PHILIPPINES: Unocal-linked company nears settlement on geothermal contract dispute

Unocal-linked Philippine Geothermal Inc. (PGI) said it has made “significant progress” with the Power Sector Assets and Liabilities (PSALM) Corporation on the settlement of its long-standing contract dispute with the National Power Corporation (NPC). PGI and PSALM, NPC’s successor-in-interest by virtue of RA 9136 or the Electric Power Industry Reform Act (EPIRA), have recently come […]

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INDIA: Oil firms call for higher LPG prices

India’s state oil companies have asked the government to hike prices for domestic liquefied petroleum gas (LPG) and kerosene. The oil companies are citing sharp rises in international LPG and kerosene prices since March 2002. Last week, the Finance Ministry also demanded a hike in LPG and kerosene prices as a condition for the ministry […]

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KAZAKHSTAN: Government to resume talks on shipping oil via BTC pipeline – Azeri oil co

BAKU (AFX) – Kazakhstan is to resume stalled talks about shipping some of its crude through the planned Baku-Tbilisi-Ceyhan pipeline, Azerbaijan’s state oil company said. Shipping Kazakh crude via the BTC line, instead of an alternative pipeline though Russia, is strongly favoured by the US and by several Western oil companies operating in Kazakhstan. Natiq […]

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SINGAPORE: Exxon Mobil restarts cracker after repairs

ExxonMobil Chemical Asia Pacific (EMCAP) said it has re-started a steam cracker at its chemical complex after completing repairs and inspection. “On-spec production is expected by end-November. The force majeure on ethylene and propylene deliveries in Singapore will be lifted once normal production rates resume,” the company said in a statement. It declared force majeure […]

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PHILIPPINES: Mirant Int’l willing to sell 30% of Philippine unit to strategic investor

MANILA (AFX-ASIA) – Mirant International managing director and chief executive officer Rick Kuester said the company is willing to sell at least 15% of its Philippine unit to a strategic investor and another 15% through a public offering. He said Mirant Philippines is committed to allowing more investors taking part in its power generation business, […]

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COMPANIES: Pension fund puts pressure on oil companies over human rights issues in Asia

NEW YORK (AFX) – The huge US pension fund TIAA-CREF, known as one of the country’s leading shareholder activists, voted down two proposals for internal corporate governance reforms at its annual meeting earlier this month. The teachers’ pension fund with about US$250 billion under management, one of the largest US institutional investors, usually gets attention […]

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