MALAYSIA: Manufacturers support government move to promote natural gas vehicles

The Federation of Malaysian Manufacturers (FMM) has given the thumbs up to the government’s promotion of the use of natural gas vehicles as Malaysia has large reserves of natural gas, reported Bernama news agency.   The move is in line with moves to promote energy efficiency and reduce pollution. It will also lead to greater...

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INDIA: Cairn Energy announce result of Ravva oilfield arbitration proceedings

UK-based Cairn Energy said an arbitration panel in Kuala Lumpur recently settled a dispute over an interpretation of its Ravva Production Sharing Contract (PSC) in India. The proceedings were in respect of various disputed items which directly impact upon the calculation of Cairn’s and the Indian government’s respective share of the past production from the...

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MARKETS: Asian product prices off their highs after downward correction

Asian product prices for October 26 Openspec Naphtha tonne C+F Japan Ð US$471.40 (-6.60 from October 25 closing). Jet kerosene barrel FOB Singapore РUS$62.40 (-1.10) Gasoil barrel FOB Singapore РUS$58.70 (-1.30) LSWR barrel FOB Indonesia Ð US$41.20 (-0.50) HSFO 180cst tonne FOB Singapore Ð US$219.75 (-0.75) HSFO 380cst tonne FOB Singapore Ð US$208.75 (-0.50)...

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THAILAND: Canadoil plans 1 billion baht investment in Rayong plant

Canadoil Asia, a manufacturer of carbon steel butt-weld pipe fittings, said it will invest an additional one billion baht to expand its plant in Rayong, Thailand. (US$1 = 41 baht).   According to a Business Day report, the Canadoil Group had earlier announced an investment of 7.5 billion baht in the plant now under construction...

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CHINA: Technip awarded contracts to modernise two petrochemical projects

French engineering company Technip said it recently was awarded the contracts on two petrochemical projects in China. One contract calls for the modernisation of six cracking furnaces for PetroChina’s Jilin Petrochemical Company while the other involves the construction of three cracking furnaces for PetroChina’s LiaoYang Petrochemical Company.   The Jilin furnace modernisation contract involves the...

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AUSTRALIA: Origin starts approvals and consultation processes for potential A$1 billion gas power st

Australia’s electricity retailer Origin Energy said it has started seeking development approval for a possible A$1 billion high-efficiency gas fired power station near Mortlake in western Victoria. A similar process is also being undertaken in southeast Queensland. US$1=A$1.3.   In announcing the decision to seek approvals, Origin Energy’s managing director Grant King said: “Over the...

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THAILAND: KGI Securities recommends PTT Exploration & Production Plc (PTTEP)

Securities house KGI Securities (Thailand) has recommended a buy on the stock of Thailand’s upstream company PTT Exploration & Production Plc (PTTEP).   It said that PTTEP is expected to report strong earnings of Bt3.95 billion in the third quarter, flat on year but up 20% on quarter due to higher product prices.   In...

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AUSTRALIA: Santos says East Java field yield oil and gas discovery

Australian upstream company Santos Limited said that oil and gas have flowed from its Jeruk 2 ST-2 well being drilled in the Sampang Production Sharing Contract, off the coast of Indonesia’s East Java island.             An open-hole drill stem test (DST) was performed in the well on October 16 and 17. The test was performed...

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CHINA: PetroChina to implement US$32 million Landmark’s Information Management System

Houston-based Halliburton said that its Landmark Division has been awarded a three-year, US$32 million, data management contract by PetroChina Company Limited. As part of the contract, Landmark will implement a fully integrated, multi-tiered information management system that will support the full data life cycle of PetroChina’s oil and gas data. “This is the biggest E&P...

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INDIA: Cairn’s Rajasthan finds declared commercial

UK-based Cairn Energy said it has received formal approval from the Indian government declaring that its Mangala, Saraswati and Raageshwari discoveries in Rajasthan state are commercial. The approval secures Cairn an extensive development area, inclusive of all development, appraisal and exploration rights, across 1,858 square kilometres of the Thar desert in Rajasthan.  This development area...

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MARKETS: Strong demand continue to keep Asian product prices firm

The following are the closing prices for oil products on Oct 25:   Openspec Naphtha tonne C+F Japan РUS$478.00 (+4.00 from Oct 22 closing) Jet kerosene barrel FOB Singapore РUS$63.50 (-0.25) Gasoil barrel FOB Singapore РUS$60.00 (-0.15) LSWR barrel FOB Indonesia Ð US$41.70 (+0.15) HSFO 180cst tonne FOB Singapore РUS$220.50 (+4.00) HSFO 380cst tonne FOB Singapore...

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SRI LANKA: CeyPetco to expand its lubricant sales

Ceypetco will amend earlier plans to restrict its lubricant suppliers, allowing as many as possible to sell at its products from next January. Under earlier terms, about eight suppliers would sell for a year, with four of the best in terms of sales volumes, being picked by end 2005, reported the Sri Lanka Business Online....

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SINGAPORE: SPC’s 3Q net profit up five times to record S$63.8 million

Singapore Petroleum Company (SPC) said its third quarter net profits rose five times to a record S$63.8 million on record revenue of S$1.39 billion. Record high demand in the Asia Pacific region helped by strong refining margins boosted the company’s performance. (US$1=S$1.67).   SPC’s third quarter performance was also helped by the inclusion of refining...

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PAKISTAN: Pak-Arab Refinery to give out Rs2 billion cash dividend

Pakistan-based Pak-Arab Refinery Limited (Parco) has approved paying out a record Rs2 billion in dividend after announcing it had scored a 25% rise in net profit of Rs4.43 billion for the year ended June 30. (US$1=Rs 61). The company is a Pakistan-Abu Dhabi joint venture.   Its shareholders equity has risen from Rs20.4 billion to...

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THAILAND: Cuel awarded US$10m engineering contract

Pearl Oil (Thailand) Ltd, a unit of Singapore-based Pearl Energy Pte, has awarded an engineering, procurement, installation and commissioning contract to Thailand-based Cuel Ltd for a US$10-million platform for its Jasmine field in the Gulf of Thailand.    According to the Bangkok Post, Pearl Energy acquired block B5/27, 150 km south of Rayong, in January....

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AUSTRALIA: BHP Billiton updates on 3Q exploration and development activities

Australia’s resources company BHP Billiton has provided the following update on its activities for the July-September quarter. Of the 14 energy and mineral projects under construction, the company said 10 are within original board approved expenditure limits and are tracking on or ahead of schedule. Below, it provided an update on its oil and gas...

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ABU DHABI: Dolphin Energy to export natural gas to Ras Al Khaimah

Dolphin Energy Limited will sell 40 million cubic feet/day of natural gas to the emirate of Ras Al Khaimah from next March through to July 2007, reported the Khaleej Times.   The gas will be delivered to the Ras Al Khaimah Gas Commission near Qidfa in Fujairah with the existing Emarat gas pipeline network which...

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THAILAND: Government warns oil subsidy could reach 100 billion baht

Thailand’s Energy Policy and Planning Office (EPPO) has warned that the government’s spending on fuel subsidies could breach the 100 billion baht mark by next April, according to the Bangkok Post. (US$1 = 41 baht).   EPPO secretary-general Metta Banturngsuk said the state oil fund had already paid 40 billion baht to subsidise retail prices...

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SOUTH KOREA: Ministries clash over higher taxes on oil imports

Korea’s Ministry of Finance and Economy (MOFE) and the Commerce Ministry (MOCIE) are stepping up their war of words over the need to raise oil import taxes as oil prices continue to surge to record levels on the world markets.   According to the Korea Times, temporary tax cuts were implemented in April this year...

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RUSSIA: Oil pipeline route to the Far East to be finalised soon

Russia expects to decide the long-awaited route of its Far East oil pipeline within the next few months, according to the Shanghai Daily.   Quoting Russian Deputy Prime Minister Alexander Zhukov, the daily said the pipeline’s direction will be determined according to the location of the oil fields.   Russia is being courted by both...

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IRAQ: Ivanhoe Energy signs agreement to evaluate Qaiyarah oil field

Ivanhoe Energy (Middle East) Inc., a subsidiary of Nasdaq-listed Ivanhoe Energy Inc, has landed a deal with Iraq’s Oil Ministry to study and evaluate the Qaiyarah oil field in northern Iraq. Ivanhoe said the field contains a large proven accumulation of 17.1 degree API heavy oil at a depth of about 1,000 feet.   California-based...

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CHINA: Motorists in Beijing rush for fuel coupons

Some motorists in Beijing have been rushing to local filling stations to buy up fuel coupons at current prices in anticipation of price rises. China National Petrochemical Corporation or Sinopec issues coupons that can be redeemed in the future at today’s prices, said the China Daily.   “Oil prices on the international market have continued...

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SINGAPORE: Deutsche Bank completed S$196 million equity placement for China Aviation Oil Holding Com

Deutsche Bank said it completed an equity placement of S$196 million on October 21 for China Aviation Oil Holding Company (CAOHC) by way of an underwritten accelerated book-building exercise. (US$1=S$1.68).   The placement was made up of 145,152,000 million vendor shares amounting to approximately 15% of the share capital of China Aviation (Singapore) Corporation Limited...

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MARKETS: Asian product prices remain firm Oct 22 on firm demand

Openspec Naphtha tonne C+F Japan (2 month) – 474.00 (-1.50 from previous day) Jet kerosene barrel FOB Singapore – 63.75 (+0.20) Gasoil barrel FOB Singapore – 60.15 (+0.65)  LSWR barrel FOB Indonesia – 41.55 (+0.10) HSFO 180cst tonne FOB Singapore – 216.50 (+2.00) HSFO 380cst tonne FOB Singapore – 206.75 (+2.25)...

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SINGAPORE: Veteran oil broker charged with drug consumption

Singapore police have arrested and charged veteran oil broker Pedrus van Wanrooij, 56, with consuming Ecstasy, an illegal drug. Mr Wanroiij, a Dutch permanent resident in Singapore, is the managing director of oil firm Aspen Oil Broking. He faces a lengthy jail sentence if convicted.   He was arrested along with 22 others, including several...

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