LONDON (AFX) – Moody’s Investors Service said it has placed the A3 senior unsecured and P-2 short-term debt ratings of BHP Billiton PLC’s guaranteed subsidiaries on review for possible upgrade. Moody’s added it also placed the Baa1 rating of BHP Operations Inc on review for possible upgrade. About US$4.1 billion of debt securities are affected...

HONG KONG (AFX-ASIA) – CNOOC Ltd chairman Wei Liu Cheng said the company has no intention to invite foreign partners to participate in the construction of an LNG terminal in Fujian. “The project is likely to be carried out by CNOOC and local partners. We have no plans to invite foreign partners to join us,”...

Jet fuel portal operator JET-A.com said the user base for its purchase tendering module has added two of Japan’s leading oil companies, Japan Energy and Cosmo Oil Company, Ltd. Each subscription is for a one-year period starting October. The tendering module is designed to provide these oil companies with an efficient way to handle the...

KUALA LUMPUR (AFX-ASIA) – The consortium led by Sime Darby Bhd has received a letter of intent from the government covering the main construction works for the Bakun hydroelectric dam project at a tender price of 1.788 billion ringgit, Bernama news agency reported, citing a member of the consortium. (US$1=3.8 ringgit). Edward & Sons Sdn...

BP Solar, a subsidiary of the oil major, and Australia’s Origin Energy have been awarded a contract to supply and instal the country’s largest city solar power project. Melbourne City Council has awarded the contract to cover one third of the north facing roof-space of the Queen Victoria Market with approximately 1,300 Solar Photovoltaic (PV)...

In preparation to serve Australia’s fast-growing offshore oil and gas industry, PSA Marine (Pte) Ltd, a wholly-owned subsidiary of Singapore’s PSA Corporation, has signed a conditional agreement to buy a 20% stake in Mermaid Marine Australia Limited. The Australian Stock Exchange-listed company operates offshore support vessels and supply bases. Mermaid Marine will issue 23,480,000 new...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd (TNB), without mentioning amounts, said it is proposing to issue a ringgit-denominated bond to raise funds for capital expenditure and also to issue a dollar-denominated bond for repayment of foreign currency-denominated debts. In a statement, TNB said the bonds are convertible into new TNB shares of 1.00 ringgit...

Singapore’s AP Oil International Limited has reported a sharp rise in its financial performance for the first half of the year, with net profits rising 43.7% to S$1.39 million on a 124.8% jump in turnover to S$35.7 million. (US$1=S$1.75). The company said the rise came from stronger contributions from both trading and manufacturing operations as...

PTT Exploration and Production Plc’s operating profit for the second half of this year is expected to be better than in the first half due to higher gas prices and increased average sales volumes mainly from the Bongkot projects, despite lower sales from the Yanada project, Ayudhya Securities said in a report. Sales volume from...

ConocoPhillips has completed the merger of Conoco Inc. and Phillips Petroleum Company, following clearance by the US Federal Trade Commission last Friday. Shareholders of both companies and all US and foreign regulatory authorities cleared the merger earlier this year. ConocoPhillips is the third-largest integrated US energy company. On a global basis, it is the sixth...

BEIJING (AFX-ASIA) – Guangdong Electric Power Development Co Ltd said first half net profit, according to International Accounting Standards, rose 38% to 734.7 million yuan as a result of higher volume of electricity generation, higher sales to the regional grid and contributions from Zhanjiang Electric Power and Yuejia Electric Power. (US$1=8.28 yuan). However, the company...

Caltex Australia has reported a major turnaround to a net profit after tax of A$130.4 million, or 48.3 Australian cents a share, for the first half of 2002 from a net profit after tax of A$1.2 million, or A0.5 cents a share, for the same period last year. (US$1=A$1.8) Chairman Dick Warburton attributed the turnaround...

MANILA (AFX-ASIA) – Marubeni Corp is seeking to convert its build-operate-transfer contract with the Philippine government involving a power generation project into a 50-50 joint venture, PNOC-Energy Development Corp chairman and president Sergio Apostol. An existing 10-year contract with the state-owned PNOC-EDC allows Marubeni to operate a 104-megawatt geothermal power plant in southern Philippines until...

SHANGHAI (AFX) – Russia wants to increase its gas and oil exports to China, Russian Prime Minister Mikhail Kasyanov said. After discussing bilateral trade issues with his Chinese counterpart Zhu Rongji, Mr Kasyanov said Russia would be able “to satisfy China’s enormous demand for oil and natural gas.” According to Mr Zhu, the two reached...

The US Embassy in Indonesia has reportedly expressed disappointment with the August 27 ruling by the Jakarta District Court against a US$261 million claim by American investors against state energy company Pertamina for a failed power project. In a statement, the Karaha Bodas Company (KBC) said the embassy has declared that “the decision will have...

PetroChina Company Limited said lower oil prices helped slash its first-half net profit by nearly 28% to RMB 19,579 million from the same period last year (US$1=RMB 8.28). However, it said the results were better than expected as the company increased oil and gas production and reduced operating costs. Profit from its exploration and production...