Nanning, the capital of Guangxi Zhuang Autonomous Region, has announced plans to invest more than RMB1 billion in a scheme to replace the use of LPG by LNG by 2020, according to Xinhua News Agency. Citing a long-term energy plan by the city government, Xinhua said Nanning will source the LNG by imports as well...
Canada’s Talisman Energy Inc has announced a record C$3.1 billion exploration and development program for 2005, representing an increase of approximately 15% over 2004. North America and the North Sea account for 80% of expected spending. The budget includes $1.5 billion for drilling as the company continues to add significant new production volumes through the...
Finland’s W’rtsil’ said it has been contracted to convert an oil-fired power plant in Lahore, Pakistan, to use both liquid fuel and natural gas. The customer is Century Power Generation Ltd., a subsidiary of Century Paper & Board Mills Ltd supplying power to the large paper and board mill in Lahore owned by this company....
Openspec naphtha tonne C+F Japan – US$ 425.15 (+US$8.15 from Jan 25 closing) 95 ron unleaded gasoline barrel FOB Singapore – 52.40 (+2.40) Jet kerosene barrel FOB Singapore – 54.69 (+1.09) Gasoil barrel FOB Singapore – 53.35 (+1.20) LSWR barrel FOB Indonesia – 30.80(+0.60) HSFO 180cst tonne FOB Singapore – 197.50 (+1.70) HSFO 380cst tonne FOB Singapore – 186.70 (+1.28)...
Law firm Latham & Watkins LLP said it represented the lenders, led by The Korea Development Bank, in connection with the financing of a 1,074 MW gas-fired combined cycle plant in Kwangyang, Korea. The financing comprised a KRW440.5 billion term loan tranche and an annually renewable US$20 million standby letter of credit facility. The Kwangyang...
US-based Far East Energy Corporation said independent director John Mihm has been elected to an expanded role as chairman the board while Tim Whyte, formerly of Goldman Sachs, has been elected to the board as a new director. Mr Mihm joined the board last June as an independent director and chairs the board’s compensation committee....
When Yukos’ major production unit Yuganskneftegaz was auctioned off for US$9.1 billion as back tax payment last December, Russian President Vladimir Putin made a series of statements indicating that the remains of the company might become a foundation for the future development of Russian-Chinese cooperation. According to RIA Novosti news agency, Mr Putin meant the...
Australian upstream company Santos Limited said it achieved record sales revenue of A$1.5 billion for the year ended December 31 2004. (US$1=A$1.3). In a statement, the company said the record revenue reflected higher average prices across most products and was achieved despite lower production for much of the year after a fire shut down a...
Plans by Australian energy major BHP Billiton for a A$4 billion liquefied natural gas (LNG) plant at Onslow in Western Australia (WA) have encountered trouble as US authorities have suspended a crucial review of a floating LNG terminal proposed by the company off the California coast, The Australian Age reported (US$1=A$1.30). Following strong opposition...
Japan plans to revise its target for carbon dioxide (CO2) emissions from energy uses to a 0.4% increase in fiscal 2010, compared to the prior target which called for a 2% reduction, The Japan Times reported. Government sources were quoted as saying that the new target is being considered as other greenhouse gas emissions might...
China has called for co-operation with Russia, Japan and South Korea to strengthen the region’s security of energy supply, according to a report by news agency Kyodo. “By creating an energy cooperation framework in Northeast Asia, we can ensure a stable supply of oil and natural gas, as well as stabilize oil prices from...
Iran’s Abadan Oil Refinery is on track to boost output capacity at one of its units from 130,000 b/d to 180,000 b/d by spring 2006, the Teheran Times reported. Abadan project contractor Reza Musavi was quoted as saying that “the whole project will be operational by the spring of next year.” According to Mr Musavi,...
Openspec naphtha tonne C+F Japan – US$ 417 (-US$0.75 from Jan 24 closing) 95 ron unleaded gasoline barrel FOB Singapore – 50 (-0.50) Jet kerosene barrel FOB Singapore – 53.60 (+0.33) Gasoil barrel FOB Singapore – 52.15 (+0.82) LSWR barrel FOB Indonesia – 30.20(+0.10) HSFO 180cst tonne FOB Singapore – 195.80 (-2.70) HSFO 380cst tonne FOB Singapore – 185.42 (-1.58)...
By 2050, Japan hopes to achieve an ambitious long-term goal of reducing carbon dioxide (CO2) emissions by a quarter of the 2002 levels. The proposal will be unveiled in the government’s long-term energy policy outlines later this year, the Yomiuri Shimbun reported. The government will set 2050 and 2100 as the target years for reducing...
China National Offshore Oil Corporation (CNOOC) and PetroChina may tie up with Norwegian state-owned company Statoil to expand exploration in the South China Sea, especially in largely unexplored deepwater areas, a Statoil spokesperson said. The spokesperson said the Norwegian company was conducting “preliminary discussions” with the two mainland China oil majors “on cooperation in...
Caltex’s oil production in Indonesia declined by 30,000 barrels per day (b/d) to 500,000 b/d last year because of aging oil fields in the operating areas, IOGNews reported. PT Caltex Pacific Indonesia’s oil production fell by 2-3% last year, according to Caltex communications and media relations manger Is Nugroho. Oil reserves at the Rokan block...
Riyadh-based Saudi Basic Industries Corporation (SABIC) has reported a 113% jump in its 2004 net profit to a record SR 14.247 billion (US $3.8 billion). The fourth quarter profit for 2004 was SR 5.954 billion (US $1.59 billion). In a statement, vice chairman and CEO Mohamed Al-Mady, said: “This is the highest ever profit...
Indonesia will import 40% of its oil fuel requirement in 2010, up from 30% at present, according to a report in local news agency Antara. Citing oil analyst Kurtubi of the Center for Petroleum and Energy Economics Studies, the report said domestic oil consumption grew 1.5% in 2004 to 1.131 million barrels per day. The...
Thai Electricity Generating Authority of Thailand (EGAT) said it plans to increase its Nam Pong plant’s electricity production capacity to meet a projected huge increase in demand for power from 2010, the Business Day reported EGAT governor Kraisri Karnasuta was quoted as saying that the authority will have to wait until the Phu Hom natural...
Beijing-based China Aviation Oil Holding Company (CAOHC), the parent of financially stricken Singapore-based China Aviation Oil (CAO), said it has worked out an arrangement with CAO and its creditors and shareholders to try save the company. The scheme, submitted to Singapore’s High Court on Jan 24, “is only the first step towards the road to...
India will pay a delivered price of at least US$3.40 per British thermal unit (mBtu) for liquefied natural gas (LNG) in a US$40-billion import deal with Iran Ð a rate higher than the US$3.27-per-mBtu quoted by Malaysia’s Petronas last year Ð the Press Trust of India (PTI) quoted industry sources as saying. New Delhi...
MC Global Gas, a wholly owned subsidiary of Japan’s Mitsubishi Corporation, said it recently signed a 17-year liquefied natural gas (LNG) terminal use agreement with Freeport LNG Development L.P. of the US. The agreement will provide MC Global Gas with a throughput capacity of 150 million cubic feet per day, some of which is allocated...
Singapore-listed China Petrotech Holdings Limited said its wholly-owned subsidiary, Market Wisdom Limited (MWL), has signed an agreement with Xi’an Mai Pu Investment Development Limited to acquire its entire 70% equity interest in Shaanxi Long Top Technology Co Ltd (SLTT) for RMB 25.9 million in cash. (US$1=RMB8.27). The agreement was signed on January 20. The...
Thailand’s Bangchak Petroleum Plc expects to sign a contract committing it to buy up to 30,000 barrels/day of crude oil from Unocal’s production from the Gulf of Thailand, the Nation reported. The deal is expected to be signed next month, the Nation said. Anusorn Sangnimnual, Bangchak’s senior executive vice-president, was quoted as saying that Unocal’s...
Japan’s current account surplus fell 19.3% to 1.2 trillion yen (US$11.7 billion) in November 2004, its first decline in 17 months, as the cost of imports rose on higher oil prices, the Japan Times reported, quoting Finance Ministry figures. According to the ministry, the country’s surplus in the balance of trade in goods and...