China National Petroleum Corporation (CNPC), the country’s leading oil and gas producer, has asked Beijing for permission to build China’s second pipeline linking the Xinjiang gas field to Beijing by end 2005. According to Xinhua News Agency, the pipeline will have an annual capacity of 12 billion cubic meters. It will be connected with China’s...
CHINA: Audit of state companies, parent firms of Sinopec, CNOOC, China Unicom
BEIJING (AFX-ASIA) – China’s National Audit Office said it has started to review the accounts and assets of nine state firms, including parent companies of China Petroleum & Chemical Corp (Sinopec) (HK 0386; SHA 600028; NYSE SNP), CNOOC Ltd (883 HK, CEO NYSE) and China Unicom Ltd (HK 0762; NYSE CHU). Six other companies included...
MARKETS: ESAI says underlying crude fundamentals key to price outlook
Global and US crude oil fundamentals are becoming increasingly bearish, with Asian and U.S. stocks high and European stocks rising significantly, said US-based analyst ESAI. “While the US gasoline market remains strong and provides support for WTI prices, underlying crude fundamentals are weakening,” said ESAI. In the latest edition of its Atlantic Basin Stockwatch, ESAI...
MALAYSIA: Petronas ratings outlook raised to positive Ð Fitch
KUALA LUMPUR (AFX-ASIA) – Fitch Ratings said it has revised the outlook on Malaysia’s state oil and gas company Petronas’s senior unsecured foreign currency and senior unsecured local currency (LC) ratings to positive from stable. At the same time, the international agency affirmed Petronas’ BBB+ foreign currency rating and A local currency rating. In a...
MARKETS: SG sees “bullish” gasoline cracks in US oil data
Concerns about US gasoline supply this summer led the US Department of Energy to require extremely detailed survey data beginning the week ending 9 April, but its results so far have been mixed, said French investment bak SG. It said: “Concerns about the resulting data’s quality led to late publication last Wednesday of part of...
COMPANY: BP reassures shareholders on reserves
LONDON (AFX) – BP PLC has again reassured shareholders on its method for calculating reserves. In the text of a speech to the company’s AGM last week, chairman Peter Sutherland said he was “satisfied that there are appropriate processes in place within the group to estimate the proved reserves that we report to you, our...
US: Candidate Kerry attacks alleged Bush oil deal
WASHINGTON (AFX) — Democratic challenger John Kerry said that an alleged promise from a Saudi prince to President Bush to lower oil prices ahead of the November presidential election is “outrageous” and “unacceptable.” “If, as (Washington Post journalist) Bob Woodward reports, it is true, that gas supplies and prices in America are tied to the...
MALAYSIA: Esso to set up RM300 million Islamic commercial papers programme
Esso Malaysia Bhd has signed agreements with RHB Sakura Merchant Bankers Bhd to set up a RM300 million seven-year Islamic Commercial Papers (ICPs) programme. (US$1=RM3.8). In a statement, the company’s financial director, James A. Hall said the programme would replace its existing RM250 million commercial papers issuance facility expiring next month. This would allow the...
CHINA: Guiguan Elec 2003 net profit up 13.21%, Q1 down 84.47% year-on-year
BEIJING (AFX-ASIA) – Guiguan Electric Power Co Ltd (SHA 600236) said net profit rose 13.21% in 2003 to 292.89 million yuan, against 258.72 million yuan in 2002, with electricity sales increasing 9.9% year-on-year to 666.19 million yuan. (US$1=8.27 yuan). Core revenue increased 6.7% to 677.3 million yuan last year, of which electricity sales accounted for...
INDIA: UK-listed Cairns announces third oil discover in northern Rajasthan state
UK-based Cairn Energy plc said it has made a “potentially significant” oil discovery of about 400 million barrels in waters off India’s northern Rajasthan state. The company has been drilling in the N-C-1 exploration well located 12 kilometres north of Mangala, 70 kilometres north of Saraswati and 300 metres from the present northern boundary of...
CHINA: Regulator approves fuel oil futures trading in Shanghai
The China Securities Regulatory Commission (CSRC) has approved the resumption of fuel oil futures trading at the Shanghai Futures Exchange, according to a Xinhua news report, citing an unidentified official. The report did not say when trading might begin. The official said the CSRC approved the application of the Shanghai Futures Exchange to trade fuel...
MALAYSIA: Scomi pays US$7.2 for two marine vessels
Wira Kukuh Sdn Bhd, a Scomi Group Bhd subsidiary, has signed into two memoranda of agreement (MoA) with Britoil Offshore Services Pte Ltd for the acquisition of two marine vessels. The deal is worth US$7.2 million. In statement, Scomi, a Malaysian engineering firm, said the proposed acquisition of the vessels was in line with its...
AUSTRALIA: Woodside Petroleum well positioned for future growth Ð CEO
SYDNEY (AFX-ASIA) – Woodside Petroleum Ltd’s new chief executive Don Voelte said the oil and gas producer is well positioned for future growth. “This is a strong company, the employees are world-class,” he told Woodside’s annual general meeting in Perth last week. He said cashflow will be reinvested back into assets to generate future wealth....
INDONESIA: Medco undecided whether to raise bid for BP gas fields Ð report
JAKARTA (AFX-ASIA) – PT Medco Energi Internasional (Medco) has yet to decide whether to raise its bid for a stake in two of BP Plc’s gas fields, the daily Koran Tempo reported quoting a member of Medco’s board of advisors. Medco founder and advisor Arifin Panigoro said BP has asked the company to increase its...
INDONESIA: Villagers threaten to blockade Balongan refinery to demand oil clean up
Shrimp farmers and fishermen from Indramayu, West Java, have threatened to blockade Pertamina’s Balongan oil refinery if the company fails to clean up oil spills in the area, reported the Jakarta Post. If the blockade succeeds, Jakarta could face a fuel shortage as the city derives most of its fuels from the 125,000 b/d refinery....
COMPANY: UK supplier of power services to Asia wins Queens Award
An Orkney Island-based company that supplies power services and solutions to Asia and elsewhere is among an elite group of companies to win a Queen’s Award for Enterprise. Stromness-based Combustion Energy and Steam Specialists Ltd (CESS) is the first Orkney-based company to win this prestigious award for International Trade, which puts it among the most...
CHINA: Hong Kong & China Gas approved to take 30% of Shenzhen Gas for 270 million yuan
HONG KONG (AFX-ASIA) – The Hong Kong & China Gas Co Ltd (Towngas) said it has received formal approval from China’s Ministry of Commerce to acquire a 30% equity interest in Shenzhen Gas Corp (SGC) for 270 million yuan. (US$1=8.27 yuan). Following the stake acquisition, SGC will become a Sino-foreign joint venture company, it said...
SINGAPORE: Caltex raised gasoline, diesel prices
In response to global market conditions, Caltex Singapore Pte Ltd said it raised the pump prices of its gasoline and diesel by three Singapore cents a litre yesterday. (US$1=S$1.7). The new prices for Caltex’s various gasoline and diesel grades of Vortex petrol and diesel per litre are as follows: Vortex Platinum S$1.530, Vortex Gold S$1.438,...
SINGAPORE: Singapore Petroleum Co reports 1Q net profit of S$42 million vs $15.1 million from year a
Singapore Petroleum Company (SPC) said strong oil demand from the region helped its first quarter net profit rise sharply to S$42.1 million from S$15 million last year. (US$1=S$1.7). The mostly downstream oil company reported an 8.8% rise in revenue to S$953.2 million from S$876.1 million previously. In a statement, Keppel-affiliate SPC said: “The widespread economic...
VIETNAM: EVN to begin building two hydro-electric power plants
State Electricity of Vietnam (EVN) will start building two hydro-power plants in Ba Ha River in Phu Yen and Ban La in Nghe An Province this month. The company expects to complete construction by 2010, said the Vietnam News Net. The Ba Ha River plant is worth 3.85 trillion dong, including 1.76 trillion dong for...
CHINA: Shanghai Electric buys major stake in Wujing Power for 485 million yuan
BEIJING (AFX-ASIA) – Shanghai Electric Power Co Ltd (SHA 600021) said its board has agreed to buy a 50% stake in Shanghai Wujing Power Co Ltd from its own corporate parent, China Power Investment Corp, for 485 million yuan. (US$1=8.27 yuan). China Power Investment Corp has a controlling stake of 64.56% in Shanghai Electric. Shanghai...
CHINA: PetroChina reports achieving first quarter operational targets
PetroChina Company Limited (SEHK stock code 0857; NYSE Symbol PTR) said that it has achieved all its production and operational targets set for the first quarter ended March 31. It attributed its success to high oil prices and the rapid growth of Chinese domestic oil market. Its total oil and gas output grew 3.3% to...
OMAN: Sohar Port start up operations
Oman’s Sohar Port has started up operations after five years of construction, receiving its first vessel carrying raw material for the Sohar Refinery this week. According to the Khaleej Times, the port was built at a cost of 90 million rials (US$235 million) and is situated at the northeast port city of Sohar, which is...
CHINA: CNOOC Limited plans to deposit operating funds in CNOOC Finance
CNOOC Limited (SEHK: 883, NYSE: CEO) said it plans to seek shareholders’ permission to deposit some operating funds in China in a recent joint venture finance company formed with its parent company, CNOOC, and other sister companies. It will seek the approval at its next shareholders’ meeting. CNOOC Limited took a 31.8% stake in the...
CHINA: Power shortage pushes Huaneng to expand capacity quickly Ð analysts
BEIJING (AFX-ASIA) – China’s power shortage has pushed Huaneng Power International Inc (SHA 600011; HK 0902; NYSE HNP) to rapidly expand its production capacity, analysts said. Huaneng Power International, China’s largest independent power producer, will buy interests in five power plants for a total of 4.575 billion yuan from its parent, state-owned Huaneng Group, one...