BEIJING (AFX-ASIA) – China Petroleum & Chemical Corp (Sinopec) (HK 0386; SHA 600028; NYSE SNP) has confirmed reports it is holding talks with the Iranian government on a major oil and gas production sharing agreement. Zheng Baomin, an official in the company’s investor relations department, told AFX-Asia that Sinopec is discussing a production sharing agreement...

India’s upstream major, Oil and Natural Gas Corporation (ONGC), will invest Rs 24.84 billion in developing the country’s largest oil field, Mumbai High, this financial year ending March 31 2005, according to a Business Line report. (US$1=Rs 43). ONGC officials told the newspaper that a significant part of the investment is being used to increase...

Kuwait’s Petrochemical Industries Company (PIC) andthe Dow Chemical Company (Dow) of the US have contracted Technip USA Corporation, a fully owned affiliate of France’s Technip, to provide engineering services for an ethylene project in Kuwait. The work will involve servicing the cracking furnaces and the recovery section of the new ethylene plant, planned for the...

Iran’s southern region produced an averaged 3.1 million barrels/day of crude last year, said Ali Aghajarian, the director of production affairs of National Iranian South Oil Company. In addition, the area produced about 35 million barrels equivalent of natural gas and 8.4 million barrels of naphtha. “Last year, more than 78m cubic metres of gas...

An international consortium consisting of Toyo Engineering Corporation (Toyo), Chiyoda Corporation (Chiyoda), and Petrochemical Industries Design and Engineering Company (PIDEC), an Iranian engineering firm, with the cooperation of Mitsui & Co., Ltd., has been awarded a 25-billion yen contract to build a 2,050 t/d ammonia plant and a 3,250 t/d urea plant in the Bandar...

WASHINGTON (AFX) – President George W. Bush said Iraq’s oil revenues are “pretty darn significant” and greater than he expected they would be one year into the occupation. “Well, the oil revenues, they’re bigger than we thought they would be at this point in time,” Mr Bush said in a news conference. “I mean, one...

Integrated logistics company Sembawang Kimtrans Ltd (SKL) will grow its services targeting the oil and gas industry as part of its long-term expansion plans, said its top executives at the opening of its new centre and headquarters. Teo Ming Kian, chairman of the Economic Development Board (EDB), officially opened the Singapore Exchange-listed company’s S$33 million...

BEIJING (AFX-ASIA) – Guangdong Electric Power Development Co Ltd (SZA 000539; SZB 200539) said its net profit rose 6% to 1.26 billion yuan in 2003, under Chinese accounting standards, against 1.19 billion yuan in 2002, largely on the back of higher electricity sales and increased capacity. (US$1=8.27 yuan) Core revenue increased 7% to 6.03 billion...

BEIJING (AFX-ASIA) – Shenzhen Energy Investment Co Ltd (SZA 000027) said its net profit for 2003 rose 37.8% to 713.67 million yuan from 517.92 million a year earlier on increased output. (US$1=8.27 yuan). Core revenue from electricity sales climbed 25.5% to 4.80 billion yuan from 3.83 billion a year earlier. Earnings per share rose to...

BEIJING (AFX-ASIA) – China’s increasing demand for oil and oil products is not behind the recent hike in global oil prices, a spokesman for China’s Foreign Ministry said. “China only consumes 240 million tons of oil (a year). We do not think the rise of consumption in China will lead to rising oil prices,” Kong...

JAKARTA (AFX-ASIA) – PT Perusahaan Listrik Negara (PLN) has agreed, in principle, with US-based ConocoPhilips on most terms of a gas purchase deal, including the price, said an official of the state-run electricity firm. Kardaya Warnika, deputy chairman of oil/gas authority BP Migas, said the two companies are expected to signed a contract this month....

China’s Sinopec could import liquefied natural gas (LNG) from Iran in exchange for the right to exploit the Middle Eastern country’s richest oilfields, said the China Daily. China’s second-largest oil firm could end up making one of the biggest LNG purchase agreements in the world worth several billion dollars, according to the newspaper in an...

US major Exxon Mobil Corporation (NYSE:XOM) said its subsidiary, ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI), is continuing its long-term investment in Malaysia by moving forward with the construction of the Guntong E gas compression platform. EMEPMI is operator of the Gas Production Sharing Contract (GPSC) with joint-venture partner Petronas Carigali Sdn Bhd. Both hold...

BEIJING (AFX-ASIA) – China National Petroleum Corp (CNPC), the parent company of PetroChina Co Ltd (HK 0857; NYSE PTR), said it is unaware that Ma Fucai, chairman of PetroChina and president of CNPC, has resigned. “I am unaware of Mr Ma’s departure, we have not received any official notice so far,” CNPC spokesman Fu Zhongkai...

The revenue of India’s main upstream company, Oil and Natural Gas Corporation (ONGC), crossed the $10-billion mark for the financial year to March 31 2004. The company attributed this to the contribution of six oil and gas discoveries made during the year and a turnaround of its previous loss-making subsidiary, Mangalore Refinery and Petrochemicals, according...

DALLAS (AFX) — Crude-oil prices remain strong on ongoing violence in Iraq that threatens to derail the country’s oil production and continued growth in demand from China. Crude oil prices recently rose to nearly US$38 a barrel. Oil prices have also found support from rising retail gasoline costs and declining US crude inventories. In Iraq,...

MANILA (AFX-ASIA) – Manila Electric Company (Meralco) is set to discuss a new “transition” supply contract (TSC) with state-owned National Power Corp (Napocor), the Philippine Star reported, citing Meralco president Jesus Francisco. “We will have a meeting with Napocor this week on the TSC. We need to negotiate and come up with new terms for...

BEIJING (AFX-ASIA) – China Yangtze Power Co Ltd (SHA 600900), the listed arm of the Three Gorges Dam hydropower project, said its first quarter net profit rose 620.6% year-on-year to 471.21 million yuan, on the back of strong demand for electricity and the first-time inclusion of earnings from assets acquired last year. (US$1=8.27 yuan). The...

Indonesia’s revenues from oil and gas production grew to more than US$20 billion last year, exceeding state targets, according to government sources. They did not say what the targets were. Crude oil revenue rose by 12.85% to US$11.508 billion while natural gas revenue was up 8.5% to US$8.615 billion over the previous year. The figures...

HONG KONG (AFX-ASIA) Ð The share price of Hong Kong-listed CNOOC Ltd (883.HK) (883.HK)(2998.HK) has been boosted by news that its mainland parent, China National Offshore Oil Corporation (CNOOC), is to offer 10 new exploration blocks in offshore China to international oil and gas companies for exploration under a production sharing contract. The 10 exploration...

The ongoing developments of the green trading markets for greenhouse gases (GHGs), renewable energy credits, and the financial value of energy efficiency are beginning to impact the Asia Pacific energy markets. Green trading offers a cost effective and viable solution to this growing environmentalism and demonstrates the convergence of capital markets and the environment. The...

JAKARTA (AFX-ASIA) – The government is preparing a five-year master plan for tender of new oil and gas blocks, under which it may offer more than 50 blocks in five years starting next year, Bisnis Indonesia reported. “There will be more than 50 blocks to be included in the master plan,” the newspaper quoted the...

BEIJING (AFX-ASIA) – The annual gas output of China’s Tarim Basin is expected to reach 14 billion cubic meters by the beginning of next year, Xinhua news agency reported, citing Sun Longde, general manager of the Tarim Oilfield Company. Starting from Jan 1, 2005, the company will supply natural gas to the west-east pipeline, a...

Singapore Petroleum Company (SPC) and Caltex Singapore Private Limited, a subsidiary of ChevronTexaco, have agreed to each acquire half of the Singapore refining interests of BP Singapore Pte Limited (BP). The buy-out was announced in separate statements issued by SPC and ChevronTexaco. The acquisition involves BP’s one-third equity interest in Singapore Refining Company Private Limited...

TOKYO (AFX-ASIA) – Nippon Oil Corp shares have risen to 52-week highs after recent news report that it will close unprofitable gas stations. Nippon Oil plans to shut down about 20 unprofitable gas stations in fiscal 2004 and put up real estate and other assets worth 20-25 billion yen for sale, the Nihon Keizai Shimbun...