SEOUL (AFX-ASIA) – Hyundai Oil Refinery Co Ltd said its largest shareholder International Petroleum Investment Co (IPIC) of UAE has agreed to provide 900 mln usd in fresh financial aid to the refinery. The financial aid consists of US$400 m in deferred payments of oil imports and US$500 m in trade-related financing, which the company...

BOMBAY (AFX-ASIA) – Hindustan Petroleum Corp Ltd will rebrand 1,000 existing petroleum product retail outlets as ‘Club HP’ by March 2004, marketing director N K Puri said. “Our aim is to provide high quality personalized vehicle and consumer care at these outlets and the launch has been synchronised with the dismantling of APM (administered pricing...

US energy media Platts is leveraging its expertise in energy markets with Standard & Poor’s proficiency in financial markets to create the Energy Financial Services group. Jay Kilberg has been named vice president of the group and will lead the initiative. Platts and Standard & Poor’s are both divisions of The McGraw-Hill Companies. By utilising...

KUALA LUMPUR (AFX-ASIA) – K&N Kenanga Securities has rated Crest Petroleum Bhd a “buy” based on its attractive valuation of 5.62 rgt per share following an upgrade on the company’s earnings. K&N said in a research note that it has revised up Crest’s net profit by 18 pct to 45.8 mln rgt for 2002 and...

HONG KONG (AFX-ASIA) – Standard & Poor’s said it has maintained the “BBB” foreign currency for CNOOC Ltd with a stable outlook, although the company recorded a 23 pct decline in net profit in 2001. Despite the earnings decline, the company’s internally generated cash flow and debt coverage ratio remain strong, it said. The decline...

BANGKOK (AFX-ASIA) – PTT Exploration Production Plc said its board of directors has approved the company’s Employees Stock Ownership Plan (ESOP) under which it will issue and offer warrants for free to directors, management and employees of the company each year over five years. The warrants will have a maturity of five years from the...