CHINA: PetroChina in talks to build US$1.7 billion north China-Siberia pipeline

HONG KONG (AFX-ASIA) – PetroChina Co Ltd said it is in talks to build a 30 million tonne-per-annum Siberia-northeast China crude oil pipeline, the South China Morning Post reported. The company is negotiating with pipeline operator Transneft and oil firm Yukos to start construction next year of the pipeline linking oil fields in East Russia […]

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CONFERENCE: Sun Microsystems, SAP and HPCL

Business Optimisation in the Oil & Petrochemical Industry: Invitation to a seminar on 19 November 2002, Taj Coromandel, Chennai, India The petroleum and petrochemical sectors are looking at new ways to cut costs and increase efficiencies and profitability. Faced with rising business cost and aggressive competition, companies need to find ways to innovate and grow. […]

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COMPANIES: EnergyClear Operations Company announces agreement for OTC clearing services

US-based EnergyClear Operations Company (EOC) recently announced an agreement to provide over-the-counter (OTC) clearing services for EnergyClear Corporation. The statement came following an announcement by EnergyClear Corporation that it had launched its member-owned energy clearinghouse. EnergyClear Operations Company, LLC, is owned by The Bank of New York, and energy brokers Prebon Yamane and Amerex. H. […]

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CHINA: Panva Gas reports sharp rises in third quarter profits and revenues

Hong Kong-listed Panva Gas Holdings Limited has reported a 688% rise in third quarter profits to HK$75.1 million from year-ago levels with revenues virtually unchanged at HK$761.26 million. (US$1=HK7.87). Gross profit was up by 192% to HK$157.4 million. Panva’s managing director Chen Wei said the company has achieved promising results in recent months as a […]

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PHILIPPINES: Mirant’s new power supply contract to save country US$277-387 million

MANILA (AFX-ASIA) – Mirant Corp and the Philippine government have concluded the renegotiation of their power supply contracts, which will save US$277 to 387 million in stranded contract costs for the government, the Energy Department said in a statement. Mirant currently operates seven power plants in the Philippines with a combined power generation of 2,000 […]

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INDONESIA: BP Indonesia – Sea threat to East Java gas field production eases on new data

JAKARTA (AFX-ASIA) – BP Indonesia said the threat to production at its Pagerungan gas field has eased following information that initial data on sea currents affecting the undersea pipeline was exaggerated. “That initial information (on the currents) was over-stated by 0.5 metres per second, which has a tremendous impact on the risk profile of the […]

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MARKETS: Focus on Platts as US traders admit to providing inaccurate energy prices

Last month’s admission by US energy companies Dynegy and American Electric Power Co that their traders had provided inaccurate data to industry publications has revived the issue of how vulnerable these publications are to price manipulation. (This story was published in the hard copy November edition of EnergyAsia. For details, please check with Sales@EnergyAsia.com). Embattled […]

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SAUDI ARABIA: Saudis say see deal with ExxonMobil, Shell on gas fields within a month

DUBAI (AFX) – Saudi Arabia is hoping to seal its multi-billion dollar gas initiative with foreign oil companies including ExxonMobil Corp and Royal Dutch/Shell within one month, Saudi Prince Al-Walid bin Talal bin Abdulaziz al-Saud said at the recent Dubai Strategy Forum. “We have reached the stage where we are talking to both the leaders, […]

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