KUALA LUMPUR (AFX-ASIA) – Genting Bhd said unit Genting Sanyen Power (Labuan) Ltd has acquired a stake in a 368-megawatt combined cycle gas fired Lanco Kondapalli power station in Hyderabad, India. It said it has also taken a stake in the operator and manager of the facility, for a combined investment of US$27.58 million. In...

BEIJING (AFX-ASIA) – China National Offshore Oil Corp said it has awarded the contract to build its liquefied natural gas terminal in Guangdong to an unidentified French/Italian consortium. China’s largest offshore oil producer said on its website the winner of the bid must complete the construction of the terminal within 37 months after receiving the...

The Otway gas project has achieved a major milestone toward delivering gas into south-east Australia in 2006. The joint venture participants have committed to the next phase of the development and will invest A$26 million in design engineering and project planning, following the recent selection of the preferred development concept. (US$1=A$1.62). A detailed feasibility study...

For the week ending June 6, US gasoline inventories (including blending components) increased by 2.6 million barrels while distillate fuel oil inventories increased by 2.8 million barrels, said the US Department of Energy (DoE). However, the builds were nearly offset by a 4.6-million-barrel decline in crude oil inventories. With inventories this spring low for both...

HONG KONG (AFX-ASIA) – Union Power Development, 26%-owned by Hongkong Electric (6.HK), plans to bring in oil and gas firm PTT and power producer Ratchaburi Electricity Generating Holding as new investors in a power project in Thailand, the South China Morning Post reported, citing the company. “We expect a conclusion on the stake sale at...

MANILA (AFX-ASIA) – Manila Electric Co is expected to return to profit in the second quarter after a net loss of 325 million pesos in the first three months to March on the back of a rate increase approved by the Energy Regulatory Commission (ERC), company president Jesus Francisco said. (US$1=51 pesos). The rate rise...

In recent years the number of chemical tankers within the INTERTANKO fleet has been steadily increasing. Today, the association says it represents chemical companies with over 576 chemical tankers, or close to 30% of all tankers registered in INTERTANKO. To enhance its service to chemical tanker owners, INTERTANKO has promoted Captain Howard Snaith to marine...

BEIJING (AFX-ASIA) – China’s two power grid companies will invest a total of 70 billion yuan this year to build and maintain the country’s grid networks, the China Electric Power News reported. (US$1=8.28 yuan). It said State Power Grid Co will invest 44.2 billion yuan in the construction and maintenance of grid networks this year,...

TOKYO (AFX) – Oil prices above US$30 a barrel are “in nobody’s interest”, said Royal Dutch/Shell Group chairman Sir Philip Watts. “I think there’s a certain point at which oil prices in the 30-dollar range are in nobody’s interest, neither the producers nor the consumers,” Watts told reporters during a five-day international gas conference here...

BEIJING (AFX-ASIA) – China’s contract with Iraq to develop the al-Ahdab oil field there could proceed, as the agreement has not been terminated but merely suspended for the time being, the China Business Weekly reported, citing Shen Weiguo, an analyst with China National Petroleum Corp (CNPC). Mr Shen, an analyst at CNPC’s energy research center,...

Intertanko’s Erik Ranheim recently spoke on the volatility and “unpredictability” of tanker demand as a result of China’ economic rise. He also underlined that with the EU proposal for the phase-out of single-hulled tankers by age, “unpredictability” was now a factor too on the supply side. Mr Ranheim, Intertanko’s research and projects manager, titled his...

Xinao Gas Holdings Ltd (2688.HK) said unit Xinao Pinggu Investment Ltd has agreed to pay 1.98 million yuan to acquire a 20% stake in Beijing Xinao Jinggu Gas Co Ltd from Pinggu County LPG Co. Beijing Xinao is presently 30% owned by Pinggu County and 70% by Xinao Gas. (US$1=8.28 yuan). Xinao Pinggu Investment is...

BEIJING (AFX-ASIA) – ING Financial Markets said it maintains its buy recommendation on PetroChina Co Ltd (0857.HK) due to its strong market position and the growth potential from the West-to-East pipeline project and the Russia-China oil pipeline, with its 12-month target price raised to HK$2.30 from HK$2.15. (US$1=HK$7.78). In a recent research report, ING analyst...

JAKARTA (AFX-ASIA) – China’s Chengda Engineering Corp has signed a memorandum of understanding with PT Geo Dipa Energi, a joint venture of state run electricity firm PT Perusahaan Listrik Negara (PLN) and Pertamina, and PT Sumber Energi Sakti Prima to build a power plant in Cilacap, Central Java. Bisnis Indonesia reported that the MoU for...

World oil supply is becoming more diverse and world oil production capacity comfortably exceeds world oil demand, said BP chief economist Peter Davies. “As a result, producers were able to meet the needs of oil consumers during the Iraq war and during unplanned supply disruptions in Venezuela and Nigeria. Consuming nations were not required to...

BAGHDAD (AFX) – Iraq will resume oil exports as soon as contracts for liftings have been finalised, a spokesman for the US-led Iraq administration said. “Exports are imminent,” the spokesman told a briefing. “It is really just a question of nailing down contracts.” Iraq has around 8.3 million barrels of crude in the Turkish port...

Australian upstream company Santos Limited said it has acquired a 20% non-operated interest in two deep-water exploration permits off-shore Indonesia. The acquisition affirms Santos’ strategy to adding exploration acreage and building its Southeast Asian energy business. The Popodi and Papalang Production Sharing Contract (PSC) areas lie in the deepwater portion of the Kutei Basin, offshore...

BEIJING (AFX-ASIA) – Standard & Poors Equity Research said it has downgraded its recommendations on Beijing Datang Power Generation Co Ltd (HK 0991; ADR BJDHY) and Huaneng Power International Inc (SH A 600011; HK 0902; NYSE HNP) to ‘hold’ from ‘accumulate’ and cut its recommendation on Shandong International Power Development Co Ltd (HK 1071) to...

MOSCOW (AFX) – AO LUKoil said it will invest soon in Iraq, and will press ahead with developing the giant Iraqi oil field of West Qurna. “We are in consultations with the occupying power. The sanctions have been lifted, we will invest soon in Iraq,” vice-president Leonid Fedun told a press conference. In April, the...

BEIJING (AFX-ASIA) – China and Kazakhstan signed two energy deals last week, simultaneously increasing China’s investment in oil and gas in the central Asian country and agreeing on a new pipeline linking the two countries, the China Daily reported. The pipeline project is estimated to be worth US$3 to 3.5 billion, the newspaper said, without...

Australia’s Northern Territory state has reported that 1,700 jobs will be created by the signing of a Heads of Agreement between Woodside and Alcan to supply gas from the Blacktip field in the Bonaparte Gulf to the proposed Alcan alumina expansion at Gove. “This is the first significant step in making this project a reality...

BAKU (AFX) – Azerbaijan’s ailing 80-year old President Heidar Aliyev was absent from a high-profile conference on oil and gas in the Caspian region, reviving speculation that he may be too ill to continue in office. Mr Aliyev’s faltering health is of special concern to western oil companies which have invested billions of dollars in...

MANILA (AFX-ASIA) – Manila Electric Co B shares have firmed on sustained buying interest amid prospects that the company may return to profit in the second quarter, dealers said. The 0.17 pesos per kilowatthour rate increase granted to the company, coupled with its rising electricity sales and declining systems losses, is seen bringing the company...

China National Offshore Oil Corporation (CNOOC) is offering 10 new offshore blocks to international oil and gas companies for production sharing contract (PSC) exploration and two new areas for contracts or agreements. Companies interested to invest in the projects have been invited to contact CNOOC’s legal and contract department. The 10 blocks offered cover a...

Singapore’s Keppel FELS Ltd, the offshore arm of Keppel Corporation through Keppel Offshore & Marine, has been awarded a US$96 million fabrication project by BP Exploration (Shah Deniz) Ltd, the operator of the Shah Deniz gas export project in the Caspian Sea area. Keppel FELS describes it as a fast-track project involving the fabrication of...