COMPANY: Huaneng Power “strong buy” maintained, price target cut Ð UBS

HONG KONG (AFX-ASIA) – UBS Warburg said it maintains its “strong buy” rating on Huaneng Power International Inc (902.HK), but said it has cut its price target to HK$6.60 from HK$8.80 amid the investment risks in the sector. (US$1=HK%7.87). The investment risks include political developments in the China power sector, lower tariffs, the regulatory environment, […]

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CHINA: CNOOC, Shell Petrochemicals Company proceed to build US$4.3 billion complex

China’s CNOOC and Shell Petrochemicals Company Ltd, a unit of the oil major, agreed last week to proceed with the construction of a US$4.3 billion petrochemicals complex in southern China. Shell said the decision follows the completion of a 20-month definition phase during which the joint venture company finalised basic design engineering packages, completed an […]

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COMPANIES: Discovery Networks Asia and Caltex launch “inspiring” series

In a landmark partnership, Discovery Networks Asia and Caltex have teamed up to present an innovative new series, Crossings. Planned to run over three years, Crossings is an hour-long profile of individuals who have experienced “crossing moments” – events or meetings that were turning points, allowing them to achieve goals and make the most of […]

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AUSTRALIA: Hardman sees ”very significant’ effect on profits from Woodada 19 production

LONDON (AFX) – Hardman Resources Ltd managing director Ted Ellyard said the increase in gas production from Woodada 19, which flowed at a stabilised rate of approximately 3.4 Tj/day, will have a very significant effect on Hardman’s profitability from the Woodada Field as the group is currently buying up to 3.0 Tj/day from other gas […]

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JAPAN: Tokyo Gas announced five-year plan “Frontier 2007″

The Tokyo Gas group has announced Frontier 2007, a new medium-term plan to guide the company from fiscal 2003 to 2007. The plan targets four areas: business model innovation, management structure, strengthening of the corporate culture and expansion of energy-related businesses. The company said its plans for business model innovation and improving the management system […]

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PHILIPPINES: PNOC-EDC in jv with Aboitiz group for US$120 million wind power project

MANILA (AFX-ASIA) – The Philippine National Oil Co’s Energy Development Corp has signed a 50-50 joint venture agreement with the Aboitiz group for the second phase of a US$120 million wind power project, PNOC-EDC president and chief executive Sergio Apostol said. He said the agreement allows a joint feasibility study for the project, which should […]

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