The Indian government has set up two committees to look into ensuring uninterrupted supply of compressed natural gas (CNG) to New Delhi. Lt-Governor Vijai Kapoor will head the committee responsible for providing land and infrastructure for CNG distribution while petroleum secretary P Chaturvedi will take charge of the committee for supply to buses, auto-rickshaws and...

KUALA LUMPUR (AFX-ASIA) – Malaysia LNG Tiga Sdn Bhd has agreed to supply up to 480,000 tonnes of liquefied natural gas (LNG) per year to Japan Petroleum Exploration Co Ltd for 20 years beginning 2003, in a contract worth some US$1.6 billion, major stakeholder Petroliam Nasional Bhd (Petronas) said in a statement. Under the deal,...

UK’s BOC and Sinopec Yangzi Petrochemical Corp. (Sinopec-YPC), a subsidiary of the Sinopec Group, have formed a joint venture known as Nanjing BOC-YPC Gases Company Ltd (BYG) to meet expanding industrial gases demand in Nanjing, China. BYG has entered into long-term supply agreements with two major industrial gas users in the area. These customers are...

BEIJING (AFX-ASIA) – China National Offshore Oil Corp and Taiwan’s state Chinese Petroleum Corp are expected to sign a deal to jointly explore for oil in the Taiwan Straits in May, the China Daily reported, citing an unnamed mainland official. CNOOC has received state approval for the project and is waiting for Taiwan to work...

Keppel Corporation, through its unit, AMFELS Inc in Brownsville Texas, has won a US$83 million contract to build a new jack-up rig for Mexican company Perforadora Central S.A. de C.V. Due for delivery in the first quarter of 2004, this rig is the fourth MOD V “B” class ordered in two years, reflecting customers’ confidence...

Two of India’s leading oil companies, Indian Oil Corp (IOC) and Reliance Petroleum Limited (RPL), have buried a legal hatchet and have entered into an agreement to do business. IOC has signed two deals to market oil products from RPL’s 27-million tonne/year Jamnagar refinery. RPL, India’s only private oil refining company, in turn, has dropped...

BANGKOK (AFX-ASIA) – Prime Minister Thaksin Shinawatra has ordered a study of an alternative route for the Thai-Malaysia gas pipeline to ease local opposition to the proposed project, the Bangkok Post reported, quoting Pitak Intrawithayanunt, the deputy prime minister in charge of energy policy. The 40 billion baht joint venture project spans from a gas...

ExxonMobil Gas Marketing Company (EMGMC) has named William M. (Bill) Colton as vice president for the Asia Pacific region. It also appointed Roberta A. (Robbi) Luxbacher as director for Europe and J.J. (Judy) Kelly as vice president for the Americas. Mr Colton joined Exxon in 1975 as a project engineer in Exxon Research and Engineering,...

HONG KONG (AFX-ASIA) – China Petroleum and Chemical Corp (Sinopec) is likely to report an improvement in its refining and marketing divisions in the second half of this year, while stronger oil prices and a continued focus on cost control are likely provide support to the company’s earnings going forward, Worldsec analyst Michael Lee said....

Lombard, Illinois-based JET-A.com, a jet fuel web exchange operator, has selected GlobalView Software Inc, to provide a private-labeled implementation of MarketView as a value-added service available to the the portal’s customers. GlobalView is a leading provider of software solutions and integrated information for the commodities markets, JET-A.com is a global, industry-wide jet fuel portal for...

While independent refining companies such as Reliance Petroleum making profits from the surge in global oil prices due to heightened tensions in the Middle East, India’s state integrated-oil companies like Indian Oil Corp (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) are groaning under what could be a burden of several billions of rupees a...

HO CHI MINH CITY (AFX) – Electricite de France official Richard Perrier said construction of the Phu My 2-2 combined gas-steam plant will start once the finance has been arranged in September. EdF has been involved in six projects at the Phu My site near Ho Chi Min City since 1995. EdF hold 56.25 pct...

BANGKOK (AFX-ASIA) – PTT Plc will not be asked to intervene in the retail gasoline market despite the current volatility in world prices, the Bangkok Post reported, citing Industry Minister Suriya Juengrungruangkij. “Domestic oil prices are expected to rise steadily but will definitely not exceed 17 baht per litre for premium gasoline,” he said. US$1...

US-based consultants ESAI said oil prices are likely to stay strong in the medium term. “The 21.7 million b/d ceiling was never reached and never will be,” said Sarah Emerson, ESAI’s managing director. She was referring to OPEC’s production quota. However, she added that ample inventories and slowly rising crude output from OPEC and non-OPEC...

BP said it has used the UK’s newly introduced emissions trading scheme to carry out trades, including the sale of 1,000 carbon credits to IMERYS enabling both companies to gain first-hand experience of trading early in the life of the scheme. IMERYS, the international minerals processing group formerly known as English China Clay, has worked...

SYDNEY (AFX) – BHP Billiton deputy chief executive Brian Gilbertson said the company is targeting a return on capital of above 15% by 2006 with the company planning to reduce operating costs by 2% per annum over the next three financial years. In a speech to the Securities Institute, Gilbertson said: “I have asked my...

India’s Petroleum Ministry is not in favour of reducing import duty on petroleum products which could protect state oil companies against increased price volatility or increases. Petroleum Minister Ram Naik made this comment to the local media as oil prices threaten to rise further on growing Middle East tensions. “India’s oil public sector companies are...

India and Brazil have signed an agreement to share technology in blending ethanol with gasoline and diesel aimed at reducing their oil expenses. A memorandum of understanding (MoU) was signed by Brazilian minister for development, industry and foreign trade Sergio Silva do Amaral and India’s petroleum minister Ram Naik in New Delhi this week. The...

WASHINGTON (AFX) – Deputy State Department spokesman Philip Reeker denied charges that a secret campaign waged by the US government, backed by ExxonMobil Corp, led it to oppose the re-appointment of US expert Robert Watson to head the UN’s top scientific panel on global warming. Reeker said the decision to back Indian candidate Dr Rajendra...

WASHINGTON (AFX) – The Royal/Dutch Shell Group is continuing to look for “opportunities” to expand its global natural gas portfolio and particularly keen to grow its US gas operations, said Steve Miller, chairman, president and chief executive officer of the Shell Oil Co. Talking to AFX News on the sidelines of a press event here,...

The United Nations Development Programme (UNDP) and Shell China Exploration and Production Co. Ltd. have signed an agreement to conduct a social impact assessment for the West East Pipeline project with a view to maximising the economic and social benefits of the communities affected by the pipeline. A Shell statement said the UNDP will lead...

US energy company Unocal Corporation said that its subsidiary Unocal Rapak Ltd successfully tested an appraisal well in the deepwater Ranggas oil field offshore Indonesia. The Ranggas-4 appraisal well flowed at a daily rate of 8,158 barrels of oil and 6.4 million cubic feet of gas from a single interval between 10,174 feet (3,101 meters)...

MANILA (AFX-ASIA) – Petron Corp expects to raise its pump prices by another 0.30-0.50 pesos per litre by end-April to recover higher crude costs, spokeswoman Virginia Ruivivar said. (US$1 = 50 peso). Ruivivar said Petron also plans to implement a 0.30-0.50 peso price increase by the end of this week. “If we increase the end...

HONG KONG (AFX-ASIA) – CLP Power Hong Kong Financing Ltd’s US$1.5 billion medium-term note program, which is guaranteed by CLP Power Hong Kong Ltd, has been assigned top ratings by Standard & Poor’s and Moody’s. S&P gave A+ long-term and A1 short-term ratings while Moddy’has assigned it A3 foreign currency debt rating. The ratings on...

Australian gas and electricity company Origin Energy has been short-listed by the Queensland state government to develop a gas-fired power station in Townsville, and to supply gas to the plant. If successful in its final bid, Origin Energy subsidiary, Oil Company of Australia (OCA), will supply gas to the Townsville Power Station and to Townsville...