TOKYO (AFX-ASIA) – JGC Corp has won a 102 billion yen contract to build Oman’s largest oil refinery, the Nihon Keizai Shimbun reported, without citing sources. (US$1=115 yen). The oil refinery is expected to have a daily production capacity of 51,000 barrels of gasoline and 30,000 barrels each of diesel and gas used for fuel,...

UK consultant KBC has released a major study on the prospects for Russia’s oil products trade in the coming decade. The report, produced jointly with a prestigious local consulting group, RPI, covers the major product flows including fuel oil, gasoline, naphtha and diesel in relation to its Russia’s growing crude output, its refining overhang and...

With the US driving season underway, kicked off by the Memorial Day holiday, there was plenty of short-covering activity on the oil markets last week to get this week off onto a winning start. At the end of the Asian day on Monday, oil prices had crept up, with Singapore Exchange Middle East Crude Oil...

US-based energy consultant ESAI has described the crude market as playing the inventory waiting game. In its May 15 Atlantic Basin Stockwatch report, ESAI said: “Global product stocks and US crude stocks remain tight. In a market periodically rocked by political developments, these lean stocks are providing a lot of support to prices. Even so,...

LONDON (AFX) – The fund set up to compensate the victims of oil tanker pollution has received a huge financial boost with reserves being increased to 920 million euro from November, an international conference held here decided. (US$1=0.85 euro) The increase follows international outrage when it was disclosed that the International Oil Pollution Compensation (IOPC)...

NICOSIA, Cyprus (AFX) – OPEC oil production without Iraq increased 3% in April over March to 26.752 million barrels per day (b/d), the Middle East Economic Survey (MEES) said in a report to be published Monday. “Output from Iran and Indonesia was slightly lower in April while all other member countries, with the exception of...

BEIJING (AFX-ASIA) – China Petroleum & Chemical Group (Sinopec Group) recorded a profit of 9.4 bln yuan and sales revenue of 145 billion yuan in the first four months of 2003, the Securities Times reported, without providing comparative figures. (US$1=8.28 yuan). The newspaper said the group produced 12.42 million tons of crude oil between January...

BANGKOK (AFX-ASIA) – Seamico Securities Plc said it has revised down PTT Exploration and Production Plc’s (PTTEP) fair value to 150 baht from 155 baht after the company reported flat first quarter results. (US$1=42 baht). PTTEP reported a first quarter net profit of 2.59 billion baht, up slightly from 2.58 billion a year earlier, but...

JAKARTA (AFX-ASIA) – Oil and gas company PT Medco Energi Internasional said it received orders of US$1.2 billion for its US$250 million senior unsecured fixed rate bonds, Bisnis Indonesia reported, citing finance director Sugiharto. “If compared to the original plan to issue only US$150 million in bonds, then the offer was eight times oversubscribed,” Mr...

BP Singapore and Air Products have signed a letter of intent to develop Singapore’s first pilot hydrogen fueling infrastructure at a selected BP retail fueling stations. In a statement, the companies described the initiative as a milestone in establishing Singapore as a test-bed for fuel cell vehicle trials and for creating a pollution-free transportation system...

BAKU (AFX) – Azerbaijan’s state oil company SOCAR, a shareholder in the multinational Baku-Tbilisi-Ceyhan (BTC) oil pipeline project, said it is short of funds to cover its share of the construction costs. “SOCAR itself does not have the money,” company president Natiq Aliyev told reporters in Azerbaijan’s capital, Baku. “SOCAR is a state-owned concern and...

BANGKOK (AFX-ASIA) – The Central Bankruptcy Court has decided to postpone its endorsement for Thai Petrochemical Industry PLC (TPI)’s new plan administrator to June 11 from today, Judge Kamol Teeravetponkul said. The Court’s decision was made after debtors and creditors failed to reach agreement regarding the administrator, he said. TPI creditors’ own vote on the...

The multi-billion dollar Sakhalin 2 Phase II Project achieved a major marketing success last week with the signing of a substantial liquefied natural gas (LNG) supply agreement between Sakhalin Energy and Tokyo Electric Power Company. The deal calls for the supply of 1.2 million tonnes per year for a period of some 22 years. The...

KUALA LUMPUR (AFX-ASIA) – Sapura Holdings Sdn Bhd plans to sell its entire stake in Sapura Energy Sdn Bhd to Crest Petroleum in a bid to rationalise its activities in the oil and gas industry, the Star newspaper said, quoting unnamed sources. The paper said the details are yet to be finalised but the purchase...

Hong Kong-listed Panva Gas Holdings Limited has reported a 46% rise in first quarter revenue to HK$349 million from year-ago levels while net profit was up 31% to HK$38 million.(US$1=HK$7.78). The company said liquefied petroleum gas prices were “extremely volatile” in the first quarter as a result of the volatility in international crude oil prices...

MANILA (AFX-ASIA) – Manila Electric Co said its net loss for the first quarter to March widened to 325 million pesos from 72.8 million a year earlier. (US$1=52 pesos). Meralco will begin refunding from June overcharges dating back to 1994 to its more than 3 million customers. It expects the refund to cost some 30.5...

MANILA (AFX-ASIA) – At least 11 companies are interested in acquiring half or all of the government’s 10 pct equity in the US$2 billion Malampaya natural gas project, the Philippine Daily Inquirer reported, citing unidentified sources. The report said Shell Exploration BV and Chevron Texaco Corp, which have 45% each in the project, are interested...

With the US Memorial Day weekend and the peak summer driving season approaching, demand for fuels will rise. US petroleum inventories will continue to remain under pressure. According to the US Department of Energy, for the week ending May 9, total commercial petroleum inventories measured 904.7 million barrels, which was 122.2 million barrels less than...

KUALA LUMPUR (AFX-ASIA) – Scomi Group Bhd shares have been strengthened in recent weeks by a positive earnings outlook, dealers said. “Investors are buying the stock because they feel that it has good earnings prospects,” a dealer with a local brokerage said. Scomi is in the oil and gas industry and will benefit from the...

TOKYO (AFX-ASIA) – Itochu Corp, Marubeni Corp and other firms will place their Sakhalin 1 project on high gear next month, starting drilling for crude oil off the coast of Sakhalin at a cost of US$4.6 billion, the Nihon Keizai newspaper reported. The project participants, led by Exxon Mobil Corp and Sakhalin Oil and Gas...

MOSCOW (AFX) – OAO Gazprom said it and South Korea’s gas importing company Kogas have signed an agreement to enable Russian gas to be exported to South Korea. Under terms of the five-year deal, Gazprom and Kogas are to develop a project for the extraction and delivery of gas in eastern Siberia and the Russian...

SHANGHAI (AFX-ASIA) – A-shares of China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP), one of China’s three major oil conglomerates, have been trading lower after the withdrawal of its parent company from a bid to take a stake in a key Kazakhstan oil project, dealers said. Sinopec’s A-shares and its...

Thailand’s oil and gas company PTT Public Company Ltd has reported a sharp jump in net profit to 10.813 billion baht for the first quarter. It attributed the 105% rise to higher oil demand and sharply higher oil and petrochemical prices. (US$1=42 baht). President Viset Choopiban said sales revenue jumped 44.7% to 126.102 billion baht...

BEIJING (AFX-ASIA) – China’s 38 listed power generating companies posted a combined net profit of 2.794 billion yuan in the first quarter, up 25.05% year-on-year, the Shanghai Securities News reported. (US$1=8.28 yuan). The newspaper said the companies posted a combined core operating revenue of 16.398 billion yuan during the January-to-March period, up 31.3% from a...

Australia’s Woodside Energy Ltd said it has acquired from Dana Petroleum (E&P) Limited, a wholly owned subsidiary of Dana Petroleum plc, a 40% interest in four exploration blocks offshore Kenya. After the deal, Dana’s interest in the blocks will be reduced to 40% with the remaining 20% owned by Star Petroleum International (Kenya) Limited, a...