MOSCOW (AFX) – The multi-billion-dollar merger between Yukos and Sibneft was put on hold after a majority of shareholders declined to ratify the deal. Some 75% of Yukos shareholders abstained from today’s vote on the proposed merger, thereby effectively rejecting the creation of the world’s fourth-largest oil and gas group, Troika Dialogue oil analyst Oleg...

KUALA LUMPUR (AFX-ASIA) – More coal-fired power plants are being planned to increase the country’s electricity sources and reduce dependency on natural gas, The Star newspaper reported, quoting Energy Commission chairman Mohd Annas Mohd Nor. Presently, about 70% of Malaysia’s electricity comes from natural gas, with the remainder from diesel, oil, hydropower and biomass. Over...

JAKARTA (AFX-ASIA) – State-owned oil and gas company PT Pertamina will maintain December fuel prices for retail users at last month’s levels, although fuel prices for industrial users have been raised. Pertamina said in a statement last week that prices for premium gasoline remain at 1,810 rupiah per liter, kerosene at 1,800 rupiah, automotive diesel...

LONDON (AFX) – Fortune Oil PLC said it has decided to exit the loss-making AcroChina Technology Inc as it is no longer core to Fortune’s core operations. The company is selling its 51% stake in AcroChina to Crown United Ltd, a private company, for HK$2.8 million. (US$1=HK$7.87). The news accompanied an announcement that Fortune has...

Australian upstream company Woodside Energy Ltd said its wholly owned subsidiary, Woodside Energy (N.A), Spain’s Repsol Exploraci—n Murzuq, S.A., and Hellenic Petroleum S.A., of Greece, have finalised an exploration and production sharing agreement with the Libyan National Oil Corporation. The agreement, over 30 years with an initial six-year exploration phase, was signed on November 30,...

The Asian Development Bank (ADB) earlier in the year approved a loan for US$150 million equivalent for an Emergency Infrastructure Rehabilitation and Reconstruction Project. The project will rebuild nearly 450 km of primary roads, including much of the northern segment of Afghanistan’s Ring Road and an important link to neighboring Uzbekistan. It will also tackle...

BEIJING (AFX-ASIA) – China’s booming eastern and southern coastal regions are witnessing tightening supplies of diesel fuel amid surging demand, the China Daily reported. The official newspaper reported that diesel fuel has been in short supply in these regions since early this month and rationing has been put in effect in some areas. Retail filling...

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...

The main contractor for Vietnam’s first condensate processing plant, in Ba Ria-Vung Tau Province, said work was complete and the plant was ready to kick into full operation, according to a Vietnam News Service report. Truong Van Tuyen, the director of the Erection and Construction Company 45-1, was quoted as saying that the Cai Mep...

KUWAIT CITY (AFX) – Kuwait has agreed in principle to supply Iraq with kerosene, diesel and gasoline to meet winter shortages as well as allow Baghdad to use its terminals to export oil, an official said. The emirate also gave a provisional nod to buying natural gas from its former occupier in return for billions...

German chemicals giant Bayer is planning to invest US$3.1 billion in Caojing, Shanghai city in China. Last month, it broke ground for a world scale US$450 million polycarbonate plant that will produce the high-tech plastic Makrolon¨. The Caojing facility is expected to start production in the second quarter of 2006 and will be eventually expanded...

BEIJING (AFX-ASIA) – CITIC Pacific Ltd (HK 0267; ADR CTPCY) will take a 20% stake in China’s sixth power generating group, Northern Power Group, to be established in January next year, Xinhua news agency reported. CITIC Pacific was not immediately available for comment. The news agency said the proposed group, to be located in Hohhot...

BANGKOK (AFX-ASIA) – PTT Plc said it has signed an agreement to purchase natural gas from the Arthit project with a consortium, comprising of PTT Exploration and Production Plc, Unocal Thailand Ltd and Mitsui Oil exploration and Production Thailand Co Ltd. PTT president Prasert Bunsumpun said the agreement calls for the consortium to deliver 330...

China will fully evaluate its oil and natural gas reserves to help the government draw up an energy strategy meet the challenges of growing domestic energy demand and oil import, reported China Daily. “The target of the evaluation is to gain precise information on the oil and natural gas reserves in the country and forecast...

Japanese trading house Marubeni Corp has fully bought over Hongkong’s independent power producer Sithe Asia Holdings Ltd for an undisclosed amount. With the deal, Marubeni has boosted its power generation capacity in Asia to 2,030 MW from 1,220 MW. Sithe Asia Holdings, previously owned by Sithe Energies Inc. of the US, develops, builds and manages...

Canada’s InterOil Corporation has given an update of its exploration programme and refinery project in Papua New Guinea. In September 2003, InterOil announced an expansion of its multi-well exploration program to 16 exploration wells, on separate and independent structures. The Moose is the first structure drilled in programme, with the first appraisal well committed. The...

KUALA LUMPUR (AFX-ASIA) – Construction and engineering services company Sime Engineering Bhd is holding talks to acquire BP Plc’s assets in Malaysia, afternoon daily Malay Mail reported, citing unnamed sources. The deal, which could be worth as much as RM1 billion, could be sealed as early as this month, the sources said. (US$1=RM3.8). Last year,...

Singapore-listed China Aviation Oil Corporation Ltd (CAO) has sealed a deal with Saudi Aramco for 2004 to buy more than 200,000 metric tonnes of gasoil. The terms of the deal call for 0.5% sulphur content, with an option to take 0.25% sulphur content at CAO’s preference. This option will increase CAO’s trading flexibility given recent...

Signs are emerging that the shares of Malaysian companies involved in the oil and gas sector could be headed for consolidation after several months of a sharp-run. The September announcement by then Prime Minister and Finance Minister Mahathir Mohamad to allow a consortium of local companies to develop marginal oil fields in Malaysia set off...

BEIJING (AFX-ASIA) – The government has ordered nearly 2,000 coal mines in northern Shanxi province to reopen, due to concerns that southern Chinese power companies were reporting severe coal shortages during the crucial winter months, the official Xinhua news agency reported. The move follows a decision this summer to close the mines in the key...

LAGOS (AFX) – ChevronTexaco Corp has resumed the production of 23,000 barrels per day of oil, suspended last week in the wake of the abduction of 18 workers in southern Nigeria. The company halted production at Middleton, Penington, North Apoi and Funiwa oilfields last Wednesday when militant youths from Bayelsa State took the workers hostage...

STOCKHOLM (AFX) – Lundin Petroleum AB rejected allegations by Human Rights Watch of fueling fighting in Sudan, saying its operations there have helped promote human rights. “It’s always been our position that oil, if properly used, can be an incentive to sustainable peace,” Christine Batruch, Lundin’s vice president of corporate responsibility, told Agence France Presse....

The oil markets are expected to end 2003 on a firm note in much the same way that they had started the year. Political-military tensions, strong global demand and low inventories have all combined to help US WTI crude stay above US$30/barrel for most of the year, making this the strongest market in recent years....

TOKYO (AFX-ASIA) – Shares of Cosmo Oil rose have been boosted after recently reporting a net profit of 2.8 billion yen in the first half to September, reversing a loss of 2.3 billion a year earlier, dealers said. (US$1=110 yen). Cosmo Oil Co, Japan’s third largest oil refiner, said revenue rose 2.8% to 922.5 billion...

DOHA (AFX) – Iraq will require investments of the order of US$40-50 million to bring its oil industry back to full working order, said the country’s interim oil minister, Ibrahim Bahr al-Ulum. Iraq hopes to raise its output to 2 million barrels per day from the current 1.7 million by the first quarter of next...