CNPC Economic & Technology Research Center, the think-tank for China National Petroleum Corp., announces the release of China Petroleum Markets Ð Graphic Facts (2003-2004) , the first ever and most updated attempt to provide facts and analysis of China’s overall and regional oil markets development in 2003 and 2004. Chapters of this book are developed...

Malaysia’s Petronas has strengthened its position as Asia’s largest oil and gas firm as well as the biggest and most profitable Malaysian company after reporting its best financial performance in its 30-year history, said The Star newspaper. For the year to March 31, the national oil company posted a 57% jump in net profit to...

Already hurting from higher oil prices, Korean consumers have been told they will be paying higher taxes for their naphtha and liquefied petroleum gas (LPG) purchases from yesterday. The transportation fuels tax was imposed by the Ministry of Finance and Economy. From yesterday, naphtha price was marked up 6.6% or 58 won to 936 won...

SYDNEY (AFX-ASIA) – North West Shelf Australia LNG, the country’s key marketing services organization for liquefied natural gas, is planning to open a representative office in Seoul, Australian Trade Minister Mark Vaile said. In a statement, he said the move by the organization, formed in 1999 to market Australian LNG outside Japan, follows a move...

India’s recently elected left-leaning government has reduced the excise duties on fuel prices to soften the impact of rising oil prices on the public. Shortly after winning the general elections last month, the government of Prime Minister Manmohan Singh has slashed the excise duties on gasoline to 26% from 30%, high speed diesel to 11%...

Indian Oil Corp is set to launch its first retail outlet in Mauritus after having established a 20% share in the island republic’s aviation fuel market. Subsidiary Indian Oil Mauritius Limited, which has already invested US$18 million in the aviation fuels business, will expand into the retail fuels business with the launch of its first...

ChevronTexaco said that its wholly owned subsidiary, Caltex Singapore Private Ltd, has acquired half of BP Singapore Private Ltd’s one-third equity interest in the Singapore Refining Company (SRC) to become a 50/50 joint owner in the refinery with the Singapore Petroleum Company Ltd (SPC). The transaction closed June 30. Commenting on the acquisition, Jeet Bindra,...

KUALA LUMPUR (AFX-ASIA) – KUB Malaysia Bhd said it will further dispose of non-core assets, with the returns being used to reduce its gearing. In a statement, the company said it aims to reduce borrowings to RM160 million, or to a gearing ratio of 0.3 times, by the end of the second quarter. (US$1=RM3.8) It...

KUALA LUMPUR (AFX-ASIA) – Perisai Petroleum Teknologi Bhd’s initial public offering (IPO) shares allocated to the public were oversubscribed by 263.42 times, while the portion for private placement has been fully subscribed, the MIDF Consultancy and Corporate Services Sdn Bhd (MIDFCCS) said in a statement. Perisai offered 2.08 million shares for public subscription and received...

Indian Oil Corp is discussing with Pertamina to assist in the expansion and upgrade of three of the Indonesian oil company’s three refineries. Cash-strapped Pertamina is also seeking partners to build refineries, petrochemical plants, oil storage tanks, pipelines and retail stations. The discussion to improve operations at the refineries is linked to Indian Oil’s interest...

ALMATY (AFX) – The European Bank for Reconstruction and Development (EBRD) has approved plans for its first loan to Kazakhstan’s oil sector, for a pipeline to take oil to China, an EBRD official said. The EBRD’s board has approved lending US$81.6 m to MunaiTas, the Chinese-Kazakh joint operator of the 450-kilometre Kenkiyak-Atyrau pipeline in western...

TOKYO (AFX-ASIA) – Industry Minister Shoichi Nakagawa said Japan has no plan to accept a Chinese proposal to jointly develop a gas field in the East China Sea which Tokyo argues may extend into its exclusive economic zone. “At this point, our nation is not considering joint development” of the gas project, said Mr Nakagawa,...

BEIJING (AFX-ASIA) – China has raised electricity prices in northeastern and northwestern parts of the country after drafting plans in mid-June, said an official with the National Development and Reform Commission (NDRC), the country’s top economic planning body. “We made similar price hikes in four other regions during the previous round. Now, price hikes are...

Qatar Petroleum and ExxonMobil Chemical Company, an affiliate of Exxon Mobil Corporation (NYSE:XOM), have signed a Statement of Intent (SOI) to conduct a feasibility study for a world-scale, ethane-based cracker and ethylene derivatives complex in Ras Laffan Industrial City, Qatar. The statement was signed by Abdullah bin Hamad Al-Attiyah, Qatar’s second deputy premier, minister of...

Shares in Oil Search surged on the Austrailan Stock Exchange after the company advised that partners in the proposed A$3.5 billion pipeline from Papua New Guinea to Australia’s Queensland state would vote within days on a proposal to advance the project to front-end engineering design (FEED). (US$1=A$1.45). According to the Courier Mail, Oil Search, which...

SHANGHAI (AFX-ASIA) – China National Offshore Oil Corp (CNOOC), parent of Hong Kong-listed CNOOC Ltd (HK 0883), confirmed that one of its subsidiaries has won government approval to import a total of 12 million tons of crude oil annually. “The central government has granted a license to our subsidiary with Sinopec Group to import crude...

India’s May crude oil production rose 8.1% to 2.883 million tonne year-on-year due to higher output from ONGC’s Mumbai High fields. Output from the offshore field jumped 14.3% to 1.555 million tonne, said PTI citing latest data released by the Ministry of Petroleum and Natural Gas. Natural gas production, however, fell 2.6% to 2210 million...

Singapore suffered a fairly extensive interruption of electricity supply to large parts in the west on June 29 at 10 pm. The Electricity Market Authority said the interruption was caused by the disruption of natural gas supply from West Natuna in Indonesia. It said: “A valve at the gas receiving station operated by ConocoPhillips tripped....

KUALA LUMPUR (AFX-ASIA) – Rating Agency Malaysia Bhd (RAM) said it has reaffirmed the AA1 rating of YTL Power International Berhad’s RM750 million redeemable unsecured bonds (2000/2007), with a stable outlook. (US$1=RM3.8) As an investment holding company, YTL Power has diverse interests — power generation in Malaysia, electricity transmission in Australia, as well as water...

BP has described 2003 as a turbulent year in the world’s energy markets, with supply disruptions, strong growth in both demand and production of oil and coal, and the highest prices in the oil and gas markets for 20 years. It said the high prices were not driven by fundamental resource shortages. It also said...

The Asian Development Bank (ADB) said it is to have direct access to Global Environment Facility (GEF) resources under a revised Memorandum of Understanding approved by the ADB board last month. The GEF provides grants and concessionary resources for projects that address global environmental issues in the key areas of climate change, biodiversity, international waters,...