MALAYSIA: Tanjong Pelepas Port to contribute positively to Malaysia Mining in FY2006

KUALA LUMPUR (AFX-ASIA) – Port of Tanjong Pelepas (PTP) is expected to contribute positively to Malaysia Mining Corp Bhd’s earnings in the year to January 2006, chief executive officer Ismail Shahudin said. He said PTP is currently profitable only at the operating level as interest costs from heavy capex amount to some RM100 million a […]

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MARKETS: US oil refining margins still a concern despite recent strength

NEW YORK (AFX) – Oil refining margins in the US remain a short-term concern for integrated oil companies and independent refiners as the current bullish trend may prove to be unsustainable, analysts said. Some believe that moving into 2003, margins could improve and bolster downstream earnings, although the factors supporting margins such as falling crude […]

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JAPAN: Mitsubishi and Wartsila join forces in designing new marine engine

Finland’s W’rtsil’ Corporation and Japan’s Mitsubishi Heavy Industries Ltd have made a joint development agreement to develop a new low-speed marine diesel engine. The two companies will pool their resources to produce a new engine suitable for a wide variety of ship types, including bulk carriers, large product tankers, container feeder vessels, and medium-sized reefer […]

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CHINA: Shell says no take-or-pay contracts for China west-east pipeline gas yet

BEIJING (AFX-ASIA) Ð China’s 5.2 bln usd planned west-east gas pipeline has still not signed up any take-or-pay customers for the gas that will be shipped through the 4,000-kilometre pipeline, said Tan Ek Kia, chairman of Royal Dutch/Shell Group’s China operations. Shell is one of three foreign companies that have taken a 15% stake in […]

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SRI LANKA: Shell raises LPG prices

Shell Gas has recently raised the price for its 12.5kg liquefied petroleum gas (LPG) cylinder by Rupee 39 to Rupee 567, with the company citing LPG price increases in the international market, local newspapers reported. (US$1=96 rupees). Spot LPG prices on the world markets have increased by $40/tonne since June 2002, the paper said. As […]

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CHINA: Shell confident of US$4.3 billion China complex profitability, demand

BEIJING (AFX-ASIA) – The Royal Dutch/Shell Group is confident that the US$4.3 billion petrochemical complex it will soon start building in southern China with China National Offshore Oil Corp will be profitable and that there will be enough demand for its production, company officials said. “We have completed very detailed studies and made very conservative […]

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CHINA: Hongkong’s CLP acquires Powergen’s remaining interest in Australia, India and Thailand

CLP Power International Limited (CLP-PI), a wholly owned subsidiary of CLP Holdings Limited of Hong Kong, has reached agreement with Powergen UK plc to acquire all its remaining interest in power companies in three countries for a total of US$115 million. The companies are Gujarat Paguthan Energy Corporation Private Limited (GPEC), Yallourn Energy Pty Limited […]

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