Singapore – 209.75 (+1.00)...

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MARKETS: ESAI says US heating oil outlook remains bullish

As the US approaches the winter heating season, heating oil prices are currently much higher than in previous years.   In the latest edition of its Atlantic Basin Stockwatch, US-based energy consultants ESAI said it expects heating oil prices relative to crude to remain supported through the winter.   “Several factors are contributing to distillate’s...

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ABU DHABI: ExxonMobil oil output reached 110,000 b/d in 2003

US energy giant ExxonMobil said its crude oil output in Abu Dhabi reached 110,000 barrels per day (b/d) last year, the highest level since the company secured an onshore concession there 40 years ago, reported the English-language daily Gulf News.   The company owns a 9.5% stake in the Abu Dhabi Company for Onshore Oil...

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VIETNAM: Government unveils new power strategy plan till 2020

Vietnam’s Prime Minister Phan Van Khai recently unveiled the country’s electricity development strategy through to 2020.   According to the Vietnam News Agency, the power sector would need to generate 53 billion kW by 2005, between 88 billion kW and 93 billion kW by 2010, and between 201 billion kW and 250 billion kW by...

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CHINA: GE Energy to supply equipment for two new hydro plants

GE Energy said it has received contracts totalling more than US$38 million to supply equipment and services for two new hydroelectric plants in China.   In the first project, GE has a contract of nearly US$35 million to provide four turbine-generator sets for the new Xi Xia Yuan hydroelectric facility on the Yellow River in...

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AUSTRALIA: Origin starts approvals and consultation processes for potential A$1 billion gas power st

Australia’s electricity retailer Origin Energy said it has started seeking development approval for a possible A$1 billion high-efficiency gas fired power station near Mortlake in western Victoria. A similar process is also being undertaken in southeast Queensland. US$1=A$1.3.   In announcing the decision to seek approvals, Origin Energy’s managing director Grant King said: “Over the...

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