KUALA LUMPUR (AFX-ASIA) – National oil corporation Petroliam Nasional Bhd (Petronas) said the fire that broke out at the gas turbine exhaust plenum of its MLNG Tiga plant’s first liquefaction train in Bintulu, Sarawak last week caused no casualties. In a statement, the company said the fire was put out within half an hour and...

The US will need to pull in nearly 10 million b/d of crude imports consistently through the end of the 3rd quarter in order to build inventories. However, ESAI, in the latest edition of the Atlantic Basin Stockwatch, believes that there are several reasons why this may be a difficult endeavor. “It is now clear...

SYDNEY (AFX-ASIA) – UBS said it has lifted its target price on diversified mining group BHP Billiton to A$12.50 from A$11.25 based on what it views as an encouraging earnings outlook. (US$1=A$1.5). “We are raising our price target … due to the relatively unique combination of upside risks to earnings based on the continued strength...

Indian oil marketing company Bharat Petroleum said it has earmarked a budget of Rs 10 to 15 billion for its venture into the exploration and production (E&P) business. The company “will look into a mix of exposure of exploration, development and production with a budget of Rs 10 to 15 billion over the next five...

KUALA LUMPUR (AFX-ASIA) – Technip Geoproduction (M) Sdn Bhd, a unit of France-based Technip-Coflexip SA, is in talks with several oil and gas companies to secure oilfield development jobs in Malaysia worth up to US$150 million usd, Malay Mail reported, quoting director and senior vice president Mohd Suhaimi Baharuddin. “The talks should bear fruit within...

China’s CNOOC Limited said its parent company, China National Offshore Oil Corporation (CNOOC), China PetroChemical Corporation (Sinopec), Shell and Unocal have finalised an agreement to explore, develop and market natural gas, oil and condensate in the East China Sea. The agreement comprises three exploration and two development contract areas of the Xihu Trough covering approximately...

BEIJING (AFX-ASIA) – China National Offshore Oil Corp (CNOOC) said its recently completed 247-kilometer natural gas pipeline in Hainan province has been put into operation. In a statement published on the company’s website, it said the pipeline, with a total investment of 400 million yuan, started transferring natural gas from the Dongfang 1-1 gas field...

HONG KONG (AFX-ASIA) – Panva Gas Holdings Ltd (932.HK) said its net profit for the six months to June grew 36% year-on-year to HK$83.01 million. It said the net profit growth was due to the expansion of its gas network to new cities in China, increased customers for the existing gas network and more users...

VIENNA (AFX) – OPEC Secretary General Alvaro Silva Calderon said jitters in the international oil market continued to affect crude oil prices. In comments to the OPEC News Agency (OPECNA), Calderon said global supply and demand fundamentals appeared balanced, but that prices were being affected by factors outside the market. He pointed to the situation...

BEIJING (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP) and China National Offshore Oil Corp Ltd (CNOOC) (HK 0883; NYSE CEO) will strike a multi-billion yuan deal soon with Royal Dutch/Shell Group and Unocal Corp to explore and produce gas in the East China Sea, a Shell official...

Looking to meet the growing demand for natural gas in the US, Australia’s BHP Billiton said it intends to apply with the US Coast Guard/Maritime Administration (MARAD) and the California State Lands Commission to construct and operate a liquefied natural gas (LNG) regasification facility. The facility would be located more than 20 miles from Oxnard...

Australia’s Santos Limited has expanded its deepwater acreage in the offshore Otway Basin having been awarded its sixth operated exploration permit in the area. Santos (operator) and equal jv partner independent US Unocal have been awarded exploration permit T/35P in the Tasmanian portion of the offshore Otway Basin. The permit is located immediately adjacent to...

KUALA LUMPUR (AFX-ASIA) – Sumatec Resources Bhd is confident of meeting its 2003 sales forecast of 125.51 mln rgt as it is now finalising several contracts, managing director Wan Kamaruddin Wan Abdullah said. (US$1=RM3.8). The company, which will take over the listing status of Malaysian General Investment Corp Bhd (MGIC) through a reverse takeover exercise,...

BANGKOK (AFX-ASIA) – Banpu PLC chief executive officer Chanin Vongkulsolkit said the company is looking to expand its investments in three power plants in China and Indonesia to maintain its revenue from its power operations. “Now, we are looking at investing in three power projects in China and Indonesia. If we get a good deal,...

Royal Dutch/Shell is planning to set up a bitumen plant in India, and has applied to the Foreign Investment Promotion Board (FIPB) to set up a wholly owned subsidiary. According to local media reports, Vikram Singh Mehta, chairman of Shell group of companies in India, said the company will invest “several million dollars to produce...

Bangkok Aviation Fuel Services Plc (Bafs) is set to raise its service fees by 10% in November, the first price hike since the company was founded 17 years ago, to offset a possible drop in revenues when Bangkok’s new airport opens two years from now, reported the Bangkok Post. The service charge adjustment, which will...

BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 0857) has applied to China’s State Development and Reform Commission for approval to build a second gas pipeline from China’s northwestern province of Shaanxi to supply the booming Beijing market, a company official said. “The second Shaanxi-Beijing gas pipeline will cost more than 14 billion yuan,” the official,...

BANGKOK (AFX-ASIA) – PTT president Prasert Bunsumpun said the company has raised its 2003 revenue forecast to 400 billion baht from 380-390 billion seen earlier. (US$1=42 baht). “PTT’s revenue in the first half was already high, exceeding the company’s expectations. Therefore, full-year revenue should reach 400 billion baht from 380-390 billion baht projected earlier,” he...

SHANGHAI (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (SH A 600028; HK 0386; NYSE SNP) and BP plc (NYSE BP) have applied to the authorities for approval to invest 2.19 billion yuan in a gas station joint venture in China’s eastern province of Zhejiang, the Shanghai Daily reported, citing officials with both companies. (US$1=8.27...

WASHINGTON (AFX) – President George W Bush will join a Republican effort to block a proposal to upgrade the US’ aging electrical infrastructure, which on Aug 14 suffered the worst power outage in the continent’s history, the Washington Post reported. The president will oppose the proposal from the Federal Energy Regulatory Commission (FERC) because it...

California-based IMPCO Technologies, Inc. (Nasdaq: IMCO) said it has inaugurated a new facility for Minda IMPCO Limited in Gurgaon, India. The 13,000 sq. ft.building will house manufacturing lines for the complete range of LPG/CNG systems for 2 wheelers, auto rickshaws, cars and buses. The facility will also house the latest design, test and emission testing...

SHANGHAI (AFX-ASIA) – Hong Kong-listed Zhengzhou Gas Co Ltd (HK 8099) said it will seek approval from the China Securities Regulatory Commission for a planned initial public offering of a maximum of 50 million new A-shares on the mainland, to fund its expansion plans. The company did not say how much it is seeking to...

BAKU (AFX) – Partners in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline will lend Azerbaijan nearly US$200 million to cover its share of construction costs, project operator BP PLC said. The bridging loan to Azerbaijan’s state oil company SOCAR irons out an obstacle that could have held up work on the pipeline, which will deliver crude oil...

Thailand’s PTT Plc has put on hold a plan to merge with PTT Exploration and Production Plc (PTTEP), its petroleum exploration arm, reported the Bangkok Post. But studies into a possible tender offer by PTT for all outstanding shares of PTTEP remain in progress. If the plan is pursued, PTT would tender for the 37%...

MANILA (AFX-ASIA) – The Department of Energy said oil companies in the country have agreed to advance by two months their compliance with lower sulphur content requirement for diesel fuel under the Clean Air Act (CAA) of 1999. The lower sulphur requirement will translate to a 0.10-0.40 pesos per liter increase in pump prices, the...