MANILA (AFX-ASIA) – The projected rise in crude oil prices is expected to have minimal impact on local electricity rates, Energy Secretary Vicente Perez said. Envoys from Middle East nations recently warned crude oil prices could hit US$100 a barrel in the event of a prolonged US-Iraq war, officials said. Mr Perez said the Philippines...

India has decided to drop a proposed project to pipe gas from after more than eight years of discussion. Citing lack of gas reserves and technical difficulties with laying deep-sea pipelines, New Delhi said it would not be pursuing the project which had been agreed to by both governments in 1994. The Indian ministry of...

TOKYO (AFX-ASIA) – Tokyo Gas Co Ltd is expected to post first half to September pre-tax profit of 22 billion yen, about double from a year earlier and sharply above the initial forecast of 9 billion yen, the Nihon Keizai Shimbun reported, without citing sources. (US$1=120 yen). Lower fuel costs due to the yen’s appreciation...

The World Gas Conference 2003 or WGC2003, to be held in Tokyo, Japan, is a showcase for the achievement of an Eco-Responsible Future. It will be the first big opportunity for natural-gas-related businesses to meet in the 21st century. The World Gas Conference (WGC) meets every three years as a function of the International Gas...

Australia’s BHP Billiton, the world’s largest diversified natural resources company, has announced the success of its inaugural Eurobond issue worth 750 million Euro (US$1=1.02 Euro). The launch follows an extensive pan-European road show to market the bond. The bond is to be documented under the company’s recently launched Euro Medium Term Note (EMTN) programme. BHP...

Experts and government officials have warned that crude oil prices could hit US$100/barrel in the event of new and wider US-Iraq war. Former Saudi Arabian oil minister Sheikh Yamani said the price of crude oil could rise to US$100/barrel if Saddam Hussein fires chemical weapons at neighbouring countries if Iraq comes under attack, The Daily...

BEIJING (AFX-ASIA) – China’s tax authorities collected 491 million yuan in fines, overdue fines and unpaid tax from thousands of petrol stations in the first half of the year, the Economic Daily reported citing the State Administration of Taxes. (US$1=8.28 yuan). A nationwide investigation into 50,795 stations showed a quarter, or 13,036 units, had tax...

Japan’s Marubeni Corporation and Mitsubishi Heavy Industries, Ltd. have jointly concluded a contract to construct a 75 MW power generation system comprising a boiler, turbine and generator for Brazil’s largest steel maker, Companhia Siderurgica de Tubarao. The privately held company is located in the state of Espirito Santo. Companhia Siderurgica de Tubarao has the capacity...

TOKYO (AFX-ASIA) – Oil companies are raising wholesale prices of gasoline and other oil products by 3.5 to 4 yen a liter from October shipments, the Nihon Keizai newspaper cited sources at the firms as saying. (US$1=120 yen). The companies intend to pass on higher production costs because of the weaker yen and soaring crude...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd said it is issuing RM 1.5 billion worth of Islamic commercial papers and mid-term notes and has signed an underwriting agreement for the issue with KAF Discount and Citibank Bhd last week. (US$1=RM3.8). The company said Tenaga chairman Jamaludin Mohd Jarjis and president and chief executive officer Pian...

Malaysia’s state oil and gas company Petronas has confirmed that it is the charterer of the French-owned Very Large Crude Carrier (VLCC) MT Limburg, which is on fire off the coast of Yemen on Sunday. In a statement, it said the vessel was loaded with about 400,000 barrels of Arab Heavy crude oil from Ras...

NEW YORK (AFX) – Poor downstream margins as a result of continuing high oil prices are set to hit third-quarter earnings of the major oil companies, with the weakness likely to continue well into 2003, analysts said. The price of benchmark West Texas Intermediate has been trading on NYMEX at more than US$30 per barrel...

NUSA DUA, BALI (AFX-Asia) – Indonesia and China have intensified the push to cooperate more closely in the energy sector through the signing of six memoranda of understanding (MoUs) at the first Indonesia-China Energy Forum. The four power and two oil and gas agreements, signed last month, were witnessed by Indonesian Energy and Mineral Resources...

SYDNEY (AFX-ASIA) – Oil companies in the Asia Pacific region have strong prospects for earnings upgrades and achieving superior returns due to rising crude oil prices, with high dividend yields supporting the downside, analysts with Merrill Lynch said in a research note. Oil prices have risen by 55% over 2002 and large-cap oil companies are...

LONDON (AFX) – Cairn Energy PLC said it has commenced arbitration proceedings with the government of India within the Ravva Production Sharing Contract. In May, the company plugged and abandoned the RX-7 exploration well in the extreme north-east of Block PKGM-1 (Ravva) offshore Eastern India. The arbitration is over disputed items which impact upon the...

NUSA DUA, BALI (AFX-ASIA) – BP Indonesia said it is planning to build the first liquefied natural gas (LNG) receiving terminal in West Java, and is currently seeking partners to share in the US$350-400 million project. “We are currently looking for markets to supply the terminal, which will be the first LNG receiving terminal in...

NUSA DUA, BALI (AFX-Asia) – Indonesia will initially tender 10 oil and gas blocks for exploration next year, BPMIGAS head Rachmat Sudibjo said. Most of the blocks are located offshore Madura. He said the government is still in the process of tendering 17 blocks, most of which are located in eastern areas of the country....

Canada’s Pacific Tiger Energy has been successful in its application for licences to explore in Thailand’s onshore northern Blocks L44/43 and L33/43. The two licences cover an combined area of nearly 8,000 square km. L44/43 surrounds the current Wichian Buri and Si Thep production licence areas and includes at least seven highly ranked prospects and...

The war on terror is threatening to degenerate into a global war involving unseen enemies and revenge reprisals with potentially devastating impact for most countries. Tensions between Muslim countries and the West and its allies will rise dramatically if the US and Britain launch their unpopular war against Iraq. Unlike the last US-led war on...

Singapore’s Senoko Power last week announced plans to have two sources of natural gas supply by the third quarter of next year. These sources will be used to strengthen the reliability of fuel supply and for Senoko’s re-powering project that is currently underway. When in place, Senoko will become the only power generating company in...

The CEO and president of Malaysia’s state energy company Petronas says Asia should build a stockpiling system to deal with potential supply disruptions as it becomes more dependent on Middle East oil. He made this comment with the World Economic Forum ahead of its forum in the Malaysian capital of Kuala Lumpur. He said Asia’s...

The US Department of Energy is worried about the world’s plummeting oil stockpile. In its latest comment on October 2, it said that despite OPEC’s self-proclaimed role as a reliable supplier of reasonably priced oil, commercial crude oil inventories continue to plummet towards new startling lows in the world’s largest oil market, and the US...

The Gas Authority of India Ltd (Gail) and upstream company ONGC have applied to sell liquefied petroleum gas (LPG) into the domestic market. GAIL is seeking to sell up to eight percent of its LPG output to industrial consumers and automobile makers. To date, GAIL has invested 40 million rupees in the LPG business and...

HONG KONG (AFX-ASIA) – CNPC (Hong Kong) Ltd said its net profit fell sharply in the first half due to a 16.07% drop in weighted average crude oil price per barrel and lower earnings contributions from its oil fields. The company yesterday reported a net profit of HK$159.683 million for the six months to June,...

Finland’s engineering firm W’rtsil’ has won a contract to supply 18 pumping units for the Turkish section of the BTC (Baku-Tbilisi-Ceyhan) pipeline. The units will be installed at four pumping stations in the highlands of Turkey. The total power to be generated by the units is approximately 100 MW. The order consists of W’rtsil’ 34SG...