INDIA: IOC beats off Reliance’s challenge to retain railways business

(EnergyAsia, May 31) — Indian Oil Corporation (IOC) has offered to supply fuels to Indian Railways for a discount, matching the price set by rival Reiance Industries Ltd.   “We will match the discount offered by Reliance to railways for supply for fuels,” Indian Oil’s director N.G.Kannan told reporters recently. Indian Oil supplies 1.67 million...

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MALAYSIA: MayBan retains ‘buy’ rating on SapuraCrest Petroleum Bhd

(EnergyAsia, May 31) — MayBan Securities has retained a ‘buy’ rating on Malaysia-listed SapuraCrest Petroleum after its subsidiary was recently awarded a topside maintenance works contract by ExxonMobil Exploration and Production Malaysia Inc. SapuraCrest won the five-year contract worth between RM140 million and RM145 million through subsidiary Sarku Engineering Services Sdn Bhd. (US$1=RM3.8).   Work...

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MALAYSIA: Halliburton division awards $8.6 million software grant to Universiti Teknologi PETRONAS

(EnergyAsia, May 31) — Halliburton’s Digital and Consulting Solutions Division said that Landmark has awarded Universiti Teknologi PETRONAS (UTP) in Malaysia $8.6 million in software licensing for students pursuing engineering degrees. The grant, spanning a three-year period, will provide the students at UTP with access to Landmark’s top drilling, production optimisation, field development and prospect...

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JAPAN: Brazil’s Petrobras signs memoranda of understanding on project financing deal

(EnergyAsia, May 31) — Brazil’s energy company Petrobras said it signed four memoranda of understanding with Japanese financial institutions for project financing during last week’s official visit of President Luiz In‡cio Lula da Silva and presidential committee to Japan. The MOUs were signed by Petrobras President José Eduardo Dutra that would provide for incentives for...

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INDIA: GAIL – IndianOil sign joint venture agreement for city gas projects

(EnergyAsia, May 31) — GAIL (India) Limited and IndianOil recently signed a Joint venture agreement to implement city gas projects in the cities of Agra and Lucknow. The agreement was inked by Proshanto Banerjee, GAIL’s chairman and managing director, and Indian Oil chairman Sarthak Behuria.   The signing of the joint venture agreement has cleared...

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INDIA: State government dangles financial incentives for Bharat Oman refinery project

(EnergyAsia, May 31) — The Madhya Pradesh state government of India is hoping to secure the investment of a new oil refinery with the offer of fiscal incentives to Bharat Petroleum Corp Limited (BPCL) and state Oman Oil Corporation. The companies have formed Bharat Oman Refineries Ltd to build a six million tonne per annum...

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AUSTRALIA: PETSEC announces gas discovery at main pass 19 of Gulf of Mexico

(EnergyAsia, May 31) — Australian upstream company Petsec Energy said it has made a gas discovery from drilling its latest exploration well in the Gulf of Mexico, US. Petsec said the Main Pass 19 #1 exploration well had reached total depth and intersected 7 productive sands with an estimated 35 metre of net gas pay....

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VIETNAM: PetroVietnam unit processed 15 billion cubic metres of natural gas over 10 years

(EnergyAsia, May 31) — PetroVietnam’s Gas Processing and Trading Company (PetroVietnam Gas) has processed a total of 15 billion cubic metres of natural gas for the Ba Ria and Phu My electric power plants over the last ten years. The two plants supply 40% of the country’s total electricity. According to the Vietnam News Agency...

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SAUDI ARABIA: SABIC expands capacity to meet growing Asian demand

(EnergyAsia, May 31) — Saudi Basic Industries Corporation (SABIC), the world’s 10th largest petrochemical company, is expanding its operations in the Middle East to meet Asia’s fast growing demand for petrochemicals, especially intermediates and polyolefins.   Khaled Al Mana, vice president for intermediates, told a media conference: “We are currently the second largest producer of...

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RUSSIA: Offshore oil reserves to provide US$5 billion in additional revenue

(EnergyAsia, May 31) — Russia could run out of its onshore oil and gas by 2015, and will have to look offshore for its energy supplies, according to Pravda news agency.   Yury Trutnev, Russia’s Minister for Natural Resources, said the country must start exploring for new reserves in its vast offshore areas.   He...

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THAILAND: PTTEP signs technical evaluation agreement with Bahrain

(EnergyAsia, May 30) — Thai upstream company PTT Exploration and Production Public Company Limited (PTTEP) said it has signed a technical evaluation agreement with Bahrain Petroleum Company (BAPCO) to jointly carry out technical studies and evaluation for hydrocarbon potential in two blocks off the coast of Bahrain. Blocks 1 and 2 are located off the...

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AUSTRALIA: Chairman says Santos growth outlook stronger than ever

(EnergyAsia, May 30) — Australian upstream company Santos Limited is in a stronger growth position now than at any time in its history, said chairman Stephen Gerlach.   Speaking to shareholders at the company’s recent annual general meeting, he said Santos will continue to expand its oil and gas exploration program in Australia and overseas....

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AZERBAIJAN: BP says new pipeline gives Caspian oil access to world markets

(EnergyAsia, May 30) — BP said last week’s inauguration of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline marks a major step in the company’s continuing long-term strategy of delivering growing volumes of oil and gas from new hydrocarbon provinces around the world.   The 1,770-kilometre pipeline will carry one million barrels of oil a day from the...

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MALAYSIA: Shell Refining Company reports highest ever quarterly profit

(EnergyAsia, May 30) — Malaysia’s Shell Refining Company said it has achieved a record after-tax net income of RM195 million for the first quarter 2005, an increase of 60% over the same quarter last year. (US$1=RM3.8). Shell said it benefited from an after-tax stockholding gain of RM138 million due to the overall increase in crude...

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SINGAPORE: Sumitomo Chemical announces expansion of chemical plant on Jurong Island

(EnergyAsia, May 30) — Japan’s Sumitomo Chemical Co Ltd has begun expanding its methyl methacrylate (MMA) production and polymer molding compound capacities on Singapore’s Jurong Island. The new 90,000 tons MMA monomer plant, the company’s third in Singapore, will boost annual capacity to 223,000 tons while the new 50,000 tons/year polymer plant is its second...

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SINGAPORE: PEARL ENERGY reports first-quarter 2005 net profit

(EnergyAsian, May 30) — Singapore-based PEARL Energy Limited (PEARL), an oil and gas exploration, development and production company focused exclusively in Southeast Asia, has announced a net profit of US$21,000 in the first quarter of 2005 and progress in its key development projects for this year.   “We are in build-up mode and 2004 and...

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SINGAPORE: KS Energy Services Limited secures three-year rig management and services contracts worth

(EnergyAsia, May 30) — Singapore-based KS Energy Services Limited (KSES) said its 40%-owned associates, Atlantic Esbjerg Limited (AEL) and Atlantic Marine Services Denmark BV (AMS Denmark), have secured several three-year rig management and services contracts worth a total of US$34.5 million.   The associates recently entered into conditional agreements to sell their upgraded accommodation platform...

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PEOPLE: ABN AMRO expands commodity derivatives team in London and New York, establishes operation in

(EnergyAsia, May 30) — Dutch bank ABN AMRO said it is continuing to build its growing commodity derivatives presence with key trading and marketing hires in London and New York and the creation of an operation in Singapore.   The bank has been rapidly adding to its over-the-counter commodity derivatives platform since entering this market...

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INDIA: Oil ministry to unveil strategy paper on cooperation with China

(EnergyAsia, May 30) — India’s ministry of petroleum and natural gas will soon unveil a strategy paper on how it should co-operate instead of competing with China in developing oil and gas resources around the world. Both countries are scouring the world for oil and gas reserves to meet the fast-growing energy demand of their...

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MALAYSIA: Energy shipper MISC reports sharply higher financial profits and revenue for FY2004

(EnergyAsia, May 30) — Energy shipping company Malaysia International Shipping Corporation Berhad (MISC) has reported a set of sterling results for the financial year ended March 31 2005.   The subsidiary of state energy company Petronas reported a 40% rise in revenue to RM10,650.8 million while profit before tax (PBT) was up 103.7% to RM4,738.9...

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INDIA: Hindustan Petroleum, IndianOil in race for Aramco refinery stake

(EnergyAsia, May 27) — India’s Hindustan Petroleum Corporation and Indian Oil Corp are competing against oil majors Shell, ExxonMobil and China’s Sinopec for a stake in Saudi Aramco’s proposed Yanbu oil refinery on the Red Sea coast. The Indian Telegraph said the 20-million-tonne-per-annum oil refinery will require an investment of $3 to $3.5 billion.  ...

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AUSTRALIA: Good Shepherd and Origin Energy provide interest-free loans for energy efficient applianc

(EnergyAsia, May 27) — Australia’s Good Shepherd Youth and Family Service and Origin Energy have launched a new interest-free loan program to enable Victorians living on low incomes to purchase energy efficient appliances at a lower than market price cost.   The ‘Better Energy Appliance Loan’ is an interest and fee free loan funded by...

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SINGAPORE: Oil tanker, bulk carrier collide in Singapore Strait

(EnergyAsia, May 27) — A Liberian-registered oil tanker and a Panama-registered bulk carrier collided about 3.5 km southwest of St John’s Island along the Singapore Strait on May 25 at about 2003 hours. There was no report of casualty or oil spill, said the Maritime and Port Authority of Singapore (MPA).   The 42,058-gross tonne...

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SINGAPORE: Pearl Energy awards EPCI contract

(EnergyAsia, May 27) — Singapore-listed upstream company Pearl Energy Limited recently awarded the Engineering, Procurement, Construction and Installation (EPCI) contract for the main production facility for the Mengoepeh oil field development in the Tungkal Production Sharing Contract contract area on Sumatra island in Indonesia.   The EPCI contract was awarded to Indonesian contractor, P.T. Kelsri,...

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INDIA: Israeli firm wins contract to automate fuel stations

(EnergyAsia, May 27) — A consortium, comprising an Israeli, Indian and US firm, has won a US$150-million tender to automate and computerise 1,200 fuel stations in India, Israeli newspaper Globes reported.   Israel’s Rapac Electronics, through its subsidiary Orpak Industries, an Indian company and American Honeywell International, won the tender floated by Indian Oil Corporation...

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