Oman’s first power generation company to be set up on a build-own-and-operate (BOO) basis and currently fully owned by UK’s International Power said it had received “a strong initial response” to its RO5.7 million IPO that opened to the public on July 25. “We are encouraged by the response… The investors are enthusiastic,” senior officials...

Experts at a recent symposium on China’s energy strategy and investment say demand side management should be immediately emphasised and strengthened. The symposium, organised by the Research Center of the State-owned Assets Supervision and Administration Commission under the State Council, examined the country’s energy challenges. According to the China Daily, the country’s robust economic growth...

Tokyo Electric Power Co said its second quarter profit rose to 54.17 billion yen reversing a loss of 10.25 billion for the same period last year. (US$1=110 yen). The company attributed the improved performance to partial restoration of its nuclear power plant operations that has enabled it to cut large expenses for fossil fuel to...

The Indonesian government said the country’s domestic fuel supply remains secure even with world oil prices rising to record high levels, said the Energy Minister. The finance ministry will continue to provide subsidies required by state oil and gas company Pertamina to supply fuels to local consumers at below world prices, said Purnomo Yusgiantoro. Cash-strapped...

Embattled electricity supplier Ergon Energy of Australia’s Queensland state will begin construction of a A$23 million power generator in Childers, amid claims the state government has neglected Queensland’s energy distribution network, said the Herald Sun. (US$1=A$1.45). The newspaper said the Isis Central Sugar Mill Co-generation facility, 40km south of Bundaberg, is expected to generate about...

Bangchak Petroleum Plc reported a net profit of 647.9 million baht in the second quarter, reversing a net loss of 913 million baht for the same period last year. (US$1=41 baht). The Bangkok Post said it was the second consecutive profitable quarter for Bangchak, which earned 647.3 million baht in the first quarter. Its second...

Another three bunker surveyors have been charged in Singapore’s court for accepting bribes to influence results on the test of bunker fuels. The Maritime and Port Authority of Singapore (MPA) said the three, who were not identified, pleaded guilty to charges by the Corrupt Practices Investigation Bureau (CPIB) filed before the court on August 6....

The Asian Development Bank (ADB) and the Philippine government have signed a US$1.5 million grant to bring renewable energy and livelihood opportunities to low income villages of Negros Occidental in Central Philippines. Eight renewable energy systems will be set up in the villages, harnessing either micro hydropower, solar, biomass, or wind systems. To mobilise the...

The Electricity Generating Authority of Thailand (Egat) and private firms will invest around 419 billion baht in new electricity transmission lines between now and 2011 to meet the country’s rising demand for power, said a Business Day report. (US$1=41 baht). The amount will be spent under the country’s ninth and tenth National Economic and Social...

The Thai government will continue to subsidise diesel oil prices, but will also do more to encourage people to save energy, reported the Bangkok Post. Prime Minister Thaksin Shinawatra said paying fuel subsidies was worthwhile because they helped keep retail prices of consumer goods under control. The government is now paying about four baht per...

Singapore will have a new competition law tabled in Parliament towards year-end but it will not cover 10 key areas including energy. But the Singapore government is not budging on this despite calls by local and international companies, and even the US government for the law to cover more industries. The US government’s stand is...

Antinuclear activists in Fukui and Osaka prefectures said this week’s fatal accidents at the Mihama atomic plant was due to Kansai Electric Power Co’s cost-cutting measures. According to the Japan Times, Kansai Power’s President Yosaku Fuji toured the plant in Fukui Prefecture on Tuesday, offering apologies. The accident occurred when a pipe carrying hot steam...

India’s downstream oil company, Hindustan Petroleum Corp Ltd, said its net profits jumped 57% to Rs 2,473 million for the April-June quarter. (US$1=Rs 45). The company, which starts its fiscal year on April 1, als reported that revenues rose 9% to Rs 148,958 million. Its refineries at Mumbai and Visakhapatanam together recorded a throughput of...

State-owned Vietnam Oil and Gas Corporation (PetroVietnam) has an aggressive plan to raise the country’s oil reserves by 30 million tons this year and is actively searching for partners to exploit open blocks in the country’s waters. According to the Vietnam News, the corporation is on target for a good year after reporting a 24.5%...

Two Wall Street analysts have issued different readings on the outlook for PetroChina’s stock price. Merrill Lynch has a neutral rating on the stock while Smith Barney has retained its buy/low risk rating, calling for a US$64 target on the stock. PetroChina closed at HS$3.875 on the HKSE on July 30 and US$49.94 on the...

A consortium of Belgian utility Tractebel-EGI, France’s Suez (SZE), and Kuwait-based Gulf Investment Corp have signed an agreement with the Bahrain government to build the country’s first private power plant. The US$500 million plant is expected to come onstream by April 2006. The Gulf Times reported that the consortium has established a local company al-Ezzel...

US independent energy company Unocal Corporation (NYSE: UCL) has provided an update on the activities of its subsidiaries, Unocal Ganal Ltd, Unocal Rapak Ltd and Unocal Makassar Ltd. The subsidiaries are exploring for oil and gas in deep waters off Indonesia as well as preparing preliminary development plans at West Seno based on the results...

Incoming Chinese Petroleum Corp (CPC) president Chen Bao-lang said the company will tread carefully on investing in war-torn Iraq even though sanctions have now been lifted against the oil-rich Middle East country. Till now, state-owned CPC has never signed any long-term procurement contracts nor invested in Iraq but this has been mainly because of the...

The impact of a controversial sale of two supertankers, problems with the oil subsidy, restructuring efforts and a lack of transparency has galvanised the Indonesian government to order an evaluation of the performance of the board of directors and commissioners of Pertamina, the state-owned oil and gas company. During this transition period from state-owned to...

France’s engineering group Geostock has been appointed the main consultant for phase two of a feasibility study for the construction of an underground oil storage caverns on Jurong Island. State landlord JTC awarded the contract for a fee of S$540,000, which was reported to be substantially lower than the nearest bidder. (US$1=S$1.7). Geostock will be...

Australian Pipeline Trust (APA) said it has successfully raised A$61.7 million through an institutional placement of 24.5 million new ordinary units at an issue price of $2.52 per unit. The equity raising was part of the funding package for the acquisition of CMS’s Energy Corporation’s interest in the Goldfields and Parmelia pipeline assets in Western...

Thai upstream company PTT Exploration and Production Limited (PTTEP) said it has signed a production sharing contract (PSC) to invest in Myanmar’s offshore petroleum exploration Blocks M-3 and M-4. Maroot Mrigadat, PTTEP’s President, signed the agreement at a ceremony in Yangon attended by Myanmar’s Minister of Energy, Brigadier General Lun Thi and his Thai counterpart,...

Thailand’s retail gasoline prices have risen to record high levels in response to surging crude prices on the international markets. Octane 95 gasoline is now selling for Bt19.39 a litre while Octane-91 costs Bt18.59. (US$1=41 baht). Crude oil prices have risen to nearly US$45/barrel on the New York Mercantile Exchange, and are tipped to exceed...

France’s energy major Total said its share of liquefied natural gas output from Qatar reached 54,000 barrels of oil equivalent (boe) per day last year. The company, which owns a 20% stake in Qatar’s upstream operations, disclosed this in its recently released annual report for 2003. Total, which produces natural gas and condensates from a...

Perth, Australia-based Cooper Energy (ASX: COE) has started searching for oil in Africa through a new joint venture to begin work soon off the coast of Morocco. Cooper Energy said its partners include UK-based Afrex Ltd and PanContinental Oil & Gas, which won the right to explore for oil in the Mediterranean Sea off Morocco....