TOKYO (AFX-ASIA) – Japan Energy Corp has reached an agreement to receive oil shipments from state-run Kuwait Petroleum Corp (KPC) directly from Kuwaiti tankers in an area of the Persian Gulf that is generally considered safe, the Nihon Keizai Shimbun reported, citing sources familiar with the matter. The Japanese oil firm agreed to “ship to...

PARIS (AFX) – The economic impact of war in Iraq depends above all on trends in oil prices, economists said. Stock market and currency developments will also affect the growth impact of the war, but the key factor is oil, they said. “It really depends on the development of oil prices. If the oil price...

KUALA LUMPUR (AFX-ASIA) – Petronas Dagangan Bhd expects to capture a larger share of the local lubricant market, estimated at some 250 million litres and valued at RM1.25 billion, with its latest premium brand of synthetic lubricant “Syntium”, the Edge said, quoting managing director and CEO Ibrahim Marsidi. Mr Ibrahim said the company currently holds...

State Indian Oil Corporation (IOC) is in discussion to supply oil products to Bangladesh, Maldives and Mauritius, following up on last July’s deal with Sri Lanka as it drives to become an export-oriented refiner. It is looking to supply 40,000 tonnes/month of diesel to Bangladesh’s PetroBangla from one of its refineries in Haldia, West Bengal...

HONG KONG (AFX-ASIA) – Panva Gas Holdings Ltd (8132.HK) executive director & president Chen Wei said the company is planning to invest around HK$1 billion in a number of gas projects in China this year and therefore may look into raising new funds at some point. (US$1=HK$7.78). “Judging from our current cash position, Panva Gas...

MANILA (AFX-ASIA) – The Energy Regulatory Commission said it has approved an average tariff increase of 0.22 pesos per kilowatthour for Manila Electric Co as a result of the unbundling of power costs, and to allow the power distributor to recover deferred power charges amounting to 5.7 billion pesos. (US$1=54 pesos). It said the new...

BEIJING (XFN) – Standard & Poor’s Equity Research said it retains its ‘buy’ rating on Huaneng Power International Inc (SH A 600011; HK 0902; NYSE HNP), China’s largest independent power producer, and has raised the company’s twelve-month price target to HK$7.8 from HK$7.4. (US$1=HK$7.78). “Huaneng Power is still among the best poised to record relatively...

WASHINGTON (AFX) – A new Iraqi government is likely to maintain the oil rich state’s membership of OPEC following the aftermath of a US-led military campaign, and although future investment opportunities for international oil groups appear promising the postwar landscape for such companies remains unclear, energy experts said. The US and its allies have begun...

MANILA (AFX-ASIA) – Manila Electric Co assistant vice president for utility economics Ivanna dela Pena said the effective tariff increase relief of 0.054 pesos per kilowatt-hour granted by the Energy Regulatory Commission will not significantly improve the company’s return on rate base (RORB). (US$1=54 peso). “I think it is insignificant considering that we are estimated...

BANGKOK (AFX-ASIA) – UOB Kay Hian Securities (Thailand) has given PTT Plc a ‘buy’ rating based on the company’s 2002 dividend payment of 2.85 baht per share, representing a yield of 6.8%, the brokerage said in a report. (US$1=42 baht). PTT’s ex-dividend date is April 2. The report added PTT’s current market price is still...

Exxon Mobil Corporation (NYSE:XOM) said that its subsidiary, Mobil Exploration and Producing Australia Pty Ltd, confirmed that further exploratory drilling on the Jansz field off the Northwest coast of Western Australia has indicated the presence of a world-class gas resource. The Jansz-2 well was drilled in late 2002 to determine the extent of the Jansz-1...

Asian countries continue to build up their crude and oil product inventories for fear the US-Iraq war could intensify over the next few months and eventually destabilise the Middle East, the source of 80% of Asia’s oil needs. In addition, Asia must contend with the volatile domestic politics of key producers like Nigeria and Venezuela...

KUALA LUMPUR (AFX-ASIA) – The government has approved Gas Malaysia Sdn Bhd’s move to cut natural gas tariffs to non-power sector by as much as 50% effective Oct 1, 2002, Mohd Anas Mohd Nor, chairman of the Energy Commission, said. He told reporters at a briefing that the new tariff will be valid until Dec...

The Qatari government, Qatar Petroleum (QP) and ExxonMobil Middle East Gas Marketing Ltd (EMMEGML), a subsidiary of Exxon Mobil Corp, have launched phase one of the Al Khaleej Gas project. The project will produce gas from Qatar’s North Field, recover associated condensate and natural gas liquids for sale, and market 1.75 billion cubic feet per...

TOKYO (AFX) – Japan Oil Development Co has filed for court protection from creditors as part of a planned rehabilitation after it said it would not be able to repay its 308 billion yen worth of debts as at end-2002. (US$1=117 yen). The Japan National Oil Corp affiliate started the legal procedures at the Tokyo...