China’s CNOOC Limited has announced a 56.5% increase in unaudited oil and gas revenues of RMB 6.79 billion for the third quarter of 2002 over year-ago levels. (US$1=8.28 yuan). For the nine months ended September 30, 2002, oil and gas revenues rose 18.1% to RMB 16.42 billion from RMB 13.90 billion for the same period...

HONG KONG (AFX-ASIA) – Shandong International Power Development Co Ltd said its new on-grid tariff of 320 yuan per million megawatt-hours (MMWH) for three generating units has been approved by the government. (US$1=8.28 yuan). The tariff is applicable to the second 300 MW-generating unit of Laicheng plant, the newly-operating third 300 MW unit of Laicheng...

FAME Information Services, Inc., a leading provider of data management and decision-support solutions for trading and risk management, has announced a partnership with FinancialCAD, providers of financial instrument management software products and services. This partnership gives FAME customers access to Fincad Analytics through the FAME Data Management Suite. FAME is a leading provider of data...

MANILA (AFX-ASIA) – President Gloria Macapagal-Arroyo said her administration will pursue a program to introduce compressed natural gas (CNG) as an alternative fuel for the transport sector, just as the government has promoted the use of CNG in power generation. “I want to pursue the same program for the transport sector by having alternative fuels,...

JAKARTA (AFX-ASIA) – Energy and Mineral Resources Minister Purnomo Yusgiantoro has installed the management team of BPMigas, the new authority for the upstream oil and gas industry, the ministry said. The Energy and Mineral Resources said in a statement that the management team includes a member of Yusgiantoro’s expert staff, Kardaya Warnika, as vice-chairman; Zainal...

Singapore Petroleum Company has reported that its net earnings has risen to S$38.27 million for the nine months ended Sept 30, compared with a loss of S$1.39 million previously. (US$1=S$1.8). It attributed the improved performance to higher oil prices. Operating profit before tax rose more than five times to S$39.9 million from about $7 million...

SHANGHAI (AFX-ASIA) – The State Council has already appointed several key personnel to new companies and government bodies formed via the ongoing restructuring of the power sector, as it pushes ahead with the reforms despite the disappearance of State Power Corp chief executive Gao Yan, the South China Morning Post cited sources as saying. “The...

Environmental group Greenpeace said it succeeded in “shutting down” ExxonMobil’s operations in Luxembourg last Friday in protest against the oil major’s policy on climate change. The event coincided with a gathering of representatives from 178 countries meet in India over the next round of the Kyoto Protocol. Activists from 31 countries were at all of...

TOKYO (AFX-ASIA) – Nippon Oil Corp said it started sales of its ENEOS-branded automotive lubricant oil in China today, targeting to sell 1,000 kilolitres annually by the year to March 2006. The company will also start sales of its ENEOS-branded automotive lubricant oil in Vietnam, Indonesia, South Korea, Thailand, Malaysia, India, and Taiwan from the...

The Importance of Crude Oil Futures In Asia By Takamichi Hamada, TOCOM COO On the occasion of the 18th Asia Pacific Petroleum Conference 2002, September 24, 2002 I.ÊÊÊÊÊÊÊIntroduction Good morning, ladies and gentlemen. I’d like to welcome you all to this presentation. My name is Takamichi Hamada and I am the COO at the Tokyo...

MOSCOW (AFX) – Russia and Saudi Arabia should cooperate on an economic level, especially in the oil sector, said Russian energy minister Igor Yusofov, according to a report on ITAR-TASS. He said Russia would welcome Saudi investment in the development of oil refineries in remote parts of eastern Siberia, or in the modernisation of oil...

Beijing Datang Power has entered into three joint venture agreements to build and operate hydropower stations in China. It and Si Mau Asset have established the Li Xian Jiang Company to construct and operate three hydropower stations of the Li Xian Jiang Hydropower Project. The partners have agreed to contribute a total of RMB 140...

Demand for trade financing, especially for oil, has resumed with strong growth expected in key countries like China, Japan and Korea, said one of the world’s leading commodities trade finance banks. While the effects of the financial crisis of 1997 continue to linger, Asia is now faced with a new set of challenges after emerging...

TEHRAN (AFX-GEM) – Iranian President Mohammad Khatami said there is an “urgent need” for countries on the Caspian Sea to settle an ongoing dispute over oilfield boundaries and establish a legal system for the area, the official news agency IRNA reported. Speaking after talks with Azerbaijani president Heydar Aliev at a meeting of the Economic...

MANILA (AFX-ASIA) – PNOC Exploration Corp said it has yet to firm drilling plans for next year at the Malampaya natural gas site in northwest Palawan. The unit of state-owned Philippine National Oil Co was clarifying reports that the Malampaya consortium led by Shell Philippines Exploration BV (Spex) plans to drill two more wells at...

China’s CNOOC Limited said its investment interests in offshore Indonesia are well on track to meet and exceed performance targets set earlier this year despite heightened security concerns. “Our business in Indonesia, largely comprised of offshore properties, is expected to hit performance targets. While we will keep a close eye on the development in Indonesia,...

SINGAPORE (AFX-ASIA) – IMF chief economist Kenneth Rogoff said the growth outlook for Asia faces risks on the downside in view of the weak prospects for industrialised countries, weaker demand for the region’s exports and the volatility of semiconductor prices. “The increased downside risk to the outlook in industrial countries and the associated weaker prospects...

THIS STORY WAS PUBLISHED IN ENERGYASIA REPORT Platts’ quest to dominate the Asian oil pricing market was given a boost last month when two exchanges trading energy futures announced that they would be using its daily quotes to price their contracts. The McGraw Hill unit, the leading oil industry information service provider, is attempting to...

The Ausralian government has made a commitment to meet its target under the Kyoto Protocol, an 8% increase in 2010 on greenhouse gases emitted in 1990. According to its report, “Australian Third National Communication on Climate Change 2002”, this target will not be reached with a 2010 shortfall of 14.6 million tonnes per annum. In...

China’s CNOOC Limited said it has scored another exploration success with JZ25-1S-1, a wildcat well in Liaodong Block of Bohai Bay. The well tested a combined flow of 2300 barrels of 27-29¡API crude per day during drill stem tests. JZ25-1S-1 is located about 40 kilometers north of SZ36-1 oil field and 40 kilometers South of...

TOKYO (AFX-ASIA) – Tokyo Gas Co plans to build electric power generation facilities with a total output of 2-3 million kilowatts under its five-year business plan from fiscal 2003, the Nihon Keizai Shimbun reported, without citing sources. The company is already building a 100,000kw plant in Sodegaura, Chiba Prefecture, the newspaper said. Tokyo Gas will...

Crude fundamentals currently remain bullish, led by the historically low inventory levels in the US, said US-based consultants ESAI. In the latest edition of Atlantic Basin Stockwatch, ESAI said that if a war with Iraq were accomplished successfully and quickly, there are several bearish forces that would force OPEC to cut production again next year....

HONG KONG (AFX-ASIA) – The former chief executive of State Power Corp, Gao Yan, has fled China to avoid arrest on corruption charges, the South China Morning Post reported, quoting unnamed sources. Mr Gao – who holds the rank of government minister and would be the highest-ranking official to flee abroad in more than a...

BANGKOK (AFX-ASIA) – Ratchaburi Electricity Generating Holding Plc unit Ratchaburi Electricity Generating Co Ltd will acquire the Ratchaburi Combined Cycle Gas Turbine (CCGT) Block 3 plant from the Electricity Generating Authority of Thailand (EGAT) on Nov 1, the company said in a statement to the Stock Exchange of Thailand. The company earlier said it projects...

HONG KONG (AFX-ASIA) – Shenzhen Energy Group head Lao Derang is under official investigation, the South China Morning Post quoted sources in the mainland power and securities sectors as saying. Mr Lao has been detained since last month under the ‘shuanggui’ rules, which require her to cooperate with internal investigations by party officials that can...