DUBAI (AFX-ASIA) – Islamist militants are planning further attacks in Saudi Arabia targeting the kingdom’s oil-rich eastern province, the Washington-based Saudi Institute Press (SIP) reported, quoting a Saudi security source. “Armed extremists are planning bombings and attacks in the eastern province, targeting Westerners, Shiite communities and economic facilities,” said SIP, a non-profit organization that runs...
CHINA: European working group to advocate China energy policy changes
BEIJING (AFX-ASIA) – A working group representing leading European energy firms will meet with Chinese counterparts next month to propose changes to China’s energy policies, including allowing foreign investors to take majority holdings in petrochemical, gas and oil joint ventures, the China Daily reported, citing a leading official with the group. The newspaper quoted Henry...
JAPAN: Tokyo Gas 30 billion yen 10-year bonds assigned ‘Aa1’ long-term rating – Moody’s
TOKYO (AFX-ASIA) – Moody’s Investors Service said today it has assigned an “Aa1” long-term rating to the 30 billion yen of 10-year bonds issued by Tokyo Gas Co Ltd, and a “(P) Aa1” rating to a 150 billion yen shelf registration by the company. (US$1=110 yen). “Aa1” is the second-highest of Moody’s investment-grade credit ratings....
MALAYSIA: Nippon Oil says Malaysian Helang gas field has begun production
Nippon Oil Exploration Malaysia (NOMA) Limited, a subsidiary of Japan’s Nippon Oil Corp, said that commercial production has begun at the Helang gas field off Sarawak state in Malaysia. NOMA is a subsidiary of Nippon Oil Exploration Limited (NOEX), the upstream arm of Nippon Oil Corporation. In 1987, NOMA bought a 75% working interests in...
CHINA: Panva Gas in MOU with Foshan
Panriver Investments Company, a wholly-owned subsidiary of Hongkong-listed Panva Gas Holdings Limited, has entered into a non-legally binding memorandum of understanding with Foshan Construction and Transportation Assets Management Company Limited and Foshan Gas Company for the possible acquisition of a 45% equity interest in Foshan Gas. Panriver Investments will acquire from Foshan CTAM a 45%...
KAZAKHSTAN: Parliament approves new tax on oil investors
ALMATY (AFX-ASIA) – Kazakhstan’s lower house of parliament has approved new oil export taxes likely to be seen as an extra squeeze on foreign investors considering new projects in the country, media in the ex-Soviet republic said. The legislation establishes a flexible export taxation system pegged to oil prices and is intended to “perfect the...
AUSTRALIA: First term-contract LNG cargo for South Korea
The North West Shelf Venture’s first term-contract LNG cargo to Korea Gas Corporation (Kogas) has set sail from Withnell Bay near Karratha in Western Australia. The cargo has been loaded on board the Energy Frontier, currently under charter from Tokyo LNG Tanker Co. Ltd. with a capacity of 145,000 cubic metres it is the largest...
RUSSIA: Plans to up taxes throughout oil sector Ð Yukos
MOSCOW (AFX) – A senior official from the troubled Russian oil giant Yukos has said the Russian government had decided to increase taxes on profits throughout the Russian oil industry. “Someone in the government has decided that this industry has been generating unnecessary profits,” and that those profits therefore had to be re-distributed, Yukos finance...
INDIA: ONGC proposes setting up mini-power plants for Tamil Naidu state
Indian upstream company Oil and Natural Gas Corporation Ltd (ONGC) has proposed setting up mini power plants in Tamil Nadu state to help meet its growing power demand, according to an Infraline report. Briefing reporters after meeting the Tamil Nadu chief minister, ONGC chairman Subir Raha said that it owns eight gas wells in the...
INDIA: ONGC will not sell crude oil to private refiners
Indian upstream company Oil and Natural Gas Corporation (ONGC) will not sell its crude oil to private sector refiners, such as Reliance Industries, from next year. According to a report by Infraline, ONGC will supply its 26.2 million tonnes of crude output only to public oil refiners. This was decided at a high-level meeting convened...
INDIA: Aviation fuel prices up 5% in November
(INFRALINE) — Bad news for India’s domestic airlines. The price of aviation turbine fuel has gone up 5.07% in November, the second sharpest rise in the current financial year. According to industry estimates, a 1% rise in the ATF price results in an addition of Rs 100 million to the airlines’ fuel bill. (US$1=Rs45). Fuel...
CHINA: Foreign capital to play greater role in China’s energy sector – IEA director
BEIJING (AFX-ASIA) – Foreign investment in China’s energy sector will play a greater role in the future, said William Ramsay, deputy executive director of the International Energy Agency (IEA). However, the government needs to do more to facilitate the inflow of foreign investment into the country’s fast-growing energy industry, he said during a China Energy...
VIETNAM: ConocoPhillips announces discovery in offshore field
ConocoPhillips and its partners in the Cuu Long Joint Operating Company (CLJOC) said they have discovered oil and gas reserves in well 15-1-ST-1X in the SuTu Trang (White Lion) field in Block 15-1 offshore Vietnam. The ST-1X drill reached a total depth of 4,428 meters, encountering significant pay in multiple tertiary zones. Three zones tested...
QATAR: ExxonMobil, Qatar Petroleum announce LNG terminal agreements; RasGas, Edison Gas sign amended
Exxon Mobil Corp and Qatar Petroleum (QP) said they have acquired a 90% interest in the Edison Gas North Adriatic liquefied natural gas (LNG) terminal project. Separately, Ras Laffan Liquefied Natural Gas Company Limited II (RasGas II) and Edison Gas S.p.A. of Italy have signed amended sale and purchase agreements to increase LNG supplies from...
AUSTRALIA: BHP Billiton long-term rating raised to ‘A+’ from ‘A’, outlook st
SYDNEY (AFX-ASIA) – Standard and Poor’s has raised its long-term corporate credit ratings on BHP Billiton Ltd and BHP Billiton PLC to “A+” from “A”, citing its excellent market position, portfolio diversification, strong cost profile, conservative financial policies and successful integration. In a statement, S&P also affirmed BHP Billiton’s short-term corporate credit ratings at “A-1”,...
SINGAPORE: SembCorp Gas sees no material impact from pipeline leak
SINGAPORE (AFX-ASIA) – SembCorp Gas, a unit of SembCorp Industries unit SembCorp Utilities, said it expects no material impact from a pipeline leak that has halted natural gas supplies to Singapore from Indonesia’s offshore West Natuna field since Nov 14. The leak has disrupted the supply of gas to SembCorp Gas power generating customers but...
THAILAND: PTT says 9-months earnings up 62.9% on strong domestic economy
BANGKOK (AFX-ASIA) – PTT PLC president Prasert Bunsumpun said the company’s net profit for the nine months to September rose 62.9% year-on-year to 27.96 billion baht. (US$1=40 baht). The higher results were due to the country’s continuous economic expansion supported by the government stimulus package amid low interest rates, he said in a statement. The...
RUSSIA: ChevronTexaco, ConocoPhillips, Total eyeing Rusia Petroleum stake
MOSCOW (AFX) – ChevronTexaco Corp, ConocoPhillips and Total are among 15 companies pitching to buy a 25.8% stake in the Russian oil group Rusia Petroleum, the business daily Vedomosti reported. Rusia Petroleum is 62.4%owned by BP PLC joint venture TNK-BP, and the regional administration of Irkutsk, in eastern Siberia, with 11.2% The 25.8% up for...
CHINA: PetroChina expects FY crude oil, natural gas output to rise 5.2%
BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 0857; NYSE PTR) expects to produce 124.18 million tons of crude oil and natural gas, or 918 million barrels of oil equivalent (BOE) this year, up 5.2% from 872.4 million BOE a year earlier, the Shenzhen-based Securities Times reported. The newspaper quoted PetroChina president Chen Gen as saying...
SRI LANKA: Lanka Bunker Services signs agreement with Board of Investment
Lanka Bunker Services (Pvt) Ltd has signed an agreement with Sri Lanka’s Board of Investment (BOI) to provide a new range of bunkering services at the Colombo Port. The company is a joint venture between Sri Lanka Shipping Company Limited and US-based ChemOil. A BOI statement said ChemOil will lend the project significant advantages through...
SINGAPORE: Tractebel sells stakes in joint ventures to SembCorp Utilities
Belgium’s Tractebel Electricity & Gas International, a unit of SUEZ, said it has sold off its minority stakes in three joint ventures to partner SembCorp Utilities Pte Ltd, a Singaporean engineering, power and utility company. The deal is worth some Euro 93 million and is expected to be finalised before the end of the year....
INDIA: Petroleum ministry seeks direct sale of LPG by producers
(INFRALINE) — India’s ministry of petroleum and natural gas has proposed to the Cabinet committee on economic affairs (CCEA) to allow liquefied petroleum gas (LPG) producers to make direct sales to bulk consumers. The ministry has long been advocating the right of direct sales by the producers which include Oil and Natural Gas Corporation (ONGC),...
MALAYSIA: Crest secures contracts from Petronas, India’s Oil & Gas Corp
KUALA LUMPUR (AFX-ASIA) – Crest Petroleum Bhd has secured contracts from Petronas Carigali Sdn Bhd and the Oil and Gas Corp Ltd of Mumbai, India, a company statement said. It said Petronas has awarded Crest’s unit, Teknik Lengkap Sdn Bhd, a contract to provide geotechnical engineering services from this year to 2007. The 4-year project,...
INDIA: Jump in naphtha prices to hit fertiliser companies, power generators
(INFRALINE) — Independent Power Projects (IPPs) and fertiliser companies are likely to face tough times following a 35% jump in naphtha prices over the last six months. Naphtha is used as a feedstock for producing ethylene, propylene and fertilisers, and as a fuel for power generation. Naphtha prices have risen from a low of Rs...
CHINA: Private investment encouraged in power generating market Ð report
SHANGHAI (AFX-ASIA) – China will encourage the injection of non-state capital into its electricity generating market to boost competition, the China Securities Journal reported. Citing China Electricity Regulatory Commission vice chairman Shao Bingren, the newspaper said that China is expected to add over 20 million kW in power generating capacity annually in the coming 10...