BEIJING (AFX-ASIA) – China Yangtze Electric Power Corp, China’s largest hydroelectric power producer, has obtained approval to launch an A-share initial public offering to raise more than 10 billion yuan, Xinhua reported, citing sources close to the company. (US$1=8.27 yuan). It said Yangtze Electric Power will issue more than 1 billion A-shares to individual investors...

LONDON (AFX) Ð Oil prices finished last week firmer following a widely expected decision by OPEC to maintain its official output ceiling, analysts said. The group signalled its intent to maintain the existing output ceiling of 25.4 million barrels per day, following a meeting in Vienna last Thursday. Adam Sieminski, director of oil and gas...

India’s Oil and Natural Gas Corporation Ltd. (ONGC) said net profit for the quarter ended June 30 rose eight percent year-on-year to Rs. 21,345.4 million rupees. Its sales revenue increased by 12 % to Rs. 79,278.4 million with earning per share up by seven percent to Rs.14.97. At 6.25 million metric tones, crude output exceeded...

MANILA (AFX-ASIA) – Petron Corp said its net profit rose to 1.28 billion pesos in the first half to June, from the year-earlier 1.23 billion, as sales revenue increased 31.7% year-on-year. (US$1=54 peso). Petron said its domestic market share expanded to 39.1% as at end-June from 38.2% at end-2002. The country’s largest oil refiner, which...

JAKARTA (AFX-ASIA) – President Megawati Soekarnoputri will today launch the operation of a 470 km-long pipeline to supply natural gas from Sumatra to Batam and Singapore. Operated by state run gas company, PT Perusahan Gas Negara (PGN), the pipeline will serve as the first step towards building a trans-ASEAN gas transmission grid. Singapore Prime Minister...

MOSCOW (AFX) – OAO Gazprom said it has set up a subsidiary to take part in China’s west-to-east gas pipeline project. West-East Pipeline Project Investment, controlled 100% by Gazprom, is registered in the Netherlands, Gazprom said. The west-to-east project involves taking natural gas via a 4,000-kilometre pipeline from the Tarim basin in the western autonomous...

JAKARTA (AFX-ASIA) – Indonesia’s Tangguh project in eastern Papua province operated by BP PLC has won a 20-year tender to supply South Korea with liquefied natural gas (LNG), a newspaper has reported. Tangguh will supply more than 1 million tons of LNG to South Korea’s SK and POSCO companies for 20 years, The Jakarta Post...

China’s CNOOC Limited said it has made ‘significant’ natural gas discoveries in eastern South China Sea. The preliminary appraisal results of Panyu 30-1 and Panyu 34-1 discoveries made late last year have confirmed and delineated the scope for recovery of natural gas reserves. Total reserves in place from these fields are estimated to be approximately...

KUALA LUMPUR (AFX-ASIA) – Trenergy Malaysia Bhd said the state Employees Provident Fund Board is a substantial shareholder of the company, after it bought 3.703 million shares in the open market. In a statement, Trenergy said it received the notice of the change in shareholding from EPF last week. No other details were given. Under...

MANILA (AFX-ASIA) – Creditors of Manila Electric Co have agreed to extend the maturity of 5.5 billion pesos worth of loans due today by six months, or up to next January, company president Jesus Francisco said. (US$1=54 pesos). However, the creditors, which include Bank of the Philippine Islands, Equitable PCI Bank, Banco de Oro Universal...

Canadian independent Talisman Energy plans to boost Southeast Asian production over the next few years in an attempt to replace the loss of its output from Sudan, where it finally managed to dispose of its controversial engagement in March. The Calgary, Alberta-based company says it has ‘exciting’ projects in the Southeast Asian region. The latest...

Unocal Corporation (NYSE: UCL) said subsidiary Unocal Ganal Ltd has made a ‘significant’ gas-condensate and oil discovery in offshore East Kalimantan, Indonesia. The field is located in the deepwater Ganal production-sharing contract area, 5.6 km south of the established Ranggas field. The company said: “Gehem-1 is the first of a series of exploration wells that...

JAKARTA (AFX-ASIA) – State owned gas company PT Perusahaan Gas Negara Gas appointed Credit Suisse First Boston (CSFB) to underwrite the planned issue of US$250 million in Eurobonds, Kompas reported citing finance director Joko Pramono. He said CSFB beat other candidates who all voluntarily submitted proposals to be the underwriter of the bond issue. The...

MANILA (AFX-ASIA) – Energy Secretary Vicente Perez said the government has shelved plans to sell its 40% stake in oil refiner Petron Corp. “It is a long-term investment and good for the government to own 40% (of Petron),” he told the company’s shareholders at last week’s annual general meeting. A newspaper report earlier said the...