The recent ”Lubricants & Base Oils Ð Outlook For The East of Suez’ conference in Dubai heard how the region will face growing demand for synthetic lubricants in coming years. The event was sponsored by Dubai’ENOC. “This prediction is set against a backdrop of lowering emissions and higher customer expectation,” said Tayyeb Al Mulla, CEO...

BEIJING (AFX-ASIA) – Russia has agreed to export 4.5-5.5 million tons of oil to China between 2004 and 2006, and is expected to increase this to 15 million tons annually, Xinhua news agency reported. The agency said the consensus was reached during the seventh meeting of the committee for the regular meeting of the prime...

TOKYO (AFX-ASIA) – Plans to pump natural gas produced off the coast of Sakhalin, Russia, to Japan via pipeline may be altered if it proves economically more rewarding to sell the gas to China, the Nihon Keizai Shimbun reported, citing comments made by Galina Pavlova, the Sakhalin regional government’s oil and gas director. The leading...

By deciding to cut its quotas by 900,000 b/d, OPEC consciously wrong-footed the market, said French bank SG in a special commentary. Last week’s meeting was expected to announce a simple quota renewal since several ministers had said there was no urgent need to lower production in the current environment. At US$25/barrel, Brent is exactly...

Singapore’s engineering group Keppel Corporation Limited (Keppel) has agreed to sell 28% of its interest in Singapore Petroleum Company Limited (SPC) to Hongkong-based Kapital Asia Company Limited (Kapital Asia) for S$180 million in cash or S$1.50 per SPC share. The sale which reduces Keppel’s shareholding in SPC from 77% to 49% or 207,474,598 SPC shares...

BEIJING (AFX-ASIA) – Xinjiang Guanghui Industry Co Ltd (SH A 600256) said shareholders agreed to invest another 225 million yuan to raise the registered capital of a subsidiary, Xinjiang Guanghui LNG Development Co Ltd, to 500 million yuan from 250 million yuan. (US$1=8.27 yuan). After the additional investment, the listed company will hold an 86%...

KUALA LUMPUR (AFX-ASIA) – Tanjong plc said its six months to July net profit rose to RM194.72 million from RM151.91 million a year ago, due to increased contribution from its power generation division under Powertek Bhd. (US$1=RM3.8). Powertek’s Panglima power plant successfully converted its 460 megawatt open cycle gas turbine power plant into a 720...

MANILA (AFX-ASIA) – State-owned National Power Corp (Napocor) has raised US$250 million in fresh funds via the issuance of 15-year notes guaranteed by the US-based Overseas Private and Investment Corp (OPIC), Energy Secretary Vicente Perez said. The notes were issued by a special purpose vehicle called Philippine Power Trust I, and proceeds of the OPIC-insured...

MANILA (AFX-ASIA) – Total Philippines Corp said it will invest an additional US$4 million to expand the capacity of its oil terminal facility in Manila in the next two years. Total, a unit of France’s TotalFinaElf, has inaugurated its two-hectare oil depot here, in which it has already invested 280 million pesos. (US$1=55 pesos). “With...

IGA supermarkets have started a discount fuel offer valid at all its 189 fuels retail outlets in Australia’s Queensland and NSW states. The company plans to roll out the offer across the country in an attempt to compete aginst bigger rivals. Andrew Reitzer, CEO of IGA owner Metcash Trading Ltd, is hoping to challenge the...

(INFRALINE) — The Oil and Natural Gas Corporation, (ONGC), has asked the government for permission to sell its holdings in IndianOil, the country’s largest refiner, and Gail, the public sector gas marketer. The sale, which is expected to be made in tranches, could net Rs 32.64 billion at last week’s closing prices. ONGC holds 9.61%...

Talisman (Corridor) Ltd, a wholly-owned subsidiary of Canada’s Talisman Energy Inc., has started delivering gas from its Corridor Block Production Sharing Contract in Indonesia’s South Sumatra to Singapore’s Gas Supply Pte. Ltd. The delivery began on September 16, making it the first sale of gas from the Corridor Block to markets outside Indonesia, said a...

BEIJING (AFX-ASIA) – A senior official with the Asian Development Bank is urging China to accelerate its power sector reforms by allowing private capital into the state-dominated field, the China Business Times reported. Satish Rao, deputy director general of ADB’s East and Central Asia department, made the comments following a conference held by China to...

BAGHDAD (AFX) – Iraqi oil smugglers have siphoned up to 2,500 tonnes of oil a day out of the country, according to Major Charlie Mayo of the British-led coalition force in southern Iraq. He said the full amount of smuggled oil and lost revenue to the Iraqi people was not known but added that “on...

TOKYO (AFX-ASIA) Ð Shares of Japan’s four largest refiners have been trading higher due to the yen’s surge against the dollar, which boosts their earnings by lowering the cost of imported oil priced in dollars but paid for in yen. Nippon Oil, Cosmo Oil, Showa Shell Sekiyu and Tonen General Sekiyu have all gained in...

(INFRALINE) — An all India joint convention of oil sector workers held here early this week threatened to call an immediate countrywide strike if the government acted to see off its stakes in two large oil companies. The unions warned that they would strike if the government repealed the Act which resulted in nationalisation of...