LONDON (AFX) – Oil giant BP PLC has put three of its young executives at the helm of its operations as the hunt for a successor for chief executive Lord Browne begins. Lord Browne is turning 55 this year and BP has four to five years to train his successor. He has made clear that...

HONG KONG (AFX-ASIA) – UBS Warburg has raised its earnings forecasts for Xinao Gas Holdings Ltd (2688.HK) for 2002, 2003 and 2004 by 7 pct, 33% and 48%, respectively, on faster-than-expected expansion. At the same time, the house maintained its ‘strong buy’ recommendation on the stock with a target price of HK$3.44. (US$1=HK7.78). UBS Warburg...

HONG KONG (AFX-ASIA) – Huaneng Power International Inc (902.HK) has been buoyed by the recent release of data showing increased power generation for 2002, dealers said. However, the outlook for the stock is not very optimistic because of tariff pressure in the mainland power industry, they said. Last week, the company said its consolidated 2002...

JAKARTA (AFX-ASIA) – The government will speed up disbursement of the social compensation fund and seek parliamentary approval for fiscal incentives in response to escalating protests against recent tariff hikes, Information and Communication Minister Syamsul Mu’arif said. He gave this briefing to reporters after attending a cabinet meeting that President Megawati Sukarnoputri has ordered cabinet...

JAKARTA (AFX-ASIA) – The Indonesian Chamber of Commerce and Industry (KADIN) has called on the government to implement the electricity, fuel and telecommunication tariff hikes in stages rather than simultaneously. KADIN also said it supports a protest rally organised by labour and employers’ associations held last week. Indonesian Employers’ Association (APINDO) chairman Suparwanto told a...

WASHINGTON (AFX) – ChevronTexaco Corp is continuing its talks with the Kazakhstan government in a bid to resolve a multi-billion dollar oil field contract dispute, but some analysts are now warning the protracted dispute could harm Kazakhstan’s appeal to foreign oil groups. The US oil major announced Nov 14 that it was suspending a US$3...

Online exchange IntercontinentalExchange (ICE) has received approval from the US Commodity Futures Trading Commission (CFTC) permitting registered traders and locals with floor or electronic trading privileges on any regulated US futures exchange to execute over-the-counter transactions on ICE’s electronic trading platform. Its senior vice president, David Goone, said: “Independent traders play a key role in...

Japan’s Sumitomo Chemical Co., Ltd. and Shell Chemicals Ltd. (Shell) have signed a Letter of Intent to jointly conduct a feasibility study for the possible construction of a new world-scale ethylene plant in Singapore. The proposed plant will be located on Bukom Island, Singapore, with an ethylene production capacity of 1 million tonnes per year,...

KUALA LUMPUR (AFX-ASIA) Ð The shares of Tenaga Nasional Bhd have slipped lower as investors cut their holdings on concerns the company’s earnings in the year to August 2003 will be weaker, dealers said. An institutional dealer said some investors are liquidating their positions in the stock because they expect the national utility firm to...

Mike Marco, former president and vice chairman of McQuilling Brokerage Partners, has joined OceanConnect as a senior strategic advisor from January 15, 2003. OceanConnect offers fuel trading on and offline. Mr Macro brings extensive experience with major tanker brokerage firms. He retired in December 2002 from McQuilling Brokerage Partners, Inc, where he was director, vice...

KUALA LUMPUR (AFX-ASIA) – The prices of diesel and liquefied petroleum gas (LPG) may rise by 1 to 3 sen per litre in the next few months due to higher global commodities prices, The Star quoted Domestic Trade and Consumer Affairs Minister Muhyiddin Yassin as saying. (US$1=RM3.8). He said the government may not be able...

HONG KONG (AFX-ASIA) – UBS Warburg has downgraded its recommendation on China Petroleum and Chemical Corp (Sinopec) (386.HK) to “hold” from “buy” following the stock’s recent outperformance. In a note to investors, the house said it is maintaining its price target on the stock at HK$1.40 a share. (US$1=HK$7.78). At the same time, UBS is...

MANILA (AFX-ASIA) – Finance Secretary Jose Isidro Camacho said the government expects to raise 900 million pesos in additional revenues annually from the imposition of excise tax on imported jet fuel if used on domestic flights. (US$1=52 pesos). The finance department has recommended the lifting of tax exemption on jet fuel importation given the capacity...

China Aviation Oil Singapore Corporation Ltd (CAO) said it will receive 2.5 million Euros in interim dividends for the year ended 31 December 2002 from Spain’s Compania Logistica de Hidrocarburos, S.A, in which CAO has a 5% equity interest. The dividend payment, equivalent to S$4.6 million, will be effected in January 2003, and will be...

Singapore’s engineering group Keppel FELS Limited has won a cash bonus for delivering an oil platform-related project on time and on budget to Atlantia Offshore Limited. The bonus was for outstanding performance in the detailed engineering and excellent fabrication on the hull of the Matterhorn SeaStar¨ Tension Leg Platform (TLP). A wholly owned subsidiary of...

HANOI (AFX-ASIA) – Russian oil company Zarubezhneft said it will reinvest part of the US$230 million it was reimbursed after pulling out of an oil refinery project in Vietnam last month back into the country. The funds “will be partially reinvested into more promising sites” in the country, in particular the White Tiger and Dragon...

Asia’s beleaguered oil refiners will enjoy better margins if Saudi crude replaces Iraqi crude, said Hawaii-based energy consultants FACTS Inc, amid growing discussions over the likely stoppage of Iraqi production in the event of a US-led war against Baghdad. Saudi Arabia, with spare capacity of 2 million barrels/day, has indicated it will step up production...

MANILA (AFX-ASIA) – Petron Corp has shut down its oil depot in central Mindanao island, prompted by the closure of Caltex Philippines Inc’s depot in the area, Energy Secretary Vincent Perez said. Mr Perez said he has asked Petron and Caltex to explain their moves, which reportedly pushed fuel prices higher in Mindanao. Petron and...

JAKARTA (AFX-ASIA) – The Office of the Coordinating Minister for Economic Affairs said the government will seek parliamentary approval for an increase in the Social Compensation Fund to 4 trillion rupiah from 3.1 trillion already approved for this year, to help the poor deal with the recent utility rate hikes. (US$1=9,000 rupiah). The Office said...

A consortium comprising US engineering group Stone & Webster, Inc. and Japan’s JGC Corp has been awarded an engineering, procurement and construction contract for the lower olefins plant which forms the centerpiece of China’s Nanhai Petrochemical Complex in Guangdong province. The complex, built by by joint venture company China National Offshore Oil Company and Shell...

MELBOURNE (AFX-ASIA) – Standard and Poor’s said BHP Billiton Ltd/Plc’s “A/A-1” ratings and positive outlook are unaffected by the decision to appoint Chip Goodyear as its chief executive, replacing Brian Gilbertson who resigned due to irreconcilable differences with the board. “The resignation does not have an impact on the financial performance of BHP Billiton, given...

HONG KONG (AFX-ASIA) – Shandong International Power Development Co Ltd has traded higher since last week on rotational interest, with the company’s 2002 power generation figures having little impact on the stock, dealers said. Shandong Power said it generated a total of 28.14 MMWH (million megawatt-hours) during 2002, up 5.64% year on year. HSBC analyst...

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd has budgeted RM4.4 billion in capital expenditure this year and set aside another RM1.8 billion for future generation and transmission projects, chairman Awang Adek Hussin said. (US$1=RM3.8). Bernama news agency quoted Awang as saying that the RM4.4 billion budget to maintain the company’s existing projects also includes a...

MANILA (AFX-ASIA) – State-owned National Power Corp said it will seek fresh bids in March for additional fuel requirements this year worth an estimated 3.06 billion pesos. (US$1=52 pesos). Napocor’s additional requirements include 2.899 billion pesos worth of fuel oil or about 323.7 million litres, and 165.06 million pesos worth of diesel or about 11.04...

China’s CNOOC Limited expects to turn in a strong performance for 2003 to follow on a successful 2002. It has targeted net oil and gas production to reach between 134 and 138 million barrels of oil equivalent (BOE), helped by contributions from its newly acquired assets in the Northwest Shelf in Australia and Tangguh in...