BEIJING (AFX-ASIA) – SP Power Development Co Ltd (SHA 600795) has increased its retail electricity price by 0.007 yuan per kilowatt-hour beginning Jan 1. (US$1=8.27 yuan). The company said that the price hike is based on a circular from the National Development and Reform Commission (NDRC) to the offset negative impact brought on by the...
BEIJING (AFX-ASIA) – China’s State Grid Corp, one of the country’s two power transmission firms, said it will issue 5 billion yuan in corporate bonds between Dec 31, 2003 and Jan 14, 2004 to finance construction of several power transmission projects. (US$1=8.27 yuan). The firm will sell 3 billion yuan in 10-year bonds at a...
TOKYO (AFX-ASIA) – Nippon Oil Corp plans to double its overseas sales of motor oil to 190,000 kl by 2005, the Nikkei Business Daily reported, without citing sources. To implement the plan, the company will set up sales offices in Malaysia and Guangzhou, China, staffed with one or two employees each, who will provide technical...
A government-affiliated organisation that checks the safety of storage tanks has found that more than half of the 395 large outdoor oil tanks in and near Tomakomai, Hokkaido, were damaged in the late September quakes that sparked a fire at an oil refinery in the city, said the Japan Times. According to the newspaper, the...
Australian research organisation CSIRO said its oil migration expertise and knowledge of deep-water sedimentary systems is being called upon to play a key role in the search for new oil and gas reserves in the South China Sea. The project, to be carried out for the Chinese National Offshore Oil Corporation (CNOOC), is the result...
China’s CNOOC Limited (NYSE: CEO, SEHK: 883) said it has made two oil and gas discoveries in the western South China Sea and three discoveries in the West Madura Production Sharing Contract area, off East Java in Indonesia. Wildcat Weizhou (WZ) 11-1N-1 was drilled on WZ 11-1N structure, in the vicinity of existing Weizhou fields,...
Mirant Philippines Corp., the country’s largest private power producer, will invest P235 million (US$1=Peso 55) to upgrade the transmission facilities supplying power to the Baguio City Economic Zone (BCEZ), according to The Philippine Star. The National Power Corp. (Napocor) and Mirant Philippines now jointly supply electricity to BCEZ under a power marketing agreement. “This investment...
The Omani government has offered Thailand’s PTT the opportunity to invest in its liquefied natural gas (LNG) production and distribution network, said Thai Energy Minister Prommin Lertsuridej. Oman is planning to increase domestic LNG production to 10.2 million tonnes a year, from 6.6 million at present. The bulk of its LNG production is currently exported...
BANDA ACEH, Indonesia (AFX-ASIA) – A multinational fertiliser plant in Indonesia’s Aceh province has shut down for the second time in 2003 after its gas supply from ExxonMobil was halted, company secretary general Amrul Ahmadsyah said. The Aceh ASEAN Fertiliser (AAF) plant shut down Monday afternoon shortly after the supply was cut off, Ahmadsyah said....
BEIJING (AFX-ASIA) – Lao Derong, the former chairwoman of Shenzhen Energy Group, a large state-owned company, has been sentenced to life in prison by the Shenzhen Intermediate People’s Court on multiple charges of embezzlement of public funds, bribery, graft and abuse of rights, Xinhua news agency reported. The news agency said Lao has been charged...
CAIRO (AFX) – Iraq’s Coalition Provisional Authority will soon invite tenders worth US$5.6 billion to rebuild the country’s power sector, Iraq’s interim electricity minister Ayham al-Samarrai said here recently. The Coalition Provisional Authority, headed by US civil administrator Paul Bremer, “will call for tenders worth 5.6 billion dollars for the reconstruction of the Iraqi electricity...