Thailand’s Electricity Generating Authority (Egat) is seeking government approval to co-invest in four power plants with Ratchaburi Electricity Generating Holding plc. The plants will use alternative energy sources as fuel, said a Business Day report.   The Energy Ministry has mandated that 5% of electricity produced by new power plants has to be supplied by...

Thailand plans to keep gasoline and diesel prices unchanged until next March when it expects to float fuel prices, according to a Business Day report.   Diesel is subsidised by as much as 5.57 baht a litre after the government fixed diesel prices earlier this year at 14.59 baht a litre. (US$1 = 41 baht)....

The UAE is thinking in terms of raising its production of oil by 300,000 barrels per day (b/d) from its current level of 2.5 million b/d, in line with other members of the Organisation of Petroleum Exporting Countries (OPEC), Minister for Petroleum and Mineral Resources Obeid bin Saif Al Nasiri said in Abu Dhabi.  ...

Hong Kong-listed CNOOC Limited said its offshore oilfield, BZ 25-1/BZ 25-1S, has come on stream, producing about 16,000 barrels of oil per day from 52 wells with 32 additional wells being completed.   Phase two production is expected to be on stream by early 2006.   BZ 25-1/BZ 25-1S is located in the east part...

Philippines’ downstream oil eader Petron Corp and other companies last week raised their diesel and kerosene prices by P0.35 per liter and P0.50 per kilogram for liquefied petroleum gas (LPG). Earlier, Pilipinas Shell Petroleum Corp., Caltex Philippines Inc. and Total Philippines raised their pump prices for diesel and kerosene by P0.35 per liter and P1.50...

‘IndianOil Gold Circle’ is a new nationwide initiative of IndianOil Corp (IOC) to identify committed dealers who will rigorously follow the stringent parameters for ‘Customer Care’ in terms of safety, reliability and convenience.   The company said it is essential to sustain high morale of its retail outlet dealers by recognising and rewarding their performance....

The recent rise in crude oil prices has forced the government to fork out an additional six sen in subsidies for each litre of gasoline sold although gasoline prices had risen by five sen per litre recently, Second Finance Minister Tan Sri Nor Mohamed Yakcop said. (US$1=RM3.8).   According to Bernama news agency, he said...

Recently listed Malaysian company Samudra Timur Bhd is broadening its services and markets in the oil and gas industry, reported the Star newspaper. The company now provides tubular handling equipment and services mainly to companies in Malaysia. Tubular equipment forms part of the drilling gear in an oilrig.             Its executive director Chee Peck Kiat...

Non-OPEC supply, driven by growth in excess of 700,000 b/d in Russia, looks set to grow by roughly 1.25 million b/d in the coming two years, said US-based energy consultants ESAI in its latest Stockwatch Quarterly Review.   According to ESAI, this growth will moderate the call on OPEC despite a robust demand forecast, resulting...

Power companies in Singapore’s secretive Temasek Holdings stable reported strong profits in FY 2003, reversing losses in the previous year.   In its first annual report since its 1974 creation, Temasek said Tuas Power earned S$82 million, Senoko Power S$120 million and Power Seraya $88 million. (US$1=S$1.7), In FY2002, they reported losses of S$391 million,...

The Taiwanese government has directed state-run Taiwan Power Co, or Taipower, to raise its annual purchase quota of green power from the previous quota of 300,000 kilowatts per year per independent operator at a guaranteed minimum price of US$0.06 per kilowatt-hour. Taipower must now buy 600,000 kilowatts per year per operator at the same price...

The initial public offer of National Thermal Power Corporation (NTPC) was an overwhelming success, with all 865.8 million shares snapped up by investors within the first half hour.   The issue met with an overwhelming response from institutional investors, said a Press Trust of India report.   Within minutes, the IPO received bids for shares...

Singapore oil product prices for October 13:   LSWR quoted at US$40.70/barrel FOB Indonesia, down from US$41.68 on Oct 12.   Jet kerosene was trading at around US$63/barrel FOB Singapore, down from US$63.55 the previous day.   Gasoil at US$58.68 from US$59.38.   HSFO 180cst came off US$0.80 to close at around US$210.00 tonne FOB...

The Pakistani government is taking urgent action to increase oil and gas production to stablise the economy, said Federal Secretary Petroleum and Natural Resources Ahmad Waqar.   According to PakNews, Pakistan is endowed with vast hydrocarbon resources which could put the country on the road to energy self-reliance, he said at a recent oil and...

India’s ONGC Videsh Ltd (OVL) is negotiating with National Iranian Oil Company (NIOC) to acquire a 20% stake in Iran’s Yadaravan oilfield, reported Business India.   Seyed Mehdi Hosseini, NIOC’s acting managing director, said the Iranian government has linked the oilfield development to India’s proposed purchase of LNG from Iran.   The 20% equity interest...

The Malaysian government will be fair to “all” interest groups if it conducts a review of  domestic electricity tariffs, said Second Finance Minister Minister Nor Mohamed Yakcop.   Soaring world oil prices, now more than US$50 per barrel, may force the government to review domestic electricity tariffs.   Any review must ensure that government-linked companies...

SINGAPORE, Oct 13 (AFP) – Oil prices slipped further off record highs during Asian trading Wednesday but the fundamental supply problems that have driven this year’s upturn are still very much in play, dealers and analysts said.   At 3:00 pm (0700 GMT), the light sweet crude contract for November delivery was at 52.30 US...

Indonesia’s state electricity company PT PLN plans to launch another bond sale, the seventh in a series. Antara news agency quoted Trimegah Securitas director Akhbani as saying that more information on the launch will be provided in the coming weeks.   Mr Akhbani did not indicate bond’s price range, but “expressed optimism” that investors would...

The US is facing a critical five-year period in which, unless new steps are taken by consumers, industry and government, there is significantly increased risk of higher, more volatile natural gas and electric power prices, job losses, demand destruction and industry relocations, Cambridge Energy Research Associates (CERA) Chairman Dr. Daniel Yergin said in testimony to...

Indian upstream company ONGC Videsh Ltd (OVL) and Korea’s Daewoo International signed an MoU last week to jointly explore for gas in Block A-3 in Myanmar, according to a Press Trust of India report.   Daewoo International executive vice president C M Rim and OVL executive director V Ravindranath signed the MoU.   Detailed geological...

Bangladesh’s plan to convert its gasoline-fuelled vehicles to use compressed natural gas (CNG) by next year is making little progress, reported the Independent newspaper.   Although the government has approved 2,053 proposals by private companies and business organisations to set up CNG filling stations last year, only 37 stations have started operation. Over the past...

Australian engineering firm Clough Limited has released its Explanatory Memorandum in which its independent directors unanimously recommend that shareholders vote in favour of the proposed transaction with South African engineering, construction and manufacturing group Murray & Roberts Holdings Limited.   The memorandum contains an independent expert’s report, which confirms that the proposed agreement is “fair...

China’s Shanghai city and Italy have agreed to jointly produce hydrogen as an energy source to reduce the city’s reliance on polluting fossil fuels.   Shanghai Daily news reported that representatives from the Shanghai Science and Technology Commission and the Italian Ministry for the Environment and Territory signed a memorandum of cooperation on hydrogen energy...

Sinochem Corp, China’s fourth largest state oil company, and France’s TotalFinaElf have agreed to establish a 51/49 joint venture to market oil products in northern China. The agreement was signed during last week’s visit of French President Jacques Chirac to Beijing.             The two companies will invest a total of 900 million yuan (US$108.8 million)...

Malaysian process equipment maker KNM Group Bhd is targeting 20-30% sales growth next year on the back of its regional and product expansion, reported the Malaysian Business Times. The company will expand production at its Chinese plant and scout for acquisition opportunities in Indonesia, said managing director Lee Swee Eng.   It is also currently...