AUSTRALIA: NCC decision unjust and flawed, says Australian Pipeline Trust

The recent decision by the National Competition Council to recommend continued regulation of the Moomba to Sydney pipeline system was unjust and appeared arbitrary, said Australia’s largest natural gas pipeline company, The Australian Pipeline Trust (APA). APA managing director Jim McDonald said the NCC, in reaching its decision after almost 18 months, threatened to stifle […]

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TANKERS: INTERTANKO launches ‘Environmental Challenge’

INTERTANKO has the launched its “Environmental Challenge” campaign to enhance the role of the shipping industry in environmental protection. INTERTANKO is the international association of tanker owners. The campaign was announced in Hongkong on November 6 by the association’s environmental committee chairman, Paolo d’Amico. Dr d’Amico said the campaign was aimed at “enhancing shipping’s role […]

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CHINA: Sinopec to allocate 13-14 billion yuan annually from 2003-5 to develop oil reserve

HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) said it will allocate 13-14 billion yuan annually from 2003-2005 to develop its crude oil reserves in order to reach its production targets. (US$1=8.28 yuan). Speaking recently to analysts and reporters, vice president and financial controller Zhang Jiaren said Sinopec’s newly added reserves in the […]

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CHINA: Nanshan Power 9 months net profit up 37% on increased power sales

SHANGHAI (AFX-ASIA) – Shenzhen Nanshan Power Station Co Ltd said it posted a net profit of 226.63 million yuan during the nine months to September, up 37% from 165.28 million yuan a year earlier, due to substantial growth in power sales. (US$1=8.28 yuan). The results were compiled according to Chinese accounting standards. The company’s sales […]

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CHINA: Shell, CNOOC to award US$1 billion contracts for petrochemical complex by year-end

BEIJING (AFX-ASIA) – Royal Dutch/Shell Group said it expects to award more than US$1 billion in contracts by the end of the year for its US$4.3 billion petrochemicals joint venture with China National Offshore Oil Corp. The boards of CNOOC and Shell Petrochemicals Co Ltd earlier gave the go-ahead for contruction of the complex in […]

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CHINA: Creative Energy says latest quarterly profit down 4.1% despite 60% rise in turnover

One of China’s leading energy management service providers, Creative Energy Solutions Holdings Limited, has reported a 4.1% drop in pre-tax profits to RMB 10.219 million in the latest quarter to September 2002. Revenues rose 60% to RMB 28.759 million from the same period last year. (US$1=RMB 8.28). Chairman Shum Fong Chung said: “The continued growing […]

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BRUNEI: Sultanate to consider signing Kyoto Protocol

Brunei is preparing to become a signatory to the United Nations Framework Convention on Climate Change and the Kyoto Protocol. The country’s Department of Environment, Parks and Recreation will soon undertake a study to produce a national inventory of emissions of greenhouse gases by sources. The study will also look into the financial and technical […]

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