TAIPEI (AFX-ASIA) – Taiwan Ratings Corp said it has assigned its “twAAA” rating to the upcoming NT$5 billion, 5-year unsecured bond issue by Chinese Petroleum Corp. (US$1=NT33). At the same time, the company affirmed its “twAAA” credit rating and “twA-1” short-term debt rating on Chinese Petroleum, with the outlook on the ratings stable, it said...
Bangladesh’s National Committee on Utilisation of Gas says the country does not have enough natural gas reserves to meet the needs of export markets. Instead, Bangladesh would have to attract huge investments to help develop the gas industry to meet the domestic consumption. Former secretary Azimuddin Ahmed who headed the committee said the country may...
Russia’s Rosneft has been awarded a five-year exploration licence for part of the offshore Sakhalin V block. This is an important step for the allliance of BP, OJSC NK Rosneft and Rosneft-Sakhalinmorneftegas, which was formed in 1998 to develop Sakhalin V hydrocarbons. Sakhalin island lies off the east coast of mainland Russia in the often...
Singapore’s Keppel Shipyard has landed three contracts worth a total of around S$160 million to convert vessels to Floating Production Storage and Offloading (FPSO) platforms. These contracts are from regular customers Single Buoy Moorings Inc (SBM), Prosafe Production Pte Ltd and newcomer Four Vanguard-Servicos e Navegacao Lda. Keppel Shipyard said it expects to complete the...
China Natural Gas Corp and US company IMPCO Technologies, Inc. have formed a joint venture to market and sell IMPCO products in China’s Sichuan and Chongqing provinces. The venture will focus on the aftermarket conversion and automotive original equipment manufacturing businesses. The partners also plan to build a manufacturing facility in Sichuan. CNGC, a subsidiary...
US company Air Products and Chemicals, Inc said that it has increased its ownership to 70% in San Fu Chemical Company, Ltd. (San Fu), Taiwan’s largest industrial gas company. Since 1987, Air Products has had a joint venture arrangement with San Fu, holding just under a 50% interest in the company. The Taiwanese shareholders, who...
JAKARTA (AFX-ASIA) – State-owned oil and gas company Pertamina has filed a motion in the US District Court in Delaware claiming it is unable to post a US$275 million bond ordered by the court to resolve a dispute with former partner Karaha Bodas Co. In its motion, Pertamina cited levels of collateral and the fees...
MANILA (AFX-ASIA) – Pilipinas Shell Petroleum Corp is in talks with new oil players for possible joint ventures in the liquefied petroleum gas business, company spokesman Roberto Kanapi said. Mr Kanapi said Pilipinas Shell wants to firm up partnerships that will allow it to use LPG refilling facilities of the new industry players in areas...
The Japanese government has signed a deal with Kazakhstan that will give it the right to emit about 62,000 tons/year of carbon dioxide and help meet Tokyo’s obligations spelled out under the Kyoto Protocol. Under the agreement, state-owned New Energy Development Organization will repair thermal power plants in Kazakhstan to reduce their carbon dioxide emissions....
TOKYO (AFX-ASIA) – Japan Energy Corp said that it has reached a basic agreement with Mitsubishi Corp to sell a 10 pct stake in its convenience store operator am/pm to the latter for an undisclosed amount. Under the agreement, the acquisition will take place within a year, it said. am/pm is capitalised at 7.5 billion...
Singapore has reported yet another collision of vessels on its busy waterways. No one was injured, but about 19 tonnes of light crude oil spilled yesterday after an Indian-registered oil tanker collided with a bulk carrier from Panama. The Maritime and Port Authority of Singapore said the 37,855-tonne tanker, Lance Naik Karam Singh PVC, collided...
Australia’s North West Shelf partners have signed sales and purchase agreements to supply a spot cargo of 125,000 cubic metres of liquefied natural gas (LNG). The cargo was loaded yesterday from the North West Shelf’s LNG loading facilities in Whitnell Bay, Western Australia. In turn, BP will deliver the cargo to a receiving terminal in...
HONG KONG (AFX-ASIA) – CNOOC Ltd stock was higher in Hongkong trade yesterday against a flat broader market, with some investors switching into the stock from PetroChina, dealers said. They added recent upgrades to the stock’s earnings estimates and target prices may have also had an impact on the stock. At 3.05 pm, CNOOC was...
Iran’s natural gas consumption is growing at a faster rate than oil. According to BP, Iran’s domestic gas consumption overtook oil to become the leading primary fuel source in 2000. BP said Iran’s daily gas consumption rose by 3.2% to 58.5 million tons oil equivalent (toe) last year, exceeding oil use by more than four...
The Free Tibet Campaign has criticised oil majors Royal/Dutch Shell and ExxonMobil along with Russia’s Gazprom for investing in a US$20 billion pipeline to transport gas across China. The group issued a statement ‘deploring’ the July 4 signing of a joint venture framework agreement between PetroChina and the Shell-led consortium led to build the controversial...
LONDON (AFX) – Shares in BHP Billiton PLC outperformed the wider market in early trade, benefiting from its defensive profile and as analysts at Merrill Lynch said the group’s oil assets have been undervalued by the market, dealers said. Yesterday, at 9.40 am, BHP’s shares were 1-1/4 pence higher at 371-1/2 pence, while the FTSE...
BANDA ACEH, Indonesia (AFX-ASIA) – The military said it is mobilising all available troops in a hunt for Aceh separatist rebels blamed for the abduction of nine crewmen of the Pelangi vessel, which was chartered by ExxonMobil to carry oil exploration equipment. The crew were not employees of the company, officials said. The Pelangi vessel...