BEIJING (XFN) – Several overseas power companies are targeting China’s power sector, with the industry set to see increased mergers and acquisitions activity in the coming years, the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) said. MOFTEC said on its website that Shenzhen Energy Group Co has signed an agreement in Jan 2002 to...
BAKU (AFX) – A recent meeting to resolve a row between the five Caspian Sea states over borders in the oil-rich inland sea has ended without producing any real progress, officials said. At the talks in Azerbaijan, Iran remained the major stumbling block, holding out for a bigger share of the sea than the other...
The cost-effective high performance KFELS MOD V (B) premium jackup rig is poised to become the benchmark for deep-well drilling, said Singapore’s engineering group Keppel FELS. ENSCO International Incorporated, a leading offshore drilling contractor announced that one of its principal subsidiaries, ENSCO, has chosen Keppel FELS’ proprietary jackup (JU) design, the KFELS MOD V (B)...
at the celebration dinner for the completion of Teijin Polycarbonate Singapore’s plant expansion, on 10 March 2003 Your Excellency, Mr Kunihiko Makita, Japanese Ambassador to Singapore, Mr Takanobu Fujii, President, Teijin Chemicals, Mr Masaru Okuyama, Managing Director, Teijin Polycarbonate Singapore. This evening I am most happy to see many familiar and friendly faces as we...
HONG KONG (AFX-ASIA) – Beijing Datang Power Generation Co Ltd said the decline in its 2002 net profit was due to a sharp increase in finance costs, which include the company’s interest expenses and losses from an interest rate swap. For 2002, the company reported a net profit of 1.404 billion yuan, down from 1.438...
BEIJING (XFN) – China may agree to Russia’s plan to build a pipeline to Japan extending from the Sino-Russia line, as long as the plan guarantees adequate supplies for China, the China Daily reported, citing a Chinese government official. “We are not against the (new) proposal… Should they guarantee our supply as we have agreed,...
BANGKOK (AFX-ASIA) – Electricity Generating Plc (EGCOMP) 2003 operating profit is expected to be higher than 2002’s operating profit of 2.78 billion baht on lower expenses, said senior executive vice president and chief financial officer Machima Kunjara Na Ayudhya. (US$1=43 baht). In 2002, the company wrote down its investments mainly in Nam Theun 2 Project...
BANGKOK (AFX-ASIA) – Ratchaburi Electricity Generating Holding Plc said it signed on Feb 27 a Memorandum of Understanding (MOU) with Banpu Plc for a strategic alliance in the power generation business. The MoU also identifies preliminary areas of agreement between the parties for distribution to maximize the mutual benefits of the deal for each party....
Australia’s Northern Territory state has welcomed the ratification of the much-delayed Timor Sea Treaty between the Federal government and East Timor. The treaty was signed and ratified early this month after prolonged wrangling over the spilt of oil and gas reserves, and maritime boundary separating the two countries. In a statement, NT Chief Minister Clare...
Beijing Datang Power Generation Company Limited recently announced a change in the controlling shareholder stake in China. In accordance with Document No. 16 issued by the State Council on February 2, state owned China Datang Corporation will hold 1,828,768,200 domestic shares in the company in place of North China Power Group Company, the previous controlling...
Given the increasing resistance to the US build-up to the war against Iraq and the number of uncertainties that will affect the outcome of the conflict, it is amazing that the mainstream view believes in a crushing US victory that might even set in motion a “democracy domino” in the Middle East. According to this...
MANILA (AFX-ASIA) – First Gas Power Corp and FGP Corp said they intend to “vigorously pursue” their dispute with a consortium led by Shell Philippines Exploration BV (Spex) over the pricing terms and conditions for the Malampaya natural gas. First Gas, a unit of First Philippine Holdings Corp and operator of the 1,000-megawatt Santa Rita...
SYDNEY (AFX-ASIA) – Standard and Poor’s said it has raised its short term credit rating on Caltex Australia Ltd to ‘A-2’ from ‘A-3’ and revised its outlook to ‘stable’ from ‘negative’ following the company’s 2002 results, which showed improved performance and significant debt reduction. S&P has affirmed the company’s ‘BBB’ long-term rating. In a statement,...
Singapore’s Neptune Orient Lines (NOL) last week said its oil transportation company American Eagle Tankers (AET) has won a long-term contract to transport heavy fuel oil from Venezuela to Asia. NOL chairman Cheng Wai Keung said the company won the tender to transport orimulsion, a bitumen-based fuel, for Bitor, a subsidiary of the Venezuelan national...
China’s CNOOC Limited said it has entered into an agreement with BG International Limited (BG), a wholly owned subsidiary of BG Group, to acquire from BG a 8.33% interest in the North Caspian Sea project in Kazakhstan for US$615 million. The project covers approximately 5,600 square km of the Caspian Sea and includes the highly...
BEIJING (XFN) – PetroChina Co Ltd, China’s largest oil producer, has signed a strategic agreement with Microsoft (China) for increased cooperation in IT development and applications, the China News Service said. The news service said the two companies have been working together in the area of e-mail systems and EIP (Enterprise Information Portal) technology, with...
TOKYO (AFX-ASIA) – Cosmo Oil Co Ltd said it targets a current profit (keijorieki) of 60 billion yen and revenue of 1.92 trillion in the year to March 2006 under its midterm plan.(US$1=117 yen). The company said it aims to spend 110 billion yen during the plan period in order to meet its earnings target....
JAKARTA (AFX-ASIA) – The government has offered a higher a share of production to contractors investing in 11 new oil and gas blocks, The Jakarta Post reported, citing Energy and Mineral Resources Ministry director general for oil and gas Iin Arifin Takhyan. Under the new scheme, investors are entitled to up to 25% of oil...
US-based engineering firm Fluor Corporation said that its PFD UK Limited joint venture has been reconfirmed as contractor for engineering, procurement and construction management (EPCM) services for a US$2.6 billion upstream project in Kazakhstan. Tengizchevroil (TCO), Kazakhstan’s main joint venture upstream company, has re-confirmed PFD UK Limited for the restarted Second Generation and Sour Gas...
KUALA LUMPUR (AFX-ASIA) – The price of gasoline and diesel in the country have been raised by two sen per litre from March 1 line with the rise in global oil prices, Bernama news agency quoted Minister of Domestic Trade and Consumer Affairs Muhyiddin Yassin as saying. Gasoline now costs 1.35 rgt per litre, while...
TOKYO (AFX-ASIA) – Nippon Oil Corp will tie up with Lawson Inc to build a nationwide network of joint gas stations and convenience stores, the Nihon Keizai Shimbun reported, without citing sources. The partners will also develop a system to accept applications for mandatory auto inspections at the outlets’ convenience stores, it said. Nippon Oil...
Japanese oil products demand is set to record its first rise in three years, driven by high fuel oil consumption for power generation because of the shutdowns of 13 nuclear reactors, and a severe winter. But while oil products demand is forecast to rise by 1% to 4.113 million barrels/day in fiscal 2002 (which ends...
MANILA (AFX-ASIA) – Manila Eletric Co said it will ask the Securities and Exchange Commission to approve its plan to remove the 10% cap on ownership of shares in the company. Meralco said in an announcement the plan was approved by its board of directors and will be brought before shareholders at the May 27...
KUALA LUMPUR (AFX-ASIA) – Renong Bhd said it has secured the Securities Commission’s approval for the proposed sale of its 29.222 million shares in Crest Petroleum Bhd or 38.56% stake, to Sapura Telecommunications Bhd for RM105.199 million or RM3.60 per share. (US$1=RM3.8). In a statement, Renong said the SC has also allowed the company to...
Already reeling from oil at US$35/barrel, most Asian economies are bracing for worse to follow once the US starts military action against Iraq. The region imports over 60% of its oil requirements, mostly from the Middle East. Oil import spendings account for 3% to 5% of their GDP, compared to only 1% for the US....