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...

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IRAQ: US says oil in Iraq belongs to its people, prepares to fight oil well fires

WASHINGTON (AFX) – US Energy Secretary Spencer Abraham said Iraq’s large oil reserves belong to the people of Iraq and that it’s completely false to suggest a potential war with Iraq would represent an oil grab. In a recent interview with the USA Today newspaper, Abraham said: “Our concerns (with Iraq) have nothing to do...

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MALAYSIA: Trade surplus down despite rise in oil earnings

Malaysia’s trade surplus fell to RM50.9 billion last year from RM54.1 billion in 2001 despite a slight jump in crude export earnings. (US$1=RM3.8). Total exports went up by six percent to RM354.4 billion while imports expanded by 8.3% to RM303.5 billion. Electrical and electronic products, Malaysia’s largest export earners, netted receipts of RM197.9 billion or...

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AUSTRALIA: AGL H1 net up 130%; sees FY above previous year

SYDNEY (AFX-ASIA) – Australian Gas Light Co Ltd (AGL) said its net profit rose 130% year-on-year to A$190.6 million in the first half to December due to contribution from a major acquisition and the absence of one-off losses in the previous corresponding period. (US$1=A$1.65). Underlying earnings were up 30% at A$187.4 million. While the second...

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THAILAND: PTT Exploration Production a ‘buy’ on high oil prices

BANGKOK (AFX-ASIA) – Seamico Securities Plc said it rates PTT Exploration and Production a buy on the back of prevailing high crude oil prices. “The prevailing high crude oil price will be positive to the company’s revenue this year,” Seamico Securities said in a report. Although production this year would not drastically rise from 2002,...

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LPG: FCX Truflo Rona to help build world’s first FPSO

Engineering firm FCX Truflo Rona, a unit of the global flow control group FCX International, is set to play a major role in the construction of the world’s first LPG-FPSO vessel. The company has been awarded a major contract by contractors Ishikawajima Ð Harima Heavy Industries Co., Ltd (IHI) of Japan for the manufacture of...

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CHINA: Sinopec/PetroChina start building strategic oil reserve depots

BEIJING (XFN) – China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP) and PetroChina Co Ltd (HK 0857; NYSE PTR) are preparing to build China’s strategic oil reserve depots, the 21st Century Business Herald said. The newspaper quoted sources from Sinopec as saying the company will start building a depot next...

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CHINA: PetroChina to buy stake in COSCO ship fuel unit CMBSC for undisclosed sum

BEIJING (AFX-ASIA) – PetroChina Co Ltd said it has signed a framework agreement to buy a stake in China Ocean Shipping (Group) Company (COSCO) subsidiary China Marine Bunker Supply Company (CMBSC), the largest supplier of fuel for ships in China. PetroChina did not disclose the size or value of the stake it is buying in...

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Diplomacy checkmated, world waits for war this week (SGX Column)

As diplomatic manoeuvres reach their end-game in the western time zone around now, the world begins preparing for the start of war by the US and its few allies on a defiant Iraq. After a weekend summit in Portugal, President George Bush and the leaders of Britain and Spain gave the UN Security Council an...

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JAPAN: Nine power companies placed on review for possible downgrade by Moody’s

HONG KONG (AFX-ASIA) – Moody’s Investors Service said it has placed its senior secured long-term debt ratings of nine Japanese electric power companies under review for possible downgrade. In a statement received here, Moody’s said the companies are Chubu Electric Power Co Inc (Aa2), Kansai Electric Power Co Inc (Aa2), Tokyo Electric Power Co Inc...

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IRAQ: US Senator Tauzin criticises Iraqi oil use, US$20 million/day payments to Saddam

WASHINGTON (AFX) – The chairman of the powerful House Energy and Commerce Committee, Billy Tauzin, criticised US dependence on Iraqi oil exports saying the world’s largest oil importer is now effectively sending Saddam Hussein some US$20 million a day in oil payments as US troops continue to mass on Iraq’s borders. During a recent congressional...

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THAILAND: Thai Petrochemical Industry US$79.67 million working cap facilities renewed

BANGKOK (AFX-ASIA) – Effective Planners Ltd said Thai Petrochemical Industry Plc’s Steering Committee of Creditors has provided it with additional working capital facilities of US$79.67 million. These recently renewed facilities resulted in the company being able to run its refinery at an average of 97,000 barrels per day (b/d) in 2002, compared to 67,000 b/d...

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IRAN: US$8 billion worth of investments sought for South Pars gas field

TEHRAN (AFX) – Some 8 bln usd is to be invested in expansion of Iran’s giant offshore South Pars gas field, the chairman of Petropars oil company, Akbar Torkan, told the state news agency IRNA. Torkan, whose company is in charge of several phases of the development, said that eight phases would be put to...

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AUSTRALIA: Oil Search FY net profit up 270% on expanded production, price gains

SYDNEY (AFX-ASIA) – Oil Search Ltd said its 2002 net profit rose almost 270% to A$87.2 million on an expanded production base from its merger with Orogen Minerals in April 2002 and higher prices for oil and gold. (US$1=A$1.65). The result was in line with the A$87.3 million market consensus according to Multex Global Estimates....

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HYDROGEN: GM, Shell team up to begin commercialising hydrogen-powered vehicles

WASHINGTON (AFX) – General Motors Corp and Royal Dutch/Shell unit Shell Hydrogen said they have teamed up in the US to promote and help begin the commercialisation of hydrogen-powered vehicles. The centerpiece and foundation of the partnership will be a real-life demonstration of hydrogen fuel cell vehicles and fueling infrastructure technology in the Washington DC...

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BANGLADESH: Unocal proposes development of Moulavi Bazar gas field

US independent oil and gas company Unocal Corporation said that two of its subsidiaries has proposed to develop the Moulavi Bazar natural gas field in Bangladesh, potentially yielding up to 100 million cubic feet (mmcf) of gas per day to meet the needs of the domestic market. “We could begin commercial production of natural gas...

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PHILIPPINES: DOE wants oil companies to help public transport

The Philippines’ Department of Energy (DOE) has welcomed new oil player Eastern Petroleum Corp’s initiative to provide “pricing incentives” to the transport sector. Eastern Petroleum recently signed a supply agreement with transport group Pasang Masda National Inc. that will provide a 60-centavo per liter discount on fuel purchases of member jeepney drivers along the routes...

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CHINA: CNODC to invest US$100 milion to develop Syrian oil field

BEIJING (XFN) – China National Oil and Gas Exploration and Development Corp (CNODC) has signed an agreement with the Syrian Ministry of Petroleum & Mineral Resources and Syrian Petroleum Co (SPC) for CNODC to invest US$100 million to develop a Syrian oil field, the Shanghai-based International Finance News said. The newspaper said the two plan...

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CHINA: Guangdong Guangdian Power Grid postpones IPO on merger issues

BEIJING (XFN) – Guangdong Guangdian Power Grid Co, which runs power transmission and distribution networks in Guangdong province, has postponed its global public share offering because of its merger with three other poorer counterparts, bankers involved said. Guangdong Guangdian Power originally planned to raise up to US$1.5 billion through a dual listing in Hong Kong...

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CHINA: Beijing completes test of gas-cooled nuclear reactor

BEIJING (XFN) – China has completed a 72-hour full mode test of its first-self designed gas-cooled nuclear reactor with a power generating capacity of 10 MW, the China Daily said. The newspaper said the nuclear power project has been listed as a priority project essential to China’s national energy strategy for the near future. It...

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SINGAPORE: Keppel Corp frontrunner for Petrobras contract Ð SSB

SINGAPORE (AFX-ASIA) – Salomon Smith Barney said it considers Keppel Corp as the frontrunner for new contracts to build oil production rigs for Petroleo Brasileiro SA (Petrobras), worth S$500 million to S$1 billion, as the supplier of these rigs is required to source 75 pct of the parts from Brazil. (US$1=S$1.7). In a research note,...

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THAILAND: PTT Exploration & Production sees rise in 2003 gas sales volume

BANGKOK (AFX-ASIA) – PTT Exploration and Production Plc president Chitraponse Kwangsukstith said the company expects its sales volume of gas to increase from 2002. In 2002, the total sales volume was 37.13 million barrel of oil equivalent (MMBOE), or 101,736 barrels of oil equivalent per day (BOED). Mr Chitraponse said the company’s expected gas sales...

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THAILAND: PTT FY total revenue 409.33 billion baht, up 5.9%

BANGKOK (AFX-ASIA) – PTT Plc said its consolidated net profit in 2002 was 24.50 billion baht, up 13.6% from 21.56 billion baht in 2001, on total revenues of 409.33 billion baht, up 5.9% mainly due to the higher oil and gas sales volume. (US$1=43 baht). In a filing to the Stock Exchange of Thailand, PTT...

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AUSTRALIA: BHP Billiton approves funding for development of Trinidad & Tobago oil and gas field

Australia’s BHP Billiton said it has committed up to US$327 million for the first development phase in an oil and gas field in Trinidad & Tobago. Greater Angostura is located in shallow waters (40 meters) in Block 2(c), approximately 40 kilometers off the northeast coast of Trinidad. Gross mid-case volumes are 450-million barrels of oil...

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AUSTRALIA: Origin Energy completes private placement debt issue into US

Australia’s Origin Energy has completed the issue of US$250 million of senior unsecured notes into the US private placement market. The notes were issued in three tranches maturing 2010, 2015 and 2018. The proceeds from the notes have been fully converted to Australian dollars. In a statement, the company said all future US dollar and...

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