CHINA: Hong Kong’s June auto LPG prices to rise by HK$0.18 a litre

(EnergyAsia, May 31) — The Hong Kong authorities said auto liquefied petroleum gas (LPG) prices will be raised by about HK$0.18 a litre to between HK$2.75 and HK$3.12 a litre from June 1. (US$1=HK$7.78).             The new prices, reflecting movements on the world markets, will apply at dedicated LPG filling stations, said the Electrical &...

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SINGAPORE: Kuwait’s Proclad Group sets up US$25 million plant

(EnergyAsia, May 31) — Kuwait’s Proclad Group, the world’s largest cladding company and a leading provider of precision engineering and manufacturing services to the oil and gas industry, has opened a US$25 million manufacturing plant in Singapore.             Subsidiary FTV Proclad Singapore Pte Ltd will provide customers in Southeast Asia the integration of engineering knowledge...

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SINGAPORE: SPC and partners drill Herbras-1 exploration well

(EnergyAsia, May 31) — Singapore Petroleum Company Limited said that it and its partners in the Sampang Production Sharing Contract (PSC) began drilling the Herbras-1 exploration well in Indonesia last week. Located in the eastern side of the Sampang PSC, Hebras-1 is approximately 45 kilometres east of the Oyong field and about 85 kilometres east...

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ASIA: ADB calls for vision on transport to reduce climate change impact

(EnergyAsia, May 31) — A major shift is needed in Asia’s approach to transport to cut down on emissions that could prompt irreparable climate change, said ADB vice-president Geert van der Linden at a recent workshop on clean air.             Asia’s cities tend to focus on adding roads and high-cost public transport systems to accommodate...

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CHINA: Power rental company Aggreko adds Hong Kong to its Asia network

(EnergyAsia, May 31) — Aggreko plc, a global leader in providing temporary power generation and temperature control services, has opened its second depot in Asia. Located in Yuen Long in the northwest New Territories of Hong Kong, the new depot will provide temporary power generation and load testing services to Hong Kong, mainland China and...

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INDIA: IndianOil recommends 125% dividend pay-out after reporting strong financial results

(EnergyAsia, May 31) — The IndianOil Corp board has recommended paying shareholders a final dividend of Rs14.6 billion for the year ending March 31 2006 after reporting strong financial and operating results. (US$1=Rs45).   Its after-tax profit came to Rs 49.15 billion after paying out compensation of Rs65.71 billion in the form of oil bonds...

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INDIA: OMEL wins right to prospect for oil and gas in Nigeria

(EnergyAsia, May 30) — OMEL, the joint venture between Indian upstream company ONGC and privately-held Mittal Steel, has been awarded rights to explore two prospective oil and gas blocks in Nigeria. In its maiden venture in an international bidding round, OMEL said it has been informed by Nigeria’s Department of Petroleum Resources that it has...

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SAUDI ARABIA: Aramco signs deals to build two joint venture oil refineries

(EnergyAsia, May 31) — Saudi Arabia last week announced landmark plans to build two joint venture oil refineries with France’s Total and US ConocoPhillips. The two proposed export-oriented 400,000 barrel-per-day plants on Saudi soil will process heavy crude oil into light, high-value products to meet current and future US and European product specifications.   In...

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CHINA: Pricing regulation could stymie private windpower investments

(EnergyAsia, May 31) — China’s new pricing regulations for windpower generated energy could hurt private company initiative, leaving the field to the state-owned power sector, said US-based World Watch.   The new regulation, issued earlier this year by China’s National Development and Reform (NDRC), stipulates that windpower pricing be set through a public tendering process....

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INDIA: Private construction firms enter BOT hydropower projects

(EnergyAsia, May 31) — India’s construction firms are increasingly leveraging on build-operate-transfer (BOT) opportunities in the hydroelectric power generation sector.   Construction companies like Jaiprakash, Gammon and Nagarjuna Construction, have taken up hydropower projects on a BOT basis. Two such BOT projects are already operational, with more set to follow.   New Delhi-based Jaiprakash Associates...

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SRI LANKA: Lanka IOC reports record loss of 7.1 billion rupees

(EnergyAsia, May 30) — Blaming the government for failing to settle its subsidy bills, Sri Lankan oil retailer Lanka IOC said it suffered a record 7.1 billion rupee loss for the year ended March 31. (US$1=Rs102). The company, a unit of Indian Oil Corp, said Colombo now owes a total of 7.695 billion rupees in...

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ASIA: IMF sees positive near-term outlook for Central Asian countries

(EnergyAsia, May 30) — The latest ‘Regional Economic Outlook’ report by the International Monetary Fund (IMF) highlights strong macroeconomic performance and prospects in the Central Asia region, helped by high commodity prices and buoyant demand in neighboring Russia and China. David Owen, senior adviser in the IMF’s Middle East and Central Asia Department, recently submitted...

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AUSTRALIA: Record A$34 billion investment in advanced minerals and energy projects underway

(EnergyAsia, May 30) — About 90 mineral and energy projects worth a record total of A$34 billion is either under construction or have been committed in Australia at this moment. (US$1=A$1.33).   According to the Australian Bureau of Agricultural and Resource Economics (ABARE), another 166 projects are at less advanced stages and still undergoing feasibility...

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AUSTRALIA: Newera Uranium Limited plans to issue 15 million shares

(EnergyAsia, May 30) — Australia-listed Newera Uranium Limited recently lodged a prospectus with the local securities authority to issue 15 million shares to raise A$3 million. (US$1=A$1.33).        The company was formed in March to acquire, explore, evaluate and exploit its uranium deposits and surrounding exploration tenements as well as actively pursue the acquisition of...

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INDIA: Hindustan Petroleum to help market LPG stoves

(EnergyAsia, May 30) — India’s state-owned Hindustan Petroleum Corporation Ltd (HPCL) said it has teamed up with Malbro Appliances to manufacture and supply liquefied petroleum gas (LPG) stoves that it claims use less than 68% of the fuel of regular stoves.   The two companies have signed a memorandum of understanding (MoU) to produce the...

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INDIA: ONGC to begin first commercial coalbed methane production

(EnergyAsia, May 30) — Indian upstream company Oil and Natural Gas Corporation Ltd (ONGC) said it has set aside a budget of Rs9.5 billion for exploring and developing coal bed methane (CBM) in six blocks in Jharkhand and West Bengal states. The company said this would represent its first commercial production of CBM gas in...

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JAPAN: Shinko ITM and KLD (USA) to launch first environmental index fund

(EnergyAsia, May 30) — A Japanese and US company said they have jointly launched the first environmental index fund for socially responsible investors in Japan. In a joint statement, Tokyo-based Shinko Investment Trust Management Co Ltd (Shinko ITM) and Boston-based KLD Research & Analytics Inc said the Chikyu Ondanka Boushi Kanrenkabu Fund is indexed to...

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MALAYSIA: Sino-Malaysian venture proposed to set up refinery, LPG facility in Majnung port

(EnergyAsia, May 30) — A Sino-Malaysian venture has proposed to build a US$6 billion energy complex comprising an oil refinery, a petrochemical plant and liquefied petroleum gas storage facilities in the coastal village of Manjung on the west coast of Malaysia.   The Malaysian China Petroleum Corporation Sdn Bhd (MCPC) and a consortium comprising China...

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SINGAPORE: Pearl Energy to be delisted after takeover by UAE’s Aabar Petroleum

(EnergyAsia, May 30) — Upstream company Pearl Energy will mark a short but highly successful stay on the Singapore Exchange once its takeover by UAE’s Aabar Petroleum is completed and its shares are delisted. As of May 26, Aabar Petroleum had acquired more than 97% of Pearl’s shares, with the rest expected to be mopped...

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ASIA: Biofuels, agricultural issues discussed at UN’s FAO meeting

(EnergyAsia, May 30) — Trade, natural disasters and the cultivation of crops as fuel were discussed at a recent Food and Agricultural Organisation (FAO) meeting in Indonesia.   Despite rapid economic growth in the region, rural poverty persist in the Asia Pacific, and progress will need to accelerate rapidly to meet the target of reducing malnutrition...

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THAILAND: Shares of Rayong Refinery Ltd oversubscribed

(EnergyAsia, May 29) — Rayong Refinery Public Company Limited (RRC) has become the latest company to be listed on Thailand’s stock exchange. Investors applied for more than 600 million shares, or about 25% more than what was offered to the retail public at 18 baht a share last week. (US$1=38 baht).   Board member Prasert...

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AUSTRALIA: Oil trade deficit to worsen on further depletion of existing fields

(EnergyAsia, May 29) — Australia’s oil trade deficit will widen as it has made no new large oil finds while output from existing fields continue to decline, said consultant EnergyQuest.   Its latest quarterly analysis showed that domestic crude production fell during the March quarter because of cyclone weather in the offshore fields and continued...

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CHINA: IFC contributes US$1 million to XinAo Gas’ energy efficiency operations

(EnergyAsia, May 29) — The International Finance Corporation (IFC), the private sector arm of the World Bank Group, said it recently signed an agreement to provide a US$1 million grant to China’s XinAo Gas to boost its energy efficiency operations.   The grant, part of IFC’s China Utility-based Energy Efficiency Finance Program, aims to make...

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JAPAN: Businesses, consumers, traders feeling impact of high cost of oil

(EnergyAsia, May 29) — Japanese consumers and exporters are starting to complain about the high cost of oil prices, and expect to modify spending and work habits in the second half of the year.   Motorists could reduce their trips with gasoline prices surging to their highest levels in 15 years recently. Regular gasoline prices...

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PEOPLE: ONGC retires Subir Raha, names R.S. Sharma acting chairman and managing director

(EnergyAsia, May 29) — Indian upstream company ONGC has named R.S. Sharma as acting chairman and managing director, succeeding Subir Raha who completed his five-year term last week.             Mr Raha’s request for his tenure to be extended was rejected as he had resisted the Indian government’s attempt to assert greater control over the company....

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