TOKYO (AFX-ASIA) – Japan plans to cooperate with Russia in laying a crude oil pipeline between eastern Siberia and Russia’s east coast, Japan Chief Cabinet Secretary Yasuo Fukuda said. “It may become, though this could sound an exaggeration, one of the pillars of Japan-Russia relations in the economic field,” he told a news conference recently....

PARIS (AFX) – A war in Iraq could cause oil prices to skyrocket in the case of a prolonged conflict although a brief showdown could cause a major market glut, a study by US oil experts said. Weighing the risks facing the global oil market in the coming months, the Energy Intelligence Group, a New...

MOSCOW (AFX) – Hanoi will reimburse Moscow for over US$230 million put into a joint venture to build Vietnam’s first-ever oil refinery, following Russia’s withdrawal from the project, Russian government sources said. Russian state-owned oil company Zarubezhneft and PetroVietnam formed the company Vietross in 1999 to build the refinery, but disputes and funding shortfalls had...

The Venezuelan political crisis is making an impact on US oil supplies, said the US Department of Energy. It said that weekly petroleum data for the week ending December 27 showed clearly that the impact from strikes in Venezuela has hit US shores. US crude oil imports averaged 7.6 million barrels per day the previous...

The Andhra Pradesh (AP) state government and privately owned Reliance Industries have launched a joint study to determine the state’s gas demand to help plan its development as India’s natural gas hub. The government is preparing to unveil incentives to encourage investments in the state’s gas industry. The study found that AP state could consume...

The Indonesian Consumers Institute (YLKI) has criticised Pertamina’s decision to raise the price of LPG as ‘arbitrary’ and unjustified. Pertamina, the state oil and gas company, raised LPG price on December 14 from Rp.28,800 per cylinder (12kg) to Rp.32,400 per cylinder. (US$1=9,000 rupiah). YLKI board member Daryatmo said consumers were unfairly made to bear the...

BEIJING (AFX-ASIA) – The profit at China’s six key power generating companies rose 3.4% year-on-year to 16.9 billion yuan in the first 11 months, the State Economic and Trade Commission said. (US$1=8.28 yuan) The SETC did not say whether the profit was before or after tax. Business revenue in the 11 months rose 13.8 pct...

BEIJING (AFX-ASIA) – China Petrochemical Corp (Sinopec Group) expects full year profit in 2002 to rise 6% to 12.8 billion yuan, with revenue rising 7.7% to 370 billion yuan, the People’s Daily reported, citing general manager Li Yizhong. (US$1=8.28 yuan). The company, the parent of Hong-Kong listed China Petroleum & Chemical Corp (Sinopec Corp), said...

JAKARTA (AFX-ASIA) – President Megawati Sukarnoputri last week inaugurated the Tangguh liquefied natural gas project, which is being developed in the Bird’s Head region of the Papua province jointly by BP PLC and other companies. Tangguh is being designed with a capacity to produce 7 million tonnes of LNG a year from two processing trains....

Indonesia said a total of 14 sales-and-purchase agreements and one production-sharing contract were signed last month. The 14 business agreements include sale and purchase of natural gas between domestic consumers and TotalFinaElf, Unocal, Vico and Pertamina with PT Pupuk Kalimantan Timur, PKT, for PKT I (65 BBTU per day), and for PKT IV (50 BBTU...

BANGKOK (AFX-ASIA) – Deputy Prime Minister Prommin Lertsuridej said the National Committee on State Enterprise Privatisation will meet on Jan 10 to decide on the economic viability of Bangchak Petroleum Plc, following its request for 6 billion baht worth of state funds to boost capital. (US$1=43 baht). He said options the government is considering include...

China’s CNOOC Limited said that the country’s largest offshore oilfield, Penglai 19-3, in central Bohai Bay has started producing oil. The field in Block 11/05 is estimated to hold some 2.6 billion barrels of oil with potential for an upgrade on further appraisal. It was discovered in 1999 by ConocoPhillips China Inc, a subsidiary of...

BANGKOK (AFX-ASIA) – Electricity Generating Plc (EGCOMP) president Kraisi Karnasuta said the company is interested in buying stakes in three power plants operating under the Independent Power Producer (IPP) program, one of which is partly owned by Edison Mission Energy. Edison Mission Energy is planning to withdraw from the power generation business in Thailand, Mr...

Unocal is prepared to invest up to US$700 million in Bangladesh’s natural gas sector if the government allows for its export. Bangladesh has been resisting calls both from within and the international gas industry to exploit its gas resources for export. The company has proposed construction of a 500 million cubic ft/day pipeline from Bangladesh’s...

HONG KONG (AFX-ASIA) – CNPC (Hong Kong) Ltd has agreed to inject an additional 40 million yuan in cash to raise the registered capital of its 50% owned joint venture company North China Petroleum Steel Pipe Co Ltd. (US$1=8.28 yuan). The additional funding is required to set up a new factory in the Pudong economic...

BANGKOK (AFX-ASIA) – PTT Plc president Viset Choopiban said the company has set a dividend payout level of 2.50 baht per share over the next five years, amid expectations of continued strong revenue growth led by the gas business. (US$1=43 baht). In a Businessday report, Viset added higher dividends are possible if profits exceed expectations....

Singapore-listed China Aviation Oil (Singapore) Corporation Ltd (CAO) said it has obtained a business licence from the Shanghai City government for its joint venture in Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA/AFSC). CAO is the leading supplier of jet fuel imports to China’s civil aviation industry. Chen Jiulin, CAO’s managing director and CEO,...

Indonesia’s PT Medco Energi Internasional is planning to build a liquefied petroleum gas (LPG) plant in Kaji Semoga, South Sumatra next year. The plant, expected to cost between US$150,000 and $190,000, will produce 200 tonnes of propane and butane gas a day, said Sugiharto, the company’s finance director. It will process gas from the company’s...

BANGKOK (AFX-ASIA) – Energy Minister Pongthep Thepkanchana said the privatisation of the Electricity Generating Authority of Thailand (EGAT), the Metropolitan Electricity Authority (MEA) and the Provincial Electricity Authority (PEA) will go ahead as planned, Businessday reported. “Despite strong opposition, the government will move ahead with the plan to transform EGAT, MEA and PEA. This is...

SYDNEY (AFX-ASIA) – Santos Ltd said its PPL 190 well in Papua New Guinea has confirmed a flow rate of 2,000 barrels of oil per day. The confirmation follows a successful flow test of the Bilip 1 oil discovery in the Southern Highlands of PNG, it said in a statement. “During a 22 minute flow...

TAIPEI (AFX-ASIA) – The government is ready to sell between 24.19% and 44.69% of state-run Chinese Petroleum Corp with an aim of finding strategic partners, the Economic Daily News reported, citing company chairman CT Kuo. Targetted buyers include oil-producing countries and major oil companies, he said, specifying that Formosa Plastics group will not be excluded....

Singapore started the new year with lower electricity rates as state Power Supply Ltd drop residential and commercial tariffs by an average 7.9%. Domestic and small commercial customers saw their electricity bills slashed by 7.7% to 15.24 Singapore cents per kilowatt hour (kWh) from 16.51 cents kWh previously. (US$1=S$1.75). This group uses electricity at 230V/400V....