Technip-Coflexip’s contract with Turkmenistan’s state oil and gas company for the construction of a diesel hydrotreating plant in the refinery of Turkmenbashi has come into force. The contract was signed with Turkmenneftegas for the design and construction on January 15, 2002. Paris-based Technip Coflexip is an engineering firm. The financing of this lump sum turnkey...

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...

SMOE, the oil and gas division of SembCorp Utilities (SembUtilities), has been awarded two contracts worth a total of S$460 million. The company’s orderbook now stands at $740 million. (US$1=S$1.73). The contracts are for the fabrication and installation of Floating, Production, Storage and Offloading (FPSO) topside facilities for Bouygues Offshore S.A. and an offshore central...

MOSCOW (AFX) – The plan for an Arctic terminal could make Russian oil exports a “serious alternative” to Middle East oil, US ambassador to Moscow Alexander Vershbow was quoted as saying by the Interfax news agency. “Murmansk is a port that’s open 12 months of the year, and the scale of the proposal would enable...

China’s Beijing Datang Power Generation Company Limited said the power generated by its plants last year grew by 21.9% to 32.278 billion kWh while its total on-grid power generation grew by 22.48% to 30.119 billion kWh. The two 600MW units of Datang Panshan Power Plant Phase II, of which the company has a controlling stake,...

SYDNEY (AFX-ASIA) – The surprise resignation of BHP Billiton Ltd chief executive Brian Gilbertson has hit the stock, raising questions about possible disagreements over the group’s direction and continuing issues following its formation, but this looks to be a knee-jerk reaction rather than anything more serious, analysts said. They said the downturn probably was to...

LONDON (AFX) – Oil is seen trading in current high ranges in the medium term amid expectations that OPEC will be reluctant to hike output, despite the onset of wintry weather in the US and likely continued severe disruptions to Venezuelan supplies, analysts said. US inventories are shrinking as imports dry up from Venezuela, whose...

More than 40 leading international experts from maritime safety administrations, port terminal operators, shipping lines, security agencies, law firms and maritime organisations around the world will be gathering in Singapore to speak on a variety of topics related to maritime security. Organised by the Maritime and Port Authority of Singapore (MPA), the event is the...

MANILA (AFX-ASIA) – State-owned National Power Corp said it expects its electricity rates to increase by about 0.2869 pesos per KwH once it complies with stricter fuel standards under the Clean Air Act. (US$1=52 pesos). The stricter benzene and aromatics content requirement for fuel took effect on Jan 1. A Napocor official, who asked not...

BANGKOK (AFX-ASIA) – Ratchaburi Electricity Generating Holding said its board of directors has approved a proposal to acquire 17.99 million newly issued shares in unit Ratchaburi Energy at 10 baht each for a total of 179.99 million baht. (US$1=43 baht). The company said in a statement to the Stock Exchange of Thailand Ratchaburi Energy needs...

Jubail United Petrochemical Company (UNITED), an affiliate of Saudi Basic Industries Corporation (Sabic), has completed the signing of a SR 4.33 billion (US $1.154 billion) loan facility for the construction of its manufacturing plants currently underway at its site in Al-Jubail Industrial City. The loan was signed by a group of regional and international banks...

US energy consultant ESAI said the Japanese nuclear reactor shutdowns have had a significant impact on the country’s fuel oil trade. In its latest edition of Pacific Basin Stockwatch, ESAI said: “Traditionally, fuel oil exports from Japan rise after the peak cooling season in August. However, this year, fuel oil exports from Japan have fallen...

Singapore, 1st January 2003 Ð Energy Market Company (EMC) today announced the successful launch of Singapore’s new wholesale electricity market. The new wholesale market, operated by EMC, is designed to allow wholesale electricity prices to be determined more competitively and dynamically by market forces. In the old wholesale market, electricity generators could only offer their...

MANILA (AFX-ASIA) – Petron Corp may implement further fuel price increases this month and in February due to higher crude prices and stricter benzene and aromatics content requirements for fuel products, spokeswoman Virginia Ruivivar said. Petron has announced a 0.49 pesos per litre increase in gasoline, kerosene and diesel prices effective noon tomorrow, citing the...

US energy consultants ESAI says a combination of lost Venezuelan crude, the threat of war with Iraq, and strong Asian crude demand have led to a “perfect storm” in the crude oil markets and prices rising above $30 for both Brent and WTI. In the latest edition of Pacific Basin Stockwatch, ESAI said: “Within the...

CARACAS (AFX) – Energy Minister Rafael Ramirez said the government plans to break in two the state-owned oil company, Petroleos de Venezuela SA, in a bid to end the six-week strike aimed at driving President Hugo Chavez from power. In an interview with the New York Times, Mr Ramirez said the government will “decentralise” the...

The US weekly petroleum data for the week ending January 3 surprised many analysts by showing a 400,000-barrel build in domestic commercial crude oil inventories, said the US Department of Energy. In its latest weekly report released January 9, it said: “Perhaps the most surprising item in the data is that despite the fact that...

Malaysia’s state oil and gas company Petronas said it has been awarded a contract to undertake exploration and production work in two offshore blocks in Vietnam. This week, Petronas and PetroVietnam signed a contract to jointly explore for and develop hydrocarbon resources in Blocks 01/97 and 02/97. The upstream subsidiaries of the companies will form...

RIYADH (AFX) – Saudi Arabia favors an increase in OPEC oil output in order to bring down prices, Foreign Minister Prince Saud al-Faisal said, without specifying a figure. “The (oil) price has risen, and there should consequently be an increase in production,” Prince Saud told reporters when asked to confirm a report that OPEC is...

Logistics company BDP Asia-Pacific (BDP-AP) has opened a full-service regional distribution center (DC) in Singapore with advanced Web-based technologies for data, inventory and warehousing management. Situated at the Jurong Industrial District in the western part of Singapore, the DC consists of three separate facilities, totaling 120,000 square feet. The centre provides integrated services such as...

JAKARTA (AFX-ASIA) – The government will seek parliamentary approval to increase the compensation for cuts in the fuel subsidy, from the approved 2003 level of 3.1 trillion rupiah. (US$1=9,000 rupiah). “The government will try to convince the Lower House of Parliament (DPR) to approve an increase in budget allocation from what has been agreed,” the...

MANILA (AFX-ASIA) – The Energy Regulatory Commission said it has allowed the Manila Electric Co to collect from consumers 5.758 billion pesos in purchased power adjustment costs it incurred from Jan 2000 to Sept 2002. (US$1=52 peso). However, the ERC said in its order that the collection of the PPA costs will have to be...

SEOUL (AFX-ASIA) – Hyundai Heavy Industries Co Ltd said it has secured a combined US$910 million in orders from Exxon Mobil and ACT-OG of China. Exxon Mobil ordered US$750 million worth of floating production storage and off-loading facility, which will be installed offshore of Angola and completed by 2005. Hyundai Heavy also obtained a US$160...

Indonesian labour and student groups have stepped up their protests against the government following announcements of price hikes for basic products like fuels and electricity since New Year’s Day. Demonstrations against the administration of President Megawati Sukarnoputri have erupted in almost all the country’s major cities this week. State PT Perusahaan Listrik Negara (PLN) will...

HANOI (AFX-ASIA) – China has agreed to lend Vietnam US$85.5 million for the construction of the Cao Ngan thermal power plant in the northern province of Thai Nguyen, the official Vietnam News Agency said. The agreement was signed last month after being finalised by Deputy Minister of Planning and Investment Lai Quang Thuc and China’s...