While Japanese refiners have been trimming runs to help control the regional gasoil surplus, they have left themselves poorly prepared for the coming winter heating season, says US-based energy consultant ESAI. In the latest edition of its Pacific Basin Stockwatch, it said: “This year, Japanese kerosene stocks are barely 25 million barrels, while the average...

SINGAPORE (AFX-ASIA) – Brent crude prices are likely to stay in the range of U$22 to $28 per barrel for the short term, at least until the end of the fourth quarter this year, said SG Commodities. “I don’t see prices staying very high during the long term…OPEC is not interested in having very high...

MANILA (AFX-ASIA) – Mirant Philippines Inc, which has interests in power generation, has decided to postpone once more its IPO plan to early 2004 from mid-2003, company president Edgardo Bautista said, citing the need for more time to finalise plans. “It is a long process and we think we can not meet the target next...

A joint venture comprising Chiyoda Corp and Mitsui & Co, both of Japan, and Italy’s Snamprogetti S.p.A (JV) has been awarded the option for the detailed engineering, procurement and construction (EPC) of liquefied natural gas facilities in Qatar by the Ras Laffan Liquefied Natural Gas Company Limited (II) or RasGas II. The project includes the...

Pirates boarded an oil tanker at the Caltex jetty in Indonesia’s Dumai port early this week, but did not hurt anyone, said the Kuala Lumpur-based International Maritime Bureau. In a statement, it said that three pirates armed with knives boarded a tanker and entered engine room on October 11. “They held duty cadet at knifepoint...

Pars Petrochemical Company – a wholly owned affiliate of Iran’s National Petrochemical Company – has just awarded France’s Technip-Coflexip and its Iranian partner Nargan, a contract for the design and construction of a low density polyethylene plant in the Iranian city of Asaluyeh. The 500 million euros was signed for the complex’s for the ninth...

TOKYO (AFX-ASIA) – Teikoku Oil Co Ltd, Tokyo Gas Co Ltd and Shizuoka Gas Co Ltd said they have agreed to jointly build a 33-kilometre natural gas pipeline in Shizuoka prefecture. Construction of the pipeline will start in 2004, with completion scheduled for 2006. A joint venture firm, in which each of the three firms...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd sees electricity demand growth exceeding 6% next year, with a likelihood that it may even hit 9%, its chairman Jamaludin Jarjis said. “The growth rate of electricity is usually calculated on a multiplier of 1.4 or 1.5 times of GDP. This means that electricity (demand growth) will definitely...

SINGAPORE (AFX-ASIA) – Brent crude prices are likely to stay in the range of US$22 to around $28 per barrel for the short term, at least until the end of the fourth quarter this year, said SG Commodities. “I don’t see prices staying very high during the long term…OPEC is not interested in having very...

Qatar’s Ras Laffan Gas project will include natural gas liquids (NGL) recovery and fractionation plants to supply up to 40,000 barrels per day (bpd) of liquefied petroleum gas (LPG) for export and 70,000 b/d of ethane for use in future chemical plants in the country. Jerry Wolahan, managing director of RasGas, disclosed this at the...

IATA FUEL TRADE SINGAPORE, OCTOBER 8-10, 2002 “NEW REALITIES & NEW CHALLENGES – Seeing Beyond the Crisis” By Leon Codron, Executive Director & Chief Executive Officer, SPC Mr Chairman, IATA Distinguished Guests, Ladies & Gentlemen, It is certainly a privilege and an honour for me to address the 13th IATA Fuel Trade Meeting held here...

McDermott Caspian Contractors Inc. (MCCI) said it has signed US$390 million worth of contracts with the Azerbaijan International Operating Company (AIOC) in Baku for the fabrication of integrated topside decks for Phase 2 of the development of the Azeri, Chirag and deepwater portion of the Gunashli (ACG) field in the Azerbaijan sector of the Caspian...

The US average retail price for regular gasoline increased over the last week, rising by 0.1 cent per gallon as of October 14 to end at 144 cents per gallon, the highest since September 24, 2001. This price is 13.1 cents per gallon higher than last year, said the US Department of Energy in its...

KUALA LUMPUR (AFX-ASIA) – The government subsidised as much as 90% of the rise in prices of gasoline, diesel and liquefied petroleum gas (LPG) throughout the months of May, June and July, Deputy Finance Minister Chan Kong Choy said. Bernama news agency quoted Chan as saying that the price of all three fossil fuels rose...

LAUGFS Lanka Gas Ltd has paid US$2.5 million to acquire a 5,000-tonne floating liquefied petroleum gas (LPG) terminal to support its distribution activities in Sri Lanka. LAUGFS Chairman W.K.H. Wegapitiya said the vessel is expected to arrive in Colombo next week and would be anchored outside the harbour permanently. He said the terminal would be...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd will see “fairly acceptable” returns from its investment in the RM1.6 billion Liberty power plant project in Pakistan, the Bernama news agency reported, citing chairman Jamaludin Jarjis. (US$1=RM3.8). He said this is possible despite having agreed to lower rates in the power purchase agreement (PPA) with the present...

A joint study by two Korean companies predict that the LNG-seaborne trade will grow by 7.5% annually from now through to 2015, up from 6.6% annually over the last decade. The study sponsored by Samsung Heavy Industries (SHI) and Korea Shipbuilders Association (KSA) said LNG consumption will rise on growing demand for more environment-friendly fuels....

BAKU (AFX) – The BP-led consortium operating Azerbaijan’s biggest Caspian Sea oil field said it had awarded the first major contracts in a US$5.2-billion development of the field. Companies awarded contracts include McDermott Contractors for two platform topsides and a subsea gas pipeline; Bouygues Offshore Construction for platform jackets and an AMEC-led consortium for a...

AMSTERDAM (AFX) – Paul Skinner, managing director of the Royal Dutch/Shell Group and CEO of its Oil Products business, reiterated the company’s cost-cutting targets from recent acquisitions and said he sees a recovery in refining margins in the US and Europe in the course of the coming year after a weak third quarter. While the...

MANILA (AFX-ASIA) – The consortium undertaking the US$4.5 billion Malampaya Deep Water Gas-to-Power project is planning to drill two more exploratory wells in northwest Palawan, industry sources said. The consortium, which includes Shell Philippines Exploration BV, Texaco of the US and PNOC Exploration Corp, is looking for more oil and gas prospects near the Malampaya...

The London-based ICC’s International Maritime Bureau has asked governments and port authorities to declare approach channels for tankers “no-go” areas for unauthorised craft and to enforce the ban by intensifying naval and police patrols. “All pleasure craft, fishing boats and other vessels should be barred from the lanes tankers and other vulnerable vessels use in...

HONG KONG (AFX-ASIA) – Huaneng Power International Inc said its total power generation for the nine months to Sept was 50.32 billion kWh, up 20.01% from the previous corresponding period and includes contributions from Shanghai Shidongkou First, Taicang and Changxing power plants from July. In a statement, Huaneng Power attributed the increase in its overall...

Qatar’s Ras Laffan gas project recently saw the development of the first well in the RLB block of the North Field. The well, NFR 7-1, is the first of the seven planned wells that will supply feed gas for the LNG train3 starting in the first quarter of 2004. The well achieved many successes in...

US integrated energy company ConocoPhillips and engineering Bechtel Corp. have agreed to renew their collaboration of pursuing worldwide liquefied natural gas (LNG) projects. The collaboration will build upon the recent success of ConocoPhillips as a major owner and participant in the worldwide LNG industry, and Bechtel’s recent awards in the engineering and construction of major...

(This story has been published in the hard copy October edition of 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...