SHANGHAI (AFX-ASIA) – China’s major power producers have moved to forge an industry alliance to tackle fuel supply problems which frequently plagued the industry in the first half, Xinhua news agency reported. The agency said the alliance will be led by Zhongneng Power Fuel Co and the country’s five independent power-generating groups. The fuel procurement...

BANGKOK (AFX-ASIA) – The Ministry of Energy said PTT Plc (PTT), PTT Exploration and Production Plc (PTTEP), and the Electricity Generating Authority of Thailand (EGAT) will serve as international investment arms in line with plans to promote Thailand as an energy hub in southeast Asia, Business Day reported. Viset Choopiban, assistant to Minister of Energy...

SYDNEY (AFX-ASIA) – The Australian Competition and Consumer Commission (ACCC) said it remains opposed to plans by utility Australian Gas Light Co Ltd (AGL) to acquire a stake in Victoria’s Loy Yang power plant. In a statement, the ACCC maintained its view that acquisition by the AGL-led consortium of Loy Yang in a deal worth...

Chinese upstream company CNOOC Limited (NYSE: CEO, SEHK: 883) said it is interested to invest in Australia’s Gorgon gas project, and to export the gas to China. The company said it has signed a letter of agreement with Gorgon’s participants, ChevronTexaco, Shell and ExxonMobil, to discuss taking up a stake. This agreement builds on the...

The Asian Development Bank (ADB) has set up a facility to assist its developing member countries to explore new income generating opportunities via the Clean Development Mechanism (CDM), ADB President Tadao Chino told a high-level forum in Manila yesterday. “The market for CDM projects in Asia is very promising…due to a huge potential for investments...

HONG KONG (AFX-ASIA) – Hong Kong & China Gas Co Ltd (3.HK) announced it has signed a 240 million yuan deal for piped-gas project, its third such agreement signed in the mainland’s eastern Shandong province in less than a week, the South China Morning Post reported. (US$1=8.27 yuan). The report said the company will supply...

TOKYO (AFX-ASIA) -Tokyo Electric Power Co hopes to resume operation of 11 suspended nuclear power reactors as soon as within the year, company President Tsunehisa Katsumata told The Nihon Keizai Shimbun in a recent interview. But noting that the remaining plants are those in which problems have been found, Katsumata said that “the procedures for...

China’s CNOOC Limited (NYSE: CEO, SEHK: 883) said its unaudited net profit surged 75% to a record RMB6.3 billion for the six months ended June 30, 2003. (US$1=RMB8.27). Group revenues were up 68.3% to RMB 17.9 billion. The company has approved an interim dividend of HK$ 0.14 per share (US$0.359 per ADS) and a special...

BANGKOK (AFX-ASIA) – Bangkok Aviation Fuel Services PLC said its board of directors has approved an increase in the combined user fee (CUF) charged by the company from 2.13 US cents per gallon of aviation fuel to 2.34 US cents per gallon. The new rate will be effective from Nov 1, 2003 to Oct 31,...

MANILA (AFX-ASIA) – The state-owned Philippine National Oil Co (PNOC) is considering a joint venture with Iranian Petrochemical Commercial Co (IPCC) on both the mid-stream and downstream petrochemical industries in the Philippines, PNOC president Thelmo Cunanan said. “We are conducting our due diligence and IPCC is also conducting its own due diligence. We are studying...

OSLO (AFX) Ð Norway’s Statoil ASA said it has awarded two contracts worth 385 million kroner to Japanese steel supplier Mitsui/Sumitomo, for them to supply carbon steel for pipelines. (US$1=7.5 kroner). The steel is for two projects, Snoehvit in the Barents Sea and Visund in the North Sea and the contracts were worth 340 million...

BEIJING (AFX-ASIA) – China has completed the first split-up of a power producer and a power grid company involving China Guodian (Group) Corp and Jiangsu Power Co, marking a significant progress in the country’s reform within the sector, the China News Service reported. The news service said the power plant involved in the move is...

CHINA: HK-listed CNOOC’s LNG project faces delay due to power reforms HONG KONG (AFX-ASIA) – CNOOC Ltd’s (883.HK) Shenzhen-based liquefied natural gas (LNG) project may be delayed by up to a year because of problems related to China’s power industry reforms, the South China Morning Post said. It quoted company chairman Wei Liucheng as saying...

HONG KONG (AFX-ASIA) – Standard & Poor’s Ratings Service said it has assigned its “BBB” senior unsecured rating to a proposed issue of US$153.8 million convertible notes by Beijing Datang Power Generation Co Ltd (991.HK), the ratings agency said in a statement. (US$1=HK$7.78). The statement said the rating reflects the company’s strong market position and...

WASHINGTON (AFX) — Senate Democrats told President George Bush to either force Saudi Arabia to boost oil exports, or tap the Strategic Petroleum Reserve in order to bring down gasoline prices. Sen. Charles Schumer, D-N.Y., told reporters that preliminary data obtained from the Energy Department’s Energy Information Administration shows that U.S. oil imports from Saudi...

US independent energy company Unocal Corp said it is not considering withdrawing from its investment in the Yadana natural gas project in Myanmar. The company is under fire from political, human rights and labour groups for investing in a country ruled by an allegedly oppressive military junta. Unocal officials met last week with California Treasurer...

The Asian Development Bank (ADB) will host the Southeast Asia Forum on Greenhouse Gas Mitigation, Market Mechanisms and Sustainable Development from September 10 to 12 the EDSA Shangri-La Hotel in Manila. Held in collaboration with the Philippines’ Department of Environment and Natural Resources (DENR), the forum will provide an opportunity for senior policymakers and business...

SYDNEY (AFX-ASIA) – Oil and gas developer Santos Ltd said it did not pursue a bid for Delhi Petroleum, a unit of US-based ExxonMobil Corp, which houses substantial onshore petroleum assets including interests in the Copper-Eromanga basin. In a statement, Santos said in response to media speculation it is currently satisfied with its position as...

MANILA (AFX-ASIA) – Manila Electric Co is planning to borrow some US$200 million by issuing “high-yielding capital market instruments” before the year ends to cover a projected cashflow shortfall arising from the ongoing refund of overcharges to its customers, company president Jesus Francisco said. He gave no other details about the possible borrowing. In its...

Singapore’s Continental Chemical Corporation Pte Ltd has announced major expansions in the region for the year. These include the completion and start-up of Continental Specialties (Guangzhou) Co Ltd by end 2003 with its first foray into manufacturing specialty resins in China. The US$30 million plant follows its plans to construct a US$125 million integrated phthalic...

BEIJING (AFX-ASIA) – China Oilfield Services Ltd (COSL) (HK 2883) said it has sealed a three-year well-workover rig service agreement with ConocoPhillips China for the development of the Peng Lai 19-3 block. In a statement, COSL said it will build a well-workover rig for the Peng Lai 19-3 block, which will be subsequently leased to...

JAKARTA (AFX-ASIA) – Oil and gas mining PT Medco Energi Internasional said it has signed an agreement with South Sumatera provincial administration for the transfer of 5% participating interest in Rimau Block to the latter. Rimau block is 100 pct controlled by Medco through its units Exspan Airlimau Inc and Expan Airsenda Inc. The operator...

SYDNEY (AFX-ASIA) – Alinta Ltd said it is currently in talks with Wesfarmers Ltd and Alcoa World Alumina Australia regarding the future of the Dampier to Bunbury Gas Natural Pipeline (DBNGP). “Options under consideration include the making of an offer to acquire the DBNGP by a consortium comprising Alinta, Macquarie Bank as financial adviser and...

MOSCOW (AFX) – Russia and Saudi Arabia, the world’s largest oil producers, are satisfied with the existing oil prices and pledged to join efforts to keep the market stable, ministers of both countries said last week. “The optimum corridor for oil prices is 20-28 dollars per barrel,” Saudi Oil Minister Ali al-Nuaimi told reporters, adding...

BANGKOK (AFX-ASIA) – Thai Olefins (TOC), a downstream petrochemicals unit of PTT Plc, plans to raise 4.5 billion baht in an initial public offering next month, with the shares to begin trading in early November, Businessday reported, citing the company’s president Adithep Bisalbutr. (US$1=41 baht). “I expect TOC to raise funds worth 4.5 bln baht...