India’s Bharat Petroleum Corporation Ltd (BPCL) has reported a 9.91% increase in net profit to Rs 2.45 billion for the quarter ended 30 June 2002. VANS Business News said that the company’s net sales were up 9.2% to Rs 110.8 billion (US$2.3 billion) while its other income almost doubled to Rs 608 million (US$12.6 million)....

JAKARTA (AFX-ASIA) – The East Kalimantan government is dropping an attachment order on shares in PT Kaltim Prima Coal (KPC) — a 50:50 joint venture between BP PLC and Rio Tinto PLC — to facilitate the sale of a 51% stake in KPC, a lawyer for the regional government said. Didi Dermawan, partner with Dermawan...

Kuantan Port is to soon open the first 200 metres of a 400-metre dedicated container berth, Malaysia’s first on the South China Sea side of its peninsula, according Schednet citing the port’s latest quarterly publication. No date has been given for the opening, but Mohamed Awang Tera, managing director of the Kuantan Port Consortium (KPC),...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd said it has signed three agreements with SKS Power Sdn Bhd for the latter to build a 2100-megawatt coal-fired power plant in Pontain, Johor. The agreements signed are the power purchase agreement (PPA) for the sale/purchase of power, coal supply and transport agreement (CSTA) and agreement for the...

MANILA (AFX-ASIA) – Energy Secretary Vince Perez said the National Power Corp and Manila Electric Co are willing to offer a rate discount of 15-20% to industrial customers as part of the government’s program to bring down power costs. After initial discusssions with the two firms, he said the possible price incentive could be extended...

The Asian Development Bank (ADB), in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), recently held a training workshop on renewable energy, energy efficiency and greenhouse gas abatement (REGA) at the United Nations Conference Center in Bangkok from 22 to 26 July 2002. Experts and representatives from national...

Mr Raymond Lim, Minister of State for Trade and Industry & Foreign Affairs, at the Ground Breaking Ceremony for Commencement of Works on Sakra Natural Gas Station on 17 July 2002 Mr Timothy Chia, RADM (Ret) Kwek Siew Jin, Distinguished Guests, Ladies and Gentlemen It is both a pleasure and an honour to officiate at...

TOKYO (AFX-ASIA) – Nippon Oil Corp will completely stop production of C heavy oil at a refinery in Yamaguchi Prefecture in April 2004, the Nihon Keizai Shimbun reported, citing company sources. The Yamaguchi plant, which will be the first to terminate output of C heavy oil in Japan, spent about 1 billion yen (US$1=116 yen)...

Sonatrach, the Algerian state company, and Shell Gas & Power (Shell) last month announced the signing of a Memorandum of Cooperation (MoC) which aims to identify and develop projects of mutual interest, both in Algeria and internationally. The MoC covers a wide range of possible opportunities in the upstream and downstream. The intention is to...

ABUJA (AFX) – US Assistant Secretary of State Walter Kansteiner said his government is not pressuring Nigeria to quit the OPEC oil cartel, despite allegations to the contrary from a senior Nigerian minister. Speaking to reporters after meeting with President Olusegun Obasanjo, Mr Kansteiner said: “There is no pressure whatsoever. The subject did not even...

A fertiliser company partly owned by the Oman Oil Company has effected the award of a US$780 million construction and engineering contract to a consortium comprising France’s Technip-Coflexip and Italy’s Snamprogetti. The Oman-India Fertiliser Company (OMIFCO) awarded the contract for the design and construction of the fertiliser complex in Sur about 150 km south of...

World Fuel Services Corporation has appointed Paul Stebbins chairman and CEO, replacing Jerrold Blair, the former chairman who remains with the company as an adviser. The company also appointed Michael J. Kasbar as president and chief operating officer. Mr Stebbins, 45, has served as president and chief operating officer of World Fuel for the past...

KUALA LUMPUR (AFX-ASIA) – Prime Minister Mahathir Mohamad and Indonesian President Megawati Sukarnoputri will jointly launch a natural gas pipeline between Natuna Island and Malaysia during Dr Mahathir’s visit to Jakarta, Malay daily Utasan Melaysia reported. Dr Mahathir will visit Indonesia on Aug 7 and 8, with the launch to take place on Aug 8,...

In a statement, BP said: “Exploration and production’s second quarter result was down 26% on a year ago due to significantly lower liquids and natural gas realisations, down 8% and 29% respectively. Total hydrocarbon production for the quarter was at a record level and up over 5% compared to the same period last year. “In...

SYDNEY (AFX-ASIA) – Santos Ltd shares have fallen as the company’s reduced first half sales revenue has led analysts to reduce their earnings forecasts for the company, dealers said. Santos reported first half to June sales of A$673.12 million (US$1=A$1.8), down 10.4% from a year earlier following a 20.9% fall in realised oil prices although...

JAKARTA (AFX-ASIA) – PT Kaltim Prima Coal (KPC) — a 50:50 joint venture between BP PLC and Rio Tinto PLC — said it is awaiting official confirmation that the East Kalimantan government has dropped its lawsuit against it. “Up to now we haven’t seen anything from the court. What we’ve seen and heard is what...