The outlook for China’s Huaneng Power International Inc’s Shanghai combined-cycle-gas-turbine project is not expected to be positive due to the high price of natural gas, a Huatai Securities analyst said. Huaneng Power said the State Development and Planning Committee has approved the company’s Shanghai project, with a total estimated investment of 3.726 billion yuan (US$1=8.28...

WASHINGTON (AFX) – US President George W. Bush said removing Saddam Hussein from power in Iraq would spread democracy in the Arab world and speed the creation of a Palestinian state. “A liberated Iraq can show the power of freedom to transform this vital region by bringing hope and progress into the lives of millions,”...

KUALA LUMPUR (AFX-ASIA) – BP PLC is currently in talks with several firms, including national oil corporation Petronas, on the possible sale of its stakes in its refineries in Singapore, Bernama news agency quoted BP Malaysia chief executive Peter M Wentworth as saying. “However, no decision has been made on the matter yet,” he said,...

PARIS (AFX) – US Treasury Secretary John Snow said oil producing countries have no economic interest in maintaining current oil prices, which stand near two-year highs. “The major oil producing countries have a strong economic self-interest in oil prices that are not at their current… levels — because it makes their market more unstable,” Snow...

The European Commission announced last week that it was to launch guidelines for port states on assessing the source of unidentified oil spills, said a report by Intertanko, the association of tanker owners. The guidelines, being developed by the Swedish Coastguard would base the assessment principles on oil fingerprinting techniques already expensively used by states...

BANGKOK (AFX-ASIA) – The electricity authority has announced that a controversial coal-fired power plant slated for the country’s central coast will be permitted to use gas and to relocate, the Bangkok Post reported. “The board’s decision is final and it represents the government’s views as well,” Electricity Generating Authority of Thailand (EGAT) governor Sithiporn Rattanopas...

MANILA (AFX-ASIA) – The Power Sector Assets and Liabilities Management Corp said it will continue to accept bids for the privatization of the National Transmission Co until March 17. PSALM, which handles the state-owned power assets that will be privatised as mandated by the power sector reform law, previously set today as the deadline for...

SYDNEY (AFX-ASIA) – A Supreme Court judge last month rejected what is believed to be Australia’s largest class action suit, in which consumers sued oil firm Esso for A$500 million in damages for losses incurred due to disruption in gas supply following an explosion at one of its plants in 1998. (US$1=A$1.7). Businesses and residents...

Oil prices remain on course to test US$40/barrel despite assurances of higher output from crude producers and threats to release stockpiles by consuming countries in the event that the US begins attacking Iraq. The upward creep that had taken crude to the brink of US$40/barrel was abruptly halted late last month by reports that Iraq...

SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd said 2002 net profit before one-offs fell 10.8%pct to A$729 million, though within the A$668-773 million range of analyst estimates, as lower oil prices cut sales revenue and the company felt the full impact of the Petroleum Resource Rent Tax. (US$1=A$1.7). One-off charges including A$715 million related to its...

HOUSTON (AFX) – ConocoPhillips said it sees its oil reserves growing this year from fields in Kazakhstan, Venezuela and Norway, adding that the outlook beyond 2003 is favourable. The company, formed from the merger of Conoco and Phillips Petroleum in August last year, said it had proven reserves of 7.8 billion barrels of oil equivalent...

JAKARTA (AFX-ASIA) – PT Medco Energi Internasional is interested in acquiring 10 oil fields offered by three foreign companies located in Java and Sumatera, Bisnis Indonesia reported, citing Medco Energi finance director Sugiharto. “But we are not the only party. Other companies like PetroChina, Sinopec, CNOOC, CNPC and Petronas are also interested,” he said. He...

Singapore’s Keppel Offshore & Marine (Keppel O&M) Group has increased its participation in the inshore oil and gas drilling industry with the successful completion of the Raissa, a posted submersible drilling barge for Indonesian drilling contractor PT Apexindo Pratama Duta Tbk. PT Apexindo is looking to build up its drilling fleet build-up and enhancement. Keppel...

BANGKOK (AFX-ASIA) – Gulf Electric Plc managing director Sarath Ratanavadi said the company has obtained a 5.39 billion baht loan payable in 12 years, on condition it apportions 4.4 billion baht to refinance its debts and use 1 billion for a capital reduction. (US$1=43 baht). Gulf Electric Plc is 50%-owned by Electricity Generating Plc and...

The Bank of Thailand does not consider caps imposed on retail oil prices as an immediate threat to the country’s fiscal stability, said deputy governor Thirachai Phuvanat-naranubala. Since February 1, the government has capped the price of premium gasoline at 16.99 baht a litre, regular at 15.99 baht and diesel at14.79 baht. (US$1=42 baht). The...

PARIS (AFX) – TotalFinaElf officials said they hope the company’s historical presence in Iraq — where it has had operations since its founding in 1924 — will provide it with a competitive edge when and if the fields are opened to the international community. However, the company has no guarantee of any access to Iraq’s...