BEIJING (AFX-ASIA) – China’s cabinet, the State Council, has given its approval to the Shanghai Futures Exchange to launch fuel oil futures trading, media reports said over the weekend. “The China Securities Regulatory Commission (CSRC) has to approve the new products but there is no doubt about this,” the China Business Post said quoting an...
UAE’s Dolphin Energy Limited said Saipem S.p.A of Milan, Italy has been awarded a US$350 million contract to install a natural gas export pipeline linking Qatar and the UAE. “Saipem is the successful bidder for Dolphin’s engineering, procurement and construction (EPC) award to install the 370-kilometer, 48-inch line. The line pipe has already been ordered...
BEIJING (AFX-ASIA) – China National Petroleum Corp unit PetroChina Co Ltd (HK 857; NYSE PTR), China’s largest oil company, said it has launched a strategic partnership with Beijing Capital Tourism Group in an attempt to bolster the state-owned oil company’s position in the Beijing oil products market. The two companies also announced a “restructuring of...
Moody’s Investors Service said it has affirmed its Baa1 senior debt rating for Nippon Oil Corporation (NOC) and its supported subsidiaries, Nippon Oil Finance (Netherlands) B.V. and Nippon Oil (USA) Limited. The rating outlook is stable. The rating affirmation is in response to NOC’s announcement on March 26, 2004 that it will incur approximately 170...
UK major BP said that, barring unexpected developments Ð or acquisitions it does not currently foresee Ð it expects to be able to deliver significant extra cash to its shareholders over the next three years and at the same time strongly grow production and long-term returns. Chief executive Lord Browne said that a $20 oil...
TOKYO (AFX-ASIA) – Japan’s largest oil refiner Nippon Oil Corp said it now forecasts a net loss of 136 billion yen for the fiscal year ending March 2004, reversing the previous forecast of a 14 billion yen net profit, as the refiner will introduce a new impairment accounting rule. (US$1=104 yen). The company will book...
WASHINGTON (AFX) — Gas prices may be headed north of $2 a gallon nationwide, but it doesn’t look likely that the government will — or can — provide motorists any near-term relief. President Bush and Republican lawmakers say rising prices are the fault of the Democrats and presumptive nominee John Kerry. They stand accused of...
BEIJING (AFX-ASIA) – Huaneng Power Group said it signed an agreement to buy a further 31.14% stake in Hainan Zhonghai Energy Co Ltd from several unspecified local government-controlled companies. In an announcement, Huaneng Group said after the move, it will hold a total 50.76% stake in Hainan Zhonghai, following its acquisition of a 16.67% stake...
BEIJING (AFX-ASIA) – AO Yukos Oil Co, Russia’s second largest oil company, has signed an agreement with Russian Railways that will see it oil exports to China rise five-fold to 15 million tons in 2006 from last year, the China Daily reported. The rail agreement comes as the proposed Sino-Russian oil pipeline has been stalled...
LONDON (AFX) – BP PLC was grilled by analysts on how it treats reserves at the oil giant’s strategy update yesterday. The annual presentation was held amid investor furore over the shock 20% reserves downgrade made by rival Royal Dutch/Shell Group in January. Analysts have started to believe that the problem is a sector-wide issue...
UK’s Cairn Energy said the first appraisal well on the Mangala oil field in northern Rajasthan has proved “successful”. In a statement, the company said: “Mangala-1ST was drilled from the N-B-1 discovery well surface location and deviated 400 metres away in an up-dip direction. The well cored 234 metres of gross Fatehgarh section and encountered...