Nasdaq-listed IMPCO Technologies Inc announced the commercialisation of its Eclipse Heavy Duty Engine Management System which enables the use of clean burning natural gas and propane in diesel powered engines. Commercialisation of the “Eclipse” system is the culmination of an extensive research and product development effort by IMPCO encompassing over 10 years and $20 million...

Taiwan’s largest plastics mogul, Formosa Plastics Corp. (FPC), is to expand its investments in power plants in Inner Mongolia, and Fujian, Jiangsu and Guangdong provinces. As a result of its successful power plant in Zhangzhou, FPC has decided to expand its Chinese operations, according to Taiwan’s CENS news agency. The company recently signed a letter...

The Malaysian government is unlikely to remove fuel subsidies as long as world oil prices are fluctuating, economists and analysts told Bernama news agency. “There is so much volatility in the price of gasoline that the government will want to stabilise prices before it gets a clear picture of the impact of possible subsidy reductions,”...

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...

Close cooperation between the Philippine government and its development partners will be needed to help further the country’s power sector reform agenda, said the Asian Development Bank (ADB). Philippines’ Energy Secretary Vincent Perez gave the keynote presentation at a recent gathering with its development partners including the ADB. Other speakers representing the other power sector...

China’s State Grid Corporation is to sell off 11 power stations valued at about US$2 billion as part of a company plan to exit electricity generation and focus on improving the nation’s transmission network, according to the Shenzhen Daily. Zhao Xizheng,, State Grid’s chief executive, it would need an estimated 600 billion yuan (US$1=8.27 yuan)...

Australia wants American companies to develop its “vast untapped coal reserves” through partnerships, project facilitation or direct investment, said Lincoln Parker, investment manager at state agency Invest Australia. Speaking at the recent Clean Coal Generation 2004 Conference in Denver, Mr Parker highlighted Australia’s coal reserves, including the Surat Basin region, which has the potential to...

India and Pakistan have agreed to revive talks on the construction of an oil pipeline and a natural gas pipeline, reported the Financial Express. The talks will focus on the passage of a pipeline through Pakistan to deliver Iranian natural gas to India, and a diesel pipeline from the Indian town of Jalandhar to Pakistan’s...

US-based Murphy Oil Corporation announced last week that it made separate oil and gas discoveries in offshore Malaysia. It made an oil discovery at the Senangin #1 exploration well drilled in 4,695 feet of water in Block K, off Sabah state. The drilling reached a total measured depth of 15,962 feet. Separately, the company said...

“Commercial reasons” is Lanka IOC’s official line for postponing to October the initial public offering (IPO) of its shares. But industry insiders said the 24% stake sale has been delayed as the government allegedly owes Lanka IOC Rs 1.90 billion (US$1 = 102 rupees) in fuel subsidies, according to the Press Trust of India (PTI)...

GAIL (India) Limited said it and the Gujarat State Petroleum Corporation (GSPC) have struck oil in block CB-ONN-2000/1 located in the Cambay basin in Gujarat. The company said recoverable reserves, based on initial testing results, are estimated to be approximately 10 million barrels, with an upside potential of 50 million barrels. GAIL and GSPC struck...

US energy major ExxonMobil is overvalued compared with its rivals, said leading consulting firm John S.Herold. In a report, analyst Aliza Fan said ExxonMobil has been outperformed by almost 20% in stock market value over the past three years by a hypothetical clone company, Synthetic ExxonMobil (SXOM), the product of combining nine public companies on...

China will not be sharing with Japan any information it obtains from its natural gas exploration in the disputed East China Sea, according to Chinese Foreign Ministry spokesman Kong Quan. Speaking at a regular press conference in Beijing last week, Mr Kong said it was unreasonable for Japan to ask for this information as the...

Thailand’s Energy Fund Administration Institute plans to borrow another 30 billion baht (US$1 = 41 baht) from seven financial institutions to continue subsidising domestic diesel prices, according to the Nation newspaper. The institute, which manages the country’s Oil Fund, will be borrowing the money at an average cost of 2.15% per annum, with a repayment...

Australia’s Origin Energy said it has executed a new service agreement with managing director and CEO Grant King. Mr King who was appointed managing director from the time of the demerger in 2000 with a five-year term has agreed to extend his contract for a further five year term to June 30 2009. In announcing...

Australian upstream company Mosaic Oil has forecast a doubling of its revenue for the financial year to June 2005. In announcing the launch of Mosaic’s new web site, chairman Don Stammer reaffirmed that current contracts are projected to push revenue to over A$14 million in 2005 and more than $A17 million in 2006. (US$1=A$1.4). “We...

Malaysian oil and gas company Oilcorp is aggressively bidding for oil, gas, petrochemicals and power plant projects worth a total of more than RM1 billion (US$1 = RM3.8) in the local and overseas markets, managing director Sunny Ng told Bernama news agency last week. The company provides engineering, procurement, construction and commissioning services to the...

Australian upstream company Amity Oil said it has lost the account of a large buyer of natural gas in Turkey “without warning”. The unidentified customer, a “major power generating” company” said it would reduce its gas intake from Amity “between now and the end of the calendar year in order to fulfil their “take or...

Hong Kong company Pacific Century Premium Developments (PCPD), the 80%-owned property arm of local conglomerate PCCW, is completing negotiations to sell off its non-core gas operation business at “cost”. According to the Hong Kong Standard, the buyer is an unrelated third party. PCPD had acquired the interest for HK$80 million (US$1 = HK$7.8) and is...

Malaysia has launched a locally designed and manufactured compressed natural gas (CNG) powered bus last week. Deputy Transport Minister Tengku Azlan Sultan Abu Bakar said the vehicle forms part of the government’s efforts to promote the use of natural gas in heavy industries. The Chiron brand CNG bus represents a new level of exhaust emission...

South Korean President Roh Moo-hyun will make a four-day official visit to Russia next week for summit talks with President Vladimir Putin, according to presidential spokesman Kim Jong-min. The summit will focus on how to find a peaceful solution to the North Korean nuclear issue and Russia’s role in that process, told Foreign Affairs Trade...

InterOil Corporation, a Canadian company with operations in Papua New Guinea announced that it has loaded the first contract cargos of refined product for export sale from its new refinery in Papua New Guinea. These sales begin the export component of InterOil’s cash flow from its core midstream business and is in conjunction with on-going...

ThaiOil said it is ready to make its debut on the Thai Stock Exchange (SET) next month once it completes its 1.5 billion initial public offering (IPO) shares to raise more then 20 billion baht. (US$1 = 41 baht). According to the Business Day, half of ThaiOil’s total IPO shares will be sold to local...

The Sri Lankan government is potentially at odds with donors on the issue of electricity sector reforms. Its proposed course of reforms differs has yet to win over executives at the Asian Development Bank (ADB) and the Japanese Bank for International Co-operation (JBIC) before the agencies will release the remainder of US$120 million funds earmarked...

Export earnings for minerals and energy fell to A$52.2 billion (US$1 = A$1.42) in 2003-04, said the Australian Bureau of Agricultural and Resource Economics (ABARE) last week. About 90% of all mineral and energy commodities suffered a fall in prices and overall mineral and exports fell by 5% last year, mainly because of a stronger...