Hong Kong-listed Xinao Gas Holdings Limited, a privately-owned piped gas operator in China, has announced its interim results for the six months ended June 30, 2004. It said that for the period, turnover and profit attributable to shareholders increased to about RMB587.1 million and RMB87.8 million respectively, representing increases of 75.5% and 34% as...

Thailand hopes to soon sign a memorandum of understanding (MoU) with the government of Myanmar for a joint feasibility study to develop a 4,000MW hydro power plant on the Salawin river. Thailand’s electricity needs are mostly met by natural gas (70%), coal (17%) and oil (10%), while hydro power accounts for only 3%, according to...

High oil prices will push Cathay’s fuel expenses this year above its HK$1 billion budget, warned CEO Philip Chen in an internal company notice, according to the Hong Kong Standard. (US$1 = HK$7.8).He said that fuel costs for the first half of this year have already exceeded the whole of last year by HK$400 million...

California, US-based IMPCO Technologies announced last week the addition of state-of-the-art engine emission and diesel particulate measurement equipment to the capabilities at its global research and development center in Kent in Washington state. The equipment is the latest addition to IMPCO’s engine emissions measurement laboratory used in the development of engines and fuel systems to...

US-based China Energy Savings Technology (CEST) said it is playing a role in helping China deal with its recent energy crisis by providing consumers with devices and products to save energy. The company said China’s electricity demand continues to grow at a rapid rate, with the shortfall expected to widen to 30 million kilowatts in...

US upstream company Murphy Oil Corporation said subsidiary Murphy Sabah Oil Co Ltd and its partner, Petronas Carigali Sdn. Bhd, have received approval of the Kikeh area field development plan (FDP) from Malaysia’s state-owned Petronas. “We are extremely pleased to receive the FDP approval by Petronas,” said Claiborne P. Deming, Murphy Oil Corporation president and...

State-owned Indian Oil Corporation (IOC) wants to enter the piped gas business through a joint venture with the country’s main natural gas company, Gail India Ltd. The Financial Express reported that the IOC board has given its approval for talks to begin a joint venture to initially supply piped gas to three cities in Uttar...

The Chinese government has set a target to meet 12% of its power generation capacity from renewable energy by 2020. This will come mostly from wind power, according to a Greenpeace press release. During four days of recent discussions in Beijing, Greenpeace, the European Wind Energy Association (EWEA) and the Chinese Renewable Energy Industry Association...

The New Zealand Refining Company will spend NZ$180 million to upgrade its Marsden Point oil refinery with the aim of transforming it into one of the world’s most efficient and modern plants capable of producing greener oil products in 2006. (US$1 = NZ$1.5). The upgrade is the largest and most extensive in 25 years, said...

“A Guide to Tanker Charters” is a successor to the well know volume “Tanker Voyage Charters” that INTERTANKO has published in the past. INTERTANKO is again indebted to its Documentary Committee for producing this practical guide. This edition was published in 2001 and goes well beyond the earlier works as it is the first time...

Oil prices moved higher early this week after Russian oil company Yukos said it was suspending oil exports to the China National Petroleum Corporation (CNPC) this year. Yukos was to have exported one million tonnes of oil to CNPC before the end of 2004. According to the Interfax news agency, Yukos’ executive board decided to...

In announcing last month its purchase of a 20.6% stake in Singapore Petroleum Company (SPC), China Aviation Oil (CAO) more than strengthened its core businesses. It also scored political points with Singapore and China, the two countries most vital to its operations. Since its listing on the Singapore Exchange (SGX) in December 2001, CAO, whose...

Thailand’s state oil and gas company PTT Plc will spend about 700 million baht to build a natural gas pipeline alongside a railway in the northern part of Bangkok to serve more filling stations, according to a Bangkok Post report. (US$1=41 baht). Chitrapongse Kwangsuksathith, executive vice-president for the gas business, told the newspaper that the...

Caio Feilhaber has joined Petrobras’ Singapore office as crude oil trader. CK Chang has left Singapore-based Asian Clean Fuels Association as executive director while Clarence Woo has joined its communications office. Mr Chang’s successor is expected to be named soon. After more than two years without a chief financial officer, Malaysia’s main power company Tenaga...

Vopak Terminals Singapore Pte Ltd has awarded Chiyoda Singapore (Pte) Limited the first of two construction contracts for the S$120 million first phase of its fourth Singapore terminal on the Banyan sector of Jurong Island. (US$1=S$1.7). Vopak said the scope of the contract will cover engineering, procurement and construction works for the onshore terminal infrastructure...

Multinationals, Shell, Caltex and SHV Energy are lobbying the Indian government for a subsidy on their liquefied petroleum gas (LPG) sales. Currently only state sector sales are subsidised, according to the Business Standard news service. Earlier this month, the petroleum ministry approached the finance ministry to decide whether the cooking gas subsidy should be available...

The World Bank has suggested that India hedge its oil price risks to keep its crude oil import bill from spiralling upward in line with rising prices on the international markets. In a recent presentation to Petroleum Minister Mani Shankar Aiyar, the agency said that returns on investments in oil price-linked bonds would help the...

State-owned oil company Pertamina is “forced” to continue subsidising liquefied petroleum gas (LPG) prices to the tune of around Rp 1 trillion (US$1 = 9, 000 rupiah). As a result of high oil prices, LPG has also risen to about Rp 4,000 to 5,000 per kg on the spot market but Pertamina is continuing to...

Canadian upstream company Niko Resources announced early this month its most successful gas discovery to date in the Feni Block in Bangladesh. According to a company press release, the Feni 4 well was directionally drilled to a total depth of 3,100 meters following the acquisition of a new 3D seismic programme. “Multiple prospective sands were...

Thai state oil company PTT plc said the rising price of liquefied petroleum gas (LPG) will increase pressure on the state Oil Fund’s subsidy burden. PTT expects the LPG price to reach US$400 per tonne this year. (US$1 = 41 baht). Apisit Rujikeatkamjorn, PTT’s senior executive vice-president for the oil business group, said world LPG...

Thai government approval has been given for a revised purchase agreement for natural gas from the Thai-Malaysian joint development area, according to the Bangkok Post. The original agreement for Block A-18 involved Malaysia-Thailand Joint Authority (MTJA) and the operators, Petronas Caligari and Amerada Hess as sellers, with PTT plc and Petronas as buyers, said the...

Indonesia’s state oil company Pertamina has named former telecoms executive Widya Purnama as its new president, replacing Ariffi Nawawi in a major boardroom and management sweep. Mr Nawawi lasted only 11 months on the job as criticism mounted over Pertamina’s incompetence and alleged corruption over the past year. Four of the company’s five board members...

BP’s much-respected annual “Statistical Review of World Energy” has come under fire from the Association of Peak Oil and Gas (ASPO) who charge that the energy major uses world oil reserves data from sources that do not comply with Securities Exchange rulings and differ sharply from ASPO’s own estimates. ASPO, a grouping of noted former...

The UAE will attract a record inflow of investments of more than Dh65 billion (US$17.7 billion) this year, thanks partly to record high oil prices and the fast pace of economic growth. Last year, the country reported gross fixed capital formation, or total investments, of Dh63.07 billion ($17.2 billion), with the private sector contributing more...

A new 1.1 million tonnes a year pipeline from India to Nepal will be built within the next 24 months to supply gasoline, diesel and kerosene to the Himalayan kingdom, according to Business India news service. Coinciding with a visit to India earlier this month by Nepalese Prime Minister Sher Bahadur Deuba, India’s state-owned Indian...