INDONESIA: Jakarta wants BP East Java gas supply contract to be reviewed

JAKARTA (AFX-ASIA) – Energy and Mineral Resources Minister Purnomo Yusgiantoro said the government plans to review the gas supply contract with BP Indonesia for the Pagerungan gas field, East Java, The Jakarta Post reported. “There will be a review because the contract seems monopolistic and gives privileges to the operator,” Mr Yusgiantoro said. The report...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: World Bank says Manila needs 25 billion pesos over 10 years to enforce fuel norms

MANILA (AFX-ASIA) – The government must spend at least 25 billion pesos in the next 10 years to implement stricter fuel standards under the Clean Air Act, according to a World Bank study. (US$1=52 pesos). The World Bank said while the government is now implementing the first phase of tighter fuel specifications, which include lower...

This article is for Subscriber members only.
Log In Register

MARKETS: World Economic Forum seeks to build trust amid global gloom

GENEVA (AFX) – The annual gathering of the global political and economic elite at the World Economic Forum opened yesterday in Davos under the shadow of a possible war in Iraq, a stuttering economic recovery, and exceptionally tight security. “I cannot remember having the annual meeting taking place at such a special moment in time,...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Woodside Petroleum Q4 sales down 5.5%; 2002 sales down 6.4%

SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd said its fourth-quarter sales fell 5.5% from the year earlier to A$554.6 million while 2002 sales were down 6.4% at A$2.2405 billion. (US$1=A$1.72). Total group production for the fourth quarter fell 7.5% from a year earlier to 15.72 million barrels of oil equivalent (boe) while 2002 output was down...

This article is for Subscriber members only.
Log In Register

BANGLADESH: BPC launches crackdown on fuel racket

The Bangladesh Petroleum Corporation (BPC) has launched a crackdown on sales of adulterated fuels at its retail filling stations in the main cities of Dhaka and Chittagong. This week, it started sending out inspection teams to some 1,000 filling stations to check on the quality and quantity of fuels following allegations that dealers are mixing...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Esso to sell upstream assets

Esso Australia Resources Pty Ltd, a subsidiary of the US energy major, said it is selling off its interest in its oil and gas assets in waters off South Australia and Queensland states. Bidding will begin in the second quarter. Delhi Petroleum Pty Ltd, a wholly owned subsidiary of Esso, holds a 21% stake in...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Renong, Crest higher after deal with Sapura Telecom

KUALA LUMPUR (AFX-ASIA) – Renong Bhd and Crest Petroleum Bhd have been trading higher after last week’s announcement of the sale of Renong’s 38.56% stake in Crest to Sapura Telecommunications Bhd at RM3.60 each, dealers said. (US$1=RM3.8). The deal has triggered a general offer by Sapura for the remaining Crest shares at RM3.60 and this...

This article is for Subscriber members only.
Log In Register

TAIWAN: IMPCO supplies environmental friendly LPG-powered vehicles

US-based IMPCO Technologies will be supplying the fuel systems of 200 liquefied petroleum gas-powered cars to be used by Taiwan Taxi, which recently formed its fleet of ‘Environmentally Friendly Taxi Squad’. The value of the sale to Formosa Automobile which will make the engines for Taiwan Taxi was not disclosed. Pearl Kamdar, IMPCO’s director of...

This article is for Subscriber members only.
Log In Register

UAE: Emarat, BP and Trafigura set up US$26 million blending venture

Abu Dhabi’s Emarat has entered into a $26 million joint venture with BP and the Dutch oil trading firm Trafigura to set up a terminal to blend, store and distribute unleaded gasoline at Jebel Ali Free Zone. Emarat will own a 60% stake, with BP and Trafigura each owning a 20% share. Construction of the...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Petron, Pilipinas Shell importing blending components for new fuel standards

MANILA (AFX-ASIA) – Petron Corp and Pilipinas Shell Petroleum Corp said they will import blending products to comply with the new gasoline standards under the Clear Air Act. Energy Industry Administration Bureau (EIAB) director Zenaida Monsada said the implementation of stricter aromatics and benzene specifications beginning Jan 1 under the CAA should help curb smuggling...

This article is for Subscriber members only.
Log In Register

THAILAND: Cabinet approves Bangchak Petroleum’s plan to secure 1.5 billion baht loan

BANGKOK (AFX-ASIA) – The cabinet has approved Bangchak Petroleum Plc’s plan to secure a short-term loan of 1.5 billion baht at 1.7% interest rate from Krung Thai Bank, debt management office director Pannee Sathavarodom said. (US$1=43 baht). She said proceeds will be used to redeem the company’s euro commercial papers, carrying a coupon rate of...

This article is for Subscriber members only.
Log In Register

SINGAPORE: SPC reports strong profits in 2002

Singapore Petroleum Company, the country’s only listed oil company, reported a net profit of S$48.93 million last year compared with a loss of S$1.2 million the previous year. (US$1=S$1.73). In achieving its third biggest profit since listing in 1990, the company said it implemented trading and risk management strategies as well as kept controls on...

This article is for Subscriber members only.
Log In Register

TANKERS: Intertanko says EU phase-out plan for single-hulled tankers to cost the industry extra US$5

Intertanko, the association of tanker owners, said the phase-out of the total single-hulled tanker fleet above 5,000 dwt proposed by the European Union would cost the industry close to US$5 billion more than the phase-out according to MARPOL 13G. Under MARPOL 13G, the single-hulled tanker fleet is evenly phased out between 2003 and 2014 with...

This article is for Subscriber members only.
Log In Register

INDONESIA: Pertamina terminates fuel depot contract with PT Pandan Wangi

JAKARTA (AFX-ASIA) – State-run oil and gas company Pertamina has terminated a contract with PT Pandan Wangi for the latter to build a fuel depot in Balaraja, Banten, The Jakarta Post reported. The paper said the project has been valued by Pandan Wangi at US$99.9 million, compared to Pertamina’s own estimate of only US$37.5 million....

This article is for Subscriber members only.
Log In Register

CHINA: Huaneng Power FY net forecast raised after generation data Ð ING

HONG KONG (AFX-ASIA) – ING Financial Markets said it has raised its 2002 net profit forecast for Huaneng Power International Inc to 4.268 billion yuan from its previous forecast of 3.97 billion, on the back of the company’s higher than expected total power generation figures for 2002. (US$1=8.28 yuan). The house is maintaining its “buy”...

This article is for Subscriber members only.
Log In Register

OMAN: Chiyoda-Foster Wheeler venture awarded LNG train EPC contract

A joint venture between Japan’s Chiyoda and US Foster Wheeler has been awarded a contract by the Sultanate of Oman for the detailed engineering, procurement and construction (EPC) contract of a new liquefied natural gas (LNG) train at Qalhat, near Sur in Oman. The contract agreed by the Ministry of Oil and Gas includes the...

This article is for Subscriber members only.
Log In Register

MARKETS: OPEC building emergency war reserve of 150 million barrels of crude

LONDON (AFX) – OPEC is building an emergency reserve of 150 million barrels of crude oil to avert war-related disruption of supplies, the Independent recently reported, without citing sources. The secret store, the first of its kind to be organised centrally by the 11-member cartel, was expected to be discussed at today’s emergency meeting in...

This article is for Subscriber members only.
Log In Register

KOREA: Qatar assurance on oil and gas supplies in case of war

DOHA (AFX-ASIA) – Qatari officials have pledged to maintain contracted supplies of oil and natural gas to South Korea in the event of war in the Gulf, a senior South Korean official said here. Bae Sung-Ki, director general for energy, said Qatar had “agreed to honour its contract even if there is a war.” He...

This article is for Subscriber members only.
Log In Register

CHINA: Government affirms control over aviation fuel industry despite WTO

Three Chinese government agencies have affirmed their control over the aviation fuel industry in response to speculation that the sector could soon be open up to greater competition following China’s entry into the World Trade Organisation in 2001. The Civil Aviation Administration of China, State Development (CAAC), the State Development & Planning Commission (SDPC) and...

This article is for Subscriber members only.
Log In Register

CHINA: PetroChina to cut output at Daqing oilfield by 3.7% this year

SHANGHAI (AFX-ASIA) – PetroChina Co Ltd will reduce this year’s crude oil output from Daqing oilfield by 3.7% from 2002, as a result of depleted reserves at the field, said Ma Fucai, chairman of PetroChina’s parent China National Petroleum Corp, according to the People’s Daily. Mr Ma said planned crude output from the oilfield is...

This article is for Subscriber members only.
Log In Register

INDIA: Reliance to challenge Indian govt monopoly on gasoline sales

NEW DELHI (AFX-ASIA) – Reliance Petroleum said it will break a state monopoly over the marketing of petroleum by opening a network of 1,500 gasoline retail outlets by 2004. Reliance, one of the first private sector firms in India to be allowed to sell gasoline, plans to open its first outlet by the end of...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: NorthWest Shelf signs Letter of Intent with Korea Gas Corporation

The consortium members of Australia’s North West Shelf Venture have signed a Letter of Intent (LOI) with the Korea Gas Corporation (Kogas) for the purchase and supply of liquefied natural gas (LNG) from the offshore fields in Western Australia. The LOI was signed by the six equal NWS partners for the supply of roughly 500,000...

This article is for Subscriber members only.
Log In Register

JAPAN: Yokogawa wins contract for equipment supply to gas project in Algeria

Japan’s Yokogawa Electric Corporation said it has been awarded a contract for supply of equipment for the first phase of the In Salah Gas project in Algeria. The project is jointly operated by BP Exploration (In Salah) Limited and Algeria’s state Sonatrach. The order was awarded by M.W.Kellogg Ltd, which is jointly owned by JGC...

This article is for Subscriber members only.
Log In Register

BANGLADESH: Unocal proposes gas pipeline from northeast India through Bangladesh

NEW DELHI (AFX-ASIA) – US energy firm Unocal Corp has proposed to build a gas pipeline connecting two eastern Indian states through neighbouring Bangladesh, the Press Trust of India news agency said. The project’s goal is to move gas from India’s northeastern state of Tripura to the western state of West Bengal, the report said....

This article is for Subscriber members only.
Log In Register

PEOPLE: Nexant appoints Ian Clarke as director of sales and marketing

US-based energy consulting firm Nexant Inc has appointed Ian Clarke as director of sales and marketing for its Enterprise Risk Management Division. He will be responsible for the company’s Portfolio Risk and Yield Management (PRYM) software, aimed at helping clients maximise profits by giving them greater control over their energy assets and operational environment. Nexant...

This article is for Subscriber members only.
Log In Register