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...

MNILA (AFX-ASIA) – State-owned National Power Corp (Napocor) said it has awarded 1.5 billion pesos worth of fuel supply contracts to oil refiner Petron Corp. (US$1=55 peso). Petron will supply the fuel for Napocor’s Bataan combined-cycle power plant, worth about 947 million pesos, and the Subic diesel power plant, worth 132.4 million pesos. Petron has...

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 power consumption, which increased 15.58% year-on-year to 1.37 trillion kWh in the first three quarters of this year, is projected to grow around 15% over 2003, the highest level in recent years, the People’s Daily reported. No detailed figures for expected 2003 full-year power consumption were given. Citing the deputy general...

The second of two facilities built as part of the Power and Water Corporation’s solar PV commercialisation pilot project was launched last month, said the Northern Territory government. The Kings Canyon Solar Power Station has an installed solar capacity of 241kwp, which can supply up to one-third of Kings Canyon power at peak load times....

HONG KONG (AFX-ASIA) – Piped gas distributor Panva Gas Holdings Ltd (8132.HK) plans to raise up to HK$503.1 million through a new-for-old placement of 108.9 to 117 million shares at HK$4to 4.3 each, according to market sources. (US$1=HK$7.76). The sources said the company may increase the size of the issue because a pilot marketing exercise...

IRVING, Texas (AFX) — When ExxonMobil fell short of analyst expectations in the third quarter, Wall Street pounced on the company’s production results. Instead of posting 3% growth in the quarter, as analysts had predicted, ExxonMobil’s production declined 3% from the year-ago quarter. “The company’s sharply weaker-than-expected level of third quarter worldwide oil/gas production raises...

Singapore’s Keppel Corporation Limited said its subsidiary Keppel Offshore & Marine Ltd (Keppel O&M), has clinched several contracts with a total value of S$110 million. (US$1=S$1.71). The contracts are for the conversion of a Floating Storage and Offloading (FSO) unit, the construction of four Anchor Handling Tug/Supply (AHTS) vessels, repair of a maintenance vessel, upgrade...

The Asian Development Bank (ADB) and the government of Laos have signed agreements for a US$30 million northern area rural power distribution project. At a recent agreement, Lao Minister of Finance Chansy Phosikham and ADB’s Country Director Jim Nugent signed the loan agreement while Electricite du Lao General Manager Viraponh Viravong and Mr. Nugent signed...

Panriver Investments has signed a memorandum of understanding with the Benxi public utility state owned assets management company for the purpose of establishing a joint venture in Benxi city in China’s Liaoning province. Panriver is a wholly-owned subsidiary of Panva Gas Holdings Limited. The joint venture will expand the gas pipeline network in Benxi as...

Australia’s total earnings from mineral resources exports rose 1.9% in the third quarter to A$13 billion over year-ago levels, said state agency ABARE. (US$1=A$1.37). Its executive director Brian Fisher said: “‘This slightly improved performance reflected higher volumes for about half of the minerals and energy commodities exported, and increased export prices for petroleum commodities, nickel...

KUALA LUMPUR (AFX-ASIA) – Zil Enterprise Sdn Bhd, a company controlled by Abdul Rahim Mohamad, is close to finalising an agreement with a US-European firm to set up a US$1.5 billion joint-venture oil refinery project in Pahang state, the Malay Mail reported, citing unnamed sources. Zil, a major shareholder in Eden Enterprises Bhd of which...

HONG KONG (AFX-ASIA) – China Resources Power Holdings Co Ltd, which listed in Hong Kong last month, said its underwriters had exercised an over-allotment for 138 million shares, representing about 15% of its initial public offering. The company said Morgan Stanley Dean Witter Asia Ltd and BOC International Holdings Ltd fully exercised the over-allotment option,...

BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 857), the mainland’s largest oil and gas producer, is setting up a 4.1 billion yuan electricity generating joint venture which will be powered by bitumen, a material found in road surfacing, the South China Morning post reported, citing company officials. (US$1=8.27 yuan). The first phase includes two 600...

Hongkong-listed Panva Gas Holdings Limited (Stock Code: 8132) has announced the placement of 155.2 million shares by Sinolink Worldwide Holdings Limited (Stock Code:1168), its controlling shareholder, at a price of HK$4 per share to a number of institutional investors, raising gross proceeds of approximately HK$620.8 million. (US$1=HK$7.76). “This deal is one of the largest among...

Australian energy company Origin Energy said it building a A$$20 million solar photovoltaic (PV) manufacturing plant in Adelaide, South Australia. (US$1=A$1.37). The new plant will make solar power panels using Origin’s Sliver¨ Solar Cell technology developed with the Australian National University’s Centre for Sustainable Energy Systems. In a statement, the company said: “Designed to produce...

Qatar Petroleum and ConocoPhillips [NYSE:COP] this week signed a Statement of Intent (SOI) regarding the construction of a gas-to-liquids (GTL) plant in Ras Laffan, Qatar. The agreement was signed by Abdulla Bin Hamad Al-Attiyah, Second Deputy Premier and Minister of Energy and Industry of Qatar on behalf of Qatar Petroleum and by Jim Mulva, ConocoPhillips...

BEIJING (AFX-ASIA) – Government restrictions on corporate bond issues in China are limiting companies’ access to alternative financing and giving some successful bond issuers unfair competitive advantage over rivals, officials at two of the mainland’s largest power producers said. The Chinese government has been trying to reform the bond market for several years now to...

BEIJING (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) will issue 3.5 billion yuan in bonds at the end of this year, a Sinopec official told AFX-Asia. (US$1=8.27 yuan). The Beijing Morning Post reported earlier that the bonds will have fixed coupon rates, and are likely to have a...

HONG KONG (AFX-ASIA) – Standard & Poor’s Ratings Services said it has assigned a BB- corporate credit rating to Titan (Holdings) Ltd. The outlook on the rating is stable. In a statement S&P said that due to the company’s high level of lease liabilities, it is likely to give a lower rating on any unsecured...

The Chinese government will grant Rs. 2.88 billion to implement two power projects in Sri Lanka, said the Board Of Investment. (US$1=97 Sri Lankan rupees). Two agreements were signed for implementation of a rural electrification project and construction of two diesel fuel storage tanks at the Kelanitissa power station. A Chinese Embassy official said the...

JAKARTA (AFX-ASIA) – State-run oil and gas firm PT Pertamina said it is forecasting a 25% decline in full-year net profit to 4.51 trillion rupiah from 5.97 trillion last year due to lower sales. (US$1=8,500 rupiah). The company however said it expects net profit to increase to 7.67 trillion rupiah next year on sales of...

BEIJING (AFX-ASIA) – Standard & Poor’s said it has initiated coverage of China Oilfield Services Ltd (HK 2883) (COSL) with an “accumulate” rating at a price target of HK$2.74, representing a potential upside of 13%. (US$1=HK$7.76). The ratings agency said in a research note that COSL is China’s leading oil services provider to the country’s...

HONG KONG (AFX-ASIA) – CNPC (Hong Kong) Ltd (135.HK) said it is in talks with an unnamed subsidiary of its China-based parent, China National Petroleum Corp, to acquire a major stake in an oil field in Central Asia. The company did not give details, but said that it plans to acquire less than 50% equity...

BEIJING (AFX-ASIA) – Shanghai will take measures such as restricting heating in some large shopping malls and department stores to ease the expected power shortfall of 2 million kilowatts in the winter season resulting from coal supply shortages and a seasonal drought, Xinhua news agency reported. The news agency quoted Jiao Yang, a local government...