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,...
France’s oil engineering group Technip-Coflexip has named Christopher Welton as its new vice president of investor relations replacing Miranda Weeks who will be taking sabbatical leave. He will be assisted by David-Alexandre Guez. Mr Welton began his career in the banking sector in the US before moving to London and later joining a major French...
NUSA DUA, BALI (AFX-ASIA) – BP Plc said the terms of an imminent deal for Indonesia’s Tangguh gas field to supply around 2.5 to 2.6 million tonnes of liquefied natural gas (LNG) per year to China’s Fujian province differ from those offered for the Guangdong gas contract. In August, Tangguh lost the Guangdong contract —...
KUALA LUMPUR (AFX-ASIA) Ð Malaysia’s Puncak Niaga Holdings Bhd has been shortlisted by the Chennai Metropolitan Water Supply for negotiations on a water supply project in Chennai, India, financial adviser to the company’s executive chairman Loong Chun Nee said. She said there are four packages involved in the project and the company is mainly interested...
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...
BP has provided the following overview and update of its revenue and trading conditions for the quarter ending September 30th, 2002. -ÊÊÊÊBP’s aggregate trading environment remained slightly above mid-cycle during ÊÊÊÊÊthe quarter. -ÊÊÊÊIts realised crude price are expected to be up around $1.70/barrel compared ÊÊÊÊÊÊwith the second quarter, although US gas realisations may be down...
MOSCOW (AFX) – Russia and Azerbaijan have signed an accord demarcating their common border in the oil-rich Caspian Sea despite criticism from Iran which has denounced any bilateral accords, the Interfax news agency reported. The accord signed by presidents Vladimir Putin and Heidar Aliyev has been long awaited by investors hoping to exploit the sea...
HONG KONG (AFX-ASIA) – China National Offshore Oil Corp, the parent of Hong Kong-listed CNOOC Ltd (883.HK), is planning to spin off its oil services unit for a listing in Hong Kong, the Hong Kong Economic Journal reported, without citing sources. It said the company is planning to raise US$300 million from the spin-off of...
KAZAKHSTAN (AFX) – ChevronTexaco plans to invest US$3 billion in Kazakhstan over the next three years in order to increase oil production, the company said. “In the next few years we will be planning to invest three billion dollars in Kazakhstan,” said David O’Reilly, chairman of the board and chief executive officer of ChevronTexaco. Mr...
Exxon Mobil Corporation has elected Henry A. McKinnell, Jr. as the 13th member of its board of directors, effective October 29. Dr McKinnell is chairman of the board and chief executive officer of pharmaceutical company Pfizer Inc. With his election, the board of ExxonMobil, the world’s largest publicly traded energy company, has 11 non-employee directors....
Clough Services, a division of Australia’s Clough Engineering Limited, has bought a 50% stake in Melbourne-based engineering and project delivery company Shedden Uhde to bolster the group’s capacity to meet rising demand for services in the process industries. Shedden Uhde serves the oil, gas and chemical industries. “Shedden Uhde will bolster our service activities, particularly...
SINGAPORE (AFX-ASIA) – Standard & Poor’s said it has affirmed its AAA corporate credit rating on Singapore Power Ltd despite the decline in Singapore Power’s year to March 2002 net profit to S$412 million from S$1.373 billion. (US$1=S$1.8). The decline was due to an extraordinary gain the previous year and the divestment of its electricity...
The Philippines’ Department of Energy (DOE) said the country’s oil inventory level has increased to 62 days of supply as of last month. On September 24, it reported that the country had an inventory level of 62 days or equivalent to 17 days of crude-in-stock, 22 days of crude-in-transit and another 23 days supply of...
MANILA (AFX-ASIA) – Energy Secretary Vincent Perez said the government is pushing for the scrapping of a provision in the decade-old by-laws of Manila Electric Co which prevents a single investor from owning 10% of the utility, the BusinessWorld newspaper reported. “We feel very strongly that the 10 pct restriction should be removed. With that...
HONG KONG (AFX-ASIA) – Hong Kong & China Gas (3.HK) has reached a framework agreement with a state-owned gas enterprise in Nanjing for a gas pipeline joint venture, which will have a total investment of 1.2 billion yuan, the Singtao Daily reported, citing the company’s managing director Alfred Chan. (US$1=8.28 yuan). Hong Kong & China...
Engineering and consulting firm KBC will be moving to a new office in Houston, Texas in the US on October 7. Its new address is KBC Advanced Technologies, Inc., 14701 St. Mary’s Lane, Suite 300, Houston, Texas 77079. Its telephone and fax numbers will remain....
A 40,000-tonne tanker carrying oil products from state Indian Oil Corp has arrived in the Sri Lankan port of Colombo, making it IOC’s first oil shipment into the country. The Rabinranath Tagore left the Indian port of Chennai carrying 10,000 tonne of aviation turbine fuel and 29,000 tonne of gas oil (diesel), valued at around...
TOKYO (AFX-ASIA) – The Toyota Motor group plans to join an international venture to produce low-pollution fuel from natural gas in Iran, the Asahi Shimbun reported, without citing sources. A Japanese consortium joining the project will likely include Toyota Motor Corp affiliate Toyota Tsusho Corp and Tomen Corp, the report said. The Royal Dutch/Shell group...
Australia’s Origin Energy Electricity Limited has signed two major contracts to purchase the entire output of Pacific Hydro Limited’s wind farms from Challicum Hills near Ararat and Yambuk near Portland in western Victoria state. Origin Energy has also secured an option to acquire a future 50% equity interest in the Challicum Hills project. With a...
After extensive testing with JET-A.com, France’s TotalFinaElf has started using the portal’s fuel ticketing module from October 1. As a result of TotalFinaElf’s participation, JET-A.com will be receiving fuel ticket data from the world’s leading five international oil companies. TotalFinaElf will be feeding its fuel ticket data generated in the UK and Germany into the...
MANILA (AFX-ASIA) – Finance Secretary Jose Isidro Camacho said he has ordered the state’s Privatisation Management Office to prepare the public bidding for the government’s 10% stake in Manila Electric Co. However, he said the valuation of the government shares will remain uncertain until the Energy Regulatory Commission decides on Meralco’s pending rate hike petitions....
Shell and BASF officially launched their joint venture styrene monomer and propylene oxide (SM/PO) plant on Jurong Island last month. Ellba Eastern is an equal joint venture between Shell Seraya Pioneer (Pte) Ltd, a subsidiary of Shell Eastern Petroleum (Pte) Ltd. and BASF South East Asia Pte Ltd. The US$500 million plant, which began operating...
TOKYO (AFX-ASIA) – Tokyo Electric Power Co has revealed eight more cases of cover-ups of damage at nuclear power plants on top of the 29 it had earlier reported, while two other nuclear power plant operators have also admitted to cover-ups, the Nihon Keizai Shimbun reported. Officials at Tepco said all of the newly discovered...
China’s CNOOC Limited said that it has signed an agreement to acquire from BP a 12.5% interest in the reserves and upstream production of the proposed joint venture in Indonesia’s Tangguh LNG Project. CNOOC Limited will pay BP approximately US$275 million through the acquisition of interests in Production Sharing Contracts (PSCs). The Tangguh LNG Project...
OSAKA (AFX-ASIA) – India is considering establishing an oil stockpile along similar lines to the US, Indian Minister for Petroleum and Natural Gas Ram Naik said. Speaking recently at the International Energy Forum, he said the idea is being examined but the final requirements had not been determined. He added India had enough energy supplies...