NEW ZEALAND: Natural Gas results show recovery in core operations, lower abnormals

SYDNEY (AFX-ASIA) – Natural Gas Corp Holdings Ltd, owned 66.05% by Australian Gas Light Co, said group financial results improved to a net profit of NZ$34.5 million in the year to June 2002 from a loss of NZ$301.6 million in the 2001 financial year due to improved performance of its core natural gas trading and...

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JAPAN: Osaka Gas, H Power sign fuel cell agreement

New Jersy-based, US H Power Corp, a leading fuel cell development company, said that it has entered into a licensing agreement with Osaka Gas Co., Ltd., a natural gas utility serving more than 6,000,000 customers in the Kansai area of Japan. H Power has the right to manufacture, integrate, use and improve upon Osaka Gas...

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CHINA: Sinopec remains committed to cutting 20,000 jobs in H2 Ð chairman

HONG KONG (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) remains committed to cutting 20,000 jobs in the second half of 2002 in a bid to reduce operating costs, chairman Li Yizhong said. “It is our target to reduce the number of jobs. We did not do anything in the first half of the year....

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SAUDI ARABIA: Aramco awards Foster Wheeler a project management contract

A subsidiary of US engineering firm Foster Wheeler Ltd has been awarded a project management services contract for two distillate hydrotreaters and power co-generation plants by Saudi Arabia’s Aramco Overseas Company. The contract’s value was not disclosed in Foster Wheeler’s press statement. Foster Wheeler Energy Limited (FWEL) will provide engineering and project management services for...

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PAPUA NEW GUINEA: ExxonMobil in advanced talks for sale of gas output

SYDNEY (AFX-ASIA) – ExxonMobil, the operator of the PNG Gas project, said it is in advanced talks for the sale of gas output from the project. “ExxonMobil is currently in advanced negotiations for the sale of PNG gas which, if successful, will provide the volumes required for the project to proceed,” it said in a...

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PHILIPPINES: PNOC-EDC seeking to swap Napocor plants for 4 billion peso in receivables

MANILA (AFX-ASIA) – The Philippine National Oil Co’s Energy Development Corp is considering exchanging its 4 billion peso in receivables from the National Power Corp for at least four of the latter’s geothermal plants, PNOC-EDC chairman and president Sergio Apostol said. (US$1=50 peso). “Napocor owes us about 4 billion pesos in steam and power sales...

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JAPAN: Mitsui OSK expands energy transport business in North America and Europe

Japan’s Mitsui O.S.K. Lines, Ltd has announced plans to open new sales offices in London and in Houston, Texas to expand its energy transport business. The new offices will target to meet the world’s growing demand for transport of liquefied natural gas (LNG). The Houston office, opening on September 1, will aim to develop new...

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EMISSIONS: BASF announces innovation to help reduce greenhouse gases

Germany’s BASF said its fuel additives will help increase the use of ethanol diesel in many countries around the world, and help reduce the emission of greenhouse gases. Fuel additives are used globally to reduce emissions and fuel consumption as well as maintenance cost of automotive engines. They also allow new alternative fuels to be...

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CHINA: West-East pipeline project greeted by hope, doubt and controversy

Construction work has begun on China’s massive US$8.5 billion West-East pipeline to deliver natural gas across the country amid much hope, doubt and controversy. At a ceremony in Beijing last month, state PetroChina Company Limited signed a joint venture agreement with a consortium of international energy companies for the construction of the 4,000 km pipeline...

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COMPANY: Word Bank says will ‘closely’ examine Exxon-led pipeline project in Cameroon

NEW YORK (AFX) – The World Bank said it will “closely” examine environmental aspects of a US$4 billion, Exxon Mobil Corp-led project to build a Chad-Cameroon oil pipeline. However, a World Bank spokesman would not confirm a Financial Times report bank inspectors have raised concerns about the project’s cumulative environmental impact, as well as concerns...

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SINGAPORE: MPA hosts seminar on maritime security for East Asia

The Maritime and Port Authority of Singapore (MPA) is hosting an International Maritime Organisation (IMO) seminar on maritime and port security for East Asian countries from August 26 to 30. The five-day event comprising a 3-day seminar and 2-day workshop is held for the first time in Singapore. The MPA said: “It aims to raise...

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ENVIRONMENT: Group says oil companies are ‘damaging’, despite socially responsible claims

LONDON (AFX) – Environmental group Friends of the Earth has accused global groups including BHP Billiton, Rio Tinto PLC, the Royal Dutch/Shell group of companies, BP PLC, Sasol ltd, Nutreco Holding NV of causing “damage to the planet”, despite their claims to be socially responsible. “Even some of the top international companies who claim to...

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THAILAND: PTT, NPC, ATC to co-invest in US$150 million project

BANGKOK (AFX-ASIA) – PTT PLC plans to co-invest with National Petrochemical PLC (NPC) and Aromatics (Thailand) PLC (ATC) by the end of this year in a US$150 million project producing raw materials used to make automobile windshields and textile products, reported Businessday. PTT vice president Piti Yimprasert said the project would cost about US$150 million...

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SINGAPORE: Power cut highlights risk of depending on Indonesian gas

Singapore’s plan to reduce its dependence on oil by piping natural gas from Indonesia may have to be re-examined following a major power failure on August 5 that authorities say hit mostly residential consumers. The incident will bolster the case for the construction of a liquefied natural gas terminal and will also call into question...

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PHILIPPINES: PNOC-EDC to invest 360 million pesos in geothermal drilling

MANILA (AFX-ASIA) – Philippine National Oil Co unit Energy Development Corp said it will be spending 360 million pesos on geothermal drilling in four areas in Leyte province, central Philippines, within the year. (US$1=50 peso). If proven to be commercially viable, electricity to be generated from the drilling areas will power the planned Kabalian power...

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MALAYSIA: Power company Tenaga to issue Islamic bonds to raise RM1.5 billion

Malaysian power company Tenaga Nasional Bhd will soon issue Islamic bonds to raise about RM1.5 billion (US$1=RM3.8) to pay for boosting its distribution business, said chairman Jamaludin Jarjis. The bulk of the funds will be spent on building sub-stations and power lines. The company expects popular response to its commercial papers and medium-term notes with...

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MALAYSIA: Petronas Dagangan reports sharply lower Q1 net profit of RM14.3 million

Petronas Dagangan Bhd, the retail unit of Malaysia’s state oil and gas company, has reported a 82% drop in its first quarter profits to RM14.3 million. (US$1=RM3.8). The company said higher crude oil prices undermined its margins. Its revenue rose 35% to RM2.3 billion on higher sales volume. Its earnings per share for the quarter...

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CHINA: Sinopec H1 affected by global slowdown, WTO

China Petroleum and Chemical Corp (Sinopec) said its six months to June results were affected by the global slowdown in the petroleum and petrochemical industries, coupled with various challenges brought on by China’s entry to the World Trade Organisation. Sinopec said it had a net profit of 5.4 billion yuan in the six months to...

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AUSTRALIA: CNOOC gets offer to acquire 5% of North West Shelf project

China’s CNOOC Limited said it has received an offer to acquire five percent of Australia’s North West Shelf gas project for US$320 million. As part of the deal, CNOOC would also assume a 25% interest in the China Liquefied Natural Gas (CLNG) joint venture to be established to supply gas from the North West Shelf...

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CHINA: CNOOC Limited reports 21.6% drop in first half income on lower oil prices

China’s CNOOC Limited has reported a 21.6% drop in net profits to RMB 3.62 billion for the first half of the year due to lower oil prices. Revenues were slightly higher at RMB 9.87 billion. (US$1=RMB8.28). The company said that despite a 15.5% decrease in realised oil prices, oil and gas sales increased by 0.7%...

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THAILAND: Banpu cuts FY sales forecast to 12 billion baht vs 13-14 billion baht

BANGKOK (AFX-ASIA) – Banpu Plc chief executive Chanin Vongkusolkit said the company has cut its sales forecast for this year to 12 billion baht from 13-14 billion baht as it puts on hold the acquisition of Thai Petrochemical Industry Plc’s power plant. (US$1=40 baht). The revised forecast figure is still 60% higher than last year’s...

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INDONESIA: Karaha Bodas legal case against Pertamina makes progress in Singapore

Power company Karaha Bodas Company’s (KBC) legal effort in Singapore advanced this week after Pertamina, Indonesia’s state oil and gas company, dropped a procedural objection to the proceedings. KBC is attempting to secure payment on a US$261 million arbitral award granted to the company as the result of a failed joint venture with Pertamina. To...

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CHINA: Cheung Kong Infra – H1 fall reflects last year’s one-off gain from Powercor sale

HONG KONG (AFX-ASIA) – Cheung Kong Infrastructure Holdings Ltd said its six months to June net profit fell to HK$1.491 billion from HK$1.509 billion a year earlier, mainly due to lower extraordinary income compared with last year’s one-off gains from the sale of the retail business of Powercor Australia Ltd. (US$1=HK$7.87). Analysts polled by AFX-ASIA...

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AUSTRALIA: Gas supplies from Eastern Australian gas may not be sufficient to meet demand

There is growing concern that Australia’s natural gas supplies will not be able to keep pace with growing demand over the medium to longer term, particularly in eastern Australia, said the Australian Bureau of Agricultural and Resource Economics (ABARE). Its executive director, Brian Fisher, said made the comment earlier when releasing the ABARE’s report on...

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AUSTRALIA: BHP Billiton acquires 18 blocks in Gulf of Mexico acreage

Australian upstream company BHP Billiton said it has acquired 18 exploration blocks in the Gulf of Mexico through an open bid. The company had submitted bids for blocks in the outer continental shelf in the western Gulf of Mexico Lease Sale 184 conducted in New Orleans by the Minerals Management Service (MMS), a bureau of...

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