BEIJING (AFX-ASIA) – Shanghai’s supply of natural gas from the East China Sea has increased by 600,000 cubic meters a day thanks to the completion of the first leg of a 1.7 billion yuan project slated for completion in 2005, the China Daily reported. (US$1=8.27 yuan). When the second stage of the project is completed,...
AUSTRALIA: Darwin LNG project awards contracts worth than to A$230 to local companies
Companies based in Australia’s Northern Territory state have been awarded more than A$230 million in materials and services contracts for the 3-million tonnes/year Darwin liquefied natural gas (LNG) plant. (US$1=A$1.43). US ConocoPhillips is building the plant – the Territory’s biggest-ever private investment project – as part of the A$2.3 billion development of the Bayu-Undan gas...
CHINA: SP Power Development Q3 net profit down 10.18% on lower power prices
BEIJING (AFX-ASIA) – SP Power Development Co Ltd (SHA 600795) said it posted a net profit of 145.22 million yuan for the third quarter of 2003, against 161.68 million a year earlier, largely due to lower power prices and higher financial costs. (US$1=8.27 yuan). The listed company said its power plant in Beijing’s Chaoyang District...
CHINA: Sinopec Corp says it achieved ‘satisfactory’ results for the first three quarters ended S
China Petroleum & Chemical Corporation (Sinopec Corp HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028) said it achieved ‘satisfactory’ results for the first nine months of its operations this year. Based on unaudited data, its revenue for the period grew 31.52% to RMB 313.23 billion(US$1=RMB8.27), with operating profit up 52.39% to RMB 29.30 billion. Profit...
COMPANY: KBC signs simulation software deal with refiner Valero Energy Corp
US-based Valero Energy Corporation has signed a 30-year licence to use KBC Profimatics’ market leading fluid catalytic cracking simulator, FCC-SIM, at 13 of its North American refineries. The FCC-SIM model is a comprehensive simulation tool providing commercial FCC process analysis and optimisation capabilities, said UK-based KBC Advanced Technologies plc, owner of the software. Valero will...
RUSSIA: US criticises ‘selective’ use of law in arrest of Yukos chief Khodorkovsky
MOSCOW (AFX) – The US is concerned about prosecutors’ escalating campaign against Russian oil giant Yukos and their selective use of the law in arresting its multi-billionaire head Mikhail Khodorkovsky, a senior US diplomat told AFP. In the US government’s first response to the arrest, the US envoy warned that the detention of Mr Khodorkovsky...
COMPANY: CESS chalks up turbine sales of over 800MW
With the recent success in marketing and sale of a 15 MW Siemens steam turbine on behalf of Danisco Sugar in Sweden to RBNS Sugar in India, Combustion, Energy and Steam Specialists Ltd. (CESS), has now achieved total sales of over 800 MW of various turbines in the past eight years. To date, CESS of...
THAILAND: PTT Q3 net profit estimated at 8.8 billion bath
BANGKOK (AFX-ASIA) – PTT Plc is expected to report a third-quarter net profit of 8.8 billion baht, up 29% quarter-on-quarter and up 100% year-on-year, said SCB Securities analyst Tanaporn Visaruthaphong. (US$1=40 baht). In the second quarter of 2003, PTT reported a net profit of 6.81 billion baht. The company posted net profit of 4.39 billion...
TURKMENISTAN: Dragon Oil, Petronas to cooperate in upstream, downstream activities
LONDON (AFX) – Dragon Oil PLC said it signed a memorandum of understanding with Malaysia’s Petronas to cooperate in Turkmenistan. Areas of cooperation would include gas development, transmission, marketing and sales of gas, drilling services, and field operations and logistics, Dragon said. Dragon chairman Hussain Sultan said: “This MOU is an opportunity for Dragon to...
RUSSIA: BP’s Browne assures Russian investment protected from oil price shocks
LONDON (AFX) – Lord Browne, chief executive of BP PLC, has assured that the oil giant’s US$6.8 billion investment in Russia is protected from oil price volatilities. TNK-BP’s business, which it jointly owns with Russia’ TNK, is “robust” even to lower oil prices, he told reporters in a news conference. That was while he admitted...
PAPUA NEW GUINEA: Upstream company Oil Search posts record revenue
Port Moresby-based Oil Search Ltd posted record operating revenue of US$87.4 million(US$1=A$1.43) for the September quarter, up 68% over year-ago levels. In a statement, Oil Search said that of its total operating revenue for the third quarter, US$70 million came from sales of oil and gas and US$17.4 million from gold. Operating revenue was US$52...
TAIWAN: Abu Dhabi firm interested in 15% stake in Taiwan oil giant – company official
TAIPEI (AFX-ASIA) – An investment firm from the United Arab Emirates has expressed a strong interest in acquiring a 15% stake in Taiwan’s state-owned Chinese Petroleum Corp (CPC), an unnamed CPC official said. “The company in Abu Dhabi is currently reviewing the feasibility of the acquisition and, if everything goes well, we expect to close...
JAPAN: Cosmo Oil preliminary, long-term debt ratings cut to ‘BBB’ Ð JCR
TOKYO (AFX-ASIA) – Japan Credit Rating Ltd (JCR) said it has downgraded the ratings on Cosmo Oil Co Ltd’s preliminary and long-term debt by one notch to “BBB”. Japan’s local credit rating agency also lowered its commercial paper rating by one notch to “J-2”. With excess capacity in refinery and sales outlets in Japan in...
PHILIPPINES: Meralco says to achieve 1 billion pesos FY net profit goal
MANILA (AFX-ASIA) – Manila Electric Co still expects to meet its 2003 net profit goal of 1 billion pesos, despite cash flow pressures that it intends to address through a proposed tariff increase of 0.1358 pesos per kilowatthour, company president Jesus Francisco said. (US$1=55 pesos). Meralco is pinning its hopes of sustained profitability on higher...
MARKETS: Oil Prices Dipped Below US$30, But Remain Well Supported
Oil prices slipped below US$30/barrel in late October as traders appear to shrug off the effects of growing instability in post-Saddam Iraq. Several organised bomb and rocket attacks in Baghdad killed scores of people including American soldiers, underlining the growing resistance to the US occupation of Iraq. Ignoring Iraq, traders have pushed West Texas Intermediate...
PHILIPPINES: Petron firmer on improved 9 months, Q3 results
MANILA (AFX-ASIA) Ð Shares of oil refiner Petron Corp has been firmer after last week’s announcement of improved earnings for both the nine months to September and the third quarter on the back of increased export sales and lower operating expenses, dealers said. The company reported a net profit of 2.02 billion pesos for the...
CHINA: ADB grant for developing pricing and regulation strategy for power tariffs
The Asian Development Bank (ADB) has approved a US$500,000 technical assistance (TA) grant to help China develop a power pricing strategy that optimises available power capacity. The study will examine key issues related to power tariff setting and regulation, including affordability and environmental implications, said the ADB. It will work on a policy and regulatory...
CHINA: Huaneng Power sees steady profit growth in 2004; no share placement
BEIJING (AFX-ASIA) – Huaneng Power International Inc (SHA 600011; HK 0902; NYSE HNP) expects to maintain steady profit growth next year due to a combination of strong demand, revenue from newly purchased power plants and its stake in Shenzhen Energy, vice president Huang Long said. He denied the company may find it hard to sustain...
IRAN: Tehran offers energy cooperation with Iraq, makes reconstruction contribution
MADRID (AFX) – Iran has offered to share its oil facilities with former foe Iraq and has pledged a credit of US$300 million at an international donors’ conference last week to help rebuild the war-shattered country. Tehran’s economic aid package included an “up to 300-million-dollar credit facility in buyers and suppliers’ credit as well as...
RUSSIA: Sakhalin Energy to seal new gas contracts with Japan in 2004 Ð director
TOKYO (AFX) – The oil and gas consortium run by Sakhalin Energy Investment Co Ltd, a venture between Royal Dutch/Shell Group and Mitsui and Co and Mitsubishi Corp, will announce new sales contracts with Japan next year, a senior company executive said. “Sakhalin Energy will announce further Japanese contracts in 2004,” said the company’s commercial...
AUSTRALIA: BHP sinks as UBS cuts to ‘neutral’ from ‘buy’
LONDON (AFX) – Shares of BHP Billiton PLC have slipped after UBS cut its rating on the mining giant to ‘neutral’ from ‘buy’, while maintaining its 475 pence price target, based on the stocks’ recent run up, dealers said. (US$1=60 pence). BHP’s share price has appreciated by 47% since its July 1 low of 311...
CHINA: Shenzhen Energy Investment Q3 net profit up 44.37% on higher sales
BEIJING (AFX-ASIA) – Shenzhen Energy Investment Co Ltd (SZA 000027) said it posted a net profit of 201.31 million yuan in the third quarter, against 139.44 million yuan a year earlier, largely due to increased power sales. (US$1=8.27 yuan). The listed company said its Mawan power plant sold a total of 7.34 billion KWh in...
ABU DHABI: Dolphin signs long-term gas contracts with power and water companies
Dolphin Energy Limited (DEL) announced it has signed agreements to supply natural gas to two of the UAE’s leading power and water companies for 25 years. The contract with ADWEA provides for the supply of Dolphin gas from Qatar to Abu Dhabi Water & Electricity Authority (ADWEA) subsidiaries Al Taweelah Power Company, Al Arabiya Power...
AUSTRALIA: CNOOC signs A$1 billion deal to take stake in Australia’s Gorgon
SYDNEY (AFX-ASIA) – CNOOC Ltd has signed a 1 bln aud agreement for a substantial equity stake in the Gorgon gas development off Western Australia which will see its parent China National Offshore Oil Corp (CNOOC) take a “significant volume” of liquid natural gas. In a statement, Gorgon said CNOOC will also assist Gorgon to...
QATAR: RasGas charters two LNG ships
RasLaffan Liquefied Natural Gas Company Limited II (or RasGas II for short) said it has chartered two 145,000-cubic metres vessels for delivering liquefied natural gas to customers around the world. The vessels, to be built by Korea’s Samsung Heavy Industries for delivery in 2005, underlines Qatar’s push to become a global LNG supplier. Japan’s Mitsui...