IRAQ: Interim govt officials to attend UN Security Council, OPEC meetings

BAGHDAD (AFX) – Iraq’s US-installed government is set to make its entry on the international scene, readying delegations for attendance at United Nations Security Council and OPEC meetings. The interim Governing Council is scheduled to send a team to New York, where the UN Security Council is struggling over a resolution on Iraq’s future and...

This article is for Subscriber members only.
Log In Register

INDIA: Oil India Limited records a profit of over Rs 9 billion

(INFRALINE) — Oil India Limited (OIL) has recorded an impressive overall performance with a net profit of Rs 9.1673 billion for the financial year 2002-03. (US$1=Rs 45) The company recorded the best ever performance in recent years with a total income of Rs 31.2544 billion and declared a final dividend of 90% taking the total...

This article is for Subscriber members only.
Log In Register

INDIA: No plans to raise LPG, kerosene prices this year

The Indian government has decided not to raise the prices of kerosene and domestic LPG in the current financial year to March 31 2004, according to a statement issued by Petroleum Minister Ram Naik. The losses will be borne largely by state marketing companies Indian Oil Corporation, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum...

This article is for Subscriber members only.
Log In Register

CHINA: Southeast Electric to invest 2.58 billion yuan for gas-fired power project

BEIJING (AFX-ASIA) – Zhejiang Southeast Electric Power Co Ltd (SH B 900949; ADR ZHJGYP) said its board of directors has approved a proposal to invest a total of 2.58 billion yuan in a gas-fired power project in eastern Zhejiang province. (US$1=8.27 yuan). Of the total investment, 25% will come from the company’s own capital and...

This article is for Subscriber members only.
Log In Register

IRAQ: Baghdad to invite power reconstruction bids at UAE conference in October

ABU DHABI (AFX) – Iraq is to invite offers to help rebuild its sabotage-plagued power sector, which will cost an estimated US$10-15 billion, at a conference to be held here next month, organisers said. “There’s huge interest in Iraq’s rebuilding, especially the power sector, and this will be the first public discussion by those responsible...

This article is for Subscriber members only.
Log In Register

VIETNAM: Danang developing LPG-fuelled vehicles

Vietnam’s Danang City in Quang Nam Province is developing liquefied petroleum gas (LPG)-fuelled motorcycles and buses to promote green transportation. Bui Van Ga, director of the Danang Technology College, told the VNS news service that the college’s Centre for the Studies of Environment Protection has signed a contract with the Danang Electric Equipment and Auto...

This article is for Subscriber members only.
Log In Register

INDIA: Recast plan for Dabhol project to take-off soon

(INFRALINE) — A government-sponsored initiative to kick start the revival of the controversial Dabhol power project appears set to pay off, with an agreement to restructure the project expected to be firmed up shortly. According to senior government officials, based on talks with the Indian lenders to the project and the advice of the consultant...

This article is for Subscriber members only.
Log In Register

INDIA: Crude import from Arab nations up 3% in 2002-03

(INFRALINE) — Indian imports of crude oil from the Arab countries rose by more than three per cent to 55.04 million tonnes in 2002-03. “Indian dependence on Middle East remained almost at 67% of the total crude imports of 81.989 million tonnes in 2002-03,” Petroleum Secretary B K Chaturvedi said. In 2001-02, India imported 78.706...

This article is for Subscriber members only.
Log In Register

CHINA: UMW, Baoji Petroleum to invest 69 million yuan in China JV

KUALA LUMPUR (AFX-ASIA) – UMW Ace (L) Ltd signed a memorandum of understanding (MOU) with Baoji Petroleum Steel Pipe Co Ltd to jointly invest 69 million yuan in pipe auxiliary material production lines in Pudong New Zone, Shanghai, parent company UMW Holdings Bhd said. (US$1=8.27 yuan). UMW Holdings’ 100%-owned unit UMW Petropipe (L) Ltd controls...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Petronas signs new PSC for Batam Delta with Petronas Carigali and Sarawak Shell

Malaysia’s state oil and gas company Petronas has signed a new Production Sharing Contract with subsidiary Petronas Carigali Sdn Bhd and Sarawak Shell Bhd for Baram Delta offshore Sarawak following the expiry of the original PSC awarded in 1988. Petronas Carigali holds a 60% interest in the new PSC and continues as the operator while...

This article is for Subscriber members only.
Log In Register

INDIA: Gulf region supplied more than 50% of crude imports

(INFRALINE) — Despite war clouds looming large over the Gulf region in 2002, India imported over 50% of its crude oil requirment from Saudi Arabia, UAE, Kuwait and Iran during the last financial year. The total imports from the West Asian region were higher than last year at 55.04 million tonnes as against 53.429 million...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Santos lands major new Otway Basin gas contract

Australian upstream company Santos Limited, operator of the Vic/P 44 permit in the Otway Basin, recently concluded a new long-term gas contract with TXU Australia to supply gas from the Casino gas field. The contract is conditional on the results of the next Casino appraisal well, which is due to begin drilling next month. If...

This article is for Subscriber members only.
Log In Register

SINGAPORE: China Aviation target price raised – DBS Vickers

SINGAPORE (AFX-ASIA) – DBS Vickers Securities has raised its 12-month price target for China Aviation Oil (Singapore) Corp Ltd to S$0.92 after the company announced recently that demand for its jet fuel now stands at 543,000 metric tons, 12% higher than what it had forecast in August. (US$1=S$1.75). “This would mark record high fuel orders...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Petra a ‘buy’ with RM9 price target – Hwang-DBS

KUALA LUMPUR (AFX-ASIA) – Local brokerage Hwang-DBS Securities Bhd said it is initiating coverage on Petra Perdana Bhd with a “buy” recommendation and a 12-month price target of RM9 based on a 25% premium over its 2004 target construction sector multiple of 13 times. In its notes, the brokerage said main-board listed Petra Perdana’s price...

This article is for Subscriber members only.
Log In Register

INDONESIA: Pertamina management revamped; Nawawi is new president

JAKARTA (AFX-ASIA) – The government has reshuffled top management at state oil and gas company Pertamina, appointing Arifi Nawawi as president to replace Baihaki Hakim, Deputy State Enterprises Minister Roes Aryawijaya said. The inauguration of Pertamina’s new board of directors took place last week, he said. He said the new upstream director is Bambang Nugroho,...

This article is for Subscriber members only.
Log In Register

CHINA: PetroChina engineer sentenced to 8 years in prison for embezzlement

BEIJING (AFX-ASIA) – An engineer with the PetroChina Co Ltd (HK 0857; NYSE PTR) has been sentenced by a Beijing court to eight years in prison for embezzling a total of 1.1 million yuan of company money, Xinhua news agency reported. (US$1=8.27 yuan). Xinhua said the Beijing No 2 Intermediate People’s Court convicted the 56-year...

This article is for Subscriber members only.
Log In Register

MARKETS: ESAI notes seasonal product demand falls, but crude demand rises

US-based energy consultants ESAI said the current decline in oil prices is overdue. “This seasonal decline in prices is actually a little overdue as the end-August run up in crude was more a reaction to tight and volatile product markets than strong crude fundamentals,” said Sarah Emerson, ESAI’s managing director. “Moreover, if it were not...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: DOE expects more oil imports from Russia

Philippines Energy Secretary Vincent S. Perez said the country will import more crude oil from Russia as part of diversification efforts to ensure security of oil supply. Since the start of the year, two majors, Caltex Philippines Inc. and Pilipinas Shell Petroleum Corp. had begun enquiring about crud oil supplies from Russia. Last week, the...

This article is for Subscriber members only.
Log In Register

MARKETS: OPEC chairman defends calls for Iraq to attend next ministerial meeting

DOHA (AFX) – OPEC chairman Abdallah bin Hamad al-Attiya defended his call for Iraq to attend the oil producer cartel’s next meeting in Vienna on Sept 24. “OPEC should invite Iraq to its next meeting,” he told journalists at the fringes of an investment conference here. “Personally, I believe in the importance of Iraq, which...

This article is for Subscriber members only.
Log In Register

INDIA: FIPB wants Shell to issue bank or minimum investment guarantee

India’s Foreign Investment Promotion Board (FIPB) wants the Royal Dutch/Shell group to issue a bank guarantee of Rs 5 billion or commit to invest at least Rs 20 billion in the country before it is allowed to set up a wholly owned subsidiary, Shell India Marketing Pvt Ltd, to tackle the domestic retail market. (US$1=47...

This article is for Subscriber members only.
Log In Register

INDIA: Oil marketing companies looking forward to price reduction

(INFRALINE) — With crude oil prices dropping to a four-month low, hovering in the range of $27 per barrel, India’s public sector oil marketing companies will have to undertake a reduction in prices of petrol and diesel if this southward price trend continues till October 1, when retail product prices are to come up for...

This article is for Subscriber members only.
Log In Register

CHINA: Government to correct 7 types of power pricing irregularities Ð Xinhua

BEIJING (AFX-ASIA) – China’s National Development and Reform Commission (NDRC) and the State Electricity Regulatory Commission (SERC) will jointly correct seven types of power pricing irregularities revealed after a four-month national examination of electricity pricing mechanisms, Xinhua news agency reported. The agency said problems were found in undercutting state-approved electricity selling prices, irregular preferential power...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: AGL to seek Federal Court ruling on Loy Yang purchase

SYDNEY (AFX-ASIA) – Australian Gas Light Co Ltd (AGL) said it will seek a declaration from the Federal Court that its proposed purchase of a 35% stake in the Loy Yang power station is not in breach of the Trade Practices Act (TPA). AGL is the country’s largest energy retailer and forms part of the...

This article is for Subscriber members only.
Log In Register

INDIA: IOC to build naphtha cracker at Koyali in Gujarat state

(INFRALINE) — State Indian Oil Coporation (IOC) has decided to locate its 2 million/year tonne greenfield naphtha cracker complex at Koyali in Gujarat state. Engineers India (EIL) is conducting a detailed feasibility report on the project which will produce about 800,000 tonnes of ethylene and propylene. The Rs 80 billion project will be commissioned in...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Sumatec in line for second phase of Chad pipeline job

Malaysia’s newly listed engineering firm Sumatec Resources Bhd is eyeing a role in the second phase of the Chad-Cameroon export pipeline project. Managing director Wan Kamaruddin Wan Abdullah told local reporters the company, through 60%-owned Sumatec Cameroon Co Ltd, had been invited to participate to bid for the project’s second phase due to start by...

This article is for Subscriber members only.
Log In Register