MANILA (AFX-ASIA) – The Energy Regulatory Commission (ERC) said it has allowed state-run National Power Corp (Napocor) to collect from this month around 3.2 billion pesos worth of fuel and purchased power cost adjustment charges (FPCA) that it failed to recover from January 2001 to September 2002. (US$1=51 pesos). FPCA, which represents costs incurred in...
HONG KONG (AFX-ASIA) – China National Petroleum Corporation (CNPC) Hong Kong (135.HK) chairman Wang Mingcai said the company is seeking opportunities to purchase interests in oil fields in Russia, South America and the Mideast. Speaking after the annual meeting, he gave no specific information on the fields that might be of interest or how far...
State Indian Oil Corporation (IOC) said it will continue to market some 7.5 million tonnes/year of oil products from Reliance Industries’ Jamnagar refinery through its retail network. IOC chairman M S Ramachandran has confirmed that that the two companies have signed a second agreement to extend the marketing arrangement from April 2004 to March 2009....
China’s Huaneng Power International said it has received state approval to invest in Shenzen Energy Group (SEG). The deal and approvals were completed on May 22. On January 28, Huaneng had entered into an agreement to buy over SEG shares from SIH and SEG. It would buy over equity interest representing 10% of SEG’s enlarged...
TOKYO (AFX-ASIA) – Mitsubishi Corp plans to build a liquefied natural gas (LNG) receiving terminal at the Port of Long Beach near Los Angeles, the first such facility on the west coast of the US, the Nihon Keizai Shimbun reported, without citing sources. The trading house, which is involved in major oil development projects in...
KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd is expected to be largely unaffected by the discount on electricity bills for hotels given by the government under a stimulus package to assist SARS-affected sectors, local stockbroker TA Research said. However, there are concerns that higher purchases from independent power producers may put pressure on earnings, but...
DOHA (AFX) – The Organisation of Petroleum Exporting Countries can be expected to slash production at the ministerial meeting in Qatar on June 11 to avoid a price collapse, OPEC President Abdullah bin Hamad al-Attiyah told AFP in an interview. “The cut will be the topic that will be very carefully” discussed, Mr Attiyah said,...
BANGKOK (AFX-ASIA) – The Central Bankruptcy Court has decided to ostpone 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...
HONG KONG (AFX-ASIA) – Xinao Gas Holdings Ltd’s (2688.HK) gross profit margin is expected to shrink by less than 6% this year if the Chinese government levies value added tax (VAT) on gas pipeline connection fees in the second half, finance director Yu Jianchao said. He said he expected the Chinese government to replace the...
BANGKOK (AFX-ASIA) – PTT Exploration and Production PLC president Chitrapongse Kwangsukstith said the company targets sales volume at 105,000 barrels of oil equivalent per day (BOED) in 2003, against 101,000 BOED in 2002. He said the company’s sales volume growth will be moderated this year compared with a year earlier because gas delivered from the...
The Australian and East Timorese governments have finalised negotiations over the Bayu-Undan gas field developments, said the Northern Territory state government of Australia. Final legislative arrangements are currently being put in place. A Production Sharing and Contract Development Plan were approved by the Joint East Timor/Australia Commission on May 16. Profit and risk sharing arrangements...
US-based energy consultants ESAI said that in the first quarter of 2003, Russian oil production climbed by more than 800,000 b/d on the same period of 2002, while export volumes rose by only 375,000 b/d year-on-year. Some of the extra oil has been put into storage, but ESAI said that Russian companies are also channelling...
Shareholders of Singapore’s Neptune Orient Lines (NOL) have approved the sale of the company’s crude oil transportation company American Eagle Tankers (AET) to Malaysia International Shipping Corporation Berhad (MISC). At an Extraordinary General Meeting in Singapore last week, NOL shareholders voted unanimously in favour of the proposed sale of the entire share capital of AET,...