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...

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...

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 (AFX-ASIA) Ð The share price of shipbuilder and leasor Jaya Holdings has been boosted by reports that Malaysia’s Sime Darby has expressed interest in acquiring the company, dealers said. Last month, Jaya said its major shareholders received an “unsolicited proposal” from an unidentified third party interested in investing in the company. Sime Darby is...

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...

Pakistan Minister for Finance and Economic Affairs Shoakat Aziz said that the Iran-Pakistan joint experts committee on a proposed gas pipeline project will meet later this month. During a recent Pakistan Television (PTV) talk show on Iran-Pakistan relations monitored by Iran news agency IRNA, he said: “The issue of a gas pipeline from Iran to...

Australia’s Origin Energy, a leading marketer of accredited ‘Green Power’, has launched its “GreenEarth” range of electricity products in New South Wales state. Peter Vines, the company’s executive general manager (retail) said: “Green Power customers in New South Wales have been in decline since 2001, according to the latest independent audit, with only 14,000 customers...

JAKARTA (AFX-ASIA) – Oil and gas company PT Medco Energi Internasional is looking at funding options in order to buy a stake in a gas field operated by BP Plc in the East Java Kangean block, said a company official. Medco investor relations officer Gemala Katappo said Medco has insufficient funds as the company is...

JAKARTA (AFX-ASIA) – Shipping firm PT Berlian Laju Tanker is proposing to shareholders a plan to expand its fleet by purchasing either new ships or second-hand ships with investment value not exceeding US$250 million. The company will hold an extraordinary meeting of shareholders on May 6 and the purchases will be carried out within one...

China’s Huaneng Power International, Inc. said it generated 24.56 billion kWh of pwer in the first quarter, up by 24.04% over the same period last year. It said its power plants in Fuzhou, Jining, Nantong and Shanghai Shidongkou achieved “relatively high increase rates in power generation.” Huaneng said the sharp rise in power output resulted...

South Korea’s oil consumption is at its lowest in five years so far this year due to protracted high oil prices, reported the Korea Times. Citing the Ministry of Commerce, Industry and Energy (MOCIE) and the Korea National Oil Corp. (KNOC), the report said that national oil consumption amounted to 132.6 million barrels in the...

BEIJING (AFX-ASIA) – China’s electricity shortage is estimated at over 20 million kWh in 2004, more than twice last year’s, said an official surnamed Liu with the State Electricity Regulatory Commission (SERC). He told AFX-Asia China’s power demand this year is expected to reach 2 trillion kWh. He did not provide a forecast for electricity...

ANNANDALE, Virgina. (AFX) – With unleaded gasoline now going for more than $1.75 a gallon, up from just 95 cents five years ago, politicians are doing the obvious: They’re blaming the other guy. Which means that many Americans will develop a sense of outrage about gas prices, and those who would exploit the issue for...

RIYADH (AFX) – Saudi Arabia is eager to increase oil sales to China and set up joint refining projects there and mining ventures in the kingdom, Saudi Oil Minister Ali al-Nuaimi told the official SPA news agency. “The Kingdom supplies China at present with more than 300,000 barrels of oil per day but we are...

Indian Oil Corporation (IOC) will invest Rs 30 billion to expand its retail operations over the next 12 months, with about Rs 13.5 billion of that amount to be used for building up 1,000 new fuel outlets. (US$1=Rs 43). N.G. Kannan, IOC’s marketing director said the company aims to build 10,000 stations from its current...

TOKYO (AFX-ASIA) – Nippon Mining Holdings Inc, which oversees Japan Energy and Nippon Mining and Metals, said it has set net profit target of 43 billion yen for fiscal year to March 2007, the final year of its new three-year management plan, up from the earnings of 13.5 billion yen posted for the year to...

SHANGHAI (AFX-ASIA) Ð The share price of SP Power Development Co Ltd (SHA 600795) has moved higher after it said its electricity output increased 35.22% in the first quarter to 6.795 billion kWh, dealers said. “The significant power generation growth will consequently result in higher investor expectations of SP Power’s solid performance this year,” a...

BEIJING (AFX-ASIA) – China Resources Power Holdings Co Ltd (836.HK) said 2003 net profit surged 1,997.1% to HK$589.5 million in 2003 from HK$28.1 million a year earlier, after the company expanded power generating capacity by 50.1% through acquiring minority stakes in power plants and completing new plants. (US$1=HK$7.78) Resources Power, which listed on the Hong...

BEIJING (AFX-ASIA) – Sinopec will focus on extending its retail oil sales network and direct distribution system this year to expand market share and lower costs, company chairman Wang Jiming was quoted by the Shanghai Securities News as saying. Sinopec, or China Petroleum & Chemical Corp (SHA 600028; HK 0386; NYSE SNP), is the country’s...

JAKARTA (AFX-ASIA) – A draft government regulation requires oil and gas firms to offer a 10% stake in contracts to companies owned by local governments of the regions in which they operate, Bisnis Indonesia reported. “Since the approval of the development plan of the first (oil and gas) field, which will come into production within...

MANILA (AFX-ASIA) – Local oil companies are likely to jack up their pump prices for petroleum products this month as their import costs for crude continued to rise, the Department of Energy has warned the National Price Coordinating Council (NPCC). Businessman Raul Concepcion, who regularly monitors the movement of local oil prices, has estimated the...

China said it has discovered new oil fields with total estimated reserves of 280 million tons distributed in at least six areas around the established Shengli area in the eastern part of the country. According to Xinhua news agency, the Ministry of Science and Technology said that the Dongxin field alone held more than 252...

Boston, US-based energy consultant ESAI says crude oil prices are likely to head lower in the next two years. With WTI and Brent well above $30 per barrel for several months in the winter of 2003-2004, it is difficult to focus on the fundamentally bearish oil market of the next two years. ESAI said that...

Beijing Datang Power Generation Company Limited (HKEx: 991) said that China’s National Development and Reform Commission (NDRC) has announced the tariff system for new generation units in Beijing/Tianjin/Tangshan (BTT) area, which will benefit the company’s two new power plants in the area. The NDRC issued a document at the end of 2003 to regulate the...

This summer, gasoline prices are expected to average a record high of US$1.76 per gallon, according to forecasts released today by the Energy Information Administration in its April “Short-Term Energy Outlook”. High crude oil costs, strong gasoline demand, low gasoline inventories, and more stringent gasoline specifications this year have increased gasoline supply costs and retail...