CHINA: Venezuela’s PDVSA opens office in Beijing

(EnergyAsia, August 29) — Venezuela’s state oil and gas company PDVSA has opened a commercial office in Beijing coinciding with the recent official visit to the Chinese capital by Venezuelan Energy and Mines Minister Rafael Ram’rez. “PDVSA China will evaluate business opportunities in the region, both upstream and downstream, and will become the focal point…

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CHINA: Beijing city to start calculating ‘green’ GDP

(EnergyAsia, August 29) — China’s capital, Beijing, has launched a trial to calculate its “green” gross domestic product (GDP). According to Beijing News, the municipal government will work out last year’s “green” GDP by deducting “environmental losses and resource consumption” from its conventional GDP.             At a meeting last week, representatives from the municipal government…

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CLIMATE CHANGE: US makes some progress with Asia Pacific initiative

(EnergyAsia, August 29) — The US earned a rare round of applause from some of its allies as it pulled off a surprise agreement with five Asia Pacific countries on July 28 to adopt long-term voluntary solutions to reduce greenhouse gas emissions and combat climate change. Significantly, the EU, a frequent critic of Washington’s climate…

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AUSTRALIA: Santos reports first half profit of A$290 million

(EnergyAsia, August 29) — Australian Santos Limited has announced a record A$290 million net profit after tax for the six months to June 30. (US$1=A$1.32). This compares with net profit of A$85 million in the first half of 2004 when earnings were impacted by the loss of production caused by the Moomba incident.             The…

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SINGAPORE: KS Energy announces JV to build, own and operate vessel to service offshore oil and gas i

(EnergyAsia, August 29) — Two Singapore companies, KS Energy Services Limited and Ezra Holdings Limited have signed a Letter of Intent (LOI) to form a joint venture to build, own and operate a heavy lift accommodation pipelay & maintenance vessel to serve the offshore oil and gas industry.             The joint venture company, Emas Offshore…

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VIETNAM: Japan’s Marubeni and China’s Dongfang Electric jointly awarded contract to build 600MW coal

(EnergyAsia, August 26) — Japan’s Marubeni and China’s Dongfang Electric Corp have been jointly awarded a 50 billion yen contract to build a coal-fired thermal power plant in the northern Vietnamese city of Hai Phong. (US$1=110 yen). The 600MW project is for the Hai Phong Thermal Power Joint Stock Company, which is funded by state-owned…

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AUSTRALIA: Clough reports A$59.6 million net loss for FY2004

(EnergyAsia, August 26) — Australian engineering firm Clough Limited has reported a net loss of $59.6 million for the full year to June 30 2005. (US$1=A$1.32). The result was due primarily to losses incurred on the Bass Straits gas (BassGas) development contract. Clough said subsidiaries PT Petrosea and the Services and Property business units performed…

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BIOFUELS: Thai Prime Minister sees jatropha as a viable alternative fuel

(EnergyAsia, August 26) — Thai Prime Minister Thaksin Shinawatra wants to accelerate plans for the cultivation of the jatropha crop to increase the production of biodiesel as an alternative fuel for automobiles. The oil-laden cactus-like plant thrives in arid conditions and can be harvested in three months. The Bangkok Post reported that the government is…

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MARKETS: Tight capacity leaves market hostage to unexpected events

(EnergyAsia, August 26) — With the sharp demand growth over the past few years squeezing much of the spare capacity out of both the upstream and downstream markets, crude markets are particularly susceptible to unexpected bullish events, said US energy consultants ESAI   In the latest edition of its Global Crude Oil Outlook report, ESAI…

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MARKETS: OPEC says world needs to expand oil refining capacity

(EnergyAsia, August 26) — Refinery capacity expansion plans are needed in the major consuming regions to reflect the evolving quality of global crudes if efforts to moderate crude prices and reduce oil market volatility are to be effective, according to the OPEC Monthly Oil Market Report for August.   The report highlights the fact that…

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PEOPLE: Reliance appoints a new director to the board

(EnergyAsia, August 26) — India’s Reliance Industries Limited has appointed Dipak C Jain, Dean of the Kellogg School of Management, Northwestern University in the US as a director of its board from August 4.   Mr Jain has post graduate degrees in Mathematical Statistics from Guwahati University and Management Science from the University of Texas…

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QATAR: OMV sells upstream assets to Marubeni

(EnergyAsia, August 26) — Austria’s oil and gas group, MOV, said it has agreed to sell off its 7.5% interests in block 12 and 13 in Qatar to Japan’s Marubeni Corp.   OMV’s share of production was about 1,100 barrels/day for FY 2004. The disposal is part of OMV’s rationalisation of its upstream portfolio. The…

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SINGAPORE: Jaya Holdings reports 86% rise in net profit for FY2004, thanks to high oil prices

(EnergyAsia, August 26) — Singapore-listed ship building and offshore support services firm Jaya Holdings Ltd said its net profit rose 86% to S$86 million for the financial year ended June 30 2005. (US$1=S$1.65). Revenue increased 61% to S$168.9 million.             The board has recommended a final dividend for shareholders’ approval of 4 Singapore cents per…

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THAILAND: PTT keen to buy 15% stake in Myanmar oil and gas field

(EnergyAsia, August 26) — Thailand’s PTT Plc is seeking a 15% stake in a Myanmar offshore petroleum field where exploration is near completion, said senior executive vice-president for gas business Chitrapongse Kwangsukstith. Work in the A1 field, located in the Bay of Bengal, is currently being undertaken by the Daewoo Group of South Korea, reported…

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UAE: Oil and gas remains important despite economic diversification policy

(EnergyAsia, August 26) — The UAE invested over Dh29 billion in the oil sector between 2000 and 2004 while pursuing an economic diversification policy to reduce dependence on hydrocarbon earnings, according to a survey by the International Oil Fund.   The UAE is committed to raising its crude oil production to 3.5 million barrels per…

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SAUDI ARABIA: Marubeni-led consortium awarded contract for Rabigh refinery and petrochemical complex

(EnergyAsia, August 25) — A consortium led by Japan’s Marubeni Corporation has been has been awarded a contract to develop a fuel oil-fired cogeneration and desalination plant for the Rabigh refinery and petrochemical complex in Saudi Arabia on a build, own, operate and transfer basis. The contract was awarded by Saudi Arabian Oil Company (Saudi…

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AUSTRALIA: Woodside Energy reports 19.7% rise in first-half net profits

(EnergyAsia, August 25) — Australian upstream company Woodside Energy said its after-tax net profit for the first half of the year rose 19.7% to A$448.5 million from year-ago levels on revenues of A$1.23 billion that was 30.2% higher. (US$1=A$1.32).             “The higher revenue was a result of stronger production and a 41% increase in average…

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CHINA: IMPCO supplying emission compliant LPG engines to Anhui HELI Forklift

(EnergyAsia, August 25) — Nasdaq-listed IMPCO Technologies, Inc said it has begun supplying emission certified LPG engines to Anhui HELI Forklift Truck Group Corp. based in Hefei, China. IMPCO will exclusively supply complete CARB/EPA emissions certified engines to HELI through December 2006 for global distribution in their forklift trucks. The systems will enable HELI to…

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CHINA: PetroChina reports record net profit of RMB 61.6 billion for first half

(EnergyAsia, August 25) — PetroChina Company Limited said its first half net profit rose more than 36% to a record RMB61.6 billion. (US$1=RMB8.1). Earnings per share reached RMB0.35, about RMB0.09 more than it achieved for the same period last year. PetroChina said it achieved these results as a result of high oil prices and strong…

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INDIA: Reliance Industries now owns 45.55 % of Reliance Energy

(EnergyAsia, August 25) — Reliance Industries Ltd, controlled by Mukesh Ambani, has increased its 37.95% holdings in Reliance Energy, owned by younger brother Anil, to 45.55%. The Reliance group is India’s largest privately held company.             The deal is part of an ongoing division of the Reliance group companies that followed the settlement of ownership…

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INDONESIA: Pertamina offers to settle part of KBC’s US$307 million compensation demand

(EnergyAsia, August 25) — Indonesian state oil and gas company Pertamina has offered to pay US$50 million of US$307 million that it owes US-based Karaha Bodas Company (KBC) over a failed geothermal power project, reported ANTARA news agency.             The government and Pertamina have been ordered by an international arbitration court to pay US$261 million…

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NEW ZEALAND: Contact Energy moves to adopt international financial report standards

(EnergyAsia, August 25) — Contact Energy is moving to early adoption of the New Zealand equivalents to International Financial Reporting Standards (NZIFRS) from July 1 2005, as permitted by the New Zealand Accounting Standards Review Board.             Contact’s CEO, Steve Barrett, said that the company was taking advantage of the opportunity to adopt the new…

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PAKISTAN: Private investors invited to participate in oil and gas projects

(EnergyAsia, August 25) — Pakistan is inviting local and foreign companies to invest in its oil and gas sector.   Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon told a delegation from the China Petroleum Engineering and Construction Corporation (CPECC) that the sector welcomes private investment.   According to the Dawn newspaper, Mr…

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PEOPLE: Huaneng Power announces resignation of director and supervisor

(EnergyAsia, August 25) — Hong Kong-listed Huaneng Power International, Inc said Yang Shengming and Shen Weibing have resigned from their respective positions as director and supervisor of the company earlier this month. No reason was given for the resignations.             The board has nominated Ding Shida as a candidate for a directorship and will submit…

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CONFERENCE: Aramco’s President and CEO to speak at Middle East Petrotech 2006

(EnergyAsia, August 25) — The fifth Middle East International Refining and Petrochemicals Conference and Exhibition (Middle East Petrotech 2006) will be held in Bahrain next January 16-18.   Local refining and petrochemical giants Saudi Aramco, SABIC, Bapco, Kuwait Petroleum Corporation and Qatar General Petroleum Corporation have confirmed their participation at the Bahrain International Exhibition Centre….

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