India’s Petroleum Minister Mani Shankar Aiyar has begun plans for creating two oil giants by merging the country’s many state firms with the recent appointment of a high level committee to restructure the sector.   The advisory committee on synergy in energy, headed by National Advisory Council member V Krishnamurthy, held its meeting on November...

Hong Kong-based oil distributor GeoMaxima Energy Holdings Ltd has sued China Petroleum & Chemical Corp (Sinopec) for breach of contract, and is seeking 1.9 billion yuan in compensation, the Beijing Business News reported. According to AFX-Asia, GeoMaxima said in its interim report that its oil storage and transportation business in northwestern China’s Xinjiang province did...

Australian engineering firm Clough Limited recently served a Notice of Dispute on its Bass Straits gas project client, a joint venture company operated by Origin Energy Resources Limited. Clough is claiming: that at the time that contract was being entered into, the client made various representations to Clough that constitute false and misleading conduct contrary...

Australia’s upstream company, Origin Energy Resources Limited, said it has received a notice of dispute from engineering firm Clough Limited. The notice contains a number of claims by Clough Limited against the joint venture owners of the offshore Bass Straits gas development project, which Origin said repeat allegations previously made. Origin said: “These allegations have...

Openspec Naphtha tonne C+F Japan – US$ 470.33 ( +US$26.58 from Nov 19 closing) 95 ron unl FOB Singapore  – 54.17 (+3.16) Jet kerosene barrel FOB Singapore –  58.73 (+1.20) Gasoil barrel FOB Singapore –  56.53 (+1.11) LSWR barrel FOB Indonesia –  31.92  (+0.22) HSFO 180cst tonne FOB Singapore –  198.25 (+9.30) HSFO 380cst tonne FOB Singapore –  182.41 (+6.04)...

With record high energy prices, the oil and gas industry has seen a huge increase in new projects, in particular in hot spots in parts of the Asia Pacific region including China. The race to hire the best talent to operate these new projects has begun and one viable solution for companies and hiring managers...

Keppel Verolme BV, a member of Singapore’s Keppel Offshore & Marine Ltd, said it has secured an agreement with Solitaire Marine Contractors S.A., a subsidiary of Switzerland’s Allseas Group S.A. for the 20 million euro conversion of the pipelay vessel (PLV), Solitaire. (US$1=0.75 euro).   In a statement, Tong Chong Heong, managing director and COO...

The Philippines’ Securities and Exchange Commission (SEC) has approved the incorporation of a new company to manage the Pandacan oil depot. Pandacan Depots Services Inc is equally owned by the country’s three largest oil companies, Pilipinas Shell Petroleum Corp, Caltex Philippines Inc and Petron.   Pilipinas Shell is a unit of Royal Dutch/Shell Group while...

Malaysian integrated oil and gas services provider Petra Perdana Berhad (PPB) said its wholly owned subsidiary unit Petra Resources Sdn Bhd (PRSB) recently landed a contract worth RM600 million from Sarawak Shell Berhad and Sabah Shell Petroleum Company Limited to provide major maintenance, hook-up, commissioning and construction services. (US$1=RM3.8). PRSB will provide major maintenance and...

Japan’s largest trading house, Mitsubishi Corp, recently reported a 48% rise in its first-half net profit to 89.4 billion yen on the back of China’s growing demand for energy and natural resources. (US$1=105 yen). The results lifted its full-year net profit forecast by 30 billion yen to 160 billion yen, as demand and prices for...

NEW ZEALAND: The share price of Austral Pacific Energy Ltd fell from a 52-week high of C$4.25 to C$3.65 last week following reports of a labour strike at its New Zealand exploration sites. (US$1=C$1.2).   The company, which is listed on stock exchanges in New Zealand, Canada and the US, said drilling operations at drilling...

Openspec Naphtha tonne C+F Japan – US$ 443.75 (+US$0.41 from Nov 18 closing) 95 ron unleaded barrel FOB Singapore – 51.01(+0.01) Jet kerosene barrel FOB Singapore – 57.53 (+1.33) Gasoil barrel FOB Singapore – 55.42 (+1.28) LSWR barrel FOB Indonesia – 31.70 (-0.52) HSFO 180cst tonne FOB Singapore – 188.95 (+4.18) HSFO 380cst tonne FOB Singapore – 176.37 (+3.61)...

Responding to media reports that Shell service stations have run out of gasoline in three key states in Australia, Caltex said there is no shortage or “problems with supply of premium unleaded gasoline or regular unleaded gasoline in New South Wales, Canberra or Victoria.”   It described as “incorrect reports” suggesting a shortage of premium...

Crude oil prices broke the US$50/barrel ceiling last month on strong world demand growth, OPEC’s inability to rev up supplies, political instability in key oil producing countries and a global shortage in refining capacity. As in the past, OPEC’s ability to control oil markets and prices is in doubt. Three years ago, OPEC fought, unsuccessfully,...

A substantial shareholder in Hongkong-listed Panva Gas has sold off 48 million shares representing 5.09% of its issued capital for HK$156 million or about HK$3.25 per share. (US$1=HK$7.87).   Sinolink Worldwide Holdings Limited said the sale through the open market was made by its wholly-owned subsidiary Kenson Investment Limited last week.   Before the sale,...

Two Indian downstream oil companies have been offered a controlling stake in a proposed Rs 4 billion oil terminal at Navlakhi port in Gujarat state. (US$1=Rs46).   The Dharamsi Morarji Chemical Company Ltd (DMCC) offered the stakes to Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) as part of its plans to...

The government of Mauritania has exercised its right to participate in the Chinguetti oil field development off the coast of the African country, said Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum Ltd. The government’s participation will comprise a 12% equity position in the exploitation perimeter granted in May 2004 under the terms...

Consulting firm Deloitte will hold a business briefing in Aberdeen today focusing on oil and gas opportunities in China and Southeast Asia.   The company said it believes this is an opportune time to focus on the region’s rapidly expanding oil and gas industry.   “China and its neighbours are currently key drivers of the...

The share price of Singapore-listed China Aviation Oil Corp fell sharply over the past week on continuing concerns of trading losses. CAO’s share price ended last Friday at S$1.26, sliding from a high of S$1.70 in early October. (US$1=S$1.65).   In response, the company said that it will exit all speculative derivative trading positions by...

Oil companies will expand oil and petrochemical storage facilities in China’s southern Guangdong state over the next 12 months to serve rising fuels demand by power generating and manufacturing companies.   Wu Xuhui, director of storage and transshipment facilities operator Guangdong Petro-Chemicals, told the South China Morning Post that it planned to invest 20 million...

Asian Development Bank (ADB) has approved loans totalling US$19 million to improve public health, the environment while boosting economic growth and reducing poverty in the Federated States of Micronesia (FSM). The Omnibus Infrastructure Development Project will develop Micronesia’s water supply and wastewater infrastructure, and improve its electrical power sector.   Despite government efforts, infrastructure deficiencies...

China and the European Commission of European Union have jointly launched a 42.9-million-euro energy and environment program to improve China’s energy efficiency, reported Xinhua News. (US$1=0.77).   The five-year EU-China Energy and Environment Program is jointly launched by the Chinese State Development and Reform Commission and the delegation of the European Commission of European Union,...

A senior member of te recently elected Indonesian government has said it will reduce the fuel subsidy for next year, a move that will lead to higher domestic fuel prices.   Coordinating Minister for the Economy Aburizal Bakrie said a government team is looking to introduce a different scheme to replace the current subsidy scheme,...

BP said it will be expanding its Singapore office space by about 30% when it relocates to its new Keppel Bay Tower at Harbour Front Avenue in mid-2005. BP has agreemd to lease 65,000 sq ft of space for three years for its 430 employees, expected to grow to more than 500 next year due...

Hongkong-listed Panva Gas said its wholly-owned subsidiary, Panriver Investments, has entered into an agreement to acquire 61.04% of state-owned Qiqihar Natural Gas from the Qiqihar government for RMB77,215,300. (US$1=RMB8.27). China-incorporated Qiqihar Natural Gas supplies natural gas and liquefied petroleum gas (LPG) to domestic and commercial users as well as operate the gas pipeline network in...