VIETNAM: PetroVietnam to undergo revamp

Corruption-tainted PetroVietnam will soon undergo a management and boardroom revamp, according to local news reports.   The management board of the state-owned oil and gas giant will in future have a minister as its chairman and deputy ministers of related ministries as its members, the reports said.   The restructuring, led by Vietnam’s Ministry of...

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TAIWAN: CPC calls on Taipei for aid to develop new petrochemical park

Taiwan’s Chinese Petroleum Corp (CPC) is calling on the government to help finance a planned new petrochemicals park in central Yunlin county.   According to China News Agency CPC has gained strong support from domestic industry for the planned complex.   CPC general manager Chen Pao-lian issued the call for government support earlier in December...

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DUBAI: ENOC orders 4 tankers from local ship-builder

Emirates National Oil Company (ENOC) has commissioned Dubai Drydocks to build four 6,200-dwt tankers for its 100%-owned subsidiary Dubai Shipping Company LLC (DSC). According to the Khaleej Times, the contract is worth a total of US$40 million.   This is the first time the ENOC has ordered new-build vessels from a local shipbuilder, and they...

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MARKETS: Asian product prices for December 28

Openspec naphtha tonne C+F Japan – US$385.75 (-US$12.00 from Dec 27 closing) 95 ron unleaded gasoline barrel FOB Singapore – 41.95 (-1.30) Jet kerosene barrel FOB Singapore Р48.50 (-2.00) Gasoil barrel FOB Singapore Р46.75 (-1.70) LSWR barrel FOB Indonesia – 20.88 (-1.12) HSFO 180cst tonne FOB Singapore Ð 173.93 (-0.07) HSFO 380cst tonne FOB Singapore – 152.50 (-1.25)...

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INDONESIA: Petrosea lands 12-month coal mining contract worth US$11 million

Indonesia-listed company PT Petrosea Tbk said it has negotiated and signed a 12-month contract to mine both coal and overburden for PT Bukit Baiduri Energi at their coal concession area adjacent to Samarinda in east Kalimantan. The contract is worth US$11 million, the company said in a press release.   Petrosea has had a long history...

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VIETNAM: PetroVietnam and Japanese companies in joint oil project

Vietnam’s Ministry of Planning and Investment has cleared an alliance between state PetroVietnam and three Japanese contractors for joint oil and gas exploitation in the Southeast Asian country’s continental shelf.   The contractors Ð Idemitsu Oil & Gas, Teikoku Oil, and Nippon Oil Exploration Ðwill help in the exploration, appraisal, exploitation and development of the...

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MALAYSIA: Malaysian Merchant Marine says to launch Iraqi oil joint venture

Malaysian Merchant Marine Bhd (MMM) said its joint venture with an Iraqi company to trade bunker fuel and transport crude oil will start up in about two months, Malaysia’s Star newspaper reported company managing director and CEO Shahrazi Sha’ari as saying.   “We are looking at the first quarter next year, possibly after the election...

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JAPAN: Higher oil price caused 28% hike in value of imports

A surge in crude oil prices caused the value of Japanese imports in November to jump to a record 4.55 trillion yen (US$44 billion), up 28% year on year, the Finance Ministry said.   Exports rose 13.4% to 5.16 trillion yen on healthy sales of cars and steel. But the sharp rise in imports meant...

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CHINA: Korea’s KNOC, Samsung to jointly develop energy projects

State-run Korea National Oil Corporation (KNOC) and Samsung Corporation will jointly invest in oil and gas field projects in China, the Korea Times reported.   KNOC will start commercial production in an oilfield in Ningxia province, situated on the northwest Loess Highland from April, it said. KNOC and Samsung have jointly developed the oilfield with...

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CHINA: ADB loan to harness coal mine and coal bed methane for power plant and distribution

The Asian Development Bank (ADB) will provide a $117.4 million loan to help China build a power plant in Shanxi province using both methane and coal as fuel.   The power that is generated will be used for residential, commercial, and industrial purposes in the Jincheng area of the southern province, a release from the...

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CHINA: BASF support for independent engine-testing lab in Beijing

The Chinese Reseach Academy for Environmental Science (CRAES) is building Beijing’s first independent engine-testing laboratory, with the technical and financial support of German transnational chemical company BASF.   A press release from BASF said the engine stand for the laboratory would come from Schenck Pegasus GmbH. The delivery contract for the stand was signed in...

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TAIWAN: New building norms to promote green architecture

From January 1, Taiwan will introduce new standards in the administration of its Building Law to promote energy efficiency, forestation, protection of groundwater and the ability of land to absorb rain water, the China Economic News reported.   The new provisions are part of an amendment to the law that which the government promulgated in...

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JAPAN: Emission trading gains steam

Major Japanese trading companies are brokering the emission quotas of other countries as they prepare for the effecting of the Kyoto Protocol, an international accord to reduce emissions of carbon dioxide and other greenhouse gases, in February.   As a signatory to the protocol, Japan has committed to reducing its own emission rates by an...

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THAILAND: PTT’s move for Iranian LNG role hits snag

Plans by Thailand’s energy major PTT to land a role in a US$1.7 billion joint-venture liquefied natural gas (LNG) project in Iran have run into problems.   Citing Songpope Polachan, director of the Policy and Strategy Co-ordination Office at Thailand’s Energy Ministry, the Bangkok Post said a preliminary agreement to study a joint investment deal...

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SRI LANKA: India’s NTPC bidding for coal power project

National Thermal Power Corporation (NTPC), India’s largest utility firm, has submitted a bid to build a 300 MW coal power plant in Sri Lanka, according to the Lanka Business Online.   Under current proposals NTPC will partner with Ceylon Electricity Board (CEB) and India’s Bharat Heavy Electricals to develop the US$150 million project.   Financing...

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RUSSIA: Sakhalin Energy saw 13% production boost in 2004

Sakhalin Energy, which runs the Sakhalin-2 project, has raised its oil production in 2004 by 13% to 11.69 million barrels, up from 10.34 million barrels in 2003, according to Russian Oil and Gas Report.   Sakhalin Energy is producing oil at the Vityaz complex, which consists of the Molikpaq platform, a single-anchor berth and the...

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RUSSIA: Russia set to supply 10m tonne of oil to China in 2005

Russian oil firms, including troubled oil major Yukos, will supply some 10 million tonne of oil to China in 2005 but supplies could go up to 30 million tonne/year by 2007-2008 depending on improvements to railway infrastructures between the two countries.   For January alone Yukos will supply 280,000 tonne to China while Lukoil will...

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SOUTH ASIA: Refineries, oil production not affected by massive earthquake

The massive earthquake and tsunamis that hit South and Southeast Asia Sunday (December 26) killing more than 23,000 people does not appear to have affected the region’s hydrocarbon production and refining infrastructure.   Oil refineries in South India and oil and gas production in Thailand and Indonesia escaped the impact of the earthquake, one of...

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COMPANY: Indian Oil Corp sets IBP merger swap ratio, pays dividend

Indian Oil Corporation’s (IOC) board has set the IBP merger ratio at 1.25:1, and the board also decided to pay out a 45% interim dividend. With the merger ratio IBP shareholders will get 125 IOC shares for each 100 IBP shares, India’s Business Standard reported.   Institutional shareholders were expecting between 135 and 150 IOC...

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INDIA: ADB to co-finance US$688m Gujarat clean-power project

Asian Development Bank (ADB) will help meet growing demand for clean energy in India’s Gujarat and neighbouring states through an equity and loan package totalling up to Rs3,375 million (US$1=Rs45).   The project involves the construction and operation of a 1,095-megawatt gas-fired combined-cycle power plant in Surat District in Gujarat. The project is being implemented...

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MARKETS: Asian product prices for December 27

Openspec naphtha tonne C+F Japan – US$397.75 (-US$5.00 from Dec 23 closing) 95 ron unleaded gasoline barrel FOB Singapore – 43.25 (-0.75) Jet kerosene barrel FOB Singapore Ð 50.50 (-1.47) Gasoil barrel FOB Singapore Р48.40 (-1.70) LSWR barrel FOB Indonesia – 22.00 (-0.42) HSFO 180cst tonne FOB Singapore Ð 174.00 (-2.81) HSFO 380cst tonne FOB Singapore – 153.75 (-3.14)...

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INDIA: Indian Oil eyes stake in Nigerian refineries

Indian Oil Corporation (IOC) is interested to buy into three refineries in Nigeria while offering its expertise in providing maintenance and turnaround services to refineries in African and West Asian countries.   “IOC has submitted Expression of Interest for acquiring a 51% stake in the Nigerian-government-owned Port Harcourt, Warri and Kuduna refineries,” an unnamed official...

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EAST ASIA: ADB forecasts highest growth since 1997 crisis, despite high oil prices

East Asia is likely to register this year its best GDP growth since the 1997 financial crisis, reaching up to 7.6%, despite high oil prices and some loss of growth momentum, according to a report by Asian Development Bank (ADB). The report was released before December 26’s devastating earthquake and tsunamis that killed more than...

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RUSSIA: Sakhalin oil production season complete at the Vityaz Complex

Sakhalin Energy Investment Company Ltd has announced that the Vityaz Complex off Sakhalin Island in the Russian Far Eats has successfully completed its Sixth Production Season. The cumulative oil production for the 2004 season was 11.69 million barrels.   The 2004 production season closed on December 11 when the Okha floating storage and offloading unit...

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PHILIPPINES: DOE approves South Sea Petroleum application to search for oil

The Philippines’ Department of Energy (DOE) has approved South Sea Petroleum Holdings Ltd’s application to explore for oil and gas in the Agusan-Davao basin in Davao province. South Sea Petroleum applied for Service Contract (SC) 45, one of the first contracts to be signed by the DOE after the Supreme Court ruled the Philippine Mining...

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