VIETNAM: Fund launched project to help companies reduce energy costs

 The Global Environment Fund GEF) has launched a US$29 million project to help 500 small and medium-sized enterprises reduce their energy costs.   Vietnam News Agency reported that the project is aimed at helping manufacturers of construction materials, ceramics, paper and woven crafts, and food processors improve their energy efficiency.   The GEF expects to...

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THAILAND: Ratchaburi Electricity plans 2 billion baht capacity investment in 2005

Ratchaburi Electricity Generating Holding Plc, Thailand’s largest listed utilities company, said that it plans to invest two billion baht next year to expand its business, mostly for increasing power generating capacity. (US$1=40 baht).   Ratchachaburi, majority owned by the state-owned Electricity Generating Authority of Thailand (EGAT), told Business Day that it was also looking at...

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THAILAND: PTT teams up with Total to launch marine lubricants

Thai state oil company and France’s Total have teamed up to launch a new brand of marine lubricants for the Thai and eventuall international markets.   The two companies recently signed an agreement to jointly develop ‘PTT Lubmarine’. Senior executive vice president Apisit Rujikeatkamjorn signed on behalf of PTT while Jerome Pare, chairman of Total...

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TAIWAN: Yulon Group’s unit awarded sales agency for LG auto lubricant

Sinqual Technology Co., a subsidiary of Yulon Group, Taiwan’s largest automobile conglomerate, has won local sales agent right for LG automobile lubricant products imported from South Korea.   According to the CENS newsagency, Sinqual said it would first supply LG lubricant products to 300 repair and maintenance outlets operated by Yulon Motor Co. in partnership...

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MARKETS: Asian product prices for November 29

Openspec Naphtha tonne C+F Japan – US$464.80 (+US$2.80 from Nov 26 closing) 95 ron unl FOB Singapore Ð 52.55 (-0.25) Jet kerosene barrel FOB Singapore – 56.80 (-0.20) Gasoil barrel FOB Singapore Р55.70 (-0.55) LSWR barrel FOB Indonesia Р29.65 (-0.95) HSFO 180cst tonne FOB Singapore Р200.00 (-3.75) HSFO 380cst tonne FOB Singapore Р185.00 (-3.50)...

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MALAYSIA: Petra Perdana says subsidiary to acquire vessel

Malaysia’s Petra Perdana Berhad (PPB) said its wholly-owned subsidiary Intra-Oil Services Berhad recently signed a Memorandum of Agreement to acquire a vessel from Norway’s International Offshore Services ANS for US$6.25 million in cash.   The 1983-built MV Lady Elaine is an anchor handling supply tug vessel, and will boost Petra’s core businesses in providing engineering,...

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INDIA:IOC to expand proposed Paradip oil refinery

Indian Oil Corp (IOC) said it will expand the capacity of its proposed oil refinery project in Paradip, Orissa to 15 million tonne from 9 million tonnes.   According to the Financial Express, the IOC board has decided “in principle” to build a bigger refinery and a new petrochemical complex at a cost of Rs...

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INDIA: Varun Shipping expands LPG fleet

India’s Mumbai-based Varun Shipping Company Ltd has bought its seventh LPG vessel, expanding its fleet strength to 13. The ‘Maharshi Labhatreya’ has a cargo carrying capacity of 43,670 cubic metres, and has been chartered by its previous owner, KS AS Hektorgas of Norway, Varun Shipping told the Bombay Stock Exchange.   Varun said it paid...

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CHINA: Shell, Shenhua Group studying coal-to-liquid fuel venture

Royal Dutch Shell and Shenhua Group, China’s largest coal producer, are looking into the possibility of investing in coal-to-liquid (CTL) projects in the country through a technology agreement. The two sides have signed a memorandum of understanding to work on the production of liquid fuel from coal.   “We are beginning to study the economics...

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EMISSIONS: Groups say new US EPA rule loopholes violate Clean Air Act

A lawsuit filed recently charges that the Bush administration’s finalised rule regulating toxic air emissions for industrial boilers violates the US Clean Air Act, and fails to protect the public from hazardous pollutants.   The suit was filed by Earthjustice on behalf of the Environmental Integrity Project (EIP), Sierra Club and Natural Resources Defence Counsel (NRDC)....

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THAILAND: PTTEP to invest 2.8 billion baht to boost oil and gas output at Sirikit field

Thai upstream company PTT Exploration and Production Plc (PTTEP) said it plans to invest 2.8 billion baht to increase petroleum output at its Sirikit oilfield, an onshore petroleum block in Kamphaeng Phet, to take advantage of high oil prices, according to a Bangkok Post report. (US$1=40 baht.   The newspaper quoted President Maroot Marigadat saying...

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SINGAPORE: Political infighting stops China Aviation Oil’s purchase of Singapore Petroleum Company

Political infighting appears to have halted for now China Aviation Oil Singapore Corp’s (CAO) proposed purchase of a 20.6% stake in Singapore Petroleum Company for S$362.2 million. (US$1=S$1.64).   In a bizarre development, CAO’s plan was shot down by its parent company, China Aviation Oil Holding Company (CAOHC), which teamed up with dissenters to vote...

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MARKETS: Asian product prices for November 26

Openspec Naphtha tonne C+F Japan – US$462.00 (-US$2.00 from Nov 25 closing) 95 ron unl FOB Singapore Ð 52.80 (-0.50) Jet kerosene barrel FOB Singapore – 57.00 (-0.50) Gasoil barrel FOB Singapore Р56.25 (-0.20) LSWR barrel FOB Indonesia – 30.60 (-0.70) 30.60 HSFO 180cst tonne FOB Singapore Р203.75 (+0.25) HSFO 380cst tonne FOB Singapore Р188.50 (+0.75)...

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MARKETS: ESAI says heating oil prices to stay volatile this winter

Since peaking at $66/barrel in late October, New York Harbour wholesale heating oil prices have dropped closer to $57. While prices may continue to weaken in line with lower crude oil prices, US energy consultants ESAI said it believes tight US distillate inventories could still lead to increased price volatility this winter.   “Distillate imports,...

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INDONESIA: Three banks provide US$200 million short-term financing facility for oil imports

 Indonesia’s state oil and gas company, Pertamina, recently signed an agreement with three banks for a US$200 million short-term facility to help pay for imported oil over the next few months.   According to Antara news agency, the facility provided by Standard Chartered Bank, Bank Central Asia and Citibank will help ensure Indonesia will not...

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INDONESIA: World Bank says fuel subsidy has not helped poor

The World Bank said the Indonesian government should cut fuel subsidies as they have not helped the poor. Instead, the subsidies have encouraged the growth of smuggling from Indonesia to overseas markets.   World Bank senior economist for Indonesia Jehan Arulpragasam recently told the Jakarta Post that the rationale behind the subsidies was questionable as,...

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INDIA: Interest to develop Iranian oilfield

India could be importing five million tonnes of liquefied natural gas (LNG) from Iran in exchange for the right of Indian companies to develop an Iranian oilfield.   The Peninsula Qatar reported that Indian companies could be offered the right to develop a part of Yadavaran or northern Azadegan oilfields or the entire Zafil oilfield....

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ENERGY JOBS: BP, Societe Generale, Nexen Marketing, Intertek

The following jobs were advertised in the past week: BP: Regional manager for real estate BP has a vacancy in Singapore for a regional manager to look after its real estate needs in the Asian region. Minimum 10 years of relevant experience in the real estate industry with working knowledge of real estate and management...

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ASIA: Japan, Korea, China interested in Canada’s oil sands

Calgary-based Canadian Natural Resources Ltd has held discussions with companies from China, Japan and Korea in the past six months about exporting crude from its new oilsands plant to Asia, according to Canada’s National Post newspaper.   Canadian Natural is about to start construction of a three-phase oilsands venture in northern Alberta, called Horizon, that...

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SINGAPORE: Keppel AmFELS strengthens presence in the Gulf of Mexico

AMFELS, Inc. has been renamed Keppel AmFELS, Inc. leveraging the brand names of Singapore’s Keppel and AMFELS in their vision to strengthen their presence in the Gulf of Mexico.   The renaming ceremony took place recently at the Keppel yard in Brownsville, Texas, with guest-of-honour Congressman Solomon P. Ortiz unveiling AMFELS’s new corporate identity. Other...

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SRI LANKA: Malaysia’s Petronas agrees to request for payment deferment

Malaysia’s state oil company Petronas has agreed to the Sri Lankan government’s request to defer payment for its crude oil imports for up to six months. Colombo is faced with a liquidity crisis as its foreign exchange reserves are running low while its currency has been weakening against the US dollar.   Malaysia supplies a...

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RUSSIA: Oil output growth may be close to limit

A local industry expert said that Russia’s oil output growth is close to its limit despite figures showing a 9.4% rise in output in the first 10 months this year, the Interfax news agency reported.   Yuri Shafranik, head of Russia’s Oil and Gas Industrialists’ Union and a former energy minister, told a news conference...

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NEW ZEALAND: Study says gas is a “viable option”

A joint study by Contact Energy Ltd and Genesis Energy said that liquefied natural gas (LNG) is a viable fuel option for New Zealand that can provide added security of electricity supply.   Contact chief executive Steve Barrett and Genesis Energy chief executive Murray Jackson said it was vital that New Zealand had more certainty...

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MARKETS: Asian product prices for November 25

Openspec Naphtha tonne C+F Japan – US$464.00 (-US$1.00 from Nov 24 closing) 95 ron unl FOB Singapore – 53.30 (+0.25) Jet kerosene barrel FOB Singapore – 57.50 (+0.10) Gasoil barrel FOB Singapore Р56.45 (-0.05) LSWR barrel FOB Indonesia – 31.30 (-0.20) HSFO 180cst tonne FOB Singapore Р203.50 (3.70) HSFO 380cst tonne FOB Singapore Р187.75 (+3.15)...

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MARKETS: ESAI sees lower crude prices on slowing demand, increased production

WTI crude prices have finally begun their descent from the record peaks seen in October, and amid heated predictions that crude was destined for $60 per barrel, prices actually fell to $46.50.   In the latest edition of its Global Crude Oil Outlook, US-based consultants ESAI said that while prices have ticked up recently because...

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