Motorists in Australia are making significant savings on fuel after an alliance between Shell and retailer Coles Myer earlier this year. Shell said customers who spend A$30 (US$1=A$1.35) or more at Coles or Bi-Lo supermarkets, Liquorland, Coles Online or Shopfast can collect a four-cent per litre discount on quality Shell fuels at Coles Express service...

BEIJING (AFX-ASIA) – China is facing an oil supply crisis due to rising international crude prices and falling inventories, which are expected to keep oil prices high in the run-up to next year’s Spring Festival holiday season, Xinhua news agency reported. A government official from the State Development and Reform Commission’s (SDRC) Price Monitoring Center,...

Rockwell Automation, Inc. said that its board of directors has elected Keith Nosbusch as president and chief executive officer, to take effect after the company’s annual shareowners meeting on Feb 4, 2004. Mr Nosbusch, 52, succeeds Don H. Davis, who will continue his role as chairman of the board. “Keith Nosbusch brings leadership, experience, an...

MANILA (AFX-ASIA) – PNOC Energy Development Corp (PNOC-EDC) is looking at three new drilling-related projects, in Bangladesh, Indonesia and Papua New Guinea, to be implemented in early 2004, company chairman and president Sergio Apostol. PNOC-EDC, a unit of state-owned Philippine National Oil Co (PNOC), expects to sign a new contract for drilling rig maintenance with...

Dubai’s Emirates National Oil Company (ENOC) LLC has forged a joint venture aircraft refuelling company with Saudi Arabia’s Arabian Aircraft Services Company (ARABASCO), said Pipeline Newsletter. The new joint venture : United Gulf Aircraft Fuelling Company (UGAFCO) : is 51% owned by ARABASCO and 49% by ENOC. The newsletter said the new company, which has...

Vagit Alekperov, President of Russian oil giant LukOil, has been appointed to Kazakhstan’s Foreign Investment Council in accordance with a decree issued by Nursultan Nazarbayev, President of the Republic of Kazakhstan. The Council is a non-government advisory body to President Nazarbayev and is chaired by him. The main purpose of the Council is to facilitate...

Canada’s Ivanhoe Energy Inc. has been added to the Standard & Poor’s Toronto Stock Exchange (S&P/TSX) Composite Index, from December 19. The S&P/TSX Composite Index is used by the financial community at large as a broad indicator of market activity for the largest and most heavily traded companies listed on the Toronto Stock Exchange. “The...

MOSCOW (AFX) – The merger between Yukos and Sibneft, which would have created the fourth largest oil company in the world, has been indefinitely abandoned, Moscow Echo radio reported, citing sources close to the negotiations among the shareholders in London. “Our editor-in-chief Alexei Venediktov heard this news and cannot comment for the moment”, a contributor...

MANILA (AFX-ASIA) – Oil trading firm Oilink International Corp, an affiliate of Unioil Petroleum Philippines Inc, will debut on the Philippine Stock Exchange, the Philippine Daily Inquirer reported, quoting unnamed sources. The report said the company intends to offer as much as 33% of its shares to the public to raise more than 200 million...

HONG KONG (AFX-ASIA) – Hong Kong-listed CNPC (Hong Kong) Ltd said wholly-owned subsidiary Bestory Co Inc had agreed to buy a 40% stake for US$10.95 million in CNPC International (Caspian) Ltd (CNPC Caspian) from the group’s parent China National Petroleum Corp (CNPC). CNPC (Hong Kong) currently does not have shares in CNPC Caspian, which is...

BEIJING (AFX-ASIA) – China will invest 50 billion yuan to upgrade its power grid to ease the current power shortage and prepare for the peak periods in consumption next year, the China Business Times reported, quoting a senior official with the State Power Grid Co. (US$1=8.27 yuan). The newspaper said the upgrading will start in...

The South Australian Cooper Basin Gas Producers have secured an extension of their existing long-term ethane supply contract with polyethylene manufacturer Qenos Pty Ltd, said Santos, the consortium’s operator. The extended contract means that Cooper Basin ethane supply to Qenos will continue to the start of 2010, with potential to further extend the contract. Qenos...

WASHINGTON (AFX) – The White House defended Wednesday a Pentagon decision to exclude some U.S. allies from obtaining prime contracts to rebuild Iraq. “I think it is appropriate and reasonable to expect that prime contracts for reconstruction funded by U.S. taxpayer dollars should go to the Iraqi people and those countries who are working with...

SINGAPORE (AFX-ASIA) – Electricity generation company PowerSeraya Ltd said it is considering a major reconfiguration of its electricity generation assets at Jurong Power Station in Singapore. The cost of the project is about S$80 million, it added. (US$1=S$1.71). “This included re-powering up to four 60 megawatt (MW) station steam generators at its decommissioned Jurong Power...

The Asian Development Board (ADB) said it will assist Bangladesh to continue its power sector reforms and improve the quality of electricity supply through a sectoral program backed by a loan package totaling US$286 million. In a statement, the ADB said: “The Power Sector Development Program will support the government’s power sector reforms policy that...

Dutch logistics company Royal Vopak has announced the completion of the sale of its interests in Chemgas gas shipping to Reederei Jaegers. As well, it has completed the earlier announced sales of its stakes in the Asian LPG tankers, Van Ommeren Clipper Shipholdings B.V., Dutch P&I Services B.V. and Dutch Shipping Defence N.V. The sale...

By Frédéric Lasserre, SG Bank Thus far, it has been quite simple for Saudi Arabia to impose its decisions on OPEC. Only Saudi Arabia used its spare capacity to replace the nearly 2 million b/d of Iraqi production which disappeared in March 2003 when the US-led war on Baghdad began. Now that OPEC must return...

BEIJING (AFX-ASIA) – The Ministry of Commerce said it will revoke quotas on imports of refined oil, natural rubber and auto tires, with effect from Jan 1. An official surnamed Huang at the ministry told AFX-Asia that “the imports of refined oil, including gasoline and diesel oil, will no longer be governed by quotas.” The...

East Asian economies will grow 6.1% this year and 6.6% in 2004 on the back of an improving external environment and strong domestic demand, according to the Asaid Development Bank (ADB). The new forecast for 2003 represents a 0.5 percentage point upgrade from the AEM’s July forecast of 5.6% growth. The new forecast for 2004...

BAGHDAD (AFX) – Iraq has imposed gasoline rationing today as part of its efforts to deal with a shortage of fuel in the country, despite having the world’s second-largest oil reserves, the oil ministry said. “Each driver can have only 50 litres, not more, at the price of 20 dinars (one cent) each litre,” Asem...

Singapore-listed China Aviation Oil (Singapore) Corporation Ltd (CAO) has issued an invitation for tenders on jet fuel procurement for delivery in the January-March 2004 quarter. Together with previously contracted purchases for the quarter, anticipated volumes (exclusive of prompt spot cargoes) total 551,000 metric tonnes, for a 58% rise over year-ago levels. CAO had earlier announced...

BEIJING (AFX-ASIA) – China’s central government agencies have requested coal producers to increase their output to provide assured coal supplies to power plants in a bid to prevent widespread power shortage this winter, the China Securities Journal reported. The National Development and Reform Commission (NDRC) has asked coal producers, especially state-owned key coal mines to...

BEIJING (AFX-ASIA) – The International Energy Agency (IEA) has raised China’s fourth quarter oil demand growth projection by 130,000 barrels per day (b/d) to 487,000, reflecting soaring domestic demand and an increasing shift to oil use from coal. The Paris-based agency said this increased China’s projected total fourth quarter oil demand to 5.684 million b/d,...

The Asian Development Bank (ADB) said it will help the state government of Assam in India restructure its power sector to deliver electricity more efficiently to consumers through a US$250 million loan package. The Assam Power Sector Development Plan (SDP) comprises a policy loan, an investment loan, and three technical assistance (TA) grants to support...

OPEC has overstated the potential of a price decline in 2004, said Sarah Emerson, director of US-based energy consultants ESAI. In its Pacific Basin Marketview, published on December 5, ESAI believes the likely price decline in 2004 will be small and short-lived. Prices will still fall from today’s high levels, but the company said downside...