The statement of a Russian economic advisor against the Kyoto Protocol was nothing more than pre-election bluster, ahead of Moscow’s Duma election last Sunday, according to WWF and Greenpeace, participating in the Climate Change Conference in Milan. The Duma is the Russia Parliament’s lower house. A Russian economic advisor to President Putin, Andrei Illarionov, had...

Finland’s W’rtsil’ Corporation said it has been awarded a contract by the French shipbuilder Chantiers de l’Atlantique to supply dual-fuel main engines for a new 153,000m3 LNG carrier. In a statement, Wartsila said the carrier has been ordered by the French gas distributor Gaz de France for delivery in October 2005. It will be employed...

BEIJING (AFX-ASIA) – China’s total exploitable crude oil reserves are estimated at 13 to 16 billion metric tons and the exploitable gas reserves are projected at 10 to 15 trillion cubic meters, Xinhua news agency reported, citing unnamed state specialists. According to official figures, China’s total oil reserves have reached 106.9 billion metric tons and...

BEIJING (AFX-ASIA) – The No.1 generator at the Three Gorges Project on the middle reaches of the Yangtze River was connected to the power grid and began commercial operations last Saturday, Xinhua news agency reported. It quoted Zhang Cheng, head of the Three Gorges Hydropower Plant, as saying that as of now the first batch...

MOSCOW (AFX) – The holding company of the Russian oil group AO Yukos said it intended to complete its merger with Sibneft and had no intention of giving away the post of chief executive to a representative of its smaller rival. The Menatep group said in a statement that it was sticking to the terms...

SHANGHAI (AFX-ASIA) – China Yangtze Power Co Ltd (SHA 600900) will not resort entirely on the equity markets for future financing needs related to the acquisition of power generators from its parent worth over 100 billion yuan, the International Finance News reported. (US$1=8.27 yuan). The report quoted Yangtze Power general manager Yi Yong’an as saying...

BAGHDAD (AFX) – Iraq’s crude oil production has climbed to 2.2 million barrels per day and by next March could reach the 2.8 million b/d level of before the US-led invasion, according to State Oil Marketing Organisation (SOMO) Director Shamkhi Faraj. “Production is around 2.2 million b/d, of which 1.6 million b/d are exported,” Mr...

BANGKOK (AFX-ASIA) – PTT Exploration and Production Plc said it plans to invest US$21 million in an oil exploration and production project in Algeria. President Maroot Mrigadat said the company is now in talks with partners regarding terms and conditions of the Algerian investment. He said PTT Exploration expects to invest the said amount over...

The contract signed by French engineering group Technip on March 2003, for the design and construction of a 500,000 ton-a-year steamcracker on Kharg Island in Iran, has come into force, the company said. Under the terms of this 173 million euros contract, Technip said it will provide to Iran’s National Petrochemical Company its in-house ethylene...

Singapore’s Senoko Power has named Roy Adair as president and CEO from December 8, replacing Lau Khoon Chor who becomes special advisor. Mr Lau will retire at the end of March 2004. Mr Adair has worked in the utilities industry around the world, said a Senoko statement. He was recently with Powergen, the UK based...

BAKU (AFX) – Russia’s Deputy Prime Minister Viktor Khristenko urged the former Soviet republic of Azerbaijan to increase the volume of oil it exports from its Caspian Sea fields through Russian territory. Mr Khristenko said that only 2.6 million tonnes of Azeri crude were shipped through the Baku-Novorossissk pipeline in 2002, less than the five...

BEIJING (AFX-ASIA) – China Central Television (CCTV) auctioned off US$530 million in prime-time advertising for next year on Tuesday, boosted by branding campaigns in the automotive lubricants market amid a boom in car sales, the China Daily reported. Three leading domestic lubricant brands — “Kunlun”, “Monarch” and “Great Wall” — were the most active bidders...

Essar Oil has decided to expand its proposed chain of retail fuel outlets from its originally-planned target of 1,700 to 2,000, reported Infraline. The move follows the company’s decision to raise the capacity of its new refinery from 9 million tonnes to 12 million tonnes per annum. The company has also roped in J M...

MANILA (AFX-ASIA) – Manila Electric Co expects its tariff hike to boost revenue by 1.9 billion pesos annually, Meralco chief finance officer Daniel Tagaza said after the company got a provisional authority from the Energy Regulatory Commission (ERC) to raise its tariff by 0.12 pesos per kilowatthour. (US$1=55 peso). The rate hike, the second for...

Australia’s oil industry is shrinking. Its crude output from maturing fields is plunging while its refiners, under pressure from tougher environmental rules and competition, are cutting back production of oil products or seeking to leave the business. Australian consumers could face increasing problems with their fuel supplies in the coming year. Already, motorists have to...

MANILA (AFX-ASIA) – Manila Electric Co said it is reviewing its 2004 capital expenditure budget after the Energy Regulatory Commission (ERC) ordered it to pay its customers in cash under the third phase of its refund programme. “We are reviewing our 2004 cash flow and all assumptions on sales, system loss, loan repayments, capital expenditures,...

SINGAPORE (AFX-ASIA) – DBS Vickers Securities said it has further increased its 12-month price target for China Aviation Oil (S) Corp Ltd (CAO) to 1.71 sgd per share from 1.28 sgd previously, on hopes the company will post stronger earnings next year. (US$1=S$1.72). “Our sum-of-the parts target price of S$1.71 is still based on conservative...

Gasoline retailing in India is likely to undergo a revolution as private players like Reliance, Essar and Royal Dutch/Shell are planning to set up over 1,000 outlets across the country by the middle of 2004, according to Infraline news. “Reliance has informed us that it will have around 500 gasoline stations across the country by...

French investment bank SG has described as “bullish” the latest US oil statistics for the week ended November 28. In a commentary made before the December 4 OPEC meeting, it said that US imports remained low at 9.13 million barrels/day — implying that higher Asian crude requirements are outweighing weaker OPEC compliance — while crude...

BEIJING (AFX-ASIA) – North Korea was able to export 19.88 million kilowatt hours of electricity to China’s northeastern border city of Dandong in the first 10 months of this year, 143% more than the same period in 2002, Xinhua news agency reported. “The sharp increase was attributed to the stable power supply by the DPRK...

BEIJING (AFX-ASIA) – The small number of privately-owned cars has prevented the fast expansion of gas station convenience stores in China, Beijing Business Today reported, citing industry sources. In contrast to the fast growth of supermarket chains in the country over the past years, gas station convenience stores, still in the initial stage of development,...

SEOUL (AFX-ASIA) – The Seoul district court has ruled that Cenox is not an imitation gasoline, declaring its manufacturer, Free Flight Co, as not guilty, dealing a blow to oil refineries, the Korea Herald reported, citing the court. “It is hard to regard Cenox as a fake oil product because it meets most qualifications for...

An executive of the PetroVietnam subsidiary that has pumped the first oil from the Su Tu Den (Black Lion) crude field has been honoured by the government, according to the Vietnam News Service. Vu Ngoc An, general director at the Cuu Long Joint Operating Company, was awarded the Labour Order (Third Class) by Deputy Prime...

Australia’s South West Queensland Gas Producers consortium said it has added BHP Billiton Minerals as “an important new customer for Cooper Basin gas.” According to operator and the consortium’s leading partner Santos Limited, the consortium has signed a new long term contract with BHP Billiton Minerals Pty Limited for the supply of gas to its...

BEIJING (AFX-ASIA) – Anglo-Dutch oil giant Shell Group’s unit Shell Solar has won a contract worth 2.7 million euro to supply solar electricity to 26 remote Chinese villages in the southwestern province of Yunnan and the northwestern region of Xinjiang, the China Business Times reported, without citing sources. (US$1=0.8Euro). The newspaper said that under the...