State-owned Indian Oil Corporation has reported that its net profit has risen 112% to 28.85 billion rupees for the recently ended fiscal year to March 31 2003. (US$1=48 rupees). Revenues rose 4.3% to a record 1,198.48 billion rupees. The board has recommended a final dividend of 18.69 billion rupees on enhanced share capital consequent to...
MALAYSIA: Tenaga, Malakoff shares higher
KUALA LUMPUR (AFX-ASIA) Ð Shares of power companies Tenaga Nasional Bhd and Malakoff have been trading higher over the past week. Tenaga has risen on expectations of an increase in demand for power amid the more positive economic climate, dealers said. Malakoff Bhd has been boosted by news it has signed a memorandum of understanding...
PHILIPPINES: Napocor, Shell near agreement on Malampaya gas offtake issue
Philippines Energy Secretary Vincent S. Perez is expecting the National Power Corp. (Napocor) and the Shell Philippines Exploration B.V., consortium operating the Malampaya Deep Water Gas to Power project to come up with an agreement to reduce gas offtake from Malampaya anytime soon. “Last Thursday, Napocor and Spex entered into a final stage of agreement...
CHINA: Sinopec Beijing rejects reports of waived fees to boost franchising
BEIJING (AFX-ASIA) – The Beijing branch of China Petroleum & Chemical Corp (Sinopec Beijing) rejected media reports that it is waiving franchise fees and deposits or offering rebates to attract more independent gas stations operators, a company official said. Beijing Business Today reported that Sinopec Beijing and the Beijing branch of China National Petroleum Corp...
SINGAPORE: China Aviation Oil receives five-year extension to global trader programme membership
State agency International Enterprise Singapore has extended China Aviation Oil (Singapore) Corporation Ltd (CAO)’s membership under the Global Trader Programme (GTP) for a period of five years. CAO, listed on the Singapore Exchange, is an oil trading company with interest in oil storage infrastructure. Under the terms of membership, CAO will continue to enjoy a...
MALAYSIA: Mahathir predicts Middle East to remain unstable for years
Malaysia’s Prime Minister Mahathir Mohamad said that the West Asian/Middle Eastern region, bestowed with much of the world’s oil reserve, will continue to remain unstable for years to come. According to a Bernama report, he said that the Middle East peace plan proposed by the US has yet to produce fair and just solutions for...
CHINA: Power firms seen unscathed by cheap Three Gorges electricity
SHANGHAI (AFX-ASIA) – Cheap energy from the massive Three Gorges Dam project is unlikely to cause major problems for China’s regional power producers as the country’s surging economic growth ensures demand, analysts said. Four units of the 26-unit, US$15 billion infrastructure project are to begin generating 5.5 billion kilowatt hours (kWh) this year, to supply...
CHINA: China Aviation Oil profits hurt by further jet fuel price cuts Ð report
BEIJING (AFX-ASIA) – China Aviation Oil Group Corp faces reduced profits, or even losses, in the next few months due to a recent government decision to further reduce the wholesale and retail prices of jet fuel aimed at helping domestic air carriers cut costs, the Shanghai Daily reported. The newspaper quoted the unnamed official as...
INDONESIA: PLN expects to restore power in several Aceh regencies
Indonesia’s state electricity company PT PLN expects to restore power supply to several regencies in the war-torn province of Aceh affected by outages after transmission towers had been damaged by fighting. Since last month, Jakarta has launched a major new offensive to destroy the Free Aceh Movement (GAM) separatist rebellion. According to the Jakarta Post,...
PHILIPPINES: Napocor US$500 million bond issue rated ‘Ba1’ – Moody’s
MANILA (AFX-ASIA) – Moody’s Investors Service said it has assigned a “Ba1” rating on state-owned National Power Corp’s planned US$500 million bond issue on the basis of a guarantee from the national government. Standard & Poor’s earlier assigned a “BB” rating on the bonds, also citing the guarantee. Moody’s said the rating outlook for Napocor...
MALAYSIA: Tenaga Nasional debt ratings reaffirmed at ‘AA1/P1’ Ð RAM
KUALA LUMPUR (AFX-ASIA) – Rating Agency Malaysia Bhd (RAM) said it as reaffirmed the “AA1/P1” ratings assigned to Tenaga Nasional’s (TNB) debt issues. “The ratings reflect TNB’s entrenched position as the national utility company in Malaysia as well as its strategic importance to the country’s economic development. “The group continues to have a virtual monopoly...
TAIWAN: Chinese Petroleum scraps 8th naphtha cracker plant, plans new sites
TAIPEI (AFX-ASIA) – Chinese Petroleum Corp has decided to call off its eighth naphtha cracker plant project and set up a new petrochemical complex and a refinery site, the Commercial Times quoted company chairman JT Kuo as saying. The company plans to develop a 1,000-hectare site in Yunlin of southern Taiwan into a petrochemical complex,...
MARKETS: More range-bound trading in the week ahead (SGX Column)
The oil markets appears to have settled into a range-bound trading pattern since the end of the war in Iraq to overthrow President Saddam Hussein. After touching lows of $22-24 in late April as the war came to a close, crude prices have since rebounded more than $5 on the New York and London markets....
CHINA: CLP Holdings unit completes acquisition of Powergen stakes in 3 joint ventures
HONG KONG (AFX-ASIA) – CLP Holdings (2.HK) said its unit CLP Power International Ltd has completed the acquisition of Powergen UK Plc’s remaining stakes in three joint ventures. The joint ventures include Yallourn Energy Pty Limited, BLCP Power Limited and Gujarat Paguthan Energy Corporation Private Limited (GPEC) in the Asia Pacific region. CLP Power completed...
MALAYSIA: Coastal Contacts to expand into oil and gas sector
Malaysia’s Coastal Contracts Bhd, which is aiming for a KLSE main board listing, plans to expand its coastal vessel business to include special tugboats to serve the oil and gas industry, said the Star newspaper. Coastal’s managing director Ng Chin Heng said two anchor handling tugboats were being built for that purpose at a cost...
MALAYSIA: Eden proposes to buy Kelantan power plant company for RM39 million
KUALA LUMPUR (AFX-ASIA) – Eden Enterprises Bhd has proposed to buy Musteq Hydro Sdn Bhd from Projass Engineering Sdn Bhd and Musteq Holdings Development Sdn Bhd for RM39 million, a company statement said. (US$1=RM3.8)...
AUSTRALIA: Caltex sees improved underlying H1 result
SYDNEY (AFX-ASIA) – Caltex Australia Ltd said on a replacement cost of sales basis, it expects its profit after tax for the first half to June to rise to A$70-80 million from the A$63.7 million reported for the same period a year ago, reflecting robust marketing margins and refinery reliability. (US$1=A$1.5). However, in a statement,...
KAZAKHSTAN: Ex-Mobil exec pleads guilty to felony tax evasion
NEW YORK (AFX) – Bryan Williams, a former senior Mobil Oil Corp. executive, pleaded guilty Thursday to two felony counts in connection with evading taxes on more than $7 million in unreported income. Williams, 63, appeared before U.S. District Judge Harold Baer last week on the two count felony information charges. From 1993 to 2000,...
CHINA: CNOOC Jan-May profit up 88.6% at 6.44 billion yuan, sales up 85.6%
BEIJING (AFX-ASIA) – China National Offshore Oil Corp (CNOOC) said it posted a profit of 6.44 billion yuan for the first five months of this year, up 88.6% year-on-year, and its sales rose 85.6% 19.59 billion yuan. (US$1=8.28 yuan). The company did not specify on what basis the profit was calculated. It said in a...
MALAYSIA: Petronas, Pertamina and PetroVietnam sign joint PSC to explore in offshore Sarawak state
The state oil and gas companies of Malaysia, Indonesia and Vietnam have signed a production-sharing contract (PSC) to jointly explore for and develop hydrocarbon resources in Block SK305 off the waters of Sarawak state in East Malaysia. The agreement enhances the alliance under the ambit of the Tripartite Cooperation Arrangement between the three national oil...
INDIA: Peace moves with Pakistan to speed up Iran gas pipeline project Ð envoy
BOMBAY (AFX-ASIA) – The latest offer of peace talks between India and Pakistan can facilitate the speedy execution of the proposed Iran gas pipeline project, Iran’s ambassador to India Siavosh Yaghoobi said. “The recent (offer of) peace talks between the two nations is a good sign and the project can take off fast. Regular meetings...
MARKETS: ESAI warns ‘refining margins on the downswing’
Low distillate and gasoline stocks in the US have prevented a severe drop in refining margins despite very high utilisation rates. However, US energy consultant ESAI, in the latest edition of its Atlantic Basin Stockwatch, said it believes current throughput levels in the U.S. point to lower margins for the rest of the summer. “U.S....
PHILIPPINES: Meralco firmer on franchise renewal
MANILA (AFX-ASIA) – Manila Electric Co shares have been trading higher after President Gloria Macapagal-Arroyo signed Republic Act 9029 into law, renewing the company’s franchise to distribute electricity in parts of Luzon island for another 25 years, dealers said. Dealers said the franchise approval has removed any regulatory overhang on the company and assured its...
MALAYSIA: TNB plans to spend RM350 million to improve electric system
KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd (TNB) plans to spend RM 350 million to implement a supervisory control and data system to improve the quality and effectiveness of the electric system in the country, afternoon paper Malaysia Mail reported, quoting unnamed sources. (US$1=RM3.8). It said TNB has been in talks with the government as...
CHINA: Sinopec Maoming unable to seek A-share listing before Oct 18
BEIJING (AFX-ASIA) – Sinopec Maoming Refining & Chemical Co Ltd (SZ 125302) said it will not be able to seek an A-share listing before Oct 18. The company said its largest shareholder, China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386) has obtained approval from the the Hong Kong Stock Exchange to split...