Singapore’s engineering group Sembcorp Industries (SCI) has reported a 40.5% drop in net profit to $95.7 million (US$55 million) for the six months ended June 30. The company is involved in the utilities, environmental engineering, logistics and marine engineering businesses. In a statement, SembCorp Industries said four of its key businesses Ð utilities, environmental engineering,...

BEIJING (AFX-ASIA) – The central government is allocating 10 billion yuan over the next four years to fund research and development projects to support China’s sustainable development and help tackle shortages in strategic resources that could threaten the country’s existence if not resolved, Li Xueyong, vice minister of science and technology, said. (US$1=8.28 yuan). The...

TAIPEI (AFX-ASIA) – The Formosa Plastics group has denied reports that it is planning to invest NT$3 billion building three coal-fueled power plants with a combined capacity of 450,000 kilowatts in Vietnam. (US$1=NT33). The Economic Daily News earlier reported the news, citing an unnamed senior group official. The report mentioned that Formosa Plastics is seeking...

SYDNEY (AFX-ASIA) – Santos Ltd said its net profit in the current second half of fiscal 2002 is on track to exceed the A$162.6 million first half result. (US$1=A$1.8). In a statement issued to the Stock Exchange, Managing Director John Ellice-Flint said the company’s first half result was “very solid notwithstanding the lower world oil...

CNOOC Limited has announced making a successful appraisal well that will add to its gas reserves in the western part of the South China Sea. The well, YCH13-4-2, drilled on the YCH13-4 discovery, is located about 27 km north of YCH13-1 gas field. It produced about 20 million cubic feet of gas per day on...

Chinese fuel oil imports have been down nearly 100,000 barrels/day this year compared to last year’s levels, said US-based consultants ESAI. In the latest issue of its China Watch report, ESAI said it expects Chinese fuel oil purchases to increase sharply in the coming months. “Demand is beginning to pick up, especially in the key...

China Petroleum & Chemical Corporation said its first half profits fell 45% to RMB5.4 billion (US$652 million) on revenue of RMB146.2 billion (down 11.8%). Chairman Li Yizhong said the company’s operating profit fell sharply during January and February 2002 as a result of low domestic crude oil, refined oil and petrochemical product prices as well...

Australia’s upstream company Woodside has reported an after tax profit of A$197.1 million for the first half of 2002, down sharply from A$580.2 million for the same period last year. The company said it wrote down the latest profits by A$92.6 million due to its 6.88% equity holding in Oil Search Limited. (US$1=A$1.8). Last year’s...

HONG KONG (AFX-ASIA) – CLP Holdings Ltd group managing director Andrew Brandler said the company is targeting a 30 pct earnings contribution from its non-scheme of control (SOC) activities by 2005. “We will achieve this target through acquisitions, including takeovers in power projects in China,” he said. In the first half, non-SOC earnings accounted for...

UNITED NATIONS (AFX) – The volume of Iraqi oil exported under UN supervision fell by almost half to 4.4 million barrels last week, said the office administering the UN’s oil-for-food programme. Iraq earned an estimated US$101 million, compared with US$201 million the previous week. According to unofficial calculations, 10 weeks into the current 180-day phase...

The Australian government said it is “within striking distance” of reaching its Kyoto Treaty target of limiting greenhouse emissions to 108% of 1990 levels over the period 2008-12. The Minister for the Environment and Heritage, David Kemp, said: “On current policy settings, Australia is projected to reach around 111% of 1990 emissions by the end...

KUALA LUMPUR (AFX-ASIA) – Petronas Gas Bhd said first quarter to June pretax profit rose RM43.1 million to RM206.2 million compared to the preceding quarter due to a higher contribution from its centralised utility facilities (CUF) operations as a result of higher demand. (US$1=RM3.8). Sales of RM540.4 million for the three months to June was...

Thailand’s PTT Public Company Limited (PTT) has signed a Memorandum of Understanding (MOU) to supply Rayong Olefins Company Limited, a chemical subsidiary of Siam Cement Group, liquefied petroleum gas (LPG) and natural gasoline (NGL) for use as feedstocks in producing ethylene and propylene. Prasert Bunsumpun, PTT’s senior executive vice president (gas business), said his company...

Malaysia’s Petronas Dagangan Berhad (PDB) has confirmed that it has been invited by BP (Sabah) Sdn Bhd (BP) to consider the acquisition of BP’s assets in Sabah state. “These assets are primarily service stations and a terminal. PDB is presently undertaking the necessary evaluations, including a due diligence investigation, and if considered appropriate it will...

South Korea’s Korea Land Corp. (Koland) is planning to supply energy to an industrial complex in Gaeseong in North Korea under a project jointly promoted by both governments. The company said it will supply 100,000 kilowatts of electricity and 120,000 tons of natural gas daily along with 2,000 telephone circuits. It will build power transmission...

State Oil and Natural Gas Corporation (ONGC) has said it wants to convert natural gas produced in the northeastern state of Tripura into diesel and kerosene. Tripura has an estimated 26 billion cubic metres of recoverable gas reserves, but currently produces only four million cubic metres/day. ONGC director RC Gourh said it plans to step...

The US Energy Information Agency has predicted that the country’s domestic oil demand will rise by 1.9% to 19.9 million barrels/day in the second half of this year. It sees gasoline demand averaging 8.9 million b/d, or 1.4% over year-ago levels. In its latest report, it said: “This week’s drop in crude oil inventories, while...

TAIPEI (AFX-ASIA) – Chinese Petroleum Corp is suspending production at its 5th naphtha cracking plant for 15 days or so from tomorrow for mechanical repairs, the Commercial Times reported, citing officials with the state oil company. As a result, Chinese Petroleum will have to curtail the supply of petrochemicals to clients by 45-35% during the...

MANILA (AFX-ASIA) – Shell Philippines Exploration BV external relations manager Facundo Roco said the terms of the supply contract involving natural gas from Malampaya reservoir in offshore Palawan are fixed and any plans by the government to impose a tax on the use of natural gas will not alter those terms. “We already have a...

Japan’s Tokyo Electric Power Company (Tepco) has signed an agreement with Tarong Energy of Queensland state in Australia to participate in the development of the Tarong North Power Station Project. Tepco will participate in the project through TM Energy (Australia) Pty Ltd, its 70/30 jointe venture with Mitsui & Co that was established in February...

HONG KONG (AFX-ASIA) – Wah Sang Gas Holdings Ltd said the 171.2% increase in its three months to June results largely reflected a significant rise in new connections to its gas pipeline network. The company, which derives its revenues from connection fees, wholesale and retail liquefied petroleum gas (LPG) sales, the provision of piped gas...

HONG KONG (AFX-ASIA) – CLP Holdings Ltd said it was able to register an increase in total earnings for the first six months to June due to the steady growth from scheme of control (SOC) earnings along with strong contributions from non-scheme of control earnings. For the period, the company recorded total earnings of HK$3.445...

SHANGHAI (AFX-ASIA) – Heilongjiang Electric Power Co Ltd has taken back 150 million yuan it had invested in Harbin No.3 Power Station, and is instead considering plans to make an equity investment in the station, company spokeswoman Zhang Ying told AFX-ASIA. (US$1=8.28 yuan). Ms Zhang did not say what form the previous investment in the...

Singapore is looking to diversify its energy sources and to import liquefied natural gas as a means of building a resilient electricity and energy system after disruption of gas flows from Indonesia’s West Natuna field caused a power failure to parts of the island on August 5. In a statement, the EMA said: “In addition...

TAIPEI (AFX-ASIA) – Chinese Petroleum Corp’s board of directors has approved the acquisition of the AC/P32 oil well in northwest Australia, with contracts due to be signed shortly, the Commercial Times reported officials with the state oil company as saying. Chinese Petroleum is ready to apply for a government subsidy for the prospective acquisition, which...