AUSTRALIA: Novus upgraded to ‘marketperform’ from ‘underperform’ – JB Were

SYDNEY (AFX-ASIA) – JB Were has upgraded its short term recommendation on Novus Petroleum Ltd to ‘market perform’ from ‘underperform’ following the release of the company’s 2002 results, despite cutting its earnings forecasts for the company. Novus said its 2002 operating profit after tax fell 26% to A$21 million, while it reported a bottom line...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: First Gas, FGP not entitled to deferred payments on gas purchases – PNOC-EC

MANILA (AFX-ASIA) – State-owned PNOC Exploration Corp (PNOC-EC) said First Gas and FGP Corp are not entitled to deferred payments on their gas purchases from the Malampaya natural gas field. PNOC-EC, which has a 10% interest in the Malampaya, said the Malampaya consortium committed no breach of gas sales and purchase agreements (GSPA) with First...

This article is for Subscriber members only.
Log In Register

BANGLADESH: Chinese firm plans US$600 million energy investment

A Chinese group is planning to invest US$ 600 million in Bangladesh’s energy sector, including establishing mobile and stationary compressed natural gas (CNG) filling stations, reported Bangladesh’s media. The Shenzhen Huxian group is also looking to set up a methanol synthesis manufacturing factory. According to the reports, the proposed factory will process natural gas or...

This article is for Subscriber members only.
Log In Register

INDIA: BP, Tatas plan to revive Enron power project

BOMBAY (AFX-ASIA) – The Tata group and BP Plc are jointly planning to revive the US$2.9 billion power plant built in the western Indian state of Maharashtra by the now collapsed Enron. The 2,184-megawatt power facility, Dabhol Power, has been shut for more than 20 months after a payment dispute with its sole customer, the...

This article is for Subscriber members only.
Log In Register

TAIWAN: Shell and Asia Cement submit joint bid for supply of natural gas to Tatan Power Station

TaLNG Co Ltd, an equal joint venture of subsidiaries of Shell Gas B.V. and Asia Cement Corporation, have submitted a bid to Taiwan Power Company’s (TPC) tender for supply of natural gas to the Tatan Power Station in northern Taiwan. If successful, TaLNG will construct a new LNG receiving terminal in northern Taiwan and supply...

This article is for Subscriber members only.
Log In Register

HYDROGEN: EU, US to cooperate in hydrogen-powered cars, electricity from fuel-cells

LONDON (AFX) – The US Energy Department and the European Union agreed early this month to start a cooperative effort aimed at bringing hydrogen-powered cars and electricity generated from fuel cells to market over the next two decades, the New York Times reported. The agreement was announced after a meeting between Romano Prodi, the president...

This article is for Subscriber members only.
Log In Register

CHINA: Beijing Datang rated a ‘buy’, target price HK$3.10; assigned BBB rating, outlook

HONG KONG (AFX-ASIA) – South China Brokerage has upgraded its rating on Beijing Datang Power Generation Co Ltd (991.HK) to a ‘buy’ from ‘hold’, with a target price of HK$3.10 a share in a 12-month period. (US$1=HK$7.78). The brokerage said in a note to investors that Datang’s current price fails to reflect the company’ forthcoming...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Tenaga ratings unchanged as government decides not to hike electricity rate – S&P

KUALA LUMPUR (AFX-ASIA) – Standard & Poor’s Ratings Services said the government’s announcement not to increase electricity tariffs in the near term does not by itself impact the credit rating of Tenaga Nasional Bhd. The international rating firm currently has a BBB rating with a stable outlook on Tenaga. S&P noted that since 1997, the...

This article is for Subscriber members only.
Log In Register

THAILAND: Government ready to inject extra capital into oil price stabilisation fund

BANGKOK (AFX-ASIA) – The government is prepared to inject fresh capital into the oil price stabilisation fund, if the fund’s current capital of 8 billion baht is insufficient to shore up oil prices, Business Day quoted Prime Minister Thaksin Shinawatra as saying. (US$1=42 baht). The subsidy scheme started on Feb 8. Mr Thaksin said that...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Tanjung Pelepas port sees 2004 throughput above 2003 3.5 million TEUs

KUALA LUMPUR (AFX-ASIA) – The Port of Tanjung Pelepas expects container handling at the port in 2004 to exceed 3.5 million twenty-foot equivalent units (TEUs), which is its targeted throughput for 2003, chief executive officer Mohd Sidik Shaik Osman said. “PTP is always expanding and always bullish (about its performance) and we expect that we...

This article is for Subscriber members only.
Log In Register

IRAN: Technip-Coflexip-Nargan venture win US$180 million contract for the design and construction of

France’s Technip-Coflexip (NYSE: TKP and Euronext: 13170) and its Iranian partner Nargan have been awarded a 173 million Euro (US$1=0.95 Euro) contract for the design and construction of a steamcracker to be built on Iran’s Kharg Island in the Persian Gulf. The contract, signed in Tehran on March 18, was awarded by Petrochemical Industries Development...

This article is for Subscriber members only.
Log In Register

CHINA: Government approved Huaneng’s three project proposals and a feasibility study report

Huaneng Power International’s project proposals for Huaneng Jinling gas-fired power plant, Zhejiang Huaneng Yuhuan power plant and Huaneng Shantou power plant Phase II and the feasibility study report of Huaneng Huaiyin power plant Phase II have been approved by the State Development and Planning Committee. The company’s project proposal for the Huaneng Jinling plant was...

This article is for Subscriber members only.
Log In Register

IRAQ: US government girds private sector, aid groups for rebuilding Iraq

WASHINGTON (AFX) – The Bush administration is quietly preparing the US private sector and aid groups for a massive rebuilding of Iraq in the aftermath of war, government and company officials said. As part of the preparations, the government has solicited contracts from a handful of US companies, the army is tapping Middle East contractors...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Name change for Australia LNG and management appointments

The North West Shelf Venture said that Australia LNG Pty Ltd has changed its name to North West Shelf Australia LNG Pty Ltd. The venture also announced the appointment of John L. Banner as president of the organisation, with effect March 17. Mr Banner has been seconded from ChevronTexaco and was formerly general manager of...

This article is for Subscriber members only.
Log In Register

THAILAND: PM Thaksin urges EGAT to speed up privatisation

BANGKOK (AFX-ASIA) – Prime Minister Thaksin Shinawatra has directed the Electricity Generating Authority of Thailand (EGAT) management to speed up the agency’s privatisation plan, the Bangkok Post reported. It said Mr Thaksin met with EGAT executives recently. According to an original plan, EGAT would create three power generation units. Each group would be established as...

This article is for Subscriber members only.
Log In Register

JAPAN: Russia chooses both Japan, China for oil pipeline shipments

MOSCOW (AFX) – The government has decided to build a key oil pipeline that stretches towards Japan, with a separate branch going to northeastern China, Interfax quoted Prime Minister Mikhail Kasyanov as saying. The decision marks a vital compromise as both China and Japan have vied for months for oil shipments from the massive oil...

This article is for Subscriber members only.
Log In Register

CHINA: Huaneng Power to invest 20 billion yuan over 5 years to build power plants in China

HONG KONG (AFX-ASIA) – Huaneng Power International Inc (902.HK) chairman Li Xiaopeng said the group is planning to invest 20 billion yuan over a 5 year period to build a group of power plants in China in 5 years, with a total capacity of 4,800 MW. (US$1=8.28 yuan). Construction of the power plants will begin...

This article is for Subscriber members only.
Log In Register

COMPANY: BP accused of violations in California in US$319 million lawsuit

NEW YORK (AFX) – Environmental officials in California have accused BP Plc of violating air pollution rules and lying in reports to regulators in a US$319 million lawsuit filed this week, the Financial Times reported in its online edition, citing the complaint. The South Coast Air Quality Management District (AQMD) is also investigating alleged violations...

This article is for Subscriber members only.
Log In Register

QATAR: RasGas and GAC sign worldwide hub agency

The RasGas Company Limited (RasGas), a Qatari company whose shareholders are Qatar Petroleum and ExxonMobil RasGas Inc., has signed a worldwide hub agency agreement with GAC, a shipping agency. The contract was signed early this month by Nasser Al Naimi, RasGas’ commercial and shipping manager, and Lars P. Heisselberg, GAC’s group vice president (shipping), at...

This article is for Subscriber members only.
Log In Register

Iraq, Nigeria Put Oil Back On Upward Trajectory (SGX Column)

Oil prices look to have bottomed out last Friday and could be headed higher in the coming week on supply disruption in Nigeria and the uncertain state of the US-led war in Iraq. In addition, there’s the ever-present spectre of North Korea, which is reportedly preparing to launch its own war against the US and...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Roxas supports govt sale of San Miguel/Petron/Pagcor

MANILA (AFX-ASIA) – Trade and Industry Secretary Manuel Roxas II said he supports plans to sell part of the government’s share of Petron Corp, San Miguel Corp and the Philippine Amusement and Gaming Corp. He said the sale of government assets would create a significant injection of funds for national coffers while the government grapples...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Keppel Shipyard secures S$100 million conversion contracts

Singapore’s Keppel Shipyard, the wholly owned subsidiary of Keppel Corporation Limited, has secured two conversion contracts totalling about S$100 million. (US$1=S$1.75). The first contract is for a fast-track conversion of 270,000dwt FPSO Marlim Sul from repeat customer Single Buoy Moorings Inc (SBM). Keppel Shipyard has completed four similar fast track projects for SBM since 2000....

This article is for Subscriber members only.
Log In Register

MARKETS: World seaborne oil trade 2001 and forecast 2002-2003 Ð Fearnleys

The volume of world crude and products trade fell by 1.5% to 1,987 million tonnes in 2002 after an increase of 0.5% in 2001, according to Fearnleys’ just released annual review of world seaborne oil trade. Fearnley said that as OPEC lost market share and Russia increased exports, crude oil shipments decreased by 2.7% to...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Shell, Caltex to continue CAA-compliant fuel import;not set up plant

MANILA (AFX-ASIA) – Pilipinas Shell Petroleum Corp and Caltex Philippines Inc said they have no plans of setting up facilities to produce gasoline products that comply with new specifications under the Clean Air Act (CAA) and will, instead, continue importing the products due to economic reasons. The two oil refiners are firm against setting up...

This article is for Subscriber members only.
Log In Register

IRAQ: Shell’s Watts hopes for ‘a level playing field’ for industry in post-war Ira

WASHINGTON (AFX) – The chairman of the committee of managing directors of the Royal/Dutch Shell Group, Philip Watts, said there should be “a level playing field” for companies like Shell and the energy industry in a post-war Iraq if Saddam Hussein is removed from power. He was responding to a reporter’s question at an energy...

This article is for Subscriber members only.
Log In Register