HONG KONG (AFX-ASIA) – Wah Sang Gas Holdings Ltd (8035.HK) said it has signed a HK$220 million (US$1=7.87) syndicated loan facility to fund its future expansion. The company did not give details of the loan facility. It had initially targeted to raise HK$150 million, but the amount was later raised to HK$220 million due to...

In response to lower oil prices on the international markets, oil companies announced retail price cuts in several Asian countries this week. In Singapore, Caltex cut the prices of its diesel by four Singapore cents and three gasoline grades by three Singapore cents a litre. (US$1=S$1.8). Its gasoline grades now cost between S$1.185 and S$1.304...

London-based Electro Silica has been awarded the exclusive rights for seismic exploration in Western Mongolia, which it said contains up to six billion barrels of hydrocarbons according to the Petroleum Authority of Mongolia (PAM). Electro Silica will have a share of 50% in the project involving an area of 322,000 sq km. The first investment...

Hongkong’s Legislative Council recently held a meeting to debate a motion on developing renewable energy sources in view of China signing the Kyoto Protocol on curbing greenhouse gas emissions. The motion that was debated: “That, with the signing of the Kyoto Protocol and the international agreements reached at the Earth Summit by China, Hongkong, as...

There has been little public outcry against recent increases in the domestic prices of oil products sold in Malaysia. Since November 1, Malaysia has raised the price for liquefied petroleum gas (LPG) by two sen to Ringgit 1.31/kg. (US$1=3.8 ringgit). The price hike is meant to help the government reduce its subsidies for petroleum products....

SHANGHAI (AFX-ASIA) – Guangdong Electric Power Development Co Ltd expects the rate of growth in its net profit in full-year 2002 to be less than the 41.4% growth seen in the nine months to September, as lower offtake prices erode the firm’s margins, company spokesman Chen Jingliang said. The Guangdong Price Bureau recently cut the...

LONDON (AFX) – BHP Billiton PLC said the outlook for the group implies a challenging business environment but all its projects are “pretty much” on schedule and within budget. In a statement given at the group’s recent annual general meeting chairman Don Argus told shareholders the short-term economic outlook continues to be dominated by the...

LONDON (AFX) – SOCO International PLC said SOCO Vietnam Ltd, its 80% owned subsidiary, has made its third consecutive crude oil discovery and second consecutive significant test flow rate in Vietnam. SOCO Vietnam and partners made the crude oil discovery on the 16-1-Voi Trang-1X vertical exploration well, the second exploration test well drilled on Block...

MANILA (AFX-ASIA) – Energy Secretary Vicente Perez said two Russian oil companies, OAO Sibneft and OAO Rosneft, have expressed interest in conducting oil exploration in the Philippines. “We are very pleased that Sibneft and Rosneft, which are two of the world’s leaders in the exploration business, have taken a keen interest in our petroleum sector,”...

Canada’s Talisman Energy said its subsidiary Talisman Energy (Qatar) Inc has signed an exploration and production sharing agreement with the government of Qatar covering the country’s offshore Block 10. The signed agreement now awaits ratification by the Emir of Qatar, Sheikh Hamad bin Khalifa al-Thani, which Talisman expects will occur within the next 60 days....

MANILA (AFX-ASIA) – Caltex Philippines Inc said it has dismantled six fuel tanks at its Pandacan depot under an agreement among oil refiners to downscale operations there. Caltex said the tanks had a storage capacity of 69,000 barrels and were dismantled at a cost of 50 million pesos. (US$1=52 peso). Caltex, Petron Corp and Pilipinas...

Singapore’s SembCorp Logistics (SembLog) said that its 65%-owned offshore logistics subsidiary SembLog Orient Caspian (SOC) has formed a joint venture company with the Azpetrol group in Azerbaijan to offer integrated logistics services for the oil and gas companies operating in the Caspian Sea region. SOC will hold a 49% stake in the joint venture company...

China’s CNOOC Limited has appointed Kenneth Courtis and Erwin Schurtenberger as non-executive directors of its board from November 18. They replaced Tso Kai Sum and Will Honeybourne who sat on the board on behalf of strategic investors and whose terms now expired. Professor Courtis is managing director of Goldman Sachs and vice chairman of Goldman...

BEIJING (AFX-ASIA) – The Royal Dutch/Shell Group is confident that the US$4.3 billion petrochemical complex it will soon start building in southern China with China National Offshore Oil Corp will be profitable and that there will be enough demand for its production, company officials said. “We have completed very detailed studies and made very conservative...

BANGKOK (AFX-ASIA) – Ratchaburi Electricity Generating Holding Plc said it raised further its full-year net profits projection to at least 3.773 billion baht and EPS of 2.60 baht, after taking control of a new plant earlier than expected. (US$1=43 baht). It said the actual profit may rise if there is no need to idle the...

Shell Gas has recently raised the price for its 12.5kg liquefied petroleum gas (LPG) cylinder by Rupee 39 to Rupee 567, with the company citing LPG price increases in the international market, local newspapers reported. (US$1=96 rupees). Spot LPG prices on the world markets have increased by $40/tonne since June 2002, the paper said. As...

BEIJING (AFX-ASIA) Ð China’s 5.2 bln usd planned west-east gas pipeline has still not signed up any take-or-pay customers for the gas that will be shipped through the 4,000-kilometre pipeline, said Tan Ek Kia, chairman of Royal Dutch/Shell Group’s China operations. Shell is one of three foreign companies that have taken a 15% stake in...

Finland’s W’rtsil’ Corporation and Japan’s Mitsubishi Heavy Industries Ltd have made a joint development agreement to develop a new low-speed marine diesel engine. The two companies will pool their resources to produce a new engine suitable for a wide variety of ship types, including bulk carriers, large product tankers, container feeder vessels, and medium-sized reefer...

KUALA LUMPUR (AFX-ASIA) – Port of Tanjong Pelepas (PTP) is expected to contribute positively to Malaysia Mining Corp Bhd’s earnings in the year to January 2006, chief executive officer Ismail Shahudin said. He said PTP is currently profitable only at the operating level as interest costs from heavy capex amount to some RM100 million a...

China’s Huaneng Power International will pay a total of RMB415 million for a 30% equity interest in the Shanghai Shidongkou First Power Plant and 5% equity interest in the Jiangsu Taicang Power Plant. (US$1=8.28 RMB). The proposed acquisitions were approved at the recent the 23rd session of its third board meeting, but they are still...

China’s demand for liquefied petroleum gas (LPG) reached 580 000 bbl/day in August, a 32% year-over-year increase from the same period last year, according to media reports. On a month-to-month basis, LPG demand was up by 70 000 bbl/day from July, the reports said. LPG imports reached 240 000 bbl/day, up by almost 100% from...

NEW YORK (AFX) – Oil refining margins in the US remain a short-term concern for integrated oil companies and independent refiners as the current bullish trend may prove to be unsustainable, analysts said. Some believe that moving into 2003, margins could improve and bolster downstream earnings, although the factors supporting margins such as falling crude...

The recent decision by the National Competition Council to recommend continued regulation of the Moomba to Sydney pipeline system was unjust and appeared arbitrary, said Australia’s largest natural gas pipeline company, The Australian Pipeline Trust (APA). APA managing director Jim McDonald said the NCC, in reaching its decision after almost 18 months, threatened to stifle...

CLP Power International Limited (CLP-PI), a wholly owned subsidiary of CLP Holdings Limited of Hong Kong, has reached agreement with Powergen UK plc to acquire all its remaining interest in power companies in three countries for a total of US$115 million. The companies are Gujarat Paguthan Energy Corporation Private Limited (GPEC), Yallourn Energy Pty Limited...

US propane inventories fell sharply on increasingly cold weather in the upper Midwest region for the week to November 8. According to the Department of Energy, propane inventories dropped by nearly 2.7 million barrels to around 62 million barrels. It reported that the Midwest stock draw was exceptionally large — but within expectations — at...