Australia-listed engineering firm, Worley Group Limited, said it has signed an agreement to acquire Houston, Texas-based Parsons E&C Corporation for US$245 million. The acquisition price represents an historical EBITDA (earnings before interest tax depreciation and amortisation) multiple of 6.9 times for the year ended December 31, 2003) and is expected to be earnings per share...

Nasdaq-listed IMPCO Technologies Inc said more than 8,000 buses in the Indian cities of New Delhi and Mumbai are using its products in an effort to reduce emissions and contribute to a cleaner environment.   In New Delhi, IMPCO said that more than 8,000 natural gas-fuelled buses in New Delhi and 100 buses in Mumbai...

Plans for the long-delayed gas pipeline from Papua New Guinea to Queensland took a significant step forward when its backers announced they would spend up to US$100 million on a crucial engineering phase over the next 12 to 18 months.   But the decision does not amount to a final go-ahead for the 3,000km Highlands...

Recoprd high oil prices will push up Vietnam’s inflation rate, but will not dent the country’s economic outlook, reported the Vietnam News Net.   “I see nothing that can get in the way of Vietnam’s economic growth. The targeted GDP growth rate of 7.5% is attainable, ” said Vivek Suri, a senior economist with the...

The initial public offering of Thai Oil, Thailand’s largest refiner, due in mid-October is expected to be oversubscribed in the current environment of high oil prices and refining margins.   “Thai Oil’s IPO is likely to be a success, buoyed by its operating performance and the favorable high oil price environment,” said Kitti Nathisuwan, analyst...

India’s Oil and Natural Gas Corp will pay Rs 10.25 billion to state-owned oil retailing firms for the losses they suffered during the second quarter for selling LPG and kerosene at below cost. (US$1=Rs 46)   According to the Press Trust of India, the Ministry of Petroleum and Natural Gas has unveiled a formula that...

Petronas subsidiary Malaysia International Shipping Corp Bhd (MISC) is benefiting from the recent run-up in world oil demand which is boosting demand for tankers. The earnings of the energy transportation company are soaring with high oil prices and tanker rates, now at an eight-month high.   MISC’s increasing involvement in the transportation of liquefied natural...

Nigeria wants Malaysian firms including state-owned Petronas to invest in its oil and gas sector, now dominated by multinationals.   In an interview with Bernama news agency, Nigeria’s High Commissioner to Malaysia, Wahab Olaseinde Dosunmu, said there was plenty of investment opportunities in both his country’s upstream and downstream sectors.   Nigeria’s is the world’s...

Sri Lanka’s trade deficit shot up 56% for the first seven months of the year over the same period last year as a result of rising oil prices. The latest trade deficit came to US$1.28 billion, up from US$823.3 million for the January-July period last year, said the Central Bank.   Export earnings rose 8.4%...

Thailand’s Energy Ministry has asked state oil and gas company PTT Plc to reduce the prices of bunker and fuel oil to enable the government to electricity tariffs soon.   Cherdpong Siriwich, permanent secretary for energy and chairman of a committee entrusted with working out the Ft-based power charge scheme, told Buisness Day that he...

Unocal Corp, Thailand’s largest natural gas exploration company, said expects its South Gromin natural gas field to start producing by late 2006. The California-based company recently completed successful delineation drilling in the 319sqkm area located in concession Block 13 in the Gulf of Thailand.   According to the Business Day, the delineation drilling programme involved...

Thailand‘s state oil and gas company PTT plc plans to spend US$500 to 700 million on its liquefied natural gas (LNG) terminal project in the eastern seaboard, according to a Business Day report.   PTT has set up a wholly-owned company to import about 400 to 600 million cubic feet a day of LNG, or...

Malaysia’s state-owned oil and gas company Petronas will build another methanol plant adjacent to its plant in Labuan to satisfy growing demand both locally and in Asia, according to a Bernama news agency report. Scheduled to start operations by the end of 2007, it will have a production capacity of 1.7 million tones a year,...

The UAE and Qatar governments have signed an agreement confirming Dolphin Energy Limited as the owner and operator of a sub-sea export pipeline linking the two countries. The agreement was signed early this week in Abu Dhabi by Shaikh Hamdan bin Zayed Al Nahyan, UAE Deputy Prime Minister, Minister of State for Foreign Affairs and...

Indian Oil Corporation (IOC) said it will merge with IBP by December while the merger of IOC subsidiary Chennai Petroleum Corporation and Bongaigaon Refinery & Petrochemicals has been delayed.             M.S. Ramachandran, chairman and managing director of IOC, told the Business Standard: “There is no tax or legal roadblock. We have appointed J P Morgan...

US independent company ConocoPhillips has bought a 7.59% stake in Russia’s LUKOIL as part of their agreement to form a broad-based strategic alliance.  The two integrated oil and gas companies also announced the creation of a joint venture to develop resources in the northern part of Russia’s Timan-Pechora oil and gas province and their intention...

As the air transport industry struggles to recover from an unprecedented onslaught of crises beginning with the tragic events of September 11, 2001, fuel is now the main obstacle to industry profitability, said the International Air Transport Association (IATA). “After US$30 billion in losses, the need for change in the airlines industry is critical and...

The International Gas Union (IGU) has constituted a task force to advise on technology policy for the gas chain. The IGU said the gas sector is facing massive strategic challenges in the coming years, with demand expected to possibly double within the next 30 years. The concern for ensuring long-term security of supply, the need...

Thailand’s PTTEP International Limited (PTTEPI) and PC JDA Limited have signed a production-sharing contract (PSC) for Block B-17-01 with the Malaysia-Thailand Joint Authority (MTJA) at a ceremony in Kuala Lumpur on September 30. The block lies in the Malaysia-Thailand Joint Development Area (MTJDA), south of the Gulf of Thailand. Part of the 3,475 sq km...

The Baltic Exchange is expanding its coverage of the Asian region by providing more information on the tanker and shipping industry in the region, and launching a tanker index to serve the Indonesia-Japan route. The new Baltic Dirty Tanker Index trial route from Indonesia to Japan will include Singapore-based shipbrokers in its key reporting panel....

US-based consultants Cambridge Energy Research Associates (CERA), which on August 9, had forecast a 50/50 probability that the price of oil will reach $50 per barrel within the next 50 days now sees the market “precariously balanced” with the possibility that prices could move well above $50 per barrel.               James Burkhard, CERA’s director...

Thai Airways International Plc (Thai Airways) said it aims to hedge more than 50% of its fuel needs as soon as oil prices decline to more appropriate levels in the near future, according to a Business Day report. The airline currently hedges about 17% of its fuel exposure, said company president Kanok Abhiradee.             In...