MANILA (AFX-ASIA) Ð Shares of oil refiner Petron Corp have moved higher over the past week after it reported a first quarter to March net profit of 786 million pesos, up from 445 million in the year-earlier period, on the back of higher sales in the domestic market. (US$1=56 pesos). The company has also declared...
SINGAPORE (AFX-ASIA) Ð Consumers are starting pay more for transportation as a result of record-high oil prices. Singapore Airlines (SIA) started imposing a US$5 per sector fuel surcharge on tickets issued for services to and from Australia and New Zealand from May 24 in a bid to help combat the impact of the steep rise...
Pakistan is likely to announce an increase in natural gas prices in July once it gets the approval from the Oil and Gas Regulatory Authority (OGRA). “The government will take a decision once the OGRA finalises its recommendation,” Munawar Baseer Ahmad, managing director of the Sui Southern Gas Company (SSGC), told reporters recently after sign...
The construction of the eastern section of the Kazakhstan-China oil pipeline is expected to begin this year and be completed next year, said Kazakh President Nursultan Abishevich Nazarbayev on his recent visit to China. He told a press conference that the 1,000-km Atasu-Alataw Pass oil pipeline is part of a 3,000-kilometer-long oil pipeline that the...
SINGAPORE (AFX-ASIA) Ð Consumers are starting pay more for transportation as a result of record-high oil prices. Singapore Airlines (SIA) started imposing a US$5 per sector fuel surcharge on tickets issued for services to and from Australia and New Zealand from May 24 in a bid to help combat the impact of the steep rise...
Singapore’s Tuas Power Ltd, a wholly-owned subsidiary of Temasek Holdings, has promoted deputy CEO (operations) Lim Kong Puay to the top job from July 1. Mr Lim, a 22-year industry veteran, succeeds Lau Gar Ning, who will assume the position of director (special duties) at Tuas Power. A Tuas Power statement said he joined the...
Pakistani and foreign banks are extending a combined Rs20.5 billion loan facility to Pak Arab Refinery Company (PARCO) that will go towards helping the company reduce operating cost and improve its profitability, said Finance Minister Shaukat Aziz. (US$1=Rs 57). He was speaking at the recent signing ceremony of the long-term syndicated financing deal for PARCO....
The UAE has signed several contracts for with international and local power companies to build its Dh814 million national power grid project. (US$1=Dh3.6). The contracts were recently signed in Dubai by Humaid bin Nasir Al Owais, the Minister of Electricity and Water. The project, which will be completed in two years, aims to build a...
State-owned Qatar Petroleum and Anadarko Petroleum Corp have signed a new exploration and production sharing agreement for offshore BlockÐ4. The 3,132 km sq. offshore block is located north of Qatar. It block is situated within some of the world’s most prolific petroleum systems, and has remained unexplored for the last 30 years, said Qatar Petroleum....
Tamco Systems (Singapore), a leader in electrical power systems and solutions in the region, has unveiled its high-tech cutting-edge power protection solutions, the broadest yet in the market to support mission critical applications that provides 99.9999% electrical power system availability in Singapore. The company is a leading primary manufacturer and distributor of medium and high...
Japan’s national energy agency says the country needs to build 10 new nuclear reactors by 2030 to meet long-term energy demand, according to a draft report on Japan’s long-term energy supply-demand balance. The Natural Resources and Energy Agency gave its assessment of Japan’s energy needs in a draft to the Advisory Committee for Natural Resources...
NAKHICHEVAN, Azerbaijan (AFX-ASIA) – Sinopec Shengli Oilfield Co Ltd is planning to take a stake in its second Azeri oil field, the head of Azerbaijan’s state oil company SOCAR said. Natiq Aliyev, SOCAR president, said Shengli was in negotiations on joining a consortium to operate the onshore Qara-Chukyur field and that the talks were in...
China Energy Ventures Corp. said that its subsidiary, Big Sky Energy Atyrau Ltd, has fully acquired the shares of Vector Energy West LLP, a Kazakh limited liability partnership, which owns 2 adjacent oil and gas licenses on the north shore of the Caspian Sea, near the city of Atyrau in Kazakhstan. These licences, the Liman-2...
The Philippines government said it is doing “its best” to help relieve consumers and the economy of the impact of the recent round of oil price increases. Presidential spokesman Ignacio Bunye said the government is aware of the pains of the price hikes on the average Filipino family. “We must face the reality of the...
HONG KONG (AFX-ASIA) – CNOOC Ltd (883.HK) said that its wholly-owned subsidiary, CNOOC Muturi Ltd, has acquired a 20.77% interest in Muturi Production Sharing Contract (PSC) from BG Group for US$105.1 million. Muturi PSC is part of the Tangguh LNG project, located in Papua, Indonesia. It has annual capacity of 2.5 million tons and is...
WASHINGTON (AFX) — Most diesel-equipment and fuel-industry companies welcomed the EPA regulations announced last week on “nonroad” diesel-engine emissions. A few companies and industries, however, went even further, saying they’ll probably make money on the regulations. Officials at Peoria, Illinois-based Caterpillar said the company is particularly well placed to take advantage of the new standards....
Global Change Associates (GCA), an international energy and environmental risk management consulting firm, has joined the Chicago Climate Exchange¨, Inc (CCX¨) as an Associate Member. In this role, GCA will quantify the annual indirect greenhouse gas emissions associated with its business-related electricity and heating fuel purchases and transportation. CCX marks the first time entities from...
Japana’s engineering firm Chiyoda Corporation (Other OTC: CHYCF) has reported a strong performance for the fiscal year ended March 31, 2004. It said consolidated operating profit rose 279.8% from the previous fiscal year to ´5,881 million on a sales gain of 24.3% to ´206,816 million. Net profit was up 232.5% to ´6,646 million, nearly tripling...
KUALA LUMPUR (AFX-ASIA) – Mud engineering specialist Scomi Group Bhd expects its 2004 net profit to rise 197% year-on-year to RM41.6 million, analysts said. (US$1=RM3.8). Chief executive officer Shah Hakim Zain told analysts this at a recent briefing. He attributed the better earnings forecast to the increased drilling fluid sales and secured contracts. Most analysts...
Supplies of 92 octane unleaded gasoline in the Free on Board (FOB) Singapore market traded at a new high of $50.50/bbl, the highest level ever recorded since Platts began assessing this market in June 1993. In a statement, Platts, oil-pricing specialist, said that during its trading window, Trafigura’s 92 octane bid for a cargo loading...
China’s energy shortages, bottlenecks and absence of pricing signals have helped oil prices soar — and may endanger the country’s economic growth, said US consultants Cambridge Energy Research Associates (CERA) in a new report released at the recent CLSA China Forum in Qingdao city. “Blistering economic growth in China, and its surge effect on demand...
Malaysia’s Ranhill Energy Sdn Bhd has proposed to acquire a 49% equity interest in Indonesia’s Ellipse Energy Jatirarangon Wahana Limited (EEJW), a company incorporated in Bermuda for RM25.118 million cash. According to a Bernama news report, the company, a wholly-owned subsidiary of listed Ranhill Berhad, will acquired the stake from Ellipse Energy Ltd (EEL). Ranhill...
Singapore has reported another incident of vessel collision in the congested Singapore Strait, this time involving an oil tanker and a cargo vessel carrying cars. There were no casualties in the collision between Panama-registered tanker, MT Kaminesan, and Panama-registered car carrier MV Hyundai No. 105 on the night of May 22. Some 990 tons of...
RIO DE JANEIRO (AFX) – Brazil’s state oil company, Petroleo Brasileiro SA, and China Petroleum & Chemical Corp (Sinopec) have agreed to find, produce and refine oil in other countries, Petrobras director Nesor Cervero said. The deal was signed May 24 during Brazilian President Luiz Inacio Lula da Silva’s visit to Beijing, Cervero said as...
French investment bank SG said low gasoline stocks in the US could be boosting crude oil prices by at least US$5-7/barrel. In a report released yesterday, SG said that when the US inventory data show gasoline stocks dropped, crude prices rose, and when they showed gasoline stocks increased, crude prices also rose. It said: “Unless...