BANGKOK (AFX-ASIA) – Banpu Plc wants a foreign partner to take close to one-third of its 50% shareholding in BLCP Power Co, one of its power plant subsidiaries in Rayong, to boost the project’s potential, Bangkok Post reported, quoting Banpu chief executive Chanin Vongkusolkit. Mr Chanin was quoted as saying that the 1,347-megawatt coal-fired plant...

SYDNEY (AFX-ASIA) – Caltex Australia Ltd managing director Jeet Bindra said the Australian Competition and Consumer Commission (ACCC) should bring to a quick conclusion the matter arising from allegations of price fixing against the company. Mr Bindra expressed impatience at the length of time it was taking the ACCC to investigate allegations of price fixing....

HONG KONG (AFX-ASIA) – CLP Holdings Ltd (2.HK) may sell its 5% stake in YTL Power International after the Malaysian government decided against privatising Tenaga Nasional Bhd’s assets, and plans to focus more on the Australian and Chinese markets, the South China Morning Post reported, citing managing director Andrew Brandler. “There is no intention for...

China’s CNOOC Limited said that its parent company, China National Offshore Oil Corporation, has signed a supplemental agreement to develop oil fields in the Bohai Bay with Kerr-McGee China Petroleum Limited, a subsidiary of Kerr-McGee Corp and Sino-American Energy Corp., a wholly owned subsidiary of Ultra Petroleum Corp. The agreement marks concurrence on major issues...

JAKARTA (AFX-ASIA) – State-owned oil and gas company Pertamina said it has lowered the price of its premium gasoline to 1,690 rupiah per litre for this month from 1,735 rupiah in August, Bisnis Indonesia reported. (US$1=8,800 rupiah). The report quoted Pertamina market development manager Djaelani Sutomo as saying that the decision on the price cut...

A major gas underground pipeline under construction from Victoria to South Australia states is to be significantly expanded. Last week, Australian companies International Power, Origin Energy and TXU have become equal equity participants in the expanded South East Australian (SEA) Gas pipeline, now worth approximately A$500 million. (US$1=A$1.8). The SEA Gas pipeline will avoid the...

JAKARTA (AFX-ASIA) – PT Medco Energi Internasional has signed a memorandum of understanding to acquire stakes in two oil fields in Papua, namely Yapen oil field (owned by Apex Ltd) and Rombe Rai block (Ramu International Ltd), chief financial officer Sugiharto said. “We signed the MOUs on Aug 23 and 26,” Bisnis Indonesia cited Mr...

Platts’ changes to its definition of the key North Sea oil benchmark have been endorsed by London’s International Petroleum Exchange (IPE). IPE has announced that it will use 21-day Brent, Forties, Oseberg (BFO) trades, spreads and intraday assessments to calculate the index. Platts is the energy information, consulting, research and marketing services division of The...

Australia’s engineering group Clough Limited has reported a 12% rise in net profit to A$30 million for the financial year to June 30 2002. (US$1=A$1.8). Revenues rose over 9% to A$785 million while operating profit before tax was A$42.2 million (down 4%). Earnings per share were 7.6 Australian cents (down 1%). The company, listed on...

US independent energy company Unocal wants to achieve oil and gas production growth by focusing on Azerbaijan, Indonesia and the Gulf of Mexico, and reducing capital spending on small scope, lower return production-adding activities. The Azerbaijan International Operating Company (AIOC) full-field development is now moving forward on its first two phases, said Charles R. Williamson,...

TOKYO (AFX-ASIA) – The Ministry of Economy, Trade and Industry (METI) is considering toughening penalties on firms that report false data, after Tokyo Electric Power Co (TEPCO) was found to have falsified reports about cracks at its nuclear power plants, the Nihon Keizai Shimbun reported last week, citing ministry sources. It said METI is considering...

Newly merged ConocoPhillips has named 16 directors to its board after receiving final approval from all regulatory authorities. The board consists of 14 outside directors and two inside directors. Of the outside directors, seven were members of Phillips’ board and seven were members of Conoco’s board before the merger. The board members include: Richard H....

Through its recent purchase of the assets of Daytona Energy, Australia’s Bounty Oil & Gas NL has acquired 18% of an oil and gas field which was recently farmed out to Taiwan’s state owned Chinese Petroleum Corporation. The AC/P32 field is located in the Vulcan sub-Basin, offshore Western Australia, and is adjacent to several oil...

Australian Pipeline Trust (APA) has reported that its full year after-tax profit for the year ending 30 June 2002 has risen 21% to A$37.1 million over the previous year. (US$1=A$1.8). In a statement, the Australian Stock Exchange-listed company said: “The directors are pleased with this result, which has again exceeded forecasts. Actual pipeline revenue, after...

US independent energy company Unocal Corporation said it continues to maintain a “high level of activity” in its exploration and production programme in Indonesia. Charles R. Williamson, Unocal chairman and chief executive In the deepwater Indonesia, told analysts last week that the company continues to focus on the continued appraisal of the Ranggas oil and...

KUALA LUMPUR (AFX-ASIA) – Part of the payment for the 1.788 billion ringgit main civil works contract for the Bakun hydroelectric dam is expected to be in the form of palm oil, Bernama news agency reported, quoting a member of the winning consortium. (US$1=RM3.8) The seven member consortium comprises Sime Darby Bhd unit Sime Engineering,...

Russian oil companies Sibneft and Lukoil are competing to invest in a US$7 billion project to boost production in four fields in northern Kuwait. A Russian delegation led by Energy Minister Igor Yusufov visited Kuwait to discuss the project along with expanding technical cooperation shortly after Moscow had announced a major deal with Iraq involving...

HONG KONG (AFX-ASIA) – Xinao Gas Holdings Ltd executive director and president Yang Yu said the group’s capital expenditure for pipeline and gas station investments is expected to hit 300 million yuan this year. (US$1=8.28 yuan). “About 100 billion has been applied during the first half of the year,” he told reporters at a briefing...

HONG KONG (AFX-ASIA) – Petrochina Co Ltd plans to invest 2.2 billion yuan in 1,500 retail stations this year, vice chairman Huang Yan said. (US$1=8.28 yuan). “We plan to increase our market share… we have already increased by 300 stations in the first half, we will increase by 1,200 stations in the second half through...

By David Hew, Advocate and Solicitor, M/s Robert W.H. Wang & Woo and Secretary General, Asia Pacific Countertrade Association (APCA). David Hew can be reached at apcasec@singnet.com.sg. Please visit www.apcatrade.org for information on APCA. Article is carried by various publications in Asia under different titles and by Euromoney in their September 2002 issue of Trade...

BANGKOK (AFX-ASIA) – Receivership officials have requested the Central Bankruptcy Court consider dismissing Effective Planners Ltd as Thai Petrochemical Industry PLC’s rehabilitation plan administrators on the request of TPI CEO Prachai Leophairatana, said TPI Polene Plc vice president Silpin Buranasilpin. TPI Polene Plc is a cement unit of Thai Petrochemical Industry. The request was submitted...

MANILA (AFX-ASIA) – CBK Power Co Ltd, a joint venture between IMPSA of Argentina and Edison Mission Energy, remains committed to continue its US$486 million power project in the Philippines involving the rehabilitation and operation of the Caliraya-Botocan-Kalayaan generating facility. “Though we are really quite discouraged by several issues that have been floating in the...

Natural Gas Corporation Holdings Limited (NGC) will divest its gas retail customers and electricity generation assets as it looks to consolidate its role in the New Zealand energy market. The decision were announced last month after a six-month review of the company’s business direction. CEO Phil James said: “Following NGC’s withdrawal from electricity retailing in...

HONG KONG (AFX-ASIA) – Xinao Gas Holdings Ltd chairman Wang Yusuo said the company posted net profit growth in the first half due to the higher number of contracted cities. The number of contracted cities has increased to 24 from 16 at the end of 2001, with total population coverage rising to over 6.5 million...

HONG KONG (AFX-ASIA) – Sinopec Kantons Holdings Ltd said its sales fell 24.2% year-on-year in the six months to June to HK$2.449 billion mainly due to lower crude oil prices and a fall in the processing volume of refineries. (US$1=HK$7.87) In a statement releasing its interim results, the company said sales of crude oil amounted...