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

PHILIPPINES: President says government “finding ways to ease burden on power consumers”

The Philippines government said it is finding ways to ease the burden on the public for the impending hike in electricity tariffs. President Gloria Macapagal-Arroyo revealed last week that the government would try to negotiate for lower prices with the Malampaya gas producers. The gas is used as feedstock for the National Power Corporation (Napocor)...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: First Gas/Meralco asked to defer collection of PPA charges

MANILA (AFX-ASIA) – President Gloria Macapagal-Arroyo has told Energy Secretary Vicente Perez to discuss with First Gas Power Corp, the possibility of deferring collection and cutting some of the purchased power charges collected from its customers. Her statement follows the announcement of another round of increases in the purchased power adjustment (PPA) charges of the...

This article is for Subscriber members only.
Log In Register

INDONESIA: Santos signed agreement to sell gas reserves in the Oyong field

Australia’s Santos Limited, the operator for the Sampang PSC in offshore East Java in Indonesia, has signed a Heads of Agreement for the sale of the entire gas reserves of the Oyong field. Santos has estimated that Oyong contains 90 billion cubic feet of recoverable gas with an initial, conservative, recovery of 5 million barrels...

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

MARKETS: US retail gasoline prices hit record last week

The US average retail price for regular gasoline reached a record US$1.72 per gallon last week. According to the Department of Energy (DoE), gasoline price rose last week for the thirteenth time in 14 weeks, increasing by 1.6 cents per gallon as of March 17 to reach 172.8 cents per gallon, which is 44 cents...

This article is for Subscriber members only.
Log In Register

CHINA: Beijing Datang Power assigned BBB rating, outlook stable – S&P

BEIJING (AFX-ASIA) – Standard & Poor’s Ratings Services said it has assigned its ‘BBB’ corporate credit rating to Beijing Datang Power Generation Co. Ltd, one of the largest independent power producers (IPPs) in mainland China, with total installed capacity of 6,170 megawatts (MW). The outlook on the rating is stable. S&P said the rating reflects...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Apexindo’s new US$50 million rig will contribute to Indonesia’s LNG industry

Indonesia’s PT Apexindo Pratama Duta Tbk recently took possession of its new US$50 million offshore drilling rig, Raissa, from Singapore’s Keppel shipyard. Apexindo, Indonesia’s leading oil & gas drilling services contractor, commissioned the rig’s construction to Keppel FELS Limited, Raissa. It will be put into service in the Mahakam Delta in East Kalimantan, under a...

This article is for Subscriber members only.
Log In Register

THAILAND: PTT unit to spend 2.02 billion baht to build pipelines to Bangkok’s new airport

BANGKOK (AFX-ASIA) – PTT Plc unit Thai Petroleum Pipeline (Thappline) will spend a total of 2.02 billion baht this year to construct two new pipelines to supply fuel to the New Bangkok International Airport, PTT vice-president Marut Smutkochorn said. (US$1=42 baht). He said Thappline will spend 1.3 bln baht to build a 36 kilometer pipeline...

This article is for Subscriber members only.
Log In Register

CHINA: HK and China Gas to invest 100 million yuan in 1st phase of Nanjing gas project

BEIJING (XFN) – Hong Kong and China Gas Co Ltd (HK 0003) has signed an agreement to invest 100 million yuan in the first phase of a gas project in the eastern Chinese city of Nanjing, the Shanghai-based International Finance News reported. (US$1=8.28 yuan). The newspaper said the project is expected provide around 500 million...

This article is for Subscriber members only.
Log In Register

INDONESIA: Paiton Energy successful debt restructuring does not affect rating – S&P

JAKARTA (AFX-ASIA) – Standard & Poor’s Ratings Services said Paiton Energy Funding B.V.’s successful restructuring of its commercial and export credit agency debts are within expectations and does not affect the current ‘CCC’ rating with a positive outlook for its US$180 million senior secured bond. The restructuring followed a revision in the power purchase agreement...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Shell/Caltex to continue CAA-compliant fuel import

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

THAILAND: Clough awarded US$28M contract for platforms, pipelines in upstream project

Through its strategic alliance with Unocal Thailand, Ltd., and Unithai Shipyard and Engineering Limited, Australia’s Clough group has been awarded its next contract to design and build wellhead platforms and subsea pipelines for Unocal Thailand in the Gulf of Thailand. The contract has been awarded to Clough-Unithai Engineering Limited (CUEL), the 33% Clough-owned joint venture...

This article is for Subscriber members only.
Log In Register

CHINA: BP signs first customer sales contracts on Guangdong LNG project

BEIJING (AFX-ASIA) – BP PLC said gas sales contracts with key customers in the first phase of the development of the Guangdong LNG Terminal and Trunkline project in southern China were signed in Beijing early this month. BP holds a 30% interest in the project, led by China National Offshore Oil Corp. A Memorandum of...

This article is for Subscriber members only.
Log In Register

Speech by Clare Martin, Chief Minister of Australia’s Northern Territory

to the Singapore Chamber of Commerce and Industry March 12, 2003 I am here today to talk about the remarkable opportunities opening up in Australia’s Northern Territory. I want to excite you about the place we call Australia’s Asian Gateway where I have led the Government for the last 18 months. It is large in...

This article is for Subscriber members only.
Log In Register

CHINA: PetroChina to expand in Asia, Africa, Russia as local oil reserves decline

BEIJING (XFN) – PetroChina Co Ltd (HK 0857; NYSE PTR) is targeting oilfields in Southeast and Central Asia, Africa and Russia as its local reserves decline after decades of development, the China Daily quoted Wang Guoliang, the company’s chief financial officer, as saying. “We can hardly expect a big production increase at home… overseas production...

This article is for Subscriber members only.
Log In Register

MARKETS: OPEC unlikely to change quotas as looming Iraq war threatens supplies

LONDON (AFX) – The Organisation of Petroleum Exporting Countries (OPEC) is unlikely to make notable changes to output quotas, analysts said, despite the looming possibility of supply disruptions from a war with Iraq and the recent spike in crude prices. Given that OPEC countries are to some extent already ignoring current quotas, and with OPEC’s...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Regulator sets new collection mechanism for forex, power, fuel costs

MANILA (AFX-ASIA) – The Energy Regulatory Commission has adopted a new mechanism for power companies to recover foreign exchange, power purchase and fuel costs, Energy Secretary Vicente Perez Jr said. The new mechanism for fuel and purchased power costs will be called the Generation Rate Adjustment Mechanism (GRAM), while the Incremental Currency Exchange Rate Adjustment...

This article is for Subscriber members only.
Log In Register

CHINA: CNOOC’s ratings unchanged after stake acquisition in North Caspian project

HONG KONG (AFX-ASIA) – Both Standard & Poor’s and Moody’s Investors Service said their ratings on CNOOC Ltd remain unchanged after the oil company bought a 8.33% stake in North Caspian Sea Oil and Gas Project for US$615 million. Moody’s has affirmed the Baa1 rating of CNOOC Ltd with a positive outlook, while S&P kept...

This article is for Subscriber members only.
Log In Register

SINGAPORE: AP Oil FY net profit rises to S$2.392 million on strong sales

SINGAPORE (AFX-ASIA) – AP Oil International said its net profit rose to S$2.392 million in 2002 from S$1.905 million a year earlier as sales more than double to S$76.49 million from S$34.596 million. (US$1=S$1.73). Commenting on the results, Ho Leng Woon, chairman and managing director, said: “Despite the depressed world economic environment and the challenging...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Santos board meet in Darwin this week

The board of directors of Santos Limited met in Darwin, Australia’s northernmost city, this week to assess opportunities for the oil and gas industry in the area. Santos chairman Stephen Gerlach said the decision to hold the board meeting in the Northern Territory state reflected the importance of northern Australia as a key growth area...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Canada’s Methanex reviewing options for menthanol supply in Asia

Methanex said that its currently proposed two million tonne per year methanol project planned for the Burrup Peninsula of Western Australia has been put on hold as the company studies alternatives for long-term methanol supply to its customers in Asia. Bruce Aitken, Methanex’s senior vice president for the region, said: “This proposed development has become...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Petronas completes acquisition of Mobil Oil Sudan

Malaysia’s Petronas International Corporation Limited, a wholly owned subsidiary of Petronas, has completed the acquisition of Mobil Oil Sudan Limited from Mobil International Petroleum Corporation. Mobil Oil Sudan Limited, a company incorporated in Sudan, is involved in the business of retailing and marketing of oil, motor fuels, jet and marine fuels, lubricants and other oil...

This article is for Subscriber members only.
Log In Register

MARKETS: Oil prices headed for more volatility on uncertainties surrounding US-Iraq conflict

With hours to go before the US-set deadline for Iraq’s leadership to step down or face war, oil prices continue to free fall on expectations it will be a quick and decisive war for the invading troops into Baghdad. Nasty surprises could still turn the oil markets around just as easily, especially if Saddam Hussein...

This article is for Subscriber members only.
Log In Register

CHINA: Huaneng Power announce 13.6% rise in net profit

China’s Huaneng Power International, Inc. said it and its subsidiaries registered a 13.63% rise in net profit to Rmb3.921 billion on net operating revenues of Rmb18.474 billion for 2002. (US$1=RMB8.28). Revenues were up 16.99% over 2001. Its basic earnings per share was Rmb0.65, representing an increase of Rmb0.04 over the previous year. Huaneng attributed its...

This article is for Subscriber members only.
Log In Register